Exchange rates on another roller coaster ride?

The year of 2008 has been an exceptionally tumultuous year for exchange rates. The US dollar soared, the Japanese yen went into orbit, the euro fell to earth, and the British pound crashed, leaving a giant crater.

Emerging-market currencies were hammered, as were "commodity currencies" such as the Canadian, Australian, and New Zealand dollars, and the South African rand. Indeed, the currency of any country that is significantly dependent on commodity exports has suffered.

So, what will the New Year bring for exchange rates?