China has just abruptly closed the crypto chapter. Twelve ministries and central authorities have signed a document that leaves no room for ambiguity: all activities related to cryptocurrencies remain illegal.

The euro retreats after testing 1.17, as upcoming U.S. PCE data and the FOMC decision threaten to revive dollar strength and disrupt recent euro gains.

China will report its trade balance early on Monday, with markets looking at the data for indications about the health of the global economy.

Asian markets took a hit after a lacklustre performance on Wall Street, which weighed heavily on tech stocks and U.S. Treasuries. Investors are now eagerly awaiting the release of critical U.S. inflation data later today.

After weeks of speculation, back and forth over bad theories on inflation and what seemed to be a steady stream of hawk-sounding Fed policymakers, the market has spoken.