Since early to mid July, the US Dollar staged a comeback as the sell off across asset classes continued. At some stage, this trend is going to reverse, and we might see all the USD Bulls run for cover as the USD Bond market sells off.
Carry trade unwinding resulted in the Japanese Yen strengthening significantly, and this has put immense strain on the results of Japanese Export majors like Toyota and Sony (incidently, gold is down only in JPY!)
The Indian Rupee has weakened substantially vs the USD, sinking to around 1USD = INR 50 recently, as compared to 1USD=INR 39 a while ago. This currency volatility has resulted in FX losses for many companies whose USD borrowing suddenly turned more expensive, and also losses for many in the export-import business, who till very recently were expecting the INR (Indian Rupee) to stabilize around INR 43 to the USD.