The US dollar strengthened against major currencies in New York trading on Monday, with the dollar index rising 0.07 percent to 101.539. Investors are awaiting the outcome of the Federal Reserve's monetary policy meeting this week. CME Group's FedWatch Tool indicates a 62 percent probability that the Fed will keep interest rates at 3.50 to 3.75 percent at its July 28-29 meeting, and a 38 percent chance of a 0.25 percentage point rate hike. Kevin Warsh will chair the meeting for the second time and hold a press conference afterwards, but is unlikely to signal the direction of monetary policy for this year. Investors are also watching the June personal consumption expenditures price index and second-quarter US gross domestic product, due on Thursday, as well as meetings of the Bank of England and the Bank of Japan this week.