I have been monitoring a basket of currencies (13) that 'appeared' heavily biased towards the USD, for over a year now. So whenever the Euro was strong, the basket depreciated and vice-versa. However, something very odd appears to be happening - although the Euro has been falling heavily, the basket has also been falling! Since the USD also appears to be just 'churning' pips relative to the yen, my question is, specifically, what currencies are gaining atm? Afterall, we are dealing with currency ratios, so something has to be appreciating? Is it possible that money is being diverted away from the majors and into 'minor' currencies?

These comments are solely based on how just one basket is behaving of course, but one thing for sure, something is happening that hasn't occurred in at least the last year...