During today’s early trading session, Asian stocks traded lower following weak data from China, however, losses were limited as Japanese shareholders are expected to receive higher returns. China’s HSBC Manufacturing PMI report indicated that the manufacturing economy is declining with a reading of 49.2, below the expected figure of 50.6.

During the European session, the Euro traded higher against a basket of major currencies following positive European data. The German Manufacturing PMI showed a higher than expected reading of 55.3 and the Manufacturing PMI from the Eurozone released a higher reading of 51.9. The British Pound dropped against the Dollar after weak UK data showed that the yearly CPI remained unchanged.

During early U.S. trade, the Dollar rebounded from early morning losses after the U.S. released a number of positive reports. The monthly and yearly core CPI came beat analysts’ expectations growing 0.2% and 1.7%, furthermore, the New Home sales and Manufacturing PMI showed significantly better than expected figures. This positive data adds the possibility the Fed will raise interest rates sooner, rate hikes may lower the price of Gold and keep the Dollar supported.

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