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