I just reviewed the currency movements this week and something interesting is happening: almost all non-U.S. currencies are rising strongly against the dollar. The euro leads with a gain of 1.8%, but what surprises me most is that the euro is not even close to the biggest gainer.

On the commodities side, the Australian dollar gains 2.47% for the week despite falling 0.24% today. The New Zealand dollar is even stronger with a 2.58% weekly increase. But if you want to see real movements, look at the Nordic crowns: the Swedish rises 2.33%, the Norwegian 2.58%, and the Danish 1.81%. The Hungarian forint is soaring with 4.36%.

Emerging markets are also active. The Polish zloty climbs 2.45%, the Indian rupee rises 2.19%, the South African rand advances 3.30%, and the Mexican peso is at 3.36%. The Brazilian real is not far behind with 2.90%. Even the Canadian dollar is holding up well, with the euro and other currencies showing this widespread upward trend against the greenback. A week of strong movements in forex.