Currency Exchange Rates for Australian Dollar ? Convert GBP to AUD at todays exchange rate. See historical and money transfer restrictions for Australia
The Australian currency system uses the Australian dollar as its base currency. Called the AUD for short, Australians refer to the dollar as the "buck". The currency, introduced in 1966, is typical contracted through the dollar sign ($), and is sometimes distinguished from other dollar currencies by A$. The Australian dollar is the sixth most traded currency in the world, after the US dollar, Yen, Pound, Euro and the Swiss Franc through the global foreign exchange markets. The Australian currency trading i.e. the value of the Australian dollar is said to be very strong, due to its international ties with America and Asia, as well as the stability of the economy and relative freedom of the foreign exchange market from government intervention. It is also favourable due to the county's high interest rates as compared to the rest of the world, making it one of the best exchange rates.
The history of the Australian dollars exchange rate (sometimes called the Forex rate), started in the 1970's when Australia used the fluctuating rate measure "flexible" against the US exchange rate currency (USD). The lowest value of the Australian dollar to the United States dollar was in April 2001, when it reached approximately 47.7 United States cents, whilst its highest every was on the 15th of October in 2010, when it reached an equivalence with the United States dollar. Freedom to trade foreign exchange has been greatly increased with the introduction of trading sites and currency trading, the buying and selling of foreign currency (foreign money) online has become a very popular activity indeed. Sites such as these are very useful in determining the average rate of currencies and allow for quick and easy currency translation using a currency calculator.
Since the Australian dollar is very strong, visitors to Australia, find the Australian exchange rates quite expensive when being converted to holiday currency, due to other weak currencies, thus reducing travel cash, and their buying power. However, the opposite may be true when purchasing Swedish currency for a holiday in Sweden.
So you currently want to trade Forex and invest in some foreign currency? A currency that is often overlooked is the exchange of the Canadian dollar.
Forecasts by the analysts for the Canadian dollar are varied for 2011. It has performed very well in 2009 and 2010 gaining 16% and 5.5% respectively against the US Dollar and the British Pound and favourably against other currencies such as the Australian Dollar. It is still expected to trade in the range of USD 1 = CAD 1 for much of 2011. The interest rates are still more aggressive than those in Australia and with commodities prices expected to increase in drastically the following year coupled with the crippling effect that the severe flooding has had on the Australian consumer confidence may see more investors sending their money back into the Canadian dollar and further strengthening it.
Currency Information on Australian Dollar - AUD — Australian Dollar - $
The Australian dollar symbol is sometimes prefaced with an A (A$) to differentiate it from other dollar currencies. One Australian dollar is comprised of 100 cents, but only 1 and two dollars can be found as coins singularly. The other subdivisions are notes in the form of $5, $10, $20, $50 and $100 and 5, 10, 20, 50 cent coins.
The obverse of all Australian coins are depicted with Her Majesty Queen Elizabeth II of Australia. 1 and 2 cent coins were minted and in circulation from 1964 until they were demonetarised in 1992 along with the 2 cent coin both of which were made of bronze. Despite being referred to as silver, the majority of Australia's coins are made predominantly of copper.
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