Dollar hovers near 11-week high, eyes on China property briefing
dollar held near an 11-week high on Thursday as uncertainty over the upcoming U.S. election looms and as resilience in the U.S. economy added to bets the Federal Reserve will be less aggressive in easing rates versus its peers elsewhere.
The highlight of the Asia day will be a press conference in China at 0200 GMT focused on measures to prop up its beleaguered property sector, which will be key in getting the economy back on steadier footing and determining whether the rally in Chinese markets can continue.
Ahead of the press conference, the offshore yuan was last 0.04% higher 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 hit in the previous session.
The Aussie has been weighed down in part by investors' disappointment over the lack of further stimulus details from China, which has also capped further upside in Chinese stocks.
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