AUD USD historical rates just like any other rate history, gives the forex trader an insight on how the market has been faring in the past and to correctly predict which direction it may likely face in the nearest future. Not just for the purpose of predictions, the AUD USD historical rates also other purposes and confers some advantages to the forex trader and market.
THE IMPORTANCE OF HISTORICAL RATES IN TRADING THE FOREX MARKET
The year 1875 saw the creation of the gold standard monetary system which later became one of the most important events in the history of forex trading. With this giant stride, several countries were able to exchange silver and gelds for the certain payment. This standard was generally created to allow people exchange the value of precious metals for an equivalent amount of cash and vice versa. The exchange rate was later introduced to quantify the amount of money (in one currency) to be given up in order to acquire the other.
Some of the merits of historical rates in forex trading and the market as a whole are summarized below.
1. It gives the trader insight into what the likely possible outcomes of his investments could be.
2. It keeps a record of how a certain currency has been faring in the economic market.
3. It serves as a form of security to the trader.
4. It serves as a means of keeping records.
5. It enables the trader carry out a market forecast in order to predict the outcome of the market.
AUD to USD Monthly Overview Table
In the past three months, the monthly overview of the AUD and USD (as updated by x-rates.com) shows the relative values for which the AUD was exchanged for the USD. These values have been summarized below;
Month Rate (1 AUD to USD)
From the table of rates above, it is clearly understood that the AUD enjoyed a steady decrease in value from 0.7310989 in August to 0.7659115 in November. This indicates that the AUD rates increased slightly between Augusts to September and experienced a slight decrease in November. With this, the future rates can be easily forecasted.
The GBP RATE table
As at November 22, 2017, the AUD against the top ten currencies (as updated by x-rates.com) was valued as follows
Australian Dollar 1.00 AUD inv. 1.00 AUD
US Dollar 0.761401
British Pound 0.571743
Indian Rupee 49.383348
Canadian Dollar 0.967449
Singapore Dollar 1.025746
Swiss Franc 0.747755
Malaysian Ringgit 3.130600
Japanese Yen 84.710295
Chinese Yuan Renminbi 5.031976
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.