The U.S. dollar depreciated against its most major counterparts in the Asian session on Monday, in tandem with falling treasury yields, as investors pinned hopes on the Fed maintaining its easy monetary policy in the coming months.

Inflation expectations eased as investors digested the Fed's commitment to its dovish policy.

U.S. treasury yields fell, with the benchmark yield on 10-year note touching 1.62 percent. Yields move inversely to bond prices.

Investors await reports on U.S. new home sales, consumer confidence, durable goods orders and personal income and spending due this week for more direction.

The White House lowered its infrastructure bill to $1.7 trillion from $2.25 trillion by reducing spending on broadband, roads, bridges and major infrastructure projects.

Still, Senate Republicans did not consider the new proposal as a significant improvement from the original package.

The greenback eased off from an early 4-day high of 1.4137 against the pound, dropping to 1.4167. The greenback is seen finding support around the 1.45 region.

The greenback fell to 1.2198 against the euro and 108.70 against the yen, off its prior highs of 1.2172 and 109.00, respectively. On the downside, 1.24 and 107.00 are possibly seen as its next support levels against the euro and the yen, respectively.

The greenback was trading at 1.2055 against the loonie, 0.7187 against the kiwi and 0.7744 against the aussie, down from its early highs of 1.2078 and 0.7160 and a 5-day high of 0.7714, respectively. The currency is likely to target support around 1.18 against the loonie, 0.74 against the kiwi and 0.80 against the aussie.

On the flip side, the greenback remained higher against the franc, at 0.8976. The greenback may test resistance around the 0.92 level, if it rises again.

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