The Strength Of The Australian Dollar

685 words - 3 pages

First, Australian Dollar. Australia is one of the largest capitalist economies in the world with a GDP of USD 1.57 trillion. The Australian economy is dominated by its service sector, comprising 68% of GDP. Besides, the Australian Securities Exchange is the largest stock exchange in Australia and in the South Pacific and ranks 9th in the world in terms of market capitalization. Australia is home to some of the largest commodity companies in the world which are also the 10 largest companies in Australia, including BHP Billiton, National Australia Bank, Commonwealth Bank, Rio Tinto Group, ANZ, Westpac, Telstra, Macquarie Bank, Woolworths and AMP.
During the year 2012, Australian Dollar (AUD) is the 5th most traded currency in the world, accounting for 7.6% of the world’s daily share. The Australian dollar is popular with currency traders because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle.
The Australian Dollar (AUD) continues to remain above parity with the U.S. Dollar (USD) and is at multi-year highs against other major currencies such as the Euros. However, the appreciation of the Aussie currency has not been uniform, with the AUD actually declining against the Japanese Yen (JPY) in recent years, highlighting the volatile nature of currency markets. The Australian Dollars rose against most of their major peers after a report showed Chinese imports grew more than economists estimated, boosting the South Pacific nations’ trade prospects. Besides that, according to the US Federal Reserve chairman Ben Bernanke, “by keeping rates low now we can help the economy get stronger, we can create more jobs, we can create more momentum in the economy – that’s the way to get a...

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