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What is AUD and USD?
AUD or the Australian Dollar is the official currency of Australia, while USD or the United States Dollar is the official currency of the United States of America. Both currencies are widely traded in the international foreign exchange market.
The Value of 85 AUD to USD in 2023
As of August 2023, 85 AUD is equivalent to approximately 59 USD. The value of currencies fluctuates daily due to various economic and political factors, so this figure may change at any time.
Factors Affecting the AUD-USD Exchange Rate
The exchange rate between AUD and USD is influenced by several factors such as interest rates, inflation, economic growth, and political stability. If the interest rates in Australia are higher than that of the United States, investors may prefer to invest in AUD, leading to an increase in its value. On the other hand, if the inflation rate in Australia is higher than that of the US, the value of AUD may decrease relative to USD.
The Impact of the COVID-19 Pandemic on AUD-USD Exchange Rate
The COVID-19 pandemic has greatly impacted the global economy, including the foreign exchange market. The Australian economy was severely affected by the pandemic, leading to a decrease in the value of AUD. The USD, on the other hand, benefited from its status as a safe-haven currency during times of uncertainty, leading to an increase in its value. As a result, the AUD-USD exchange rate saw significant fluctuations during the pandemic.
Tips for Trading AUD-USD
Trading in the foreign exchange market can be challenging, but there are some tips that traders can follow to increase their chances of success. Firstly, it is important to stay up to date with the latest economic and political news that may affect the exchange rate. Secondly, traders should have a solid understanding of technical analysis and use tools such as charts and indicators to identify trends and patterns. Lastly, traders should have a risk management strategy in place to protect their investments.
Conclusion
The AUD-USD exchange rate is influenced by various economic and political factors and can be volatile at times. Traders should stay informed and use technical analysis to make informed trading decisions. The COVID-19 pandemic has also had a significant impact on the exchange rate, leading to fluctuations in value. As of August 2023, 85 AUD is equivalent to approximately 59 USD.
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