GBP was the top performer among the majors....>

FOREX: GBP was the top performer among the majors for a second straight session

Tuesday, extending its recovery from the dour performance posted Friday.

Tellingly, Tuesday's GBP/USD high was ~100 pips shy of the best levels of last

week, showing the pair still has further to go to repair the short-term picture.

Nonetheless, reports suggesting UK PM May holds the support of her Cabinet re:

her Chequers plan was enough to prompt further dip-buying. May continued to

stress that no Brexit deal was a better outcome than a Canada style deal & that

there will not be a second Brexit referendum.

- JPY fell against most others, with positive equity markets in both Europe &

the U.S. helping to buoy risk sentiment, although USD/JPY failed to break

Y113.00. CHF mimicked the JPY price action, weakening from the NY crossover.

- EUR/USD was a touch firmer despite the ECB's Chief Economist Praet

highlighting that President Draghi's Monday address contained "nothing new."

- Focus Wednesday falls on the Fed rate decision, with a 25bp hike expected

attention will quickly move to the language employed by the Fed, the economic

projections & Chair Powell's post-decision press conference.