The U.S. dollar depreciated against its major counterparts in the Asian session on Monday, as U.S. treasury yields fell in the wake of a dismal reading on consumer sentiment last week and soothing comments from U.S. Treasury Secretary Janet Yellen and Minneapolis Fed President Neel Kashkari to temper inflation concerns.

Data from the University of Michigan showed that U.S. consumer sentiment slumped in November to the lowest level since 2011.

The consumer sentiment index slid to 66.8 in November from a final reading of 71.7 in October. Economists had expected the index to inch up to 72.4.

In an interview with CBS News' "Face the Nation," Kashkari said that higher inflation is likely to continue in the coming months, but the central bank should not overreact to temporary causes.

Yellen said that elevated inflation could be attributed to the pandemic and the country must continue to "make progress" against it to tone down inflation.

Investors focus on a virtual meeting between President Joe Biden and Chinese counterpart Xi Jinping to defuse tensions on the issues such as trade, human rights, Taiwan and cybersecurity.

The greenback declined to 4-day lows of 0.9187 against the franc and 1.1464 against the euro, off its prior highs of 0.9214 and 1.1441, respectively. The greenback is seen finding support around 0.90 against the franc and 1.16 against the euro.

After climbing to 1.3407 against the pound and 114.05 against the yen earlier in the session, the greenback weakened to 5-day lows of 1.3440 and 113.75, respectively. The greenback is poised to target support around 1.37 against the pound and 112.00 against the yen.

The greenback dipped to a 5-day low of 0.7351 against the aussie, 4-day lows of 0.7057 against the kiwi and 1.2524 against the loonie, moving off from its previous highs of 0.7321, 0.7029 and 1.2556, respectively. If the greenback drops further, 0.75, 0.72 and 1.21 are likely seen as its next support levels against the aussie, the kiwi and the loonie, respectively.

Looking ahead, Eurozone trade data for September is due in the European session.

New York Fed's empire manufacturing survey for November, Canada manufacturing and wholesale sales for September are set for release in the New York session.

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