The Economist magazine has updated its Big Mac index, as described here.
The index is a lighthearted guide to currency values. It calculates the cost of a Big Mac in USD terms in dozens of countries around the world. It is based on the purchasing-power parity model which says that in the long run, exchange rates should adjust such that the price of an identical product is the same across boundaries.
Here is their latest chart, showing local currency under (-) or over (+) valuation against the USD. The Norwegian krone is 65% overvalued, while the AUD is valued correctly.
