The U.S. dollar rose against its major counterparts in the New York session on Monday, as Federal Reserve Chair Jerome Powell suggested that the central bank will continue to lower interest rates, but the pace of reduction is unclear.

Speaking at the National Association for Business Economics, Powell said the decision to slash rates by half a percentage point earlier this month reflects the Fed's growing confidence that an appropriate recalibration of monetary policy will maintain strength in the labor market and keep inflation moving sustainably down to the 2 percent target.

"Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance," Powell said.

"But we are not on any preset course," he continued. "The risks are two-sided, and we will continue to make our decisions meeting by meeting."

Powell said Fed officials have "greater confidence" that inflation is on a sustainable path to 2 percent and predicted there would not need to be further cooling in labor market conditions to achieve their objective.

"As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks," Powell said. "Overall, the economy is in solid shape; we intend to use our tools to keep it there."

The greenback recovered to 0.6898 against the aussie and 0.6337 against the kiwi, from an early 1-1/2-year low of 0.6942 and more than a 1-year low of 0.6379, respectively. The currency is seen finding resistance around 0.64 against the aussie and 0.60 against the kiwi.

The greenback climbed to 6-day highs of 1.3538 against the loonie and 1.1113 against the euro, from an early low of 1.3489 and a 5-day low of 1.1208, respectively. The currency is likely to locate resistance around 1.38 against the loonie and 1.09 against the euro.

The greenback advanced to 0.8473 against the franc and 143.90 against the yen, from an early low of 0.8403 and near a 2-week low of 141.64, respectively. The currency is poised to challenge resistance around 0.90 against the franc and 147.00 against the yen.

The greenback touched 1.3346 against the pound, setting a 4-day high. Immediate resistance for the currency is seen around the 1.31 level.

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