The Australian and New Zealand dollars appreciated on Monday two days before their respective central banks make expected by markets decision on rate hikes.

The Aussie was up 0.19 per cent to $0.64230, raising from a 2-1/2-year low of $0.63635 hit last week, while the kiwi was 0.44 per cent higher at $0.56280, similarly abandoning last week's bottom of $0.55645.

The Reserve Bank of Australia and the Reserve Bank of New Zealand meet on Tuesday and Wednesday, respectively, with markets expecting both to lift their cash rate by 50 basis points, though focus will also be on the tone of policymakers.

The RBA could be quite influential if they give a more nuanced approach and signal that they may come down to 25 basis points in the November meeting. That might be taken, globally, quite well, said Chris Weston, head of research at Pepperstone.