FXOchartist
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The AUD currency is an abbreviation of the Australian Dollar which is the official currency of Australia. In forex trading, the AUD currency is one of the major pairs that is widely traded by traders.
Australia issued its first currency, known as the "Australian Pound." in 1913. until 1966, it was initially pegged to the British pound, although in 1983, it transitioned to a floating exchange rate regime, and the Australian Pound was replaced by the Australian Dollar (AUD) of equal value and is still used today.
According to the FXOpen blog, the value of the AUD currency is influenced by various economic and non-economic factors which can be internal or external.
Internal factors include GDP growth, Employment figures, Inflation rates, and trade balance. Meanwhile, external factors include the exchange rate today coming from China and New Zealand. AUD and NZD are often correlated due to the geographic proximity of similar economic structures.
China is Australia's largest trading partner, their trade agreement can affect the value of the AUD currency.
Apart from that, the RBA also plays an important role in maintaining the stability of the value of the AUD currency with its policies. Commodity prices can also affect the AUD currency, especially iron ore, coal, natural gas, gold, wheat, and grains, because this country is a large exporter of these commodities.
In the forex platform the AUD currency can be traded with other currency pairs for example
Australia issued its first currency, known as the "Australian Pound." in 1913. until 1966, it was initially pegged to the British pound, although in 1983, it transitioned to a floating exchange rate regime, and the Australian Pound was replaced by the Australian Dollar (AUD) of equal value and is still used today.
According to the FXOpen blog, the value of the AUD currency is influenced by various economic and non-economic factors which can be internal or external.
Internal factors include GDP growth, Employment figures, Inflation rates, and trade balance. Meanwhile, external factors include the exchange rate today coming from China and New Zealand. AUD and NZD are often correlated due to the geographic proximity of similar economic structures.
China is Australia's largest trading partner, their trade agreement can affect the value of the AUD currency.
Apart from that, the RBA also plays an important role in maintaining the stability of the value of the AUD currency with its policies. Commodity prices can also affect the AUD currency, especially iron ore, coal, natural gas, gold, wheat, and grains, because this country is a large exporter of these commodities.
In the forex platform the AUD currency can be traded with other currency pairs for example
- AUD/EUR (Australian Dollar/Euro)
- AUD/JPY (Australian Dollar/Japanese Yen)
- AUD/CAD (Australian Dollar/Canadian Dollar)
- AUD/NZD (Australian Dollar/New Zealand Dollar)
- AUD/SGD (Australian Dollar/Singapore Dollar)
- AUD/HKD (Australian Dollar/Hong Kong Dollar)
- AUD/NOK (Australian Dollar/Norwegian Krone
