Looks like the market is coming to its senses and realizes for all the hype, quantitative ease does not automatically send currencies into the toilet. The cash pumped into the system via QE1 and QE2 more or less ended right back in the Fed as deposits, having very little impact on the velocity of money supply.
Gold and commodities went up on anticipation of inflation that never materialized (as well as end-demand in Asia), not on inflation itself. It looks as though Mr. Market may finally be coming to its senses as QE has not exactly undermined the JPY or CHF, or even the pound very much, for that matter…
Could be the law of diminishing returns as far as QE contributing to USD weakness is concerned…