EUR/AUD – Live and Historical Rates
Not considered a major pair, the EUR/AUD is the pairing of geographically very disparate currencies. Unlike the EUR, the AUD is generally considered a commodity currency which has followed the ups and downs of the US dollar more than the Euro.
The above chart illustrates the amount of AUD needed to purchase a EUR.
The Euro is the official currency of the currency union known as the eurozone. The eurozone consists of 19 countries, and – though some of the 8 remaining EU countries are bound by treaty to join it – it isn’t likely to expand in the near future.
Obviously boosted by Germany’s massive economical output and trade surplus, the EUR is used by some 337 million Europeans. Unfortunately, due to economic disparities within the eurozone, the currency has been sailing troubled waters lately. Despite that, it is the world’s second largest reserve currency, as well as the second most traded currency behind the USD. The entity controlling the EUR is the ECB (European Central Bank).
The Australian Dollar is a commodity currency with a unique exposure to the Asian markets. For that reason, it is a popular vehicle for Fx traders interested in diversification. Introduced in 1966, the AUD has been taken off the GBP peg in 1971. The financial authority controlling the AUD is the RBA (Reserve Bank of Australia). The Australian economy is based on the export of commodities, hence the “commodity currency” designation of the AUD.
While the Euro is a major currency and the Australian Dollar is among the most traded currencies as well, the pair isn’t considered a major due to its low trading volumes. Given the stability of both currencies involved, the pair isn’t a popular one for carry trades either.