The euro is the official currency of 19 of the 27 member states of the European Union.
It is the second-largest reserve currency and second-most traded in the international markets, after the US dollar.
The euro was introduced to world financial markets on 1 January,1999, as an accounting currency.
It wasn’t until three years later, on the 1st of January 2002, that physical euro coins and banknotes began to circulate.
Is it a good time to buy euros with Australian dollars?
If you are travelling to Europe, the best time to buy euros with Aussie dollars is when the AUS/EUR exchange rate is sitting as high as possible.
The higher the rate, the more euros you will be able to use in exchange for your dollars.
A good FOREX trader can assist with your timing, while some Australians prefer to set up a rate tracker.
With a rate tracker, you can receive daily emails updating you on the exchange rate, or you can opt to receive an alert email when the rate hits your preferred ratio.