The ISM Manufacturing PMI for the U.S. contracted to 48.6, the lowest such result since June 2009. Asian shares fell after the data, with Japan's Nikkei giving up 0.21%. Korea's KOSPI slid 0.63%, while India's Nifty skidded 0.44%. China's CSI300 bucked the trend however, gaining 1.72%; after a bruising string of losses.

The dollar's index pulled away from the 8-month high touched on Monday at 100.31, to trade at 99.98. It fell away from a seven-month high against the euro, trading at 1.0612. Dollar retreated to 1.5124 against sterling, before stabilizing to 1.5063. It was knocked to 122.64 against the yen before recovering to 123.07.

Wall Street ignored the data in its Tuesday trading, with Dow Jones closing up 168 points, or 0.95% to 17,888. NASDAQ added 47 points, or 0.93% to 5,156. S&P 500 jumped 22 points, or 1.07% to 2,102.

Commodities took a hit, with Brent futures for January sliding 20 cents, or 0.43% to $44.25 a barrel. U.S. crude futures fell 28 cents, or 0.67% to $41.57 a barrel.

The depreciation of the dollar didn't help gold prices, with the futures giving up a dollar, or 0.10% to $1,068 an ounce. Silver futures lost 1.6 cents, or 0.12% to $14.17 an ounce.

Australia's economy grew by a brisk 0.9% in third quarter, which helped the main stock index S&P\ASX to shave some losses, trading at 5,258 with a 0.15% loss. Australian dollar hovered around a 6-week high at $0.7307.

Being released today, from the U.K., Construction PMI is forecast at 58.2 for November, lower than October's 58.8, but still indicative of excellent growth. A result higher than 50 indicates expansion while lower than 50 indicates contraction. The higher the number is the better for sterling.

From the U.S., ADP non-farming employment change is forecast at a positive 190K in November, better than October's 182K. The Fed is widely expected to raise interest rates this month, and a high job growth would all but seal the deal, pushing the dollar higher.