Depending on ow strong the inflationary narrative actually is, there are scenarios where commodities could really appreciate, increasing the value of commodity currencies. Inflation would be met with SWIFT action by some CENTRAL BANKERS, specifically RBNZ, RBA, BOC and others that would combat this phenomenon with RATE HIKES. This is a THESIS, but this chart illustrates how much appreciation is possible on such an event.

EURNZD Weekly.