According to Bowring: Future Shock

The US dollar was back on the rack this week in expectation of more money-printing – politely known as QE2 or a second round of quantitative easing. But the standout currencies were not the yen nor the euro, let alone the yuan. No, it was the commodity currencies – the Malaysian ringgit, the Aussie dollar, the Brazilian real, the Russian rouble, the Indonesian rupiah and the Thai baht, which saw the biggest gains as investors sought – they thought – safety in yet-to-be-mined assets. The overall commodity price index was back close to the early 2008 high that preceded the global meltdown even though oil is still only 60 percent of its peak.

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