A recent posting from our board:
A good way to play the $A (Australian currency) is the closed end fund FAX.
If we do get a wave (4) decline in $A then this fund will to into a huge discount and pay a huge dividend. For a long term chart of the discount on FAX look at: http://www.etfconnect.com/.
Another good site for closed end funds is: http://www.closed-endfunds.com/
One of our members is out of FAX waiting for a major retracement of $A and $NZ (New Zealand currency) for buying back in. Note the huge profits made on this fund in the past three years. In 2000 it was trading at 4 with a discount of 20%+ and a dividend of 14%!!!
These are longer term moves but a good way to diversify.