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.

Ripple is trading under pressure and risks dropping below the $2 psychological level if the bearish trend persists.