The Australian and NZ dollars appreciated against their major counterparts in the European session on Tuesday, as U.S. President Joe Biden and Chinese President Xi Jinping's much-awaited meeting in Indonesia helped ease tensions between the two countries.

Biden pledged that there would be no "new Cold War" with China, adding that he is keen to prove that they can "manage differences and prevent competition from becoming conflict".

China's relaxation of COVID curbs, measures to support the property market and a decision by the People's Bank of China to add liquidity in its financial system via the operations of the medium-term lending facility and reverse repos also lifted sentiment.

Comments from Fed Vice Chair Lael Brainard supported expectations that the Fed will be raising interest rates at a slower pace in the coming months.

Minutes from the Reserve Bank of Australia's November 1 meeting showed that members of the board agreed that inflation continues to be too high, and that further interest rate increases would be necessary

The Australian economy continues to grow solidly but could be subjected to downside risks, such as pressure on the global economy, the minutes showed. The members agreed that rate hikes were needed to help establish a better balance between supply and demand. The board also felt it necessary to return inflation to its target range of 2 to 3 percent at the earliest opportunity.

The aussie advanced to a 2-month high of 0.6764 against the greenback and a 4-day high of 1.5360 against the euro, off its early lows of 0.6685 and 1.5431, respectively. The aussie is seen finding resistance around 0.70 against the greenback and 1.49 against the euro.

The aussie touched a 6-day high of 94.38 against the yen and near a 2-month high of 0.8963 against the loonie, up from its prior lows of 93.66 and 0.8907, respectively. The next possible resistance for the aussie is seen around 98.00 against the yen and 0.92 against the loonie.

The aussie rebounded modestly against the kiwi, with the pair trading at 1.0981. Next key resistance for the currency may be located around the 1.12 level.

The kiwi climbed to more than a 2-month high of 0.6161 against the greenback, 1-week high of 1.6853 against the euro and a 5-day high of 86.01 against the yen, after falling to 0.6085, 1.6954 and 85.27, respectively in prior deals. The kiwi is likely to find resistance around 0.66 against the greenback, 1.64 against the euro and 89.00 against the yen.

Looking ahead, German ZEW economic sentiment for November, Eurozone trade balance for September and GDP and employment data for the third quarter are set for release in the European session.

Canada manufacturing and wholesale sales for September, as well as U.S. PPI for October and New York Fed's empire manufacturing survey for November are due in the New York session.

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