The euro or EUR is the currency of the members of the European Union, whereas the Australian dollar or AUD is the currency of Australia. The EURAUD is a currency pair where the EUR is the base currency, and the AUD is the quoted currency, and it represents the number of AUD equal to one EUR.

What is Euro vs. Australian Dollar (EURAUD)?

Since the currency pair doesn't involve the US dollar, it's a cross-currency. Also, the pair has a negative correlation with the AUDUSD. It means that when the AUDUSD is trending upwards, the EURAUD is generally trending downwards, and vice versa.

The EURAUD pair is less heavily traded than other major currency pairs, such as EURUSD or USDJPY. It means that the difference between the bid and ask price, also known as the spread, can be more expansive. However, the spread can narrow during high trading volumes, making the trade more straightforward and cheaper.

The EUR is the second most traded currency in the forex market, the first being the USD. Whereas AUD doesn't fall in the list of most traded currencies, it still is a popular currency for traders inclined towards the commodity markets because Australia is a significant producer and exporter of iron ore, coal, and gold commodities.

SimpleFX provides solutions such as a demo account, which enables traders eager to learn how to invest in EURAUD start without risking their real assets.

How does EURAUD work?

The EURAUD exchange rate keeps on fluctuating due to several factors. Investors willing to learn how to trade EURAUD must keep tabs on economic data releases about a country's GDP, inflation, trade data, and employment. All these indicators have a significant impact on the EURAUD exchange rate. The European Central Bank (ECB) and the Reserve Bank of Australia (RBA) monetary policies also influence the EURAUD exchange rate.

Moreover, as Australia is a significant export of commodities, the value of AUD increases when its price increases. It has a negative impact on the exchange rate. Additionally, if geopolitical tensions and events such as elections, government policies, etc., cause uncertainty in the Eurozone or Australia, it increases volatility in the EURAUD pair.

In short, investors have to be aware of the trends in the forex market to save themselves from any loss.

EURAUD price history

Like all other currency pairs, EURAUD has also undergone many fluctuations since its inception. Its last years' performance is highlighted below:

2018
On Monday, 1st January 2018, the price of EURAUD was 1.5407 AUD; on 31st December 2018, it was 1.6324 AUD. The best and the worst exchange rate values were 1.6342 and 1.5242 AUD, and the average exchange rate of the year was 1.5807 AUD.

2019
At the start of the year, the exchange rate was 1.6265, and the year's closing value was 1.6001 AUD. The best rate of 1.6664 AUD was observed on 25th August 2019, and the worst rate of 1.5712 AUD was reported on 20th April 2029. However, the year's average value was 1.6107 AUD.

2020
On 1st January 2020, the EURAUD exchange rate value was 1.5986; on 31st December, it was at 1.5867 AUD, the worst value of the year. The best exchange rate value was 1.8864 AUD on 18th March 2020, and the year's average value was 1.6561 AUD.

2021
The year started with an exchange rate value of 1.5773 and ended at 1.5645 AUD. The best and the worst values were 1.6406 and 1.5256 AUD on 21st August and 24th February, respectively. The average exchange rate was 1.5751 AUD.

2022
On 1st January 2022, the EURAUD price was 1.5657; on 31st December 2022, it was 1.5762 AUD. On 5th February 2022, the best value of 1.619, and on 25th August 2022, the worst value of 1.4303 AUD was observed with the year's average of 1.5172 AUD.

Current EURAUD price

The current EURAUD price is subject to fluctuation due to the volatility of the forex market. Investors can check it on the chart or the SimpleFX Webtrader platform.

Is EURAUD a good investment?

Whether EURAUD is a good investment depends on factors such as interest rates, monetary policies, geopolitical events, etc. The answer depends on analyzing these factors and the potential returns on investment. If the factors are also stable and there are more chances of return, this currency pair brings more interest from investors eager to learn how to invest in forex worldwide.

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