During today's Asian session, the US dollar fell slightly against major currencies, while the yen rose slightly as investors waited for the speech of many Fed representatives. The movement of currencies was insignificant due to a public holiday in Japan.

Investors also expect the FTSE Russell to include China in its global government bond index on Thursday, which is likely to trigger even more investment inflows and support the national currency.

In the short term, analysts said the Fed's long-term interest rate commitments will affect the dollar, although close attention will be paid to comments from FOMC members this week to get more clues about the new approach to inflation.

Fed Chairman Jerome Powell is scheduled to appear before congressional committees later this week, while Fed members Lael Brainard, Charles Evans, Raphael Bostic, James Bullard, Mary Daly and John Williams will also make public speeches.

"The dovish Fed will remain a negative backdrop for the dollar," said Terence Wu, OCBC Bank strategist.

"Powell's testimony (on Tuesday) will attract attention, but for now, the Fed is probably done playing its cards."