The dollar edged lower in early European trade Monday, continuing its weakness after falling to a two-month low on the back of Friday’s disappointing U.S. jobs report, which pointed to the ultra-low interest rate policy staying in place for some time.

The dollar was stuck around a one-week low on Friday, under pressure ahead of U.S. jobs data that is expected to underpin hopes for a strong post-pandemic economic recovery and to increase investor risk appetite.

The dollar hovered near a two-week high on Thursday, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus.

The dollar hit its highest in over two weeks on Wednesday, extending a rally as chatter about the possibility of higher U.S. interest rates and a sell-off in tech stocks soured risk sentiment to the benefit of the safe-haven currency.

The U.S. dollar extended gains on Tuesday, partially unwinding a month long decline as investors weighed chances that interest rates will be forced higher by a roaring U.S. economic recovery and awaited upcoming data and policy speeches for clues.

The dollar was mainly flat in early trade in Europe on Monday, set for a quiet day of trading on a public holiday in the U.K., the region’s biggest forex trading hub.

The dollar edged higher Friday, but remains near multi-week lows and was set for a fourth consecutive week of losses with the U.S. Federal Reserve retaining its dovish monetary policy even as the economy recovers.

The dollar was largely unchanged Thursday near multi-week lows after the U.S. Federal Reserve maintained its very dovish monetary policy, boosting confidence in the global economic recovery.

The U.S. dollar edged higher on Wednesday as investors moved to the sidelines ahead of a U.S. Federal Reserve policy statement and a speech by Joe Biden later in the day where the U.S. president is set to announce more stimulus plans.

The dollar edged higher in early European trading Tuesday, but remained near multi-week lows ahead of the start of the Federal Reserve’s two-day policy decision meeting.