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Australian Forex Developments

            
             Australia foriegn exchange market has undergone an evoultionary history to become included in the top ten of the most activley traded currencies on the world foreign exchange market. Turnover for the 2001-2002 financial year was a stagering $22.7 trillion, which equiates to an average of $63 billion dollars per day. .
             With the trend of general global deregulation of foriegn exchange controls & administration, Australia's forex was convereted into a managed floating rate in December 1983. Until that time it had been closely managed by the Reserve Bank of Australia. Since that time volume has grown significantly. Increased globalisation and the unique positioning of the Australian economy; with its abundant natural resources Australia is a relativley large exported or raw materials and the reliaance on the domestic economy for imports (partiucalry from Japan) results in strong foreign exchange activity. Recent deregulation in the financial sector has seen many new financial instutiutions come to Australia. The last bull market from 1998-2001 saw a large increase in the managed fund market which has contributied to the increase of foreign exchange activity. In partiuclar equity trusts with porfolio allocations in Euro markets and direct investment into the recovering ASEAN economies such as ANZ's Global Star Plus fund regularly liquidiate and establish new positions. Superfunds have also in the last few years increased there investment base in foriegn investements to increase returns. .
             RECENT TRENDS:.
             The last three years has been a period of two contrasts for the Australian dollar vs the US. Three years ago investors had shunned the Australian markets in favour of other emerging market economies and indeed there own domestic economy that had been performing like a powerhouse. The 1998-2001 bull market was one of the strongest and most socially popular in history. Not since the late 1920 bull market had the stock (and other ) markets become such a national point of interest.


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... each other by telecommunications like telex, telephone and a satellite communication network. In India banks are also connected to the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. The largest forex market of the world is London, followed by New York, Tokyo, Zurich and Frankfurt. (India's position search). In most markets US dollar is the vehicle currency i.e. the currency ... Therefore, cash flow in the corporate may be affected. Currency futures contracts are available for the British pound, Canadian dollar. Deutsche mark, French franc, Swiss frank, US do...

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  • Grade Level: High School

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