The iPod International Currency Index

Snad writes: "The BBC is reporting that an Australian bank has adopted the price of Apple's iPod as a means of tracking international currency values. Similar to The Economist's Big Mac index, this "iPod index" tracks the price of a 2Gig iPod Nano around the globe and uses purchasing power parity to determine relative currency value.

"The index suggests that the US dollar has potential to appreciate against a range of major currencies, with the Australian dollar about 15% overvalued against the greenback," said Craig James, Commonwealth Securities' head economist.

The cheapest place to buy an iPod these days? Surprisingly, Canada (US$144), eh. The worst? Brazil (US$327)."