Demand for commodities will likely increase if the global economy strengthens, which would be good news for the currencies of commodity-exporting countries. “If you think commodities are going to go on a run, you’d probably like the Australian dollar, the Canadian dollar, or the Russian ruble,” says Gordon. Guggenheim Investments’ CurrencyShares funds include the CurrencyShares Australian Dollar Trust, a play on the Australian dollar, and the CurrencyShares Canadian Dollar Trust for the Canadian dollar.

(The Australian dollar’s performance is usually closely tied to China’s economic activity, since China is Australia’s largest trading partner, so if you are bullish on China in particular, Australian currency ETFs are worth watching.)

Oil prices would probably rise if the global economy strengthens, and currencies of countries that export oil would be likely beneficiaries. The Canadian dollar is one option, but you can also consider ETFs representing currencies like the Norwegian krone and the Mexican peso.

An expanding global economy would probably also have an outsized positive effect on emerging markets. In that scenario, Gordon says he would look at a currency ETF like the WisdomTree Dreyfus Brazilian Real Fund.

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