stayer; sadly, your 2nd point is probably more relevant than the 1st point (which of course applies).
The currency stuff has played 2nd fiddle to risk associated with Australia and a general environment of fear. US market has a different setup and has had liquidity thrown at it so has run up with an enthusiasm not seen in our markets. I don't think that the currency stuff accounts for the divergence, and I think that US will either come back to Earth (with our market buffered) or that we'll rally if US markets somehow hold up. In other words, all I'm saying is that the divergence will reduce in magnitude, one way or the other IMHO.
I've posted XAO targets on the SEA thread for anybody interested.
