The Australian Dollar Rate
The Australian Dollar (also known as the Aussie or buck), is a widely traded currency in the world. It is the currency of Australia and several other countries and territories, including Christmas Island, Cocos Islands, Norfolk Island, Nauru, Tuvalu, and Kiribati. The Australian Dollar is the fifth most traded currency in the world. The Reserve Bank of Australia is responsible for the AUD's monetary policy. It issues AUD notes in five denominations: 5, 10, 20, 50 and 100 dollars.
AUD is often traded alongside other major currencies, especially the USD and EUR. Like other commodity-based currencies, the AUD tends to fluctuate in lockstep with commodity prices. This means that the AUD usually rallies during global booms as demand for raw materials soars, and weakens during slumps as supply concerns overshadow the export earnings outlook.
In contrast, the AUD is also influenced by broader economic trends and market sentiment. For example, investors have a tendency to invest in the Australian economy when they believe that the global growth prospects are strong and this can lead to a rise in the value of the AUD. Furthermore, movements in global equity markets have been found to influence the AUD in similar ways.
The Reserve Bank of Australia also has the ability to intervene in the foreign exchange market to support the AUD. During the 2007-08 financial crisis, for instance, the RBA bought AUD in an effort to قیمت دلار استرالیا امروز dampen volatility and slow the depreciation of the currency. Since then, the RBA's intervention has become less frequent but it can still act as a buyer of last resort in times of severe stress.
Other factors that can affect the AUD include consumer and producer price inflation. A high rate of inflation can push the AUD down, while a low rate of inflation can make it more attractive to international investors. Finally, the AUD can be influenced by interest rates set by the Reserve Bank of Australia and other central banks. A higher interest rate generally tends to boost the AUD, while a lower interest rate can weigh on the currency.
BookMyForex is an online platform that allows you to buy and sell AUD from the comfort of your home. We compare the rates offered by money changers near you to ensure that you get the best deal on your AUD purchase. Plus, you can track live AUD/USD rates on our website at all times and receive AUD rate alerts directly to your email inbox. So, don't wait and start trading AUD today!