The pound rocketed on Wednesday, striking a new six-week high against the US dollar amidst renewed hopes for a UK-EU Brexit trade deal.
Australian dollar to US dollar exchange rates: an introduction
Need to transfer money between Australia and the United States? You’ll need to get to grips with the Australian dollar to US dollar (AUD/USD) exchange rate if you need to move money abroad to pay bills, put into savings, buy property, cover living expenses, or run a business.
Key AUD/USD exchange rate facts
The Australian dollar to US dollar exchange rate has seen notable fluctuations over the last decade, rebounding as the world recovered from the global financial crisis, but weakening again in recent years.
- The AUD/USD exchange rate is heavily influenced by data from China, as the nation is one of Australia’s leading trading partners.
- The highest AUD/USD exchange rate recorded during the past ten years was reached at the end of July 2011, when the pairing climbed to US$1.1032.
- The weakest rate of the past ten years was recorded when the financial crisis hit home at the end of October 2008. AUD/USD fell to US$0.6049 as stock markets crashed and central banks cut interest rates in the weeks following the collapse of Lehman Brothers.
Key facts about the Australian dollar and US dollar
The Australian dollar has the nickname ‘the Aussie’, while other names for the US dollar include the ‘Buck’ and the ‘Greenback’.
Unlike banknotes of many other currencies, which are either entirely plastic, or in the process of changing to plastic, US dollars are still available in only paper form. Denominations include $1, $2, $5, $10, $20, $50, and $100. Coins come in variations of 1 cent, 5 cents, 10 cents, 25 cents, 50 cents and $1.
What causes AUD/USD exchange rates to fluctuate?
The Australian dollar and US dollar have an inverse correlation. AUD is tied to volatile commodity market movements, while the US dollar is considered a more stable asset. When global players in the currency markets are feeling cautious, USD strengthens, to the detriment of AUD. When the currency markets are confident, the opposite is true.
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