Flucations In The Australian Dollar

The Australian dollar is "product currency". "Product currency" means that its wealth largely depends on the price of gold, copper, nickel, coal and wool. All of these items are major export items in Australia. Currently, commodity prices, especially gold has become cheap. Surbelon Associates, a mining consultant based in Melbourne, said that Australia's gold exports face minuses as prospects are not supported and production declines. The country produces approximately $ 5 billion worth of gold annually and metal export revenues have reached $ 42 billion in the past decade.

Since the Australian dollar depreciation in 1995, the currency came back. In the past two years, the Australian dollar exchange rate against the US dollar rose by more than 50%. The Australian economy has experienced GDP growth for 12 consecutive years and seems to be powerful as it continues to grow nearly 4% annually on average. Since 1992, the unemployment rate has almost halved from 11% to the present 6%. The economic situation in Australia seems to be very optimistic, but careful observation gives reasons to stop people. Significant rise in the Australian dollar causes consumer confrontation in the country, which adversely affects the country's current account. Australia has recorded a current account deficit over the past 30 years, but the current 6% data is the largest of the world's "rich countries" as well as the largest in history.

First of all, the Australian dollar. Australia is one of the world's largest capitalist economies with gross domestic product of $ 1.57 trillion. The Australian economy is dominated by services, accounting for 68% of GDP. The Australian Stock Exchange is also the largest securities exchange in Australia and the South Pacific and is ranked ninth in the world with market capitalization. In Australia there are some of the world's largest merchandisers including BHP Billiton, National Australia Bank, Commonwealth Bank, Rio Tinto, ANZ, Westpac, ANZ, McGonagall. Bank, Woolworth, AMP. .