The dollar rose to a three-week high against the yen boosted by the U.S. tax ref

The dollar rose on Monday, hitting a three-week high against the yen after the Senate passed a major tax reform bill over the weekend that aims to cut taxes for businesses while making a series of adjustments to the tax burden on the American public.

"The dollar buoyed that a large-scale tax reform plan would result in a faster rate hike by the Federal Reserve (FED)," said Jake Spark, corporate hedge manager at Western Union Business Solutions.

The Republican tax reform bill will bring the biggest change to U.S. tax law since the 1980s. The party's tax reform plan will add another 1.4 trillion U.S. dollars to the existing 20 trillion U.S. dollars of national debt over the next 10 years. They think the tax reform plan can further boost the economy.

Both houses of the House of Representatives have approved their own version of the tax reform bill and may start negotiations this week to reconcile their differences.