The Australian dollar is the currency of Australia. Besides that currency is used in the Christmas Islands, Cocos Islands, Heard and McDonald Islands and Norfolk Islands and in Kiribati, Nauru and Tuvalu.
According to official data from the Bank for International Settlements (BIS) in its three-year report of 2007 shows that the level of participation in the Australian dollar in the forex market is 6.66%, taking into account a total 200% because the currency transactions involving simultaneous purchases and sales of currencies.
In this way, after the U.S. dollar, euro, Japanese yen, British pound and Swiss franc, the Australian dollar is the sixth most traded currency in the forex market.
So the Australian dollar is part of the so-called majors or other major currencies, as part of the exclusive group of currencies that have the highest turnover in the forex market.
Australia has a highly developed economy and is a state rich in natural resources. The Australian economy is dominated by the expanding service sector, however, agricultural and energy sectors account for approximately 60% of exports.
Australia exports a large variety of commodities, particularly wheat and wool and precious metals like gold, as well as coal and natural gas.
The ISO 4217 standard came to encode all the world’s currencies and the ISO code for the Australian dollar is AUD, mention being made with the first two letters to Australia, and the last letter to your currency Australian dollar.
Really simplified ISO 4217 transactions worldwide, by encoding the name of the coins simply three letters.
Several States referred to their respective currencies such as dollars, so we find that not only in Australia’s legal tender is called a dollar, but as is known in U.S. legal tender is the U.S. dollar in New Zealand there the New Zealand dollar and Canadian legal tender is the Canadian dollar.
In this way the ISO 4217 came to remove uncertainty in business transactions, because if we talk about we mention only AUD Australian dollar and into another currency, imagine only two dealers in Australia and another one in the U.S., and both just agreed to pay in dollars of goods sold. Thus there are no more misunderstandings in the world trade.
We can find Australian dollar notes in circulation are 5, 10, 20, 50 and 100 Australian dollars.
This article is supplied by PLANETAFOREX.COM