* Aussie rallies on strong Oct jobs data
* Dollar consolidates vs euro, yen following recent rally
* String of Fed speakers awaited for incentives (Updates prices)
By Shinichi Saoshiro and Ian Chua
TOKYO/SYDNEY, Nov 12 (Reuters) - The dollar was down against the euro and yen on Thursday as the currency consolidated after a recent rally, while the Australian dollar soared on suprisingly strong local jobs data.
The dollar index .DXY dipped 0.2 percent to 98.827, drifting down from a 7-month peak of 99.504 set on Tuesday. The greenback was at 122.88 yen JPY= , off a 2-1/2 month high of 123.60 set earlier in the week.
The euro was up 0.2 percent at $1.0763 EUR= , having gone as low as $1.0674 this week - a level seen in late April. It was up 0.3 percent versus the yen at 132.25 EURJPY=R , pulling away from Friday's six-month trough of 131.45.
The biggest mover in Asia was the Aussie, which was last up 1.2 percent at $0.7144 after Australian employment came in at 58,600 new jobs in October versus forecasts of a modest increase of 15,000.
The strong jobs report boosted the Aussie by reducing expectations of a near-term interest rate cut by the Reserve Bank of Australia, although analysts saw the currency remaining under pressure in the longer run.
"The rise by the Australian dollar is likely to be temporary, because the surrounding structural conditions remain unchanged. China is facing an economic slowdown and the Australian economy is also in the process of rebalancing," said Shinichiro Kadota, chief Japan FX strategist at Barclays (L:BARC) in Tokyo.
The Australian dollar is often used as a liquid proxy for China-related trades. It has declined steadily after hitting a 2-month peak of $0.7382 in mid-October, stooping to a 1-month low of $0.7016 earlier this week.
The broad trend still favours the greenback with expectations for a hike in U.S. interest rates next month standing in stark contrast to prospects for more policy stimulus from the European Central Bank.
Traders expect more action later on Thursday with no less than five Fed officials due to speak. They include Fed Chair Janet Yellen, Vice Chair Stanley Fischer and New York Fed President William Dudley, known as a close Yellen ally.
Dudley's speech at Economic Club of New York "may provide more fodder," analysts at BNP Paribas (PA:BNPP) wrote in a note to clients. "The USD could be vulnerable if Dudley were to emphasize that USD strength might be a factor restraining tightening over the course of 2016.
Another standout performer was sterling, which climbed as far as $1.5246 GBP=D4 , pulling further away from six-month lows of $1.5027 set on Friday.
Data showing UK wages growing at a slower-than-expected pace in the third quarter was offset by a fall in the jobless rate to its lowest since early 2008.