AUD to USD Conversion Rate Calculator (June 11, 2019)
Calculate the exact Australian Dollar to US Dollar exchange rate for June 11, 2019 with historical accuracy
Comprehensive Guide: Calculating AUD to USD Conversion Rate for June 11, 2019
Understanding historical exchange rates is crucial for financial analysis, accounting, and economic research. This guide provides an in-depth look at how to accurately calculate the Australian Dollar (AUD) to United States Dollar (USD) conversion rate for June 11, 2019, including the economic factors that influenced the rate during that period.
Historical Context of AUD/USD in June 2019
June 2019 was a significant month for the AUD/USD currency pair due to several macroeconomic factors:
- US-China Trade War: The ongoing trade tensions between the world’s two largest economies created volatility in global markets, affecting commodity-linked currencies like the AUD.
- RBA Interest Rate Cut: On June 4, 2019, the Reserve Bank of Australia (RBA) cut its cash rate by 25 basis points to a record low of 1.25%, which put downward pressure on the AUD.
- US Federal Reserve Policy: Market expectations of potential US rate cuts increased during this period, affecting the USD’s strength.
- Commodity Prices: As a commodity currency, the AUD was influenced by iron ore prices, which were relatively strong in mid-2019.
Official Exchange Rate on June 11, 2019
According to official records from the Reserve Bank of Australia, the noon buying rate for June 11, 2019 was:
| Currency Pair | Rate (AUD 1 = USD) | Inverse (USD 1 = AUD) |
|---|---|---|
| AUD/USD | 0.6913 | 1.4465 |
This means that on June 11, 2019:
- 1 Australian Dollar (AUD) = 0.6913 US Dollars (USD)
- 1 US Dollar (USD) = 1.4465 Australian Dollars (AUD)
How to Calculate Conversions for June 11, 2019
To manually calculate conversions between AUD and USD for this specific date:
- AUD to USD Conversion:
Multiply the AUD amount by 0.6913
Example: 1,000 AUD × 0.6913 = 691.30 USD
- USD to AUD Conversion:
Multiply the USD amount by 1.4465
Example: 1,000 USD × 1.4465 = 1,446.50 AUD
Economic Indicators Affecting the Rate
The AUD/USD exchange rate on June 11, 2019 was influenced by several key economic indicators:
| Indicator | Value (June 2019) | Impact on AUD |
|---|---|---|
| Australia Cash Rate | 1.25% | Negative (rate cut on June 4) |
| US Federal Funds Rate | 2.25%-2.50% | Positive (higher than AUD rate) |
| Iron Ore Price (62% Fe) | $107.80/tonne | Positive (Australia’s main export) |
| Australia GDP Growth (YoY) | 1.8% | Negative (slowing economy) |
| US GDP Growth (YoY) | 2.3% | Positive (stronger US economy) |
Comparing with Other Major Currencies
For context, here’s how the AUD performed against other major currencies on June 11, 2019:
| Currency Pair | Rate (AUD 1 =) | % Change (Past 30 Days) |
|---|---|---|
| AUD/USD | 0.6913 | -1.8% |
| AUD/EUR | 0.6124 | -0.9% |
| AUD/GBP | 0.5412 | -2.1% |
| AUD/JPY | 75.02 | -0.7% |
| AUD/CNY | 4.7516 | -1.2% |
Where to Find Official Historical Exchange Rates
For the most accurate historical exchange rate data, consult these authoritative sources:
- Reserve Bank of Australia:
The RBA provides official daily exchange rates dating back to 1969. Their historical data section includes noon buying rates for the AUD against major currencies.
- Federal Reserve Economic Data (FRED):
Maintained by the Federal Reserve Bank of St. Louis, FRED offers comprehensive historical exchange rate data with advanced charting tools.
- International Monetary Fund (IMF):
The IMF’s International Financial Statistics provides official exchange rate data used by central banks worldwide.
Factors That Could Affect Historical Rate Accuracy
When working with historical exchange rates, consider these factors that might affect accuracy:
- Timing Differences: Rates can vary between the opening, noon, and closing rates. Our calculator uses the official RBA noon rate for consistency.
- Bid/Ask Spread: The rates you see are typically mid-market rates. Actual transaction rates would include a spread.
- Weekend/ Holiday Rates: June 11, 2019 was a Tuesday, so rates reflect normal market conditions. Weekend rates might use Friday’s closing rate.
- Interbank vs. Retail Rates: The rates shown are interbank rates. Retail rates (what consumers get) are typically less favorable.
- Data Source Variations: Different financial institutions might report slightly different rates due to rounding or timing differences.
Practical Applications of Historical Exchange Rates
Understanding historical exchange rates like the AUD/USD rate from June 11, 2019 has several practical applications:
- Financial Reporting:
Companies with international operations need to convert foreign currency transactions at historical rates for accurate financial statements.
- Investment Analysis:
Investors analyze historical exchange rates to evaluate the performance of international investments and currency hedging strategies.
- Economic Research:
Economists use historical exchange rate data to study currency trends, test economic theories, and make forecasts.
- Legal Proceedings:
In international legal disputes, historical exchange rates may be needed to calculate damages or settlements in different currencies.
- Academic Studies:
Researchers in finance and economics use historical exchange rate data for empirical studies on currency markets.
How Central Banks Influence Exchange Rates
The AUD/USD rate on June 11, 2019 was significantly influenced by central bank policies:
- Reserve Bank of Australia (RBA):
The RBA had just cut rates on June 4, 2019, which typically weakens the AUD as lower interest rates make Australian assets less attractive to foreign investors.
- US Federal Reserve:
While the Fed hadn’t cut rates yet in June 2019, market expectations of future rate cuts were growing, which can weaken the USD.
- Quantitative Easing:
Both central banks had implemented quantitative easing programs in previous years, which had long-term effects on their respective currencies.
- Forward Guidance:
The statements and projections from both central banks about future monetary policy influenced market expectations and currency values.
Technical Analysis of AUD/USD in June 2019
From a technical analysis perspective, the AUD/USD pair showed these characteristics in June 2019:
- Downtrend: The pair was in a clear downtrend since April 2019, making lower highs and lower lows.
- Support Levels: Key support was around 0.6850, which held during June before being broken in July.
- Resistance Levels: The 0.7000 psychological level acted as strong resistance throughout June.
- Moving Averages: The 50-day moving average was below the 200-day, indicating bearish momentum.
- RSI: The Relative Strength Index was mostly in the 30-50 range, indicating weak momentum.
Common Mistakes When Calculating Historical Exchange Rates
Avoid these common errors when working with historical currency conversions:
- Using Current Rates: Always verify you’re using the rate from the correct historical date, not today’s rate.
- Ignoring Fees: Historical rates are typically mid-market rates. Real transactions would include fees or spreads.
- Incorrect Direction: Make sure you’re converting in the right direction (AUD to USD vs. USD to AUD).
- Rounding Errors: Use sufficient decimal places in calculations to maintain accuracy.
- Time Zone Differences: Be aware that “June 11” might mean different things in different time zones (Australia vs. US).
- Assuming Consistency: Rates fluctuate throughout the day. The rate at 9 AM might differ from the noon rate.
Alternative Methods for Historical Currency Conversion
Besides using our calculator, here are other methods to find historical exchange rates:
- Excel/Google Sheets:
Use the STOCKHISTORY function in Excel or GOOGLEFINANCE in Sheets to pull historical exchange rate data.
- Programming APIs:
Services like Alpha Vantage, Fixer.io, or the European Central Bank API provide historical exchange rate data.
- Financial Terminals:
Professional tools like Bloomberg Terminal or Reuters Eikon offer comprehensive historical data.
- Bank Statements:
If you made a transaction on that date, your bank statement will show the exact rate you received.
- Historical Newspapers:
Financial sections of major newspapers from that date often published exchange rates.
Understanding the Bid-Ask Spread in Historical Context
While our calculator uses the mid-market rate (0.6913 for June 11, 2019), it’s important to understand the bid-ask spread:
- Bid Price: The price at which the market (or bank) will buy AUD from you (typically lower than the mid-rate).
- Ask Price: The price at which the market will sell AUD to you (typically higher than the mid-rate).
- Spread: The difference between bid and ask prices, which represents the transaction cost.
For June 11, 2019, a typical retail spread might have been:
- Bid: 0.6880 USD (what you’d get when selling AUD)
- Ask: 0.6946 USD (what you’d pay when buying AUD)
- Spread: 0.0066 USD or about 0.95%
The Role of Commodity Prices in AUD Valuation
As a commodity currency, the AUD is heavily influenced by commodity prices. In June 2019:
- Iron Ore: Prices were strong at ~$107/tonne, supporting the AUD. Iron ore is Australia’s largest export.
- Gold: Prices were rising (~$1,330/oz) due to geopolitical uncertainty, which typically benefits the AUD.
- Coal: Thermal coal prices were around $85/tonne, providing some support.
- Oil: Crude oil prices (~$60/bbl) affect Australia’s trade balance as both an importer and exporter of petroleum products.
The strong iron ore prices in mid-2019 provided some support to the AUD despite the RBA’s rate cut and global uncertainty.
Comparing June 2019 to Other Historical Periods
To put June 11, 2019 in context, here’s how the AUD/USD rate compared to other notable periods:
| Period | AUD/USD Rate | Key Events |
|---|---|---|
| June 2019 | 0.6913 | RBA rate cut, trade wars, slowing global growth |
| July 2011 (Peak) | 1.1080 | Commodity supercycle, post-GFC recovery |
| April 2001 (Low) | 0.4775 | Dot-com bust, 9/11 aftermath |
| January 2020 | 0.6850 | Pre-pandemic, US-China phase one deal |
| March 2020 (COVID low) | 0.5510 | Pandemic panic, global market crash |
Tax Implications of Historical Currency Conversions
When dealing with historical currency conversions for financial reporting, consider these tax implications:
- Capital Gains: Currency fluctuations can create taxable capital gains or losses.
- Transfer Pricing: Multinational companies must use arm’s-length exchange rates for intercompany transactions.
- Foreign Income: Income earned in foreign currencies must be converted at the appropriate historical rate for tax reporting.
- Deductions: Foreign expenses must be converted using the rate on the date the expense was incurred.
- Tax Treaties: Some tax treaties specify which exchange rates to use for cross-border transactions.
Always consult with a tax professional to ensure compliance with local tax laws regarding historical currency conversions.
Future Outlook: AUD/USD Since June 2019
Since June 11, 2019, the AUD/USD pair has experienced significant volatility:
- 2019: Continued downward pressure due to RBA rate cuts and global uncertainty.
- 2020: Sharp drop to 0.5510 in March due to COVID-19, then recovery to 0.7778 by year-end.
- 2021: Reached highs of 0.8007 in February as commodity prices surged.
- 2022: Fell to 0.6169 in October due to aggressive Fed rate hikes.
- 2023: Traded in a range between 0.65-0.70 amid global economic uncertainty.
The pair remains sensitive to commodity prices, central bank policies, and global risk sentiment.
Academic Research on AUD/USD Exchange Rates
For those interested in deeper academic analysis of AUD/USD exchange rates, these studies provide valuable insights:
- “The Determinants of the Australia-US Real Exchange Rate” (2005):
This study by the RBA examines long-term factors affecting the AUD/USD rate, including terms of trade and productivity differentials.
- “Commodity Prices and Exchange Rate Volatility” (2012):
Research from the University of Queensland analyzing how commodity price fluctuations impact the AUD.
- “Central Bank Communication and Exchange Rate Volatility” (2018):
A paper from the Federal Reserve examining how monetary policy communication affects currency markets.
These studies can be found through academic databases like JSTOR or Google Scholar.
Building Your Own Historical Exchange Rate Database
For developers or analysts who need to work with historical exchange rates regularly, consider building your own database:
- Data Sources:
Use APIs from central banks, the ECB, or commercial providers to collect daily rates.
- Database Structure:
Design a table with date, currency pair, bid rate, ask rate, and mid-rate columns.
- Automation:
Set up scripts to automatically update rates daily.
- Validation:
Implement checks to verify data accuracy against multiple sources.
- API Endpoint:
Create an internal API to serve the data to your applications.
This approach gives you full control over the data and ensures you have access to historical rates even if external APIs change.
Conclusion: The Importance of Accurate Historical Exchange Rates
Accurately calculating historical exchange rates like the AUD to USD conversion for June 11, 2019 is essential for financial accuracy, compliance, and analysis. The rate of 0.6913 AUD/USD on that date reflects a complex interplay of monetary policy, global economic conditions, and commodity markets.
Whether you’re reconciling financial statements, analyzing investment performance, or conducting economic research, using the precise historical rate ensures your calculations are correct and your conclusions are valid. Our calculator provides an easy way to perform these conversions with the official RBA rate, while this guide offers the context needed to understand what influenced the rate on that specific day.
For the most critical applications, always verify rates with official sources and consider consulting with financial professionals when dealing with large transactions or complex financial instruments.