The Australian and NZ dollars climbed against their major counterparts in the Asian session on Monday, while the yen dropped as an easing of some of virus restrictions in key Chinese cities and receding expectations for aggressive rate hikes by the Federal Reserve later this year underpinned risk sentiment.

Beijing and Shanghai relaxed Covid restrictions over the weekend amid a drop in infections.

Beijing announced a partial reopening of some libraries, museums and gyms and resumed most of public transport in the main business area and ended work-from-home rules in some districts.

Shanghai, which was under a strict lockdown for nearly two months, would lift some of the curbs on businesses from Wednesday and offered more help for firms that includes reducing some taxes for car buyers, delaying insurance and rent payments, as well as subsidies for utility charges.

Data on U.S. personal consumption expenditure price index released on Friday signaled that inflationary pressures could be easing and raised hopes for a pause in the rate hike cycle after two 50 basis point hikes each in June and July.

The aussie climbed to near a 4-week high of 0.7193 against the greenback and near a 3-week high of 91.44 against the yen, reversing from its early lows of 0.7153 and 90.88, respectively. The aussie is seen facing resistance around 0.73 against the greenback and 93.00 against the yen.

The aussie firmed to a 1-week high of 1.4958 against the euro, more than 3-week high of 0.9131 against the loonie and a 5-day high of 1.0973 against the kiwi, off its prior lows of 1.4999, 0.9102 and 1.0944, respectively. Next immediate resistance for the aussie is seen around 1.47 against the euro, 0.93 against the loonie and 1.12 against the kiwi.

Recovering from its prior lows of 0.6523 against the greenback and 82.93 against the yen, the kiwi appreciated to near a 4-week high of 0.6558 and a 3-week high of 83.36, respectively. The kiwi may challenge resistance around 0.68 against the greenback and 85.00 against the yen.

In contrast, the kiwi was down against the euro, with the pair trading at 1.6449. On the downside, 1.66 is likely seen as its next support level.

The yen weakened to a 4-day low of 160.87 against the pound and near a 4-week low of 133.09 against the franc, following its previous highs of 160.25 and 132.55, respectively. The next likely support for the yen is seen around 163.00 against the pound and 135.00 against the franc.

After gaining to 99.73 against the loonie and 136.26 against the euro earlier in the session, the yen slipped to a 10-day low of 100.27 and near a 3-week low of 136.90, respectively. If the yen extends decline, 103.00 and 139.00 are possibly seen as its next support levels against the loonie and the euro, respectively.

The yen was trading at a 4-day low of 127.39 against the greenback, down from a high of 126.86 hit at 9:45 pm ET. The yen is likely to target support around the 129.00 level.

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