The Australian Dollar which is also coded as AUD is the fifth traded currency in the
world. The AUD is a commodity dominated currency. The Australian Dollar has
been the official currency of the February 14th, 1966. It is abbreviated by a ‘$’ sign,
with substitutes such as $A, $AU, or AU$. The Australian Dollar is divided into 100
cents. The Australian Dollar makes up to 5 percent of total forex transactions. The
Australian Dollar is a popular choice for currency traders as it lacks government
intervention in the forex market, its strong but stable economy and the Asia Pacific
Australian dollars to dollar conversion rates can be found on forex site.
The Australian Dollar was originally pegged to the British pound, but that changed
during 1946 where they pegged the Australian Dollar to the US.
Due to the increasing incidence of globalization and deregulation, the Australian
Dollar has been heavily influenced by international factors. These include overseas
interest rates, upward and downward movements of global stock markets, levels of
global growth and demand, the level of overseas confidence and the incidence of
geopolitical jitters around the world.
The Australian Dollar now relies on its commodity export such as gold, iron,
copper. Any changes within the market for commodities will affect the movement of
the Australian Dollar. Over the past 20 years, the Australian Dollar has been
steadily growing throughout the economic cycle and has come across many
opportunities in world trade.
The Australian Dollar is also influenced by domestic factors. These include, level of
interest rates and expectations, level of economic growth and other economic
indicators such as inflation. The Reserve Bank of Australia can also influence the
level of exchange rates during times of heavy volatility by participating in the forex
market as a buyer and seller of the currency.
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