EUR/AUD Exchange Rate History
A decade of Euro–Australian Dollar movements, with the events that drove them.
EUR/AUD 10-year snapshot
EUR/AUD currently sits roughly 52% through its 10-year range — in the middle of the decade range.
The last decade in EUR/AUD
EUR/AUD is a major non-USD cross combining European reserve currency with the world's premier commodity currency. Over 2016–2026, EUR/AUD traded between 1.45 (early 2018 AUD strength) and 1.80 (October 2022 EUR-strength + AUD-weakness). The pair is dominated by: ECB-RBA policy divergence, iron-ore vs Eurozone growth differentials, and Chinese-demand cycles affecting AUD via commodities. EUR/AUD is the largest Europe-Pacific cross by trading volume.
Long-term trend
Range-trading with no strong secular direction since the 2014 commodity supercycle ended. EUR/AUD has averaged around 1.55-1.65 over the past decade. AUD's commodity exposure makes it more volatile than EUR within the pair — most EUR/AUD moves reflect AUD changes more than EUR changes. The pair tends to rise when Chinese commodity demand weakens (hurting AUD), fall when ECB is dovish vs RBA hawkish (uncommon), and spike during global risk-off episodes that hit commodity currencies.
Key events
EUR/AUD at multi-year low
Strong Chinese commodity demand and weak EUR drove EUR/AUD to multi-year lows. Iron ore prices at $80/ton supported AUD.
EUR/AUD fell from 1.55 (December 2017) to 1.48 (January 2018).
COVID — EUR/AUD spike on AUD weakness
COVID demand destruction crushed AUD as commodity exports plummeted. EUR/AUD spiked to multi-year highs before stabilizing.
EUR/AUD rose from 1.65 (early 2020) to 1.93 (March 2020) — 17% AUD decline in three weeks.
EUR-strength + AUD-weakness combo
ECB aggressive tightening + AUD weakness from RBA-Fed divergence drove EUR/AUD toward 1.80. The combination of unusually hawkish ECB and dovish RBA was rare.
EUR/AUD rose from 1.50 (April 2022) to 1.65 (October 2022).
RBA hikes faster than ECB
RBA aggressive tightening (terminal 4.10%) outpaced ECB initial cycle, supporting AUD against EUR. EUR/AUD fell to multi-year lows.
EUR/AUD held a 1.55-1.65 range through 2023.
August 2024 carry unwind hits AUD
The August 2024 JPY carry-trade unwind hit AUD/JPY and related crosses, including EUR/AUD. EUR/AUD spiked briefly before reversing.
EUR/AUD rose from 1.64 to 1.71 in the first week of August 2024.
RBA begins easing — EUR/AUD rises
RBA cut rates earlier than ECB in 2025 cycle, weighing on AUD. EUR/AUD trended higher through 2025 on the reversed differential.
EUR/AUD rose from 1.62 (December 2024) to 1.75 (December 2025).
Practical takeaway
For European travelers to Australia (or Australians visiting Europe), EUR/AUD has range-traded in a 1.50-1.75 band that reflects the structural balance between European reserve-currency status and Australian commodity exposure. Watch ECB-RBA policy meetings, iron-ore prices (Singapore-traded benchmark), and Chinese commodity-demand cycles. Recent 1.70+ levels make Australia relatively expensive for European visitors — a Eurozone trip to Sydney costs ~12% more than 2022 levels.
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Frequently asked questions
Why does EUR/AUD move on Chinese economic data?
Australia is heavily China-export-dependent (~30% of Australian goods exports go to China). When Chinese GDP, manufacturing PMI, or property-sector data weakens, AUD typically falls — pushing EUR/AUD up. When Chinese data strengthens, AUD rallies — pushing EUR/AUD down. The relationship is most reliable for multi-week trends; daily EUR/AUD moves are often dominated by ECB or RBA news.
What's the typical EUR/AUD trading range?
Historical range: 1.45-1.95 over the past 15 years, with 1.55-1.70 being the most common trading band. Sustained moves outside 1.50-1.80 require major drivers (COVID-2020 was the only post-2014 episode above 1.80). Most EUR/AUD volatility reflects RBA-ECB policy divergence cycles and commodity-cycle shifts affecting AUD.
How should I time EUR-to-AUD conversions?
For travelers, focus on the long-term range (1.55-1.75) rather than short-term moves. Watch RBA meetings (typically monthly) and ECB meetings (every six weeks) — coordinated divergence cycles produce the largest sustained moves. Avoid converting just before RBA/ECB decisions or major Chinese economic releases that affect AUD.
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