Australian dollar still the world’s fifth-most traded currency
But activity in Australia's foreign exchange market has softened since 2013.
A new study has found the Australian dollar (AUD) remains the world's fifth-most traded currency, significantly behind the US dollar (USD) and trailing the Euro (EUR), Japanese Yen (JPY) and Great British Pound (GBP).
The Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2016 was coordinated by the Bank for International Settlements (BIS) and conducted by the Reserve Bank of Australia (RBA).
The survey monitored global activity in foreign exchange markets across 52 countries.
The AUD's 6.9% share of global currency turnover fell 1.7% over the last three years, while the US dollar gained a further 0.6% of the total market share during the same period.
The RBA says activity in Australia's foreign exchange market has softened since 2013. Total turnover fell by around 25%, compared with a 5% decrease in global turnover over the same period.
The Euro lost 2.1% market share since 2013, while the GBP gained 1% in the three years to 2016.
Chinese Yuan (CNY) enjoyed a 1.8% increase in overall market share since 2013 and the Russian Ruble (RUB) lost 0.5% over the same period.
The AUD/USD continues to be the fourth most traded currency pair, having also accounted for a slightly decreased share of global turnover.
USD/EUR was the most traded pair, with 23% of the global market share, well ahead of the USD/JPY at 17.7%.
If you're interested in AUD forecasts, the ins and outs of exchanging currency, or simply want to learn how to get the best rate when sending money overseas, compare services using our international money transfer guide.
Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.
- Finder’s RBA survey: 82% of experts confident the cash rate will hold
- 12 Days of Holiday Offers: Enter the draw for $5,000 cash with SCTI
- Amazon is having another ‘Black Friday’ sale: Save up to 80%
- 12 Days of Holiday Offers: Save on business fuel costs with Shell Card
- NBN launches new uncapped satellite plans: Are they worth it?