AUD to USD Exchange Rate
Ahh, America: the global behemoth that brought the world the automobile, the airplane and the iPhone--where innovation reigns supreme even though 7% of the population believes the moon landings were a hoax.
What influences the AUD/USD exchange rate?Since the signing of the 2005 Free Trade Agreement (FTA) between the U.S. and Australia, goods and services trade has more than doubled between the two countries. Keep in mind that the US dollar accounts for about 85% of all forex trading volume and announcements from the Federal Reserve may influence the daily rate.
In addition to the relative strength of the two economies, factors that affect the AUD/USD exchange rate may be based, in part, around demand for Australian commodities such as iron ore, coal and gold. Because 85% of Australian exports go to Asia, the value of the Aussie dollar may fluctuate when growth reports for major Asian economies differ from expectations.
The United States is the world's largest economy. US GDP (nominal) was estimated at nearly US$ 17.42 trillion in 2014 or around 22.5 per cent of global GDP. The United States is a major driver of the global economy and a world leader in terms of international trade and investment, innovation and new technologies, research and development expenditure, stock market capitalisation and its share of large global corporations .1
---Australian Government, Department of Foreign Affairs and Trade.
- Americans spend about $37 billion per year on pizza.2 That’s roughly ⅓ of the global market and amounts to a consumption rate of about 100 acres per day. While Australia is amongst the top 5 in pizza consumption per capita, burgers take the top spot for Aussie diners making Australians the world’s biggest meat eaters as of 2015. 3 Higher education is a popular export for both countries. For Australia, it’s an A$ 19 billion industry, while for the U.S., it’s a $30 billion contributor to the economy. 4, 5 Australia’s richest native is Gina Rinehart, mining mogul. As of 2016, her $10 billion dollar stockpile (down from a peak of almost $31 billion in 2012) leaves her at number 12 on the list of the world’s richest women well behind the heiresses of Walmart and Mars (candy). 6
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Currency Name: US dollar. Also known as: bucks, benjamins, bones.
Currency Code: USD
Currency Symbol: $
Central Bank: The Federal Reserve
Countries Used In: U.S.A, Ecuador, East Timor, El Salvador, Marshall Islands, Micronesia, Palau, Turks and Caicos, British Virgin Islands, Zimbabwe
Major Unit: One dollar
Minor Unit: One cent or penny
Note Denominations: 1, 2 (rare), 5, 10, 20, 50, 100
Coin Denominations: Penny (1¢), nickel (5¢), dime (10¢), quarter (25¢), half dollar (50¢), one dollar.