Welcome back from the break! Much of the same global issues – Brexit, Italy, oil and U.S.-China trade relations – are still driving the markets, but some forward progress has the risk appetite up, causing the dollar to slip Monday morning.

Euro climbing ahead of Draghi’s speech

The euro edged higher Monday morning off of reports that the Italian government is looking into scenarios around lowering the budget deficit.

Italian bonds closed in the gap from German bonds and the EUR/USD pair climbed to 1.138. The pair hovered around 1.136 before European Central Bank President Mario Draghi began speaking in European Parliament.

The euro could fluctuate based on Draghi’s reaction to the recent dispute with Italy and also the weaker data out of Germany as recent as this morning.

The German IFO Business climate index for November came out at 102.0 instead of the expected 102.3.

E.U. approves Brexit deal

At the end of the E.U. Summit, which started Sunday, the European Union voted to approve the Brexit deal with the U.K.

The pound rose on the news, but there is of course more work to be done, with U.K. parliament being the biggest hurdle for Prime Minister Theresa May.

GBP/USD rose from 1.279 to 1.286 Monday morning on the news. The pair is down slightly as the Brexit-watchers now shift their attention to U.K. parliament.

Oil tries to recover

When we left you last Wednesday, oil was at fresh lows around $54 per barrel for West Texas Intermediate. WTI has since dropped to as low as $50 per barrel Monday morning – the lowest level in more than a year.

The price increased to $51.23 on an attempted rally, but seems stuck around there now.

The drop in oil prices was praised by President Trump Sunday, calling it “so great.” He then followed that comment with “thank you President T,” crediting himself for the low prices.

We’ll see how oil reacts when leaders from around the world – including from the world’s largest oil producing countries Saudi Arabia and Russia – meet at the G20 Summit later this week.