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The Australian dollar saw a rise on Thursday following better-than-expected employment numbers for the sixth consecutive month, while the dollar remained near an 11-week high amid speculation of a potential Trump victory in the upcoming U.S. election.

In China, a press conference highlighted measures to support the country’s struggling property sector. However, the lack of significant new measures announced during the briefing failed to excite markets. The onshore yuan reversed early gains and slightly eased to 7.1234 against the dollar, while the offshore yuan was marginally higher at 7.1343 per dollar.

The Australian dollar, often used as a proxy for the yuan, gained against the dollar to $0.6685 despite disappointment from China. This gain was supported by an upbeat jobs report at home, which showed a significant surge in net employment in September. As a result, expectations of an interest rate cut from the Reserve Bank of Australia in December were scaled back.

In the broader market, the dollar maintained its strength, with the euro falling to a two-month low against the dollar ahead of a European Central bank monetary policy decision. Sterling traded lower near a two-month low, while the yen struggled near the 150 per dollar level.

The dollar’s recent strength has been supported by positive U.S. economic data, leading traders to reduce their expectations of Fed rate cuts. Additionally, the possibility of a Trump victory in the upcoming election has also contributed to dollar strength, with analysts forecasting a potential strengthening of the dollar in the event of a Trump win.

Elsewhere, the New Zealand dollar remained flat after falling to a two-month low as Inflation returned to the Reserve Bank of New Zealand’s target range in the third quarter, allowing room for further rate cuts by the Central bank.

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