ING's strategists note that June's jobs report released overnight showed a fairly robust increase in full-time job creation, although unemployment stayed at 5.2%. 

• "The Reserve Bank of Australia cut twice (in June and July) in an effort to lower unemployment and revamp inflation, and markets are pricing in a 18 basis point cut by year-end. Given unclear indications from the jobs market we suspect that the RBA may extend its current wait-and-see attitude for the next few months. This should leave AUD mainly driven by external factors, with the fear of rising trade tensions possibly triggering a downside correction in AUD/USD, which may test the 0.7018 100-day moving average support."