Dollar Peaks Amid U.S. Election Uncertainty and Economic Resilience

The dollar is maintaining a near 11-week high as uncertainty surrounding the upcoming U.S. election and economic resilience suggest less aggressive Federal Reserve rate cuts. Simultaneously, China's efforts to stabilize its property sector are in focus, influencing currency markets globally, along with reactions to central bank policies elsewhere.

The dollar stood firm Thursday, nearing an 11-week high, amid looming U.S. election uncertainties and resilience in the economy that discouraged hopes of aggressive rate cuts by the Federal Reserve.

Asia's main event was a Chinese press conference at 0200 GMT, aimed at stabilizing its property sector, essential for economic steadiness and a potential boost for Chinese markets. The offshore yuan nudged 0.04% higher to 7.1328 per dollar.

Meanwhile, the Australian dollar, often a proxy for the yuan, dipped to $0.6665, stuck near a recent low due to muted expectations of Chinese stimulus. In broader markets, the euro and the sterling showed weakness, with trader eyes on U.S. and European monetary policies.

(With inputs from agencies.)