Forex Australian Dollar
Who uses the Australian Dollar?
The Australian dollar is a convertible hard forex paper, also known as currency. What that means is that it is a forex paper traded around the clock all over the planet and being perceived by the forex brokers as a stable store of value. It usually moves against the US dollar in proportion to the move of the price of gold and other metals, according to forex folks in the know. That is because Australia is rich in gold and other metal resources.
It’s useful to get a hang of this if you want to learn forex. The Australian dollar (A$, AUD) is the legal forex tender of Australia, including Christmas Island, Cocos Islands (our favorite islands), and Norfolk Island, as well as the slightly independent tiny island countries of Nauru, Kiribati and Tuvalu. (Tuvalu is the administrator of the popular .tv domain extension). Inside Australia AUD is almost always abbreviated with the dollar sign ($), with A$ from time to time used to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
The Australian dollar is popular with forex brokers the likes of Dukascopy, Saxo Bank and MB Trading and traders due to the comparatively high interest rates in Australia. By the way, Dukascopy being a Swiss forex bank is regulated by the Swiss Financial Market Supervisory Authority FINMA.
The Australian dollar only started to float freely against other currencies in 1983.
