The Australian and NZ dollars advanced against their major counterparts in the European session on Monday, as European stocks rose, even though caution prevailed on signs of a slowdown in the U.S. economy.

Investors adopted a wait-and-see approach amid the Independence Day holiday in the U.S.

Overall, investor sentiment remained subdued due to the possibility of the global economy heading into an economic slowdown amid tighter monetary policies.

Market participants will be watching the Federal Reserve's minutes from its recent policy meeting and the Labor Department's nonfarm payrolls report due this week for policy clues.

The German DAX inched up 0.04 percent, France's CAC 40 index added 0.7 percent and the U.K.'s FTSE 100 was up 0.9 percent.

The aussie edged up to 0.6863 against the greenback and 0.8828 against the loonie, up from its early lows of 0.6794 and 0.8765, respectively. The aussie is seen finding resistance around 0.71 against the greenback and 0.90 against the loonie.

Against the kiwi, the aussie rebounded to 1.1013, from a 1-week low of 1.0961 hit at 9:15 pm ET. The aussie is likely to find resistance around the 1.12 level.

The aussie rose to 1.5193 versus the euro and 93.22 against the yen, following its prior lows of 1.5353 and 91.59, respectively. On the upside, 1.49 and 95.00 are seen as its next resistance levels against the euro and the yen, respectively.

The kiwi approached 4-day highs of 0.6250 against the greenback and 1.6710 against the euro, off its previous lows of 0.6193 and 1.6835, respectively. The currency may challenge resistance around 0.64 against the greenback and 1.63 against the euro.

The kiwi gained to 84.69 against the yen, after falling to 83.53 at 9:30 pm ET. If the kiwi strengthens further, it is likely to test resistance around the 87.00 level.

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