Greenback Remains Fragile, European Stocks Inch Higher

The greenback remains under pressure at the start to the new week, with the BBDXY down ~0.1% as it loses altitude for the fifth consecutive day. European equities are afloat but struggle to extend last Friday's gains, with Euro Stoxx 600 last seen ~0.2% better off. U.S. equity futures have traded sideways, with NASDAQ 100 e-minis struggling to return into positive territory alongside DJ and S&P 500 futures.

• Central bank matters remain under scrutiny as participants assess the latest U.S. jobs data released last Friday. Over the weekend, ECB's Knot called for further interest-rate hikes amid a "too high" core inflation rate, while President Lagarde said that the ECB "have more ground to cover, and we are not pausing." The focus overnight was on the (slightly outdated) BoJ minutes, which showed that members saw the need to continue monetary easing despite some flagging a positive shift in the price environment.
• The commodity complex has garnered some strength, building on its gains from last Friday to extend a move away from the May 3 cyclical low. The BBG Commodity Index operates ~0.7% above neutral levels.
• There are several notable market closures on Monday. The UK observes a bank holiday to celebrate the coronation of King Charles III. Czech markets are closed for the Anniversary of Liberation. Russia is out for a long weekend due to Tuesday's Victory Day.