Afterpay Valuation, page-417

Guys, the interest rates have been discussed above, another factor is increasingly the exchange rate. With the majority of revenue moving to the US, the stock price is much more reactive to the f/x rate. With a stronger Aussie dollar that's moved from 0.67 low to 0.69 recently you will see a nice correlation with APT (well negative, positive if you do USD.AUD) in the last month or so. Obviously good or bad news spikes or dips the stock, but generally devoid of that, the stock is quite well aligned with the f/x movements of late.