The U.S. dollar was higher against its major counterparts in the New York session on Monday, a spike in COVID-19 cases dented sentiment, while hopes for an early Fed rate hike returned after strong U.S. job data.

Hawkish comments from Federal Reserve officials and strong U.S. jobs data raised hopes that the central bank will begin to scale back its asset purchase program later this year.

Investors await U.S. inflation data due on Wednesday to assess the outlook for monetary policy.

The U.S. Senate moved closer to the passage of a bipartisan infrastructure spending bill, which calls for $550 billion in new spending on transportation, broadband internet, water pipes and other public works systems.

Democrats unveiled the $3.5 trillion budget plan, which will extend household tax credits, expand Medicare benefits and enhance child care programs without Republican support.

The greenback firmed to a 2-week high of 0.9197 against the franc, near 2-week high of 1.3846 against the pound and more than a 4-month high of 1.1741 against the euro, after dropping to 0.9135, 1.3895 and 1.1769, respectively earlier in the session. The greenback is seen facing resistance around 0.94 against the franc, 1.34 against the pound and 1.15 against the euro.

The greenback rose back to 0.7332 against the aussie and 0.6996 against the kiwi, heading closer towards Asian session's 1-week high of 0.7328 and a 6-day high of 0.6981, respectively. If the greenback rises further, 0.70 and 0.68 are likely seen as its next resistance levels against the aussie and the kiwi, respectively.

The greenback touched 1.2588 against the loonie, its highest level since July 28. The greenback may find resistance around the 1.28 level.

The greenback rebounded to 110.31 against the yen, from a low of 110.03 hit at 9:30 am ET. The greenback is likely to challenge resistance around the 112 level.

AUD vs US Dollar (FX:AUDUSD)
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