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What is the mid-market rate of AUD (Australian Dollar) / USD (US Dollar) on Friday August 7, 2020

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Get the current mid-market rate for AUD (Australian Dollar) / USD (US Dollar) for Friday August 7, 2020 right here.

The latest rates for AUD (Australian Dollar) / USD (US Dollar) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest forex market data to bring you live information to help you make the best forex trading decisions every day.

Friday August 7, 2020 1 AUD (Australian Dollar) is 0.720875 of USD (US Dollar) .

Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.

Forex pairs explained

Forex trading is inherently risky and there are countless forex pairs to choose from. The only way to make a profit from forex trading is to understand how the market works. Luckily for you the Born2Invest forex team has collated some forex trading tips to get you started.

Forex trades are always made using currency pairs. Whenever you buy one currency you are selling another. In every pair there is a base currency, for example AUD (Australian Dollar) and a quote currency, which would be USD (US Dollar).

The price of a currency pair represents the amount of quote currency, or USD (US Dollar), that you will need to spend in order to purchase a single unit of AUD (Australian Dollar), the base currency. So using the current example you would need to spend 0.720875 of USD (US Dollar) in order to purchase 1 AUD (Australian Dollar).

The three types of forex pairs

Forex pairs can be grouped into three main categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies are the most commonly traded currencies on the market. Different publications will use different criteria but pretty much every list will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • ll Commodity currencies are currency pairs that are closely linked to commodities such as oil, iron ore, and coal. Common examples include AUD/USD and USD/CAD
  • Cross currencies include all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.

What are the most traded forex pairs in the world?

  1. EUR/USD (Euro/US Dollar)
  2. USD/JPY (US Dollar/Japanese Yen)
  3. GBP/USD (British Pound Sterling/US Dollar)
  4. AUD/USD (Australian Dollar/US Dollar)
  5. USD/CAD (US Dollar/Canadian Dollar)
  6. USD/CNY (US Dollar/Chinese Renminbi)
  7. USD/CHF (US Dollar/Swiss Franc)
  8. USD/HKD (US Dollar/Hong Kong Dollar)
  9. EUR/GBP (Euro/British Pound Sterling)
  10. USD/KRW (US Dollar/South Korean Won)

Is cryptocurrency trading the same as forex trading?

While cryptocurrency trading shares many similarities to forex trading there are some key differences. Yes both markets are volatile and have the idea of “pairs” but cryptocurrencies are broadly unregulated and fall into a larger number of categories. The crypto market is complicated and very difficult for a novice investor to navigate.

To make matters more confusing most cryptocurrency trades take place on exchanges. These are typically unregulated and come with a higher degree of risk than using a broker. Many traders opt to use a CFD broker with crypto pairings.

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