The Australian and New Zealand dollar hovered just below multi-year highs against the euro on Monday as Greece's request for emergency aid and firmer equity markets improved risk appetite. The euro stabilised as Greece's request for emergency loans eased fears about the country's default risk, but questions about the euro zone member's long term fiscal health remain. Against the euro the kiwi was about 0.5380, its highest level in two years, while the Aussie retreated after striking a record on Friday. However, the kiwi and the Australian dollar both traded tight ranges, as volumes were thinned by a public holiday in Australia, with investors looking to central bank reviews in New Zealand and the US. The Reserve Bank of NZ reviews its official cash rate on Thursday with no change to the 2.5 per cent rate expected, however the statement will be closely examined for any hints of when the bank will begin tightening policy. "No change in the OCR is expected, but the RBNZ could send the NZD up (or down), if the market gets any clues about rate hikes coming sooner (or later) this year," ASB Bank economist Christina Leung said in a note to clients. The Federal Reserve is also likely to remain on hold with analysts likewise looking to any hint of when rates will rise as growth in the world's largest economy picks up pace. The Aussie was about $US0.9277/80 compared with late Friday levels around $US0.9200, while it gained to a 19-month high of 87.58 yen. The Aussie was also firmer on the kiwi cross, at NZ$1.2910. Stock markets in Asia followed a strong lead from Wall St, which hit 19-month highs on strong economic data and easing fears over the impact of health reform. Japan's Nikkei gained more than 2 per cent on strong earnings and reports motor giant Toyota would post a profit above expectations.

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