The Australian and NZ dollars moved up against their major counterparts in the Asian session on Monday, as most Asian stock markets rose on expectations that major central banks will temper the pace of monetary tightening in the period ahead.

Investors focus on monetary policy meetings from major central banks in Australia, the U.S. and the U.K.

The RBA decision is due on Tuesday. Economists expect the central bank to raise interest rate by a 25 basis point for the second consecutive meeting.

The Fed is expected to deliver another 75 basis point rate hike at the November 1-2 meeting. Markets expect a slowdown in the pace of tightening from next month.

Data from the Australian Bureau of Statistics showed that Australia retail sales rose a seasonally adjusted 0.6 percent on month in September - coming in at A$35.096 billion.

That was in line with expectations and unchanged from the previous month's reading.

The aussie edged up to 0.6428 against the greenback and 0.8749 against the loonie, off an early low of 0.6394 and a 5-day low of 0.8701, respectively. The aussie is seen finding resistance around 0.66 against the greenback and 0.90 against the loonie.

The aussie was up against the euro, at 1.5480. If the aussie rises further, 1.49 is likely seen as its next resistance level.

The aussie rose to 95.16 against the yen, its highest level in five days. On the upside, 98.00 is likely seen as its next resistance level.

The kiwi climbed to 0.5831 against the greenback and 1.7058 against the euro, reversing from its early lows of 0.5795 and 1.7174, respectively. The next possible resistance for the kiwi is seen around 0.62 against the greenback and 1.66 against the euro.

The kiwi jumped to a 10-day high of 86.23 against the yen and more than a 2-month high of 1.1007 against the aussie, coming off from its early lows of 85.56 and 1.1056, respectively. The kiwi is likely to challenge resistance around 89.00 against the yen and 1.06 against the aussie.

Looking ahead, U.K. mortgage approvals for September, as well as Eurozone flash inflation data for October and GDP for the third quarter are scheduled for release in the European session.

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