The Australian and NZ dollars climbed against their major counterparts in the Asian session on Monday, as global bonds stabilized following last week's sharp losses and the U.S. House of Representatives approved a $1.9 trillion coronavirus relief package, boosting demand for riskier assets.

The U.S. House passed the $1.9 trillion coronavirus relief package on Saturday. The bill now moves to the Senate, where a vote could happen as early as next week.

The approval of Johnson & Johnson's COVID-19 shot triggered hopes of a faster recovery from pandemic.

Oil prices rebounded ahead of a highly anticipated OPEC+ meeting this week, which is likely to raise production amid falling inventories.

Japanese manufacturing activity expanded at the fastest pace in over two years, in an indication that the region's economy was recovering gradually from the initial blow of the pandemic.

In economic news, the manufacturing sector in Australia continued to expand in February, albeit at a slower pace, the latest survey from Markit Economics showed with a manufacturing PMI score of 56.9. That's down from January's 37-month high of 57.2, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The manufacturing sector in Australia also continued to expand in February, and at a faster pace, the latest survey from the Australian Industry Group showed with a Performance of Manufacturing Index score of 58.8. That's the highest reading since March of 2018 and is up from 55.3 in January and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Meanwhile, the Australian Bureau of Statistics said that company profits in Australia tumbled a seasonally adjusted 6.6 percent on quarter in the fourth quarter of 2020, well shy or expectations for a decline of 4 percent following the 3,2 percent increase in the third quarter. Business inventories were flat on quarter, shy of expectations for an increase of 0.2 percent after slipping 0.3 percent in the previous three months. On a yearly basis, profits were up 15.1 percent and inventories sank 4.6 percent.

The Australian Bureau of Statistics also said that the total value of owner-occupied housing loans jumped a seasonally adjusted 10.9 percent on month in January, coming in at A$22.11 billion. Investment lending climbed 9.4 percent to A$6.64 billion, while overall lending rose 10.5 percent to A$28.75 billion.

The aussie advanced to 0.7773 against the greenback and 82.83 against the yen, up from its early lows of 0.7706 and 82.09, respectively. The aussie is seen finding resistance around 0.82 against the greenback and 87.00 against the yen.

The aussie reversed from its early lows of 1.5664 against the euro and 0.9804 against the loonie, gaining to 1.5561 and 0.9863, respectively. If the aussie rises further, it may find resistance around 1.49 against the euro and 1.00 against the loonie.

The NZ currency appreciated to 0.7287 against the greenback, 77.72 against the yen and 1.6584 against the euro, after falling to 0.7230, 77.04 and 1.6689, respectively in early deals. The next possible resistance for the kiwi is seen around 0.74 against the greenback, 79.00 against the yen and 1.62 against the euro.

The kiwi edged up to 1.0644 against the aussie earlier in the session and held steady thereafter. The pair had ended last week's deals at 1.0646.

Looking ahead, PMI reports from major European economies and U.K. mortgage approvals for January are due in the European session.

At 8:00 am ET, German flash consumer inflation for February will be published.

U.S. ISM manufacturing PMI for February and construction spending for January are set for release in the New York session.