The Australian Dollar is the legal tender of Australia. The Australian dollar comes with the sign: $; and code: (AUD), the legal tender is of the Commonwealth of Australia, and its external territories like the; Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru, Papua New Guinea, Tonga, Tuvalu and Vanuatu. In Australia, it is almost always recognized with the dollar sign ($), as in A$ or AU$ so as to differentiate it from other dollar-denominated currencies. It is subdivided into 100 cents.
The currency ranks that the most commonly traded currency used in the trade world Australia and other countries. This currency comes with the code for Dollars is AUD, and the currency sign $. The central bank of Australia is known as the Reserve Bank of Australia. It is the fifth most traded currency in the world, the Australian dollar is often referred to as "buck, dough, or the Aussie". The Australian Dollar is known as a commodity currency due to its substantial raw material exports. As a result, the AUD is affected by China and other Asian import markets. Despite the fact that the currency has its relatively high interest rates, the Australian Dollar is often used in carry trades with the Japanese Yen and other currencies. Many traders and investors uses the trade as a strategy where by the currency with low interest rate is sold in order to buy a currency with a higher interest rate.
The European Union Currency comes with the code (EUR) and the symbol; €, it is the official currency of the European Union. Recently, it is ranks 19 of 28 member states that uses the euro (Eurozone). The currency is subdivided into 100 cents (referred to as eurocent). The name Euro was officially adopted on the 16th of December 1995 in Madrid. The Euro was first introduced to world financial markets as an accounting currency on 1st of January 1999, it replaced the former European Currency Unit (ECU) with the ratio of about 1:1 with other major currencies. Physical eurobanknotes and coins came into dissemination in May 2002, making it the day-to-day operating currency of its original members.
The currency is used officially by the institutions of the European Union and four other European territories as well as unilaterally by two countries and is consequently used daily by over 337 million Europeans as at 2015. Outside Europe, a good number of the overseas territories of EU members also use the currency as their major currency. Moreover, over 210 million people all over the world uses the currencies as at 2013 and pegged to the euro currency.
In January 2017, the Euro and the U.S. dollar has recorded as on the largest combined values of banknotes in circulation in the world.
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