(Bloomberg) — The euro fell to its weakest in nearly a month after French President Emmanuel Macron called a snap vote in the wake of European Parliament elections. Asian currencies declined on the heels of a strong US jobs report from Friday.

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The common currency dropped as much as 0.3%, retreating alongside French bond futures. Gains for a far-right party in the vote — which were in line with expectations — led Macron to call a snap legislative ballot for his country. Still, centrist parties were set to preserve their majority in the European Union-wide ballot.

The South Korean won and the Malaysian ringgit slipped in Asian trading, while MSCI’s Asia-Pacific stock index was slightly lower. Japan’s Topix rose after data showed the country’s economy contracted less than initially estimated.

Markets in China, Hong Kong, Taiwan and Australia were closed Monday for holidays.

The yield on 10-year Treasuries advanced for a third day, as a solid US jobs report spurred a rethink on Federal Reserve interest-rate cuts and eased concern about an economic slowdown.

The latest US jobs figures highlight a labor market that continues to defy expectations and blunt the impact on the economy from high interest rates and prices.

“We’re still expecting a soft landing in the States — as long as that’s a scenario, I think Asian markets have upside potential,” Lorraine Tan, director of Asia equity research at Morningstar Inc., said on Bloomberg Television on Monday.

Investors may glean more on the Fed’s resolve to ease monetary policy when US policymakers update their forecasts for interest rates on Wednesday. The Bank of Japan’s next announcement is scheduled for Friday, and economists expect it to keep policy steady.

“Asia markets will take their cue from the FOMC and BOJ meetings, as well as the US CPI data, which will be released just hours before the Fed’s policy rate decision,” said Lloyd Chan, a currency strategist at Mitsubishi UFJ Financial Group Inc. “Asia FX could face volatility amid the rise in US yields.”

Oil steadied after a weekly drop with the market digesting OPEC+’s decision to restore supply, as traders look ahead to a set of key industry reports and the Fed’s rate decision.

Also in the Middle East, Benny Gantz resigned from Israel’s emergency government and called for elections, criticizing Prime Minister Benjamin Netanyahu over his handling of the war against Hamas. His exit deprives the government of a moderate voice, leaving Netanyahu more reliant on his right-wing coalition partners.

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Upcoming data highlights this week also include UK wage numbers, China inflation and US consumer and producer price figures.

Some key events this week:

Pakistan rate decision, Monday

UK jobless claims, unemployment, Tuesday

China CPI, PPI Wednesday

Thailand rate decision, Wednesday

India CPI, industrial production, Wednesday

UK monthly GDP, Wednesday

US mortgage applications, CPI, Wednesday

FOMC decision, quarterly summary of economic projections, Fed Chair Jerome Powell’s press conference, Wednesday

Australia unemployment, Thursday