What does AUD stand for?
AUD is the three letter code for the Australian dollar. All currencies have their own code, the first two letters are from the name of the country (‘Australia’ = ‘AU’) and the third letter represents the currency (‘dollar’ = ‘D’).
What is an exchange rate?
An exchange rate is the relative price of two currencies and is represented as two currency codes. For example, ‘AUD/USD’ is the Australian and US dollar exchange rate. Grouping two currencies together like this is known as a currency pair.
The exchange rate market runs 24 hours a day (except for weekends) and is the largest market in the world. In fact it’s so big it is the size all the world’s stock markets combined, with an estimated $3.4- $5 trillion dollars being exchanged every day.
When you exchange your AUD for another currency, you’re taking part in this market.
Popular AUD currency pairs
AUD/USD – Australian Dollar/ US Dollar
AUD/GBP – Australian Dollar/ British Pound
AUD/JPY – Australian Dollar/ Japanese Yen
AUD/EUR – Australian Dollar/ Euro
AUD/SGD – Australian Dollar/ Singapore Dollar
AUD/NZD – Australian Dollar/ New Zealand Dollar