I am worried about where the USD has been going lately and considering strongly hedging against it. I have a lot of cash right now sitting in HYSA and I was thinking of investing a vast majority of it in all of FXE, FXY, FXF, FXB, and GLD and keeping minimal exposure to USD right now. I would ideally lean the most into FXE probably given that the EU (40% give or take) as it has the largest economy and as such high levels of stability and the Germans have finally dropped the idea of never spending anything with the debt brake while still conferring interest while FXY (10%) and FXF (10%) have even more stability even if they do not confer interest. FXB for GBP confers some interest and I was going to go 10% into that. Then gold I would tack on for a tiny bit at the end as 15% of my cash assets.
This would mean my allocation would be 45% Euro, 15% GLD, 10% Franc, 10% Yen, 10% GBP, and 10% USD. I would also be converting my paychecks with this allocation as I receive them. I am open to hedging more into the more stable currencies although lack of interest is a bummer. I am also considering going full on into world ETFs in my retirement accounts and maybe with my current cash reserves if that's a better idea than hedging full-on into the currencies.