The EUR/AUD Spot figure tells investors how many Australian dollars per euro they can expect to receive at any given point.
If the figure goes up, this means the strength of the European currency is growing and vice versa.
Both the euro and Australian dollar are considered to be 'major' currencies, with the former the second-most traded money in the world behind the US dollar.
The euro, which is used by 17 of the 27 member states of the European Union, was officially introduced in 1999.
While it has enjoyed successes since then, the recent eurozone sovereign debt issue has weighed heavily on the money, with many analysts suggesting it is not suitable for so many countries to share the currency in its current form.
Political stability and economic performance are two key pressures on the euro and the global economic downturn has prompted a number of problems in these areas.
Speculation over interest rate movement dictated by the European Central Bank can also cause fluctuation in the value of the euro.
In comparison, the Aussie - as the Australian dollar is commonly known - has had a less turbulent time recently and has particularly benefited from trade deals with Asia.
It is also affected by political, economic and commercial circumstances, as well as the value of certain commodities such as gold, copper and nickel.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.