Based on the euro's exchange rate versus the AUD, we have the EUR/AUD currency pair. The pricing shows the amount of AUD (the reference currency) required to purchase one euro (the base currency). A variety of factors influence the value of this currency pair, which represents two of the most popular currency pairings for trading. For commodity trade, Australia's proximity to Asia can have a significant impact on the currency's performance. Traders should keep an eye on the European Central Bank's monthly policy releases to see how interest rates affect the euro.
The euro was released on 1 January 1999, following a decade of preparations: for the first three years, it was a 'invisible' currency, used exclusively for accounting purposes and electronic payments. Coins and banknotes were introduced on 1 January 2002, and the largest currency transition in history occurred in 12 EU countries.
