If you got out of equities into currency at the October 2007 peak, well done. If you are still in equities you have probably missed the boat and will have to ride this one out.
Japanese Yen went up as the carry trade unravelled. CHF was always considered a safe haven and has been rising against the euro in the last few weeks. Euro area looks to be in a worse state than US. Euro banks are highly leveraged in Eastern Europe and Latin America. Euro has fallen dramatically against the dollar in last month. Now around 1.28. Economic forecaster sees euro testing levels last seen against the dollar in 2001.
I have put all my PFund into US dollars. When the dust settles I will go 50% US and 50% emerging markets. I won't touch Europe.