Australian Dollar Exchange Rates – Money Terms Down Under
The Australian currency system uses the Australian dollar as its base currency. Called the AUD for short, Australians refer to the dollar as the "buck". The currency, introduced in 1966, is typical contracted through the dollar sign ($), and is sometimes distinguished from other dollar currencies by A$. The Australian dollar is the sixth most traded currency in the world, after the US dollar, Yen, Pound, Euro and the Swiss Franc through the global foreign exchange markets. The Australian currency trading i.e. The value of the Australian dollar is said to be very strong, due to its international ties with America and Asia, as well as the stability of the economy and relative freedom of the foreign exchange market from government intervention. It is also favourable due to the county's high interest rates as compared to the rest of the world, making it one of the best exchange rates. Â
The history of the Australian dollars exchange rate (sometimes called the Forex rate), started in the 1970's when Australia used the fluctuating rate measure "flexible" against the US exchange rate currency (USD). The lowest value of the Australian dollar to the United States dollar was in April 2001, when it reached approximately 47.7 United States cents, whilst its highest every was on the 15th of October in 2010, when it reached an equivalence with the United States dollar. Freedom to trade foreign exchange has been greatly increased with the introduction of trading sites and currency trading, the buying and selling of foreign currency (foreign money) online has become a very popular activity indeed. Sites such as these are very useful in determining the average rate of currencies and allow for quick and easy currency translation using a currency calculator. Â
Since the Australian dollar is very strong, visitors to Australia, find the Australian exchange rates quite expensive when being converted to holiday currency, due to other weak currencies, thus reducing travel cash, and their buying power. However, the opposite may be true when purchasing Swedish currency for a holiday in Sweden.
So you currently want to trade Forex and invest in some foreign currency? A currency that is often overlooked is the exchange of the Canadian dollar. Â
The Canadian dollar is represented as C$ to separate it from the US dollar equivalent. Its code is CAD. The Canadian dollar is the 7th most traded currency in the world, as of 2007. Although in the past the Canadian dollar was pegged against the US dollar it is now freely traded. It trades in the Forex rate range of USD 1 = 1 CAD but has swung both ways in the past depending on sentiments in the market relating to the USA and also commodities. As a foreign currency it is fairly stable. This is also due to the fact that it is a developed economy relying heavily on the sale of commodities and with very close links to the US economy, the biggest in the world. Therefore the Canadian dollar conversion to the Australian dollar is very similar to converting US Dollars. Â
Forecasts by the analysts for the Canadian dollar are varied for 2011. It has performed very well in 2009 and 2010 gaining 16% and 5.5% respectively against the US Dollar and the British Pound and favorably against other currencies such as the Australian Dollar. It is still expected to trade in the range of USD 1 = CAD 1 for much of 2011. The interest rates are still more aggressive than those in Australia and with commodities prices expected to increase in drastically the following year coupled with the crippling effect that the severe flooding has had on the Australian consumer confidence may see more investors sending their money back into the Canadian dollar and further strengthening it.
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Australian Dollar Rate Forecasts – AUD to NZD, GBP and EUR Await Relatively … – Exchange Rates UK
Exchange Rates UKAustralian Dollar Rate Forecasts – AUD to NZD, GBP and EUR Await Relatively …Exchange Rates UKNB: the forex rates mentioned above, revised as of 30th May 2015, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks. Speak to a recommended …