Why is the AUD worth so much?

Australia is one of the largest exporters of iron ore and coal in the world; hence, the value of AUD depends heavily on the prices of commodities. During the 2015 energy recession, oil prices reached a ten-year low, and the prices of both iron ore and coal plunged to a recent low.

When was the Australian dollar adopted?

The Australian dollar was adopted on February 14, 1966 and replaced the Australian pound at a conversion rate of 2 AUD per Australian pound. The Australian Dollar refers to Australia’s official currency and is abbreviated as AUD.

Why is AUD important in forex trading?

As a consequence, the Australian dollar was drastically devalued, falling more than 15% against the United States dollar and reaching equilibrium with the New Zealand dollar (NZD) – a level not seen since the 1970s. The importance of AUD among forex traders is related to the country’s geography, geology, and government policy.

What happened to the Australian dollar in 1967?

In 1967, the sterling got devalued against the USD. However, AUD kept its peg to the USD at the rate of 1 AUD = 1.12 USD, and thus officially left the sterling system. The first paper notes of the Australian dollar were published in 1966 in denominations of $1, $2, $10, and $20.