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The video discusses the exchange rate data between the pound and the Australian dollar over the past 15 years. It highlights the fluctuations in the external value of the pound against the Australian dollar, with periods of depreciation and appreciation. Between 2006 and 2012, the pound was depreciating against the Australian dollar, but since 2012, there has been an appreciation, with the pound now able to buy more Australian dollars. In floating exchange rate systems, currencies can depreciate or appreciate in value.