Australian dollar ($ AUD) was introduced in 1966 and replaced the Australian pound. It’s considered to be a strong currency, while being strongly dependent on the commodity market.
Below you can read the in-depth guide about Australian Dollar:
- Common names for Australian Dollar
- Countries with Australian Dollar
- How much are the Euro traded?
- Currency symbol and ISO-code
- Currency crisis with AUD
- Reserve Bank of Australia
- Trade AUD
- History of the Australian Dollar
- AUD vs other currencies
- Pictures of Australian Dollar notes
Common names for Australian Dollar
“Aussie”, “Pacific Peso” (locally), “The Royal” and “The OZ” is the most common names used for the Australian currency.
Countries with AUD
The official countries using Australian Dollar is Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos Islands and Norfolk Island.
How much is the AUD traded?
Currency symbol and ISO-code
The only official ISO code as currency traders and money exchange offices are using is AUD.
History of the Australian Dollar
In 1966 the Australian Dollar ($AUD) replaced the old currency, the Australian pound (£ AU). The initial conversion rate was two dollars per pound or ten shillings per dollar. Exchange rate was fixed against the pound sterling at an exchange rate of 1 pound = 2.5 U.S. dollars (8 shillings = 1 AUD). The following year, Australia gave up the pound. When pound sterling devalued in 1967 against the U.S. Dollar, the Australian Dollar did not comply.
Currency Crises with AUD
In 2008, the AUD dropped sharply, despite the long interest rates were relatively high compared with other major trading partners. In late 2009 to early 2010, however, the Australian dollar showed a strong recovery.
Reserve Bank of Australia
Reserve Bank of Australia pursues an inflation of 2-3% per year and has three main objectives:
- Stable prices: Australia’s central bank pursues monetary stability.
- Low unemployment rate: The maintenance of full employment in Australia.
- Economic motives: Economic prosperity and welfare for the people of Australia.
Online Forex Trading with Australian Dollar
Australian Dollar (AUD) is part of the 6th most traded currency pairs. Trading currency with AUD are common among both individuals and international companies that have foreign exchange exposure to Asia and the Pacific. The economy and the government is relatively stable. Australia and it’s currency is heavily affected by fluctuations in commodity prices – and investing in AUD gives favorable diversification opportunities. It has traditionally been a good carry currency, which you can earn interest if you keep it, because interest rates were often higher in Australia than in many other major currency areas. AUD has also become popular among currency traders because the Australian government do not intervene as much in the currency market.
The AUD’s value against other currencies
The Australian Dollar is traded freely under floating exchange rate.
Pictures of AUD notes
Below are some common notes and coins in the euro zone.
Read the latest news about Australian Dollar.
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