Over 2015, the Australian dollar (AUD) had quite the fall against the greenback – pushed down by a combination of weaker Aussie sentiment and improving economic conditions in the US. That fall also led to AUD drops against many other major currencies, but not all of them – as we pointed out in 10 currencies the AUD is now stronger against.
Out of the most-traded currencies, here are the top 10 the AUD fell the most against over 2015 (from 1st of January 2015 to 1st of January 2016).
1. Hong Kong Dollar – AUD fell 11.04%
The Hong Kong Dollar maintains a peg with the US Dollar (USD), and for that reason the AUD fell against it in a similar fashion to against the USD. Over 2015, the AUD fell 11.04% from 6.34 to 5.64 Hong Kong dollars.
2. US Dollar – AUD fell 11.00%
Against the world’s most traded currency, the AUD fell 11% from $0.82 to $0.73 USD. This fall set the standard for the AUD’s movement against many other major currencies. Contributing factors to the drop included the continued slowdown in Australia’s mining sector, two 0.25% RBA rate cuts and the first US interest rate rise in almost a decade.
3. Israeli New Shekel – AUD fell 10.90%
Israel is fast becoming known as a world leader in tech innovation and as such they are predicted to be one of the fastest growing developed countries. Their Shekel had a strong year on the back of this economic optimism, along with the country’s record balance of payments surplus. The AUD fell 10.90% from 3.18 to 2.83 shekels.
4. Saudi Riyal – AUD fell 10.82%
Saudi Arabia has maintained a peg of its currency, the Riyal, to the USD since 1986. This peg has been hurting the country recently due to the low price of oil – their biggest export. The AUD fell 10.82% from 3.06 to 2.73 riyals.
5. Japanese Yen – AUD fell 10.55%
The Yen is the third most traded currency in the world after the USD and the Euro. In 2015, the AUD fell 10.55% against it from 97.79 to 87.47 yen.
6. Swiss Franc – AUD fell 10.35%
The so-called ‘safe haven currency’, the Swiss Franc is the sixth most traded currency in the world. In 2015 the AUD fell 10.35% against it from 0.81 to 0.73 francs. Much of this drop took place in January, after the Swiss central bank suddenly abandoned its currency ceiling with the Euro – sending the franc soaring.
7. New Taiwan Dollar – AUD fell 9.77%
Against the New Taiwan Dollar, which replaced the Old Taiwan Dollar in 1949, the AUD fell 9.77% in 2015, dropping from 25.84 to 23.32 new Taiwan dollars.
8. Pakistani Rupee – AUD fell 7.34%
Against the Pakistani Rupee in 2015, the AUD fell 7.34% from 82.24 to 76.20 rupees.
9. Philippine Peso – AUD fell 6.93%
The Philippine Peso has itself fallen quite significantly over 2015 against the USD. However, the AUD fell faster, resulting in a 6.93% decrease in value against the Philippine currency from 36.5 to 33.97 pesos.
10. Chinese Yuan – AUD fell 6.88%
It was quite a dramatic year for China, which found itself in the international spotlight over its economic slowdown and share market rout, which sent panic waves around the financial world. Also, the Chinese Yuan, which is highly regulated, was given a sharp 1.9 per cent cut to its value against the USD in August by The People’s Bank of China. As Australia’s largest trading partner, the Yuan has a strong influence on the AUD. In 2015, the AUD fell 6.88% from 5.06 to 4.71 yuan.