EURAUD is a cross rate of the Australian dollar to the European currency.
The Australian dollar is listed among the eight most wide-spread and popular currencies on the international exchange market. Above all, the high base rate of Australia, its stable economy and the political system of the country makes AUD attractive. Another appealing factor is the hands-off policy of the national currency's exchange rate determination propagated by the Australian CB. The Australian dollar rate depends highly on the base rate differences of Australia and the USA and on the economic indicators of the country.
The Australian dollar is considered a commodity currency.
Australia is the world's leader of the gold output and also a great oil and minerals exporting country. The central item of the Australian export is agricultural goods. Moreover, the Australian currency is sensitive to the price changes of minerals and agricultural commodities. The main trade partners of Australia are situated in Southeast Asia; the biggest one is China.
The high profitability of the Australian dollar makes it one of the most appealing currencies for trading.
The euro takes the second place by the trading volume on the forex market after the US dollar. About 40% of deals on the market are made with the euro. This currency is the most suitable for conservative traders who are interested in large volumes and high speed trading, and don't want to depend on the US dollar rate.