The dollar is hovering around an 11-week high, given the China real estate briefing

The dollar remained near an 11-week high on Thursday as uncertainty over the upcoming US election looms and the resilience of the US economy increases expectations that the Federal Reserve will be less aggressive in easing rates compared to its peers elsewhere.

The highlight of Asia Day will be a press conference in China at 02:00 GMT focusing on measures to support the beleaguered real estate sector, which will be key to putting the economy back on a more stable footing and determining whether the rally will continue the Chinese markets can continue.

Before the press conference, the offshore yuan was last up 0.04% at 7.1328 per dollar.

The Australian dollar, often used as a liquid proxy for the Chinese yuan, fell 0.02% to $0.6665, languishing near a one-month low set in the previous session.

The Aussie has come under pressure in part due to investor disappointment over the lack of further stimulus details from China, which has also limited the upside potential of Chinese stocks.

“We are watching China closely, waiting for another press conference that will likely be long on the rhetoric and short on the details,” said Rodrigo Catril, a senior currency strategist at National Australia Bank. “Our feeling is that we can’t get much out of the results today… it’s very unlikely that we’ll get any serious numbers. What we’re looking for, though, is a little bit more color in terms of what this target is.” of stabilizing the housing market.” In the broader market, the dollar led the charge after hitting an 11-week high against a basket of peers in the previous session.

Sterling was flat at $1.2991, languishing near a two-month low on Wednesday due to weaker-than-expected inflation data in the United Kingdom, while the yen struggled near the 150 level per dollar and last at 149 .47 stood.

The euro fell 0.02% to $1.0859 ahead of a monetary policy decision by the European Central Bank later on Thursday, where another rate cut is expected to take place.

The dollar has been supported not only by a series of positive data on the US economy, which in turn have caused traders to scale back their expectations of Fed rate cuts, but also by the possibility of a victory by Republican presidential candidate Donald Trump during next month’s interest rate cuts. election.

“His core policies on rates, immigration and taxes would lead to a stronger inflation outlook in the US, reducing the prospects for aggressive Fed rate cuts over the cycle,” said Thierry Wizman, global currency and interest rate strategist at Macquarie.

The dollar index was last steady at 103.51, after peaking at 103.60 in the previous session.

Elsewhere, the New Zealand dollar rose 0.07% to $0.6061 after hitting a two-month low on Wednesday, as data showed third-quarter domestic inflation returned to the Reserve Bank of New Zealand targeted a range of 1% to 3%, leaving the door open for the central bank to continue to aggressively cut rates.