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How the exchange rate has been affected over the last 3 years
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| Submitted: Fri Aug 15 2003
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Exchange Rates Matt Cantatore Contents Intro 2 How the exchange rate has been affected over the last 3 years 2 Imports and Exports 3 World Commodity Prices 4 Level of Economic Activity 5 Australia's Inflation Rate 6 Intro In the world economy, every single country has its own currency which is used as legal tender for all domestic transactions. One cannot purchase a good in one country, with the currency of another. This is to say, that if we as Australians wish to purchase a good or service in Britain, we must pay in Pound Sterling - the Australian Dollar (AUD) would not be accepted. Therefore, the need to devise a conversion policy between currencies has arisen - to date, this conversion rate is known as the exchange rate. An exchange rate merely expresses the purchasing power of one currency in relation to another (for example, 1 AUD is worth 0.66 USD). (Alcorn 2003) How the exchange rate has...
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