In 2016, more than U.S. $300 million was sent from the United States to Australia in the form of remittances. In the same year, over U.S. $186 million was sent from Australia to the United States. These numbers do not include transfers carried out for trade purposes.
The USD/AUD currency pair is the fourth most commonly traded but does not make it to the list of six pairs in the U.S. dollar index. Given the fluctuations that both currencies experience regularly, the possibility of getting competitive rates exists at both ends.
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The United States dollar remains the most traded currency in the world by value. Data suggests that around U.S. $5.1 trillion is traded in the forex market every day. Its daily share of the global foreign exchange market turnover stood at 87.6% in April 2016.
Other than the United States, the U.S. dollar is also used as the sole currency in the Caribbean, two British Overseas Territories, Turks and Caicos Islands, and the British Virgin Islands.
The U.S. dollar has been the official currency of the United States since 1792. Its value from gold decoupled completely in 1973. The currency pair it is most commonly part of is EUR/USD. Since it is the most commonly traded currency in the world, it is routinely used as a benchmark in the forex market. It is also the most dominant reserve currency in the world, and most central banks hold significant volumes of this currency.
|Nicknames||Buck, green, greenback, dough, bones, dead presidents|
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The Australian dollar was the fifth most traded currency in the world in April 2016, accounting for 6.9% of the global foreign exchange market turnover. Other than the Commonwealth of Australia and its external territories, the Australian dollar is also used as legal tender in the Pacific Island states of Papua New Guinea, Kiribati, Vanuatu, Tuvalu, Tonga, and Nauru.
Until February 1966, the Australian pound was the country’s official currency. It was only after this period that the country introduced the Australian dollar under a decimalized system. Newly issued dollars and cents replaced previously used pounds, shillings, and pence. The use of polymer banknotes began in 1988, with the aim of preventing counterfeiting.
Upon the introduction of the Australian dollar in 1966, it was pegged against the British pound, equaling in value to one gram of gold. In September 1973, the peg was shifted to the U.S. dollar, with AUD $1 equaling U.S. $1.4875. The Australian dollar became a floating currency in December 1983.
|Bank notes||$5, $10, $20, $50, $100|
|Coins||5c, 10c, 25c, 50c, $1, $2|
U.S. Dollar / Australian Dollar Historical Rates
The USD/AUD currency pair has witnessed considerable volatility since the Australian dollar became a free floating currency. On 1 January, 1984, the mid-market USD/AUD rate was 1.0893, meaning you could get AUD $1.0893 for U.S. $1. On 1 March, 2001, the mid-market USD/AUD rate stood at 2.0604. It fell to 0.9118 on 1 April, 2011.
USD/AUD in the last five years
|U.S. $1 =|
|1 July, 2013||AUD $1.1133|
|1 July, 2014||AUD $1.0756|
|1 July, 2015||AUD $1.3689|
|1 July, 2016||AUD $1.3540|
|1 July, 2017||AUD $1.2495|
USD/AUD in the last five months
|U.S. $1 =|
|1 Feb, 2018||AUD $1.2439|
|1 March, 2018||AUD $1.2893|
|1 April, 2018||AUD $1,3007|
|1 May, 2018||AUD $1.3351|
|1 June, 2018||AUD $1.3214|
On 29 June, 2018, the mid-market USD/AUD rate was 1.35305.
What Affects USD/AUD Rates?
Factors that influence the value of the U.S. dollar and the Australian dollar have a bearing on USD/AUD exchange rates. For example, the interest rate differential between the United States Federal Reserve and the Reserve Bank of Australia affects the value of both currencies in comparison to each other. In case the Federal Reserve takes measures to make the U.S. dollar stronger by intervening in the open market, the value of the Australian dollar might decline.
Since Australia is a major exporter or iron ore and coal, commodity prices have a noticeable effect on the value of the Australian dollar. When coal and iron ore prices fell sharply because of the commodity slump in 2015, the value of the Australian dollar also dropped steeply. It fell by around 15% against the U.S. dollar and came close to par with the New Zealand dollar for the first time since the 1970s.
If you plan to send money from the United States to Australia, or the other way around, bear in mind that USD/AUD rate fluctuations can have an impact on the cost of your transfer. Fortunately, some of the top overseas money transfer companies provide tools that help their customers make the most of exchange rate fluctuations.