Asian shares slipped on Monday ahead of a week thronging with central bank meetings and US inflation data.

This is while the euro eked out a gain on relief the far right did not win the first round of the French presidential elections.

A Le Pen victory would be a similar jolt as Britain’s Brexit vote to leave the European Union (EU). The result was close enough to leave the euro just a tick firmer at $1.0888, after an initial jump to $1.0950.

The mood in equity markets was cautious, with MSCI’s broadest index of Asia-Pacific shares outside Japan easing 0.1 percent. Japan’s Nikkei 225 dropped 0.6 percent, having shed 2.6 percent last week.

S&P 500 stock futures ESc1 and Nasdaq futures NQc1 both dipped 0.2 percent in early trade. Earnings season kicks off this week with JP Morgan, Wells Fargo, Citi, Goldman Sachs and Morgan Stanley all due to report.

Wall Street, so far, has fared surprisingly well in the face of a vicious selloff in bonds which saw 10-year Treasury yields surge 31 basis points last week to be last at 2.72 percent.

Markets have raced to price in the risk of ever-larger rate hikes from the Federal Reserve with futures implying rises of 50 basis points at both the May and June meetings.

BofA’s US economist Ethan Harris now expects half-point hikes at each of the next three meetings and a cycle peak around 3.25-3.50 percent.

“If inflation looks like it is heading below 3 percent, then our current call should be hawkish enough,” Harris said in a note. “Conversely, if inflation gets stuck above 3 percent then the Fed will need to hike until growth drops close to zero, risking a recession.”