The amount of money that flows between the European Union and Australia regularly is considerable. For instance, around U.S. $52 million was sent from Germany to Australia as remittances in 2016. Around U.S. $551 million made its way in the opposite direction in the same year. Bilateral trade of goods and services between both regions accounted for around $98 billion in 2016.
While the euro and the Australian dollar are major currencies, the EUR/AUD currency pair is regarded as a minor cross. In January 2018, the EUR/AUD pair accounted for 2.85% of the total volume of transactions in the foreign exchange market, making it the 13th most liquid currency pair.
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While the name “euro” was officially adopted in December 1995, the actual introduction of the currency to the general public and world markets happened on 1 January, 1999. Introduction of euro-denominated coins and banknotes had to wait until 1 January, 2002.
In April 2016, the euro’s global forex market turnover share was 31.4%, making it the second most traded currency the world over. It is also second on the list of global reserve currencies.
The 19 European Union member states that use the euro as legal tender as of August 2018 include:
Some overseas territories of European Union member states use the euro as legal tender, as do Montenegro and Kosovo. Cuba announced that it would start using the euro as a trading currency in 1998. Syria followed suit in 2006.
|Nicknames||Quid, aereo, pavo, ege|
|Bank notes||EUR 5, EUR 10, EUR 20, EUR 50, |
EUR 100, EUR 200, EUR 500
|Coins||1c, 2c, 5c, 10c, 20c, 50c, EUR 1, EUR 2|
Australia used the Australian pound as legal tender from 1910 to 14 February, 1966. It then adopted the decimalized Australian dollar as its national currency, completely doing away with the previously used pounds, shillings, and pence. In 1988, the country turned to using polymer bank notes.
Other that Australia, the use of the Australian dollar is also found in Cocos (Keeling) Islands, Christmas Island, McDonald Islands, Coral Sea Island, Ashmore and Cartier Islands, Norfolk Island, Heard Island, Australian Antarctic Territory, Nauru, Kiribati, Vanuatu, Tuvalu, Tonga, and Papua New Guinea.
From its introduction until 1973, the value of the Australian dollar was pegged to the pound sterling. It was then pegged to the U.S. dollar. The Australian dollar adopted the free-floating regimen in December 1983.
The global forex market turnover share of the Australian dollar was around 9% in April 2016, which made it the fifth most commonly traded currency globally.
|Bank notes||$5, $10, $20, $50, $100|
|Coins||5c, 10c, 25c, 50c, $1, $2|
Euro / Australian Dollar Historical Rates
The EUR/AUD currency pair has experienced some volatility over time. Since its introduction, the euro has been a stronger currency than the Australian dollar. In January 1999, the value of the Australian dollar was around AU $1.80 against the euro. From then, until the end of 2008, the value of the Australian dollar hovered in between AU $1.5 and AU $2 against the euro.
Largely unaffected by the global financial crisis, the Australian dollar gradually started to gain value by the beginning of 2009. In July 2012, it was trading at an all time high of around AU $1.17 against the euro. Since then, annual flooding has had an adverse effect on the Australian dollar, with its value fluctuating between AU $1.35 and AU $1.65 against the euro.
EUR/AUD in the last five years
|EUR 1 =|
|1 July, 2013||AU $1.4809|
|1 July, 2014||AU $1.4403|
|1 July, 2015||AU $1.5042|
|1 July, 2016||AU $1.4708|
|1 July, 2017||AU $1.4797|
EUR/AUD in the last five months
|EUR 1 =|
|1 March, 2018||AU $1.6047|
|1 April, 2018||AU $1.6033|
|1 May, 2018||AU $1.5449|
|1 June, 2018||AU $1.5781|
|1 July, 2018||AU $1.5739|
What Affects EUR/AUD Rates?
The Australian dollar got to its best ever point against the euro during 2011 and 2012, when most parts of the world, the European Union included, was battling global recession. However, annual flooding in Australia from 2009 to 2015 had an adverse effect on the value of the Australian dollar.
The Australian dollar is often looked upon as a commodity-based currency, given the country’s dependence on the production and export of gold. As a result, the value of the Australian dollar tends to increase when there is rise in gold prices. Other factors that may have a bearing on how the EUR/AUD currency pair performs include interest rate differentials, inflation levels, gross domestic product (GDP), trade balances, and policy changes.
If you want to transfer money from anywhere in the European Union to Australia, or in the opposite direction, pay close attention to the prevailing EUR/AUD exchange rate. Then, compare rates offered and fees charged by different overseas money transfer companies.