The U.S. dollar strengthened against its major counterparts in the Asian session on Monday, as Treasury yields climbed on hopes that accelerated vaccine rollouts and aggressive fiscal stimulus will spur a faster economic revival and stoke inflation.

The benchmark 10-year Treasury yields rose to 1.3940 percent, their highest since February 2020.

House Democrats on Friday unveiled $1.9 trillion COVID-19 relief bill, aiming for a vote in the chamber by the end of this week.

Federal Reserve Chairman Jerome Powell will deliver his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday.

Powell is likely to reiterate that the central bank will maintain an easy monetary policy to support the economy recovering from the pandemic.

The greenback advanced to a 4-day high of 105.77 versus the yen, from a low of 105.38 seen at 5 pm ET. On the upside, 108.00 is possibly seen as its next resistance level.

The greenback reached as high as 0.8996 versus the franc, setting a 4-day high. If the greenback rises further, 0.92 is likely seen as its next resistance level.

The greenback bounced off to 1.2105 versus the euro and 1.3981 versus the pound, from its early low of 1.2136 and near a 3-year low of 1.4052, respectively. Continuation of the greenback's uptrend is likely to see it challenging resistance around 1.20 versus the euro and 1.37 versus the pound.

Recovering from its previous near 3-year lows of 0.7338 versus the kiwi, 0.7908 versus the aussie and 1.2581 versus the loonie, the greenback rose to 0.7285, 0.7856 and 1.2641, respectively. The greenback is seen finding resistance around 0.70 versus the kiwi, 0.75 versus the aussie and 0.29 versus the loonie.

Looking ahead, German Ifo business sentiment index for February is due in the European session.