The Australian Dollar is once again performing well after a long time in the Australian Forex Market, following the slump experienced by the currency after Australia had successfully hosted the Sydney Olympics, 2000, during which time the exchange rate of the Australian Dollar had touched very low.
The has witnessed the Australian Dollar change into a high yielding currency, from one which was experiencing lows. These adverse effects on the Australian Forex Market, were responsible for depreciating the Australian Dollar so that the AUD/USD went even lower than 0.50.
The period immediately succeeding the Olympics that was held in Sydney, had been next to a nightmare for those betting upon the Australian Dollar. The profitable foreign investments, made out of the nation, were draining the resources of the home currency.
In addition, people stopped buying the Australian Dollar which too acted adversely by deteriorating the progress of the Australian Forex Market.
As of the present, the AUD/USD is hovering very close to 0.85, similar to the late 1980s, and the positive Australian Dollar looks set to do wonders for the Australian Forex Market. The USD/AUD is temporarily determined around 1.18, and the Australian Dollar is predicted to gain more upon the US Dollar.
The probable parity which is being approached by the Australian Dollar has in fact made imports from the U.S. into Australia more affordable than it was before.
The AUD/EUR being around 0.63, the Australian Forex Market has also gained considerably on the Euro increasing the international trade between Australia and Europe. Conversely, the EUR/AUD is presently equivalent to 1.61, implying that in order to buy an unit of the Euro, one is required to spend AUD1.61.
AUD/GBP is presently hovering near 0.42 which implies that to buy an unit of the Australian Dollar the bidding price is 42 pence. Whereas, the indirect quote states that GBP/AUD is equivalent to about 2.39.