The main characteristics of commodity currency are high interest rate, high proportion of exports to gross national product, major producers and exporters of an important primary product, currency exchange rate changing in the same direction as commodity (or gold price) and so on. Australia and New Zealand are rich in coal, iron ore, copper, aluminum, wool and other industrial products as well as cotton textiles. Australia has an absolute advantage and dominant position in the international trade of these products, and the prices of these products are basically priced in US dollars in the international market. Therefore, the rise of these commodity prices is not only conducive to the economic growth of the region, but also conducive to the rise of the domestic currency exchange rate. At the end of last year and the beginning of this year, the prices of gold, oil and agricultural products rose sharply, and the international commodity futures price index (CRB) also rose to a five-year high, pushing up the exchange rate between the Australian dollar and the New Zealand dollar. Statistics and charts show that there is a strong positive correlation between world commodity prices and the exchange rate trend of Australian dollar and New Zealand dollar. It can be found from the chart that although Australia and New Zealand are not important gold producers and exporters, the positive correlation between the currency exchange rates of these two countries and the gold price is obvious. The rise of CRB has had a positive impact on Australian dollar and New Zealand dollar. Therefore, these two currencies are often called "commodity currencies". Although Canada is also an important exporter in the world, it is difficult to see Canada's dominant commodities in the main components of the international commodity futures price index, so the change of CRB has nothing to do with the Canadian dollar. From the chart, we can find this. In addition to these three common currencies, South African rand and Norwegian krone are also customarily called commodity currencies.

Canadian dollar and Canada.

In the past ten years, the structure of Canada's export commodities has undergone tremendous changes. Since 1976, communications, transportation equipment, chemicals and petroleum products have increased greatly. The proportion of these products in the total export of Canadian products increased from 30% in 1976 to 45%, and the annual export growth rate was 15%. Wood and paper products (pulp and newsprint) are the second largest export products, with an annual export growth rate of 10.4%, and the annual export value exceeds1800 million US dollars. Food, beverages and tobacco have become the third largest category of export products, with an annual export volume exceeding 9.5 billion US dollars. In addition, non-ferrous metals such as wheat, meat, seafood, oil, natural gas, aluminum, nickel, lead and gold are also important export products of Canada. We should note that the proportion of gold in Canada's total exports is also very small, accounting for only 1 percentage point, so after comparison, it is found that there is almost no positive correlation between the Canadian dollar exchange rate and the gold price. According to the proportion of exports to GDP, Canada is 4 times and 2 times that of the United States and Japan respectively. Therefore, although everyone knows that Japan is an export-oriented country, Canada is actually the most export-dependent country among the seven western countries. We can find that because the demand for some primary commodities lacks price elasticity, that is to say, these commodities may be the necessities of some people, such as seafood and agricultural products, so if the price rises, such as the appreciation of the Canadian dollar, it may not have a particularly great impact on the export volume of these products. Accordingly, if the prices of some irreplaceable commodities rise, it will put pressure on the Canadian dollar to appreciate. Through the above analysis, in a sense, the influence of commodity price changes on the exchange rate trend of these so-called "commodity currencies" still exists, but the effect is getting smaller and smaller, because the status and share of these commodities in the whole international trade or the foreign trade of these countries are getting smaller and smaller. And through research, it is found that although the Australian dollar exchange rate has a certain relationship with gold, this distortion often occurs. What's more, the Australian dollar exchange rate and the gold price are not positively correlated, but show the opposite direction of change. For Australia, gold is not its main export product, accounting for less than 1% of the total export, and it cannot be compared with South Africa, the world's largest gold exporter. Therefore, whether the relationship between the Australian dollar trend and the gold price can be simply concluded remains to be discussed and further studied. Personally, there is great uncertainty and contingency in this relationship.