Euro vs. Australian Dollar
This represents the forex quote for the Euro against the Australian Dollar. In this example, one Euro (base currency) is quoted in terms of the Australian Dollar (counter currency). EUR/AUD depreciated in 2012 during the European sovereign debt crisis, when it hit A$1.1619. The pair has recovered since July 2012, primarily because of the European Central Bank's policy of Outright Monetary Transactions (OMT). This was the 'whatever it takes' step that ECB President Draghi warned to implement in August 2012.