Australia's benchmark S&P ASX 200 index rallied to a more than four-month high last Friday, chalking up a seven-session winning streak, while the Aussie dollar settled at $0.7766 to the greenback, on the back of rising hopes for a RBA move.
Central bankers in India are also due to meet on Tuesday, following an unscheduled inter-meeting rate cut two weeks ago. The Reserve Bank of India (RBI) cut its key repo rate by 25 basis points to 7.75 percent, its first cut since March 2013, citing lower-than-expected inflation and weak crude oil prices.