Decribe what and how the FOREX market works in Australia

The Foreign Exchange Market is the buying and selling of various currencies. The exchange rate of the Australian dollar is the price of 1 unit (1 dollar) expressed in terms of another currency. The 2 most common measures of the exchange rate used in Australia are: *The Exchange rate against the US dollar *The trade-weighted index (TWI) The measure against the US dollar is important because trading of the Australian dollar in the Forex market is highly concentrated …

…HKD Hungarian Forint145.602 HUF Indian Rupee30.8986 INR Japanese Yen78.3209 JPY Malaysian Ringgit2.50458 MYR Mexican Peso6.9255 MXN New Zealand Dollar1.14189 NZD Norwegian Kroner4.59722 NOK Singapore Dollar1.13958 SGD South African Rand5.29917 ZAR South Korean Won791.118 KRW Sri Lanka Rupee64.1304 LKR Swedish Krona5.14032 SEK Swiss Franc0.872187 CHF Taiwan Dollar22.8576 TWD Thai Baht27.4581 THB Venezuelan Bolivar1054.56 VEB using values from Friday, June 06, 2003 This table displays all the different currencies in the world and their relation to the Australian dollar.