An Australian bank will use the iPod as the standard t ocompare different currencies, trying to replace the famous Big Mac index established in 1986 by The Economist.
Commonwealth Securities has announced that they will use the cost of a 2 GB iPod Nano to assess currency movements.
"Of 26 countries surveyed, Australia is the eighth cheapest place to buy a 2 gigabyte (gb) iPod nano in US dollar terms. The most expensive country is Brazil (US$327.71), the cheapest is Canada (US$144.20), while in Australia the local purchase price of $219 in Australia converts to US$172.36."
iPod Replaces the Big Mac to Measure Currency Strength
IPod Replaces The Big Mac To Measure Currency Strength
Trend Themes
1. Ipod Currency Index - Using the cost of a 2 GB iPod Nano to assess currency movements replaces the traditional Big Mac index.
2. Digital Currency Evaluation - Using digital products like iPods to measure currency strength introduces new methods for evaluating currencies.
3. Consumer Electronics in Financial Analytics - Incorporating consumer electronics devices like iPods into financial analytics creates opportunities for disruptive innovation in the industry.
Industry Implications
1. Banking and Financial Services - Banks can leverage the iPod Currency Index and digital currency evaluation to enhance their currency trading strategies.
2. Consumer Electronics - The incorporation of consumer electronics devices like iPods into financial analytics presents a new market opportunity for consumer electronics companies.
3. Economic Research and Analysis - The iPod Currency Index provides an alternative and potentially more accurate method for economists and analysts to measure and compare currency strength.