(Bloomberg) -- The dollar slid against most of its major peers Monday as Treasury yields pulled back from last week’s highs even as a report showed the service sector surged last month.

The Bloomberg Dollar Spot Index slumped as much as 0.4% to the lowest in two weeks after the Institute for Supply Management services index soared from a nine-month low. Combined with figures last week showing manufacturers expanded by the most in almost four decades and hiring surged in March, the data point to an acceleration of U.S. growth taking hold.

Yet Treasuries were relatively subdued in the face of the strong economic reports, with yields on longer-dated bonds holding below highs hit last week and the closely watched 5-year rate retreating.

The Bloomberg dollar index extended its decline into a third session Monday as stocks climbed, buoyed by the figures, paring its advance to around 2.2% this year. Both commodity currencies and traditional havens climbed versus the dollar, with the Swiss franc and Australian dollar among the leading gainers on the day.

Data releases so far have ratified investors’ optimism about the recovery, with attention also focused on whether the Biden administration will be able to implement its $2.25 trillion infrastructure plan.

©2021 Bloomberg L.P.