Ella 
In Asia on Wednesday, the NZD/USD struggled to trade near the 0.6130 level, with the NZD/USD falling for two consecutive days.
In early trading on Tuesday, Moody’s downgraded China’s sovereign debt rating outlook, with the ratings agency saying Chinese government spending would face challenges if the country needs to start bailing out troubled local governments and state-owned institutions on the verge of collapse.
U.S. data released on Tuesday were mixed. The annual rate of the services purchasing managers index released by the Institute for Supply Management was 52.7, lower than the median forecast of 52. The services purchasing managers index increased from 51.8 in October.
U.S. JOLTs job vacancies showed that labor market conditions remain tight. The report showed that there were 8.733 million job vacancies, a two-and-a-half-year low, down from 9.35 million last month (slightly revised down from 9.553 million).
The U.S. dollar rose against most major currencies on Wednesday as the labor market remained tight, dragging down investors’ expectations that the Federal Reserve’s interest rate cut cycle would be brought forward. Market sentiment was frustrated in many aspects.
U.S. ADP employment changes will be released on Wednesday, followed by a new round of U.S. non-farm payrolls on Friday. ADP employment change in November is expected to be 130,000, compared with the previous value of 113,000; non-farm payrolls are expected to be 185,000, compared with the previous value of 150,000.
