Trading was thin in Asia, with the Japanese market closed for a holiday.

“I think we’re seeing some follow through from the strong jobs data. It’s all tied back to cooling off of expectations for rate cuts this year,” said Kyle Rodda, a financial market analyst at Capital.com.

The dollar index was up 0.1%, after marking its best week since July 2023 on Friday, making bullion more expensive for other currency holders, while benchmark U.S. 10-year Treasury yields, held above 4%.

U.S. employers hired more workers than expected in December, official data showed, but separate data from the Institute for Supply Management indicated that the services sector slowed considerably last month.

Market participants are pricing in an about 64% chance of a rate cut by the U.S. central bank in March, down from a nearly 90% probability seen before the New Year, according to the CME FedWatch tool.