New Zealand's PPI Input for the past quarter came out at -0.7% which was much lower than both market estimates of +0.9% and last quarter's +2.2%. The Output component was also weaker as it posted a reading of -0.4% -vs- expectations of +1.4%. Japan's Trade balance posted yet another record trade deficit as it came out at -1.82 Trillion -vs- forecasts of -1.56 Trillion. China's HSBC Flash Manufacturing PMI fell to a 7-month low of 48.3 which was much lower than estimates of 49.4 and continues to paint a troubling picture about the world's second largest economy. The resulting price action in the currency markets, where the high yielding commodity currencies sold off while the US Dollar and Yen strengthened, the latter more than the former, was quite emblematic of a risk-off environment.