The risk on, risk off mood from last week is spilling over into this week as Brexit and Italy’s budget continue to take precedence. The dollar gained throughout Monday morning.

Brexit remains a focus, but blurry

U.K. Prime Minister Theresa May is facing more pressure from some within her Conservative Party as well as others who oppose the Irish backstop.

The latest report that the Democratic Unionist Party will support Tories in making a backstop illegal is causing the pound to fall Monday.

GBP/USD is down to 1.297 after starting the day as high as 1.308.

There is very little U.K. data this week, however, Bank of England’s Mark Carney is expected to speak Tuesday.

Markit data Wednesday

The preliminary Markit manufacturing and services data for the Eurozone and the U.S. are due Wednesday.

The services numbers across the board in the U.S. and Europe are expected to increase slightly over the previous month, while the manufacturing estimates are slightly down.

We’ll see how this impacts the EUR/USD pair, which is down to 1.146 after starting the day near 1.154.

BoC, ECB interest rate decisions

The Bank of Canada is expected to raise interest rates on Wednesday. The increase would be the fifth rate hike since July 2017.

The .25 basis point raise from 1.5% to 1.75% is largely expected. The USD/CAD pair reached higher to 1.312 earlier Monday.

Last week, the BoC consumer price index – an indicator of inflation – grew less than expected at 1.5% instead of 1.8% for September. Retail sales also missed expectations.

The European Central Bank is also releasing its interest rate decision on Thursday, however it is expected to hold rates at 0%.

U.S. Q3 GDP growth Friday

The big U.S. data point of the week is Q3 GDP numbers due Friday. There is expected growth of 3.3% compared to 4.2% the previous quarter.