The Australian dollar (sign: $; code: AUD) is the legal currency for Australia and the following surrounding territories, Christmas Island, Cocos (Keeling) Islands, Norfolk Island, and the Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar replaced the Australian pound in February of 1966, at a converting rate of two dollars to the pound.
Australian Dollar Currency
Currency Exchange Rates
The Australian dollar (aka "the Aussie") is one of the top commodity currencies in the world and it's value can shift as a result of price changes for Australia's major exports. See AUD currency value history and live conversion rates from the US Dollar/USD to the Australian dollar/AUD.
Currently the Australian coins consist of the 5, 10 and 20 cents that are the same size as the previous Australian, New Zealand, and British sixpence, shilling, and two-shilling coin. As for banknotes, the Australian currency includes a $5, $10, $20, $50, and $100. These bills were part of the “first polymer series” back in 1988. They were the first country to create currency made out of polypropylene polymer. The difference among other types of paper notes was that these polymer bills were cleaner, durable, and recyclable. Furthermore, the Australian 50-cent coin is stated to be one of the largest coins in circulation today.
Like most currencies, the Reserve Bank of Australia revised the security of their money and planned to upgrade the notes in 2012. These improvements consisted of incorporating several new security features as well as Braille dots for the visually impaired.
Foreign Exchange Trade
Making up 6.9% of the world's daily shares in 2016, the Australian dollar became the fifth-most-traded currency in the world foreign exchange markets.
The popular of the Australian dollar with currency traders derives from the countries high interest rates, freedom of the FX market from government interference, the stability of Australia's economy and political system, and the currencies diversification benefits among a portfolio containing the top world currencies, especially their exposure to Asian economies.
The Australian trade has depended on commodity exports such as minerals and agricultural products. Thus, the Australian dollar has been seasonal throughout the different business cycles of raw materials and dropping during recessions as mineral prices fall or when domestic spending surpasses the export earnings prospect.