The Australian and NZ dollars advanced against their major counterparts in the Asian session on Monday, as Asian shares are mostly higher following the broadly positive cues from Wall Street on Friday, ahead of key events including rate decisions from major central banks due throughout this week.

The Reserve Bank of Australia will hold its first meeting of the year on Tuesday. The central bank is expected to end its bond buying program amid high inflation.

The Bank of England and the European Central Bank will deliver their policy announcements on Thursday. While the BoE is widely expected to deliver another increase in the key interest rate, the ECB is seen maintaining its monetary policy and is unlikely to give any signals on possible rate hikes.

Earnings reports from Alphabet, Amazon and Meta Platforms are also in focus.

Inflation fears eased following last week's U.S. core personal consumption expenditure price index data that came in broadly in line with expectations.

The aussie advanced to 0.7030 against the greenback and 1.5867 against the euro, off its early lows of 0.6987 and 1.5953, respectively. The next possible resistance for the aussie is seen around 0.72 against the greenback and 1.54 against the euro.

The aussie climbed to 81.21 against the yen and 0.8949 against the loonie, after falling to 80.55 and 0.8920, respectively in prior deals. The aussie is poised to face resistance around 83.00 against the yen and 0.93 against the loonie.

The aussie edged higher to 1.0699 against the kiwi, from a low of 1.0667 seen at 5:15 pm ET. On the upside, 1.09 is likely seen as its next resistance level.

The kiwi reversed from its prior lows of 0.6538 against the greenback and 1.7035 against the euro, rising to 0.6575 and 1.6979, respectively. The currency may possibly challenge resistance around 0.68 against the greenback and 1.66 against the euro.

Recovering from its previous low of 75.38 against the yen, the kwi gained to 75.92. If the kiwi rises further, 78.00 is likely seen as its next resistance level.

Looking ahead, Eurozone flash GDP data for the fourth quarter is due in the European session.

At 8:00 am ET, German preliminary CPI for January is scheduled for release.

Canada industrial product price index for December will be released in the New York session.

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