The Australian Dollar rose against all major currencies on Wednesday, weighing on GBP/AUD along the way, after local labour market figures surprised on the strong side of expectations for July.

The Pound to Australian Dollar exchange rate has receded from early August highs but economic data on both sides of the GBP/AUD equation could help the pair to steady above 1.9315 in the week ahead.

The Pound to Australian dollar exchange rate fell heavily on Thursday as hawkish remarks from the Reserve Bank of Australia Governor Michelle Bullock helped the antipodean currency to outperform, but the pair has likely reached a near-term bottom and may even have scope to recover as far as 1.97 in the days ahead.

Australian dollar trading has surged following the unwinding of popular carry trades over recent sessions, making the antipodean currency the fifth most traded on the interbank market, according to Goldman Sachs data.