It is a commodities story in so far as commodity demand is driven by global growth and currencies like the Australian, New Zealand and Canadian dollars should see their exports turn pretty quickly when global demand turns around.
In so far as this is already discounted by the interest rate futures markets, it is also priced into the euro and we're basically back to square one, where we started the year -- two more hikes here (in the United States), and two more in the euro (zone).