The ADP weekly employment change rose by 9,000 jobs for the four weeks ending February 28, marking the smallest increase in five weeks and signaling a slowdown in US private hiring momentum.

Treasury note yields declined following the weak jobs data, contributing to a 0.12% drop in the dollar index. Traders now anticipate the Federal Reserve to maintain its federal funds target at 3.50%-3.75% and delay rate cuts into later this year.