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.
The latest information on EUR/AUD exchange rates
Whether you’re living in Australia, planning to purchase a property in the nation, or need to send money to friends or family in the antipodes, you’ll need to keep an eye on the EUR/AUD exchange rate if you want to get the best return for your currency transfer.
Facts about the EUR/AUD exchange rate
The euro initially soared against the Australian dollar at the beginning of the financial crisis, but the subsequent Eurozone sovereign debt crisis saw EUR/AUD dramatically reverse gains.
- The best EUR/AUD exchange rate of the past ten years occurred on the 11th of October 2008, when the pairing peaked at $2.1009.
- The EUR/AUD exchange rate then bottomed out at $1.1633 as data suggested that the economies of Germany and France (the Eurozone’s first and second-largest economies respectively) were heading towards recession.
Information on the euro and Australian dollar
The euro is the currency of 19 separate nations, so it’s often nicknamed the ‘shared currency’ or the ‘common currency’. The Australian dollar, meanwhile, is commonly referred to as the ‘Aussie’.
Australian coins are available in denominations of $2, $1, 50 cents, 20 cents, 10 cents and 5 cents. One and two cent coins were used up until 1991, but they were discontinued because the value of the minerals used to make them exceeded the value of the coins themselves.
What influences EUR/AUD exchange rate movement?
Different market attitudes towards the euro and the Australian dollar can create significant volatility for the EUR/AUD exchange rate. The euro is considered a comparatively ‘safe’ currency, while the Australian dollar is typically dubbed a ‘high-risk’ asset. This doesn’t mean your EUR/AUD transfers are unsecure, it simply means that global market confidence and ‘risk appetite’ can impact the exchange rate you receive.
In times of confidence, when geopolitics and the global economy seem stable, EUR/AUD may fall as demand for higher-risk currencies like the Australian dollar rises. Meanwhile, political tension or economic uncertainty typically prompts markets to favour the euro over the Australian dollar, which means the EUR/AUD exchange rate could strengthen.
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