Monday morning and the market's attention is fixed squarely on Wednesday's FOMC meeting where Jay Powell will make his debut as Fed chairman. Expectations ahead of the event include a near-certain rate-hike and also that Powell will lean as hawkish as possible to optimise his room for manoeuvre in future policy setting.

• USD and JPY gain as pre-FOMC nerves loom over the market
• GBP: Focus on whether UK can win a transition period deal at EU summit
• JPY: rally extends on political focus and general risk-off tone
• Gold and silver down ahead of Fed meeting
• Corn and soy becoming a pain trade for many recently established longs
• Crude oil remains stuck with rising US production being offset by robust demand 
• US yield curve risks further flattening if Powell mentions a 4th rate hike