Commodity currencies or raw material currencies are currencies of countries that are economically largely dependent on the export of raw materials such as oil, gold, silver, aluminium, etc. The commodity currencies with a large trade volume are the Australian dollar (AUD), the Canadian dollar (CAD) and the New Zealand dollar (NZD). More than 50% of the Australian export consists of raw materials and Australia is one of the largest producers of gold. The exchange rate of the AUD is strongly correlated to the gold price.