The AUD/SGD spot price represents the amount in Singapore dollars that can be purchased with one Australian dollar.
Two years after Singapore's independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down. Singapore issued its first independent coins and notes in 1967. Interchangeability with the Brunei dollar is still maintained.
In general terms, the Australian dollar gains value whenever gold prices appreciate.
This reflects the country's status the third biggest producer of gold in the world. Its currency had an 84 per cent positive correlation with the precious metal between 1999 and 2008.
The price of other commodities such as copper, nickel and oil, as well as key economic indicators such as unemployment data and GDP statistics, also has an impact on the value of the Australian dollar.