Danske Research previews this week's US April jobs report on Friday.

"This week, the main focus will be on US April Jobs Report, which we expect to be relatively solid with NFP growth at +80k. ADP's weekly pulse estimates have pointed towards improving jobs growth over the reference period, but lack of new labour supply should limit the upside risks in upcoming NFP releases," Danske notes.

"We still see a good chance of the Fed eventually cutting rates during H2, and with essentially nothing priced in by year-end, relative rates could continue to support EUR/USD over coming few months especially if the ECB hikes in both June and July," Danske adds.