Against that, the market has started thinking about rate hikes in Europe in the first quarter of next year. That is going to prevent a large fall in the euro.

The Australian dollar has moved up against all other currencies quite sharply. The market has been wrong-footed by the Australian dollar, as has happened on several occasions this year. You get a few strong numbers in Australia and the market has to turn around again.

The Australian dollar has been dragged down by the New Zealand dollar. Both currencies may well go through several months of under-performance.

Recovering equities and still overall strong commodity markets suggests that there is little broad-based concern that central bank policy tightening will curtail global economic growth and there is still adequate global liquidity chasing higher risk assets and capping risk premiums,

A lot of the good news is already priced into the Canadian dollar. It's possible before the year is out that the hurricane season will be over, the Federal Reserve will still be hiking rates, and oil prices will come off, helping take some of the juice out of the Canadian dollar.

The yen has been a definite influence on Asian currencies. Korea definitely has one eye on the yen. I suspect Korea would hope the yen would move more than the won.