Currencies associated with increases in interest rates should rally. This is a return to a more normal pattern that preceded the global financial crisis. The shift in global economic conditions to an "expected growth" mode brings into play the traditional carry trade. This trade works by selling or borrowing low interest currencies and buying the higher interest paying currencies. As the carry trade rebounds, emerging markets will provide strong opportunities. India, Brazil, and Russia should be considered. India's central bank recently increased rates to 5% from 4.75%. The Brazilian real's current interest rate of 8.75% provides one of the highest interest rate differentials against the USD or the yen.