Course AUD(Australian Dollar)-SGD(Singapore Dollar) for today
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Importance of the Australian Dollar The central bank in Australia is called the Reserve Bank of Australia. As the 5th most traded currency in the world, the Australian dollar is also 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. Due to its relatively high interest rates, the Australian Dollar is often used in carry trades with the Japanese Yen. A carry trade is a strategy in which a currency with low interest rate is sold in order to buy a currency with a higher interest rate.
- Central bank: The Reserve Bank of Australia
- The Australian dollar (also called the Aussie) is a “commodity currency” because the country exports abundant natural resources, including coal, iron ore, copper, gold, natural gas, uranium, and renewable energy.
- Australia has strong trade ties with China, and the growing Chinese economy has driven its economy.
- Australia is trying to diversify its export markets beyond China to other Pacific nations.
Currencies of Singapore Prior to Colonization As early as the 8th century AD, Chinese merchants introduced the first documented currency of the Malay Peninsula. Since there was no official currency at the time, Singapore's merchants usually used Spanish and Mexican Dollars. Paper money began to appear in the peninsula in the 18th and 19th centuries, issued by private banks such as the Asiatic Banking Corporation, the Chartered Mercantile Bank of India, and The Shanghai Banking Corporation.
- Central bank: The Monetary Authority of Singapore
- The Singapore dollar (also called Sing) is used by one of the world’s most prosperous countries.
- Singapore has a highly developed free-market economy characterized by stable prices and an open environment free of corruption.
- The economy is driven by exports, particularly in consumer electronics, IT products, pharmaceuticals and other chemicals.
- A growing financial services sector has positioned Singapore as the Southeast Asia’s financial hub.