All in all, last week saw the resurgence of risk aversion, which periodically surfaces in the currency markets in uncertain times and tends to benefit the U.S. Dollar and the Japanese Yen.

Nevertheless, the Euro and the Pound Sterling also gained in light of better relevant economic numbers and growing relief in the European debt markets.

The U.S. Dollar, while strengthening considerably against the commodities currencies, lost ground against the Euro, Sterling and Yen, with a slew of uninspiring economic numbers acting as contributing factors.

For its part, the Yen also showed considerable strength against the commodity currencies and benefited from the extreme risk aversion prevailing in the markets.

Nevertheless, risk aversion may not last once the ECB loan repayments and any associated carry trades finish unwinding and commodities prices very likely begin heading north again. In this case, commodity currencies will again start trading higher, and will probably go much higher eventually.

Basically, the economies of the commodity currencies' nations all seem to be in much better shape than those in Europe or the United States. As a result, it will probably only be a matter of time before these countries' currencies begin rising again given their relatively attractive interest and growth rates.