Our favorite substitute for the euro while we ride out the storm in the Eurozone is the Singapore dollar. While commodity currencies might be prime beneficiaries of the increased trigger friendliness at major central banks, such currencies are historically rather volatile. The Monetary Authority of Singapore (MAS) has shown the utmost restraint in recent years. In many ways, the Singapore dollar behaves like a European currency without the tail risks. It fulfills that role better than Scandinavian currencies that tend to amplify whatever happens to the euro due to the dependency of their economies on the Eurozone.
~ Axel Merk