Hi k8sy, I think we were effectively looking at it upside down yesterday. If you chart the XAO multiplied by the AUDUSD exchange rate rather than divided by it, then what you get is the XAO priced in USD terms.
I've expanded the data set back to late 2005 and included a link below to the spreadsheet as a googledoc. I've also included the AUDUSD exchange rate as a comparison on a 2nd axis as well:
If you go back as far a 2005 the data shows now that the XAO x AUDUSD is not always as steady as the data from just this year shows, however what it does show is that the XAO in USD terms is getting more expensive. For Australian domestic investors the market has increased about 50% from just over 3000 to just over 4700 during this rally, but for foreign (US-based on US-dollar denominated) investors our market has increased by about 110% from 2000 to about 4200 in USD equivalent terms. This will have the effect of slowing foreign investment and therefore our rally may slow by the extent that foreign investors will stop putting money in.
I hope the spreadsheet works, its the 1st time I've uploaded and shared a spreadsheet using googledocs.
