Australian Dollar Tops G10 after Jobs Data Seen Keeping RBA on Hold

The Australian Dollar rose to the top spot in the G10 league table Thursday after jobs data for the month of June was seen fostering a shift from part-time to full-time work within the labour market, leading markets to question whether a third anticipated Reserve Bank of Australia (RBA) interest rate cut will really be delivered in November. 

The Pound wracked up heavy losses against the Australian Dollar Tuesday amid a deteriorating outlook for the British currency but the sell-off is not over yet according to analysts at Westpac, who say further falls will blight Sterling this autumn but that a recovery will follow soon after. 

The Australian Dollar advanced against its developed world rivals Monday after the latest official figures cast China's economy in a resilient light, aiding sentiment toward risk-sensitive assets, although there's a duo of domestic icebergs lurking further out in the waters of the new week that could yet topple the Aussie. 

The GBP/AUD pair is in a downtrend which is forecast to continue over the next five days.

The Australian Dollar recovered its poise this last week after Federal Reserve (Fed) Chairman Jerome Powell signalled the U.S. central bank will begin cutting interest rate as soon as the end of July, which has got analysts at Morgan Stanley and National Australia Bank (NAB) tipping the Aussie for further gains. 

The Australian Dollar remained on its back foot overnight and into the Wednesday session after a Westpac survey showed consumer confidence retreating for a second consecutive month, helping Pound Sterling to its fifth day of gains over the Antipodean unit.

The Australian Dollar was on the defensive at the beginning of the new week but is tipped by analysts at Commonwealth Bank of Australia (CBA) to prevail in its ongoing scrap for a key level over the coming days, as the U.S. Dollar weakens. 

The Pound-to-Australian-Dollar rate was trading around 1.7914 Monday after falling almost a full percentage point in the previous week, but the pair is now in a downtrend that is expected to continue over the next five days.