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Australian dollar is the official currency of Commonwealth of Australia and it is well-known as a representative of high interest rate currencies. The Australian dollar is the 5th most traded currency, after the US dollar, the euro, the Japanese yen and the pound sterling.
It has been issued in Australia when it was independent of Britain. The Australian dollar is well-known as the currency of a country wealthy in natural resources, such as coal and iron ore.
The GDP growth rate has been showing sharp increase from In addition, as a characteristic of the currency of a country wealthy in natural resources, the Australian dollar is easily influenced by stocks. Different from the US dollar and the euro, the Australian dollar can be greatly influenced by the prices of crude oil and metal. Therefore, you should pay attention to these factors when you trade Australian dollar.
Therefore, it is better to pay attention to the economic indicators of these countries. Due to the high interest rates, a lot of people invest in the Australian dollar. It is necessary to pay attention to the policy interest rate decisions made by the Reserve Bank of Australia in the monetary policy meetings on the first Tuesday of every month. There is the possibility that exchange rates fluctuate after the release of monetary policy.
Therefore, when it is released that interest rates will be reduced, it is very likely that the exchange rate will drop sharply as a lot of people who are concerned about interest rates will be discouraged and sell the Australian dollar. On the other hand, when it is released that interest rates will be raised, it is very likely the exchange rate will rise as investors can make a profit with high interest rates. If you can predict accurately the movement in the foreign exchange market when monetary policy is released, there is a high probability that you can make a profit when you trade binary options.
On this website, we will introduce a list of best binary options brokers for Australian residents. Since the payout rates and trading details of brokers are different from one another, it is better to choose the right broker for your purpose. By comparing with the economy before , Australia has favorable economic conditions in recent years as the unemployment rate is low and the volume of exports is increasing. Even if compared with other major countries, the Australian economy has shown stable economic growth.
As it is mentioned above, when you trade Australian dollar, you need to pay attention to the fact that the Australian dollar can be easily influenced by the prices of oil, minerals and farm products as Australia is a resource-rich country. As soon as the prices of goods fall, institutional investors who conduct transactions in large amount will sell the Australian dollar. Compared with the US dollar and the euro, Australian dollar has low trading volumes, which would accelerate a fall in the Australian dollar.
On the other hand, when the prices of goods rise, the exchange rate will also rise quickly. Therefore, you need to keep in mind that there are large movements in the Australian dollar exchange rate. Below we have summarized factors that you need to pay attention to when you trade Australian dollar. Please take into consideration the following factors while trading.
As the movements in the value of Australian dollar are largely influenced by various external factors, an investor may make a lot of mistakes in predicting the market by just looking at the Australian economic indicators. As a novice investor, at first, it may be difficult to trade binary options and make a prediction by looking at economic indicators. Wynn Finance — Types of Binary Options. Australian binary option Economy of the Commonwealth of Australia: Understanding the Characteristics of Australian Dollar in Order to Make a Profit Australian dollar is the official currency of Commonwealth of Australia and it is well-known as a representative of high interest rate currencies.
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