[Moshe..]

Don’t expect much more of a devaluation in the currency. You have to index the present cheapness of the dollar on its long run trend curve where it sits right at the bottom of a seven year down cycle. Not much left in it. Credit, and thus the backing for capital inflows which normally offset current account deficits, had evaporated by last autumn, and most of that devaluation effect should have followed through already.

THe pound has a long way to go. Of course britain is the purest play on financial markets. THe euro has peaked at record levels, and now enters the downcycle. If you have assets in euros or swiss accounts (which they've recently started taxing after much pressure from brussels), then now would be a wonderful time to cash them into dollars or sterling. THis simple currency observation is how keynes built up his art collections. Merely waited for the franc to bottom out and held the galleries to ransom.