The U.S. dollar moved up against its major counterparts in the Asian session on Monday, as Treasury yields rose following the U.S. Senate’s approval of a $1.9 trillion stimulus package on Saturday.

President Joe Biden’s Covid relief package was passed with 50-49 votes from the Senate, paving the way for $1,400 checks and jobless benefits.

The bill will be discussed in the House, with a vote due this week.

Democrats want the bill to be cleared before March 14, when the current expanded unemployment benefits run out.

The yield on the benchmark U.S. 10-year Treasuries hovered near one-year highs amid hopes of faster economic growth and higher inflation.

U.S. Treasury Secretary Janet Yellen dismissed inflationary pressures, saying that the true unemployment rate was around 10 percent and slack persisted in the labor market.

The greenback appreciated to a 3-1/2-month high of 1.1879 against the euro, after falling to 1.1932 at 6:15 pm ET. Versus the franc, it hit 0.9330, the strongest level since July 2020. If the greenback rises further, 1.16 and 0.96 are possibly seen as its next resistance levels against the euro and the franc, respectively.

The greenback edged up to 0.7670 against the aussie, 0.7131 against the kiwi and 1.2678 against the loonie, off its early lows of 0.7723 and 0.7192 and a 4-day low of 1.2622, respectively. The greenback is seen finding resistance around 0.75 against the aussie, 0.70 against the kiwi and 1.29 against the loonie.

Reversing from its prior low of 1.3866 against the pound, the greenback gained to 1.3800. The greenback may face resistance around the 1.35 region.

The greenback climbed to 108.53 against the yen from Friday’s closing value of 108.29. Further rally in the currency may challenge resistance around the 110.00 level.

Looking ahead, Eurozone Sentix investor sentiment index for March is due in the European session.

U.S. wholesale inventories for January will be published in the New York session.

The material has been provided by InstaForex Company – www.instaforex.com

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