Course EUR(Euro)-AUD(Australian Dollar) for today

Euro

The central bank in Europe is called the European Central Bank (ECB). Currently, 17 EU member states have adopted the Euro. It is the second-most traded currency on the forex market, after the US Dollar, and also a major global reserve currency. Other common names for the Euro include Yoyo (Irish English), Leru (Spanish), and Ege (Finnish).

• Central bank: The European Central Bank
• The euro is used by over 320 million Europeans and 17 nations in the eurozone (euro area).
• Over 175 million people use currencies pegged to the euro, such as the Danish krona (DKK) and West African CFA franc (XOF).
• Eurozone economies vary widely. Germany is the largest economy, and a leading world exporter. Other economies (Ireland, Greece) endure sovereign debt and severe government austerity measures.

Australian Dollar

Importance of the Australian Dollar The central bank in Australia is called the Reserve Bank of Australia. As the 5th most traded currency in the world, the Australian dollar is also referred to as buck, dough, or the Aussie. The Australian Dollar is known as a commodity currency due to its substantial raw material exports. As a result, the AUD is affected by China and other Asian import markets. Due to its relatively high interest rates, the Australian Dollar is often used in carry trades with the Japanese Yen. A carry trade is a strategy in which a currency with low interest rate is sold in order to buy a currency with a higher interest rate.

• Central bank: The Reserve Bank of Australia
• The Australian dollar (also called the Aussie) is a “commodity currency” because the country exports abundant natural resources, including coal, iron ore, copper, gold, natural gas, uranium, and renewable energy.
• Australia has strong trade ties with China, and the growing Chinese economy has driven its economy.
• Australia is trying to diversify its export markets beyond China to other Pacific nations.