Check this out its the yield spread between Australian 10 year bonds and US 10 year bonds (notes)
The graph is via Westpac:
They say: "10yr yield spread hitting lows last seen in March 2001 when the A$ was trading at 0.5020!"
And add:
- Meanwhile average of Westpac Markets A$ fair value models comes in at 0.7450, down 5.5¢ in 7 months on back of softer commodities & Fed hikes