The dollar gained against the yen, bolstered by the outlook for more U.S. interest-rate increases as markets began winding down before the year-end holidays.

A gauge of the dollar climbed 0.7 percent last week, the biggest gain since the start of November, after the Federal Reserve raised interest rates for the first time since 2006. Futures show the odds of an April rate hike increased to 50 percent. The euro was little changed as results from Spain’s election on Sunday left the country with no clear governing majority after Prime Minister Mariano Rajoy’s People’s Party lost more than a third of its support.

The greenback advanced 0.1 percent to 121.25 yen as of 8:39 a.m. in Tokyo after falling 1.1 percent on Friday. The U.S. currency was unchanged at $1.0868 per euro from Dec. 18 when it fell 0.4 percent.

The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, was little changed at 1,234.77. The gauge reached the highest in data going back more than 10 years on Dec. 17 after members of the Federal Open Market Committee unanimously voted to raise the benchmark from a record low.

Source: Bloomberg