The Australian dollar appreciated against its major counterparts in the European session on Monday, as China's central bank signaled the possibility of policy easing amid risks to economic growth.

In its latest quarterly monetary policy report published on Friday, the People's Bank of China suggested a shift in policy stance by removing key phrases cited in previous reports, including its adherence to "normal monetary policy."

The PBOC report also dropped a previous pledge to not "flood the economy with stimulus."

Investors are betting that Chinese authorities would implement monetary easing and unveil fiscal stimulus amid concerns about a slowdown in economic growth.

China's cabinet said that it would provide financing support for small businesses hit by the COVID-19 outbreak, power failures and price pressures.

The aussie advanced to 0.7263 against the greenback, 82.94 against the yen and 0.9174 against the loonie, up from its prior lows of 0.7228, 82.36 and 0.9138, respectively. The aussie is likely to challenge resistance around 0.74 against the greenback, 84.00 against the yen and 0.93 against the loonie.

The aussie reached 5-day highs of 1.5529 against the euro and 1.0370 against the kiwi, rising from its early low of 1.5608 and near a 2-month low of 1.0315, respectively. If the aussie rises further, it may find resistance around 1.49 against the euro and 1.06 against the kiwi.

Looking ahead, U.S. existing home sales for October will be published in the New York session.

At 10:00 am ET, Eurozone flash consumer sentiment index for November will be out.

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