Australian Dollar Climbs Amid Job Surge and China's Press Conference

The Australian dollar rose after positive employment data surpassed expectations, while the dollar remained high due to speculation over a Trump election victory. China's press conference reiterated commitments to boost its property sector but disappointed markets. The euro and sterling weakened against a stronger dollar influenced by U.S. economic optimism.

The Australian dollar experienced a rise on Thursday as employment data exceeded expectations for the sixth consecutive month. Meanwhile, the U.S. dollar held near an 11-week high, buoyed by the possibility of a Trump victory in the upcoming election. A press conference in China focused on the country's property sector without introducing new measures.

The briefing from China left markets largely unmoved, as policymakers reiterated support for the housing market but stopped short of proposing significant new measures. The onshore yuan reversed early gains, slightly easing to 7.1225 per dollar, while its offshore counterpart saw a marginal increase.

The Australian dollar, often seen as a proxy for the yuan, climbed 0.41% to $0.66935. This gain came despite disappointment over China's conference, due to strong domestic employment figures that saw a significant rise in net employment for September, prompting traders to reconsider the chances of an interest rate cut by Australia's central bank.

(With inputs from agencies.)