Asian markets soar on Monday as investors are hopeful for the Greek debt deal and a continued recovery of oil prices.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ascend 0.2 percent, and Japan's NIKKEI.N225 rose 0.3 percent and Australian shares .AXJO climbed 0.7 percent.

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Yanis Varoufakis, Greece's newly appointed finance minister proposed to swap his nation's outstanding debt for new growth-linked bonds to appease its international creditors.

Oil prices continued on the rebound, signaling a possible correction in the market. West Texas Intermediate (WTI) for March delivery picked up by $1.33 (2.8%), to close at $49.36 a barrel on the New York Mercantile Exchange. It moved between $50.56 and $46.67 per barrel in the day trade.  

Meanwhile, Brent for March settlement also rose by $1.76 (3.3%) to close at $54.75 per barrel on the London-based ICE Futures Europe Exchange. Its premium to WTI widened to $5.0 per barrel, the largest in 3 months.

The currencies of oil exporting countries like the Canadian dollar and Norwegian crown gained as a result. The Canadian dollar picked up to C$1.2557 per USD, as the Norwegian crown likewise soared as high as 7.6142 per USD,  2.3 percent up in the past two sessions.

The Australian dollar similarly grew by 78 U.S. erasing lows. Australian markets anticipate the Reserve Bank of Australia's announcement on its monetary policy setting. While speculation points towards a cut in interest rates, should this not occur, investors anticipate an easing to happen in the March meeting.

Whatever the case, any movement signals big changes to occur in the near future.

Meanwhile, the EUR/USD settled at  $1.1334 after gaining 0.5 percent overnight.

On the other hand, U.S. data on consumer spending data tumbled and construction spending rose below expectations/

Back in Asia, the dollar USD/JPY closed at 117.62 yen after reaching a two-week low of 116.64.

TagsAsian Markets, Greek debt deal