The Australian Dollar (AUD)


A Brief History of the Australian Dollar

The first official currency in Australia was the English Pound (Spanish Dollars were also used regularly too) after New South Wales was established in 1788. In 1910 the Australian Pound was introduced, replacing the Sterling standard. The Australia dollar came into being on the 14th February 1966.

In 1983, the Australian Dollar was floated to allow the foreign exchange market to determine its true market value - today the Australian Dollar 'floats' freely against all major currencies.

In recent years, the 'Aussie' dollar has strengthened significantly against all major currencies as the commodity boom kept interest rates high and major, developed countries like the US, Japan and Europe struggled economically.

The Australian Dollar in the Global Foreign Exchange Market

With the global foreign exchange market turning over an average of US$5.3 trillion a day, it can be quite difficult to place where the Australian dollar sits in global FX rankings. In 2011, the Australian Dollar ranked fifth among the most actively traded currencies in the market, accounting for 7.6% of daily forex market trading volume. Recent estimates suggest that its rank increased to become the third most actively traded currency by 2012. The Australian Dollar trades most actively against the US Dollar as the base currency in the AUD/USD currency pair.

A popular nickname for the Australian Dollar in the foreign exchange market is the 'Aussie', which is also a term used to refer to a person hailing from Australia.

The Aussie dollar is known as a commodity currency due to Australia's active commodity exports. Because of this, AUD is massively affected by China and a few other Asian markets. AUD is also considered a risker currency by international investors. As a result, it often depreciates relative to safe haven currencies like the US Dollar during times of risk aversion.

Fact Table:

Currency Name: The Australian Dollar
Nicknames: Buck, Dough
Currency Code: AUD
Currency Symbol: $ or A$
Central Bank: The Reserve Bank of Australia
Countries Used In: Australia
Major Unit: One Australian Dollar
Minor Unit: One Cent = 1/100 of one Australian Dollar
Note Denominations: $5, $10, $20, $50 and $100
Coin Denominations: 5¢, 10¢, 20¢, 50¢, $1 and $2.

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