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hi there here's a quick video looking at exchange rate data and the ups and downs of the pound against the australian dollar so it's quite important to describe the data carefully this is the external value of the pound against the australian dollar it's annual average data and you can see that over the last 15 years or so the pound has lost value externally against the australian dollar but some volatility in between both currencies are floating exchange rates between 2006 and 2012 the pound was falling or depreciating against the australian dollar in other words there was a fall in the external value or the external purchasing power of one pound however since 2012 there's been a little bit of a switchback and a pound now buys more australian dollars than they did before just over two in fact in 2015 there's been an appreciation so in floating exchange rate systems we talk about depreciations and appreciations of a currency please avoid using the terms devaluation and revaluation those apply to fixed exchange rate systems not floating exchange rate systems it's quite important to be able to just manipulate the data a little bit in your answer so if you get a get a chart like this instead of just describing the change for example falling from two to australian dollars 39 to 1 australian dollar 53 instead of describing it get the calculator out and put in a simple percentage change so you could say the external value of the pound fell or depreciated from one dollar 239 to one dollar this was a depreciation of 36 percent just making the percentage calculation gives the reader gives the examiner an indication of the scale of the change in a 36 percent depreciation was quite a big change over a six year period okay so that's how you describe floating exchange rate movements depreciations and if average appreciations