The dollar edged lower on Monday but kept close to Friday’s six-week high, after a flurry of economic data reinforced market expectations of tighter monetary policy from the Federal Reserve.

The U.S. dollar index , which measures the dollar against six other major currencies, slipped 0.1% to 103.91. It is still up almost 1.8% for the month, keeping it on track for its first monthly gain since last September. It hit a six-week high of 104.67 on Friday.

Liquidity is expected to be thin on Monday, with U.S. markets closed for Presidents’ Day.

Data from the world’s largest economy in recent weeks has pointed to a still-tight labour market, sticky consumer prices, robust retail sales and higher producer prices, raising expectations the U.S. central bank had more to do to tame inflation, and that interest rates would rise.

But with markets expecting the Fed funds rate to peak just under 5.3% by July, analysts said the move in the dollar may have run its course.