NEW YORK ( TheStreet) -- Monday's worldwide PMI Manufacturing readings highlighted two things, world economies are stabilizing, but holes are still pervasive throughout the recovery.The Far East showed that Chinese manufacturing remains fairly directionless, just bumping along the lines of expansion and contraction. A little north, however, Japan is reaping benefits from its monetary stimulus as its manufacturing data showed a pickup in momentum. The first chart below is of PowerShares DB US Dollar Index Bullish ( UUP) over CurrencyShares Euro Trust ( FXE). Farther West there was a divergence in PMI data, where Europe showed strength and U.S. readings made the case for further stimulus. U.S. manufacturing showed that it was expanding, but the level of hiring around the industry has slowed considerably. The Fed has tied so much of its policy to labor markets, that any sign of weakness could spur furthering monetary stimulus past expected completion dates. Nonfarm payrolls employment data is on Friday, and weakness in U.S. manufacturing labor could weigh on the reading. Price action from the chart below shows that the U.S. dollar spiked higher as an end to monetary stimulus became a reality. Investors sold off treasuries, which caused yields to push towards multi-year highs. Markets are now correcting after hitting a major point of resistance. If data remains tepid this week, this pair should correct lower.