I'm currently sitting with 1/3 portfolio in a money market at 4% interest, and 2/3 in a total international (non-US) stock fund. The dollar has been getting hammered. If I was to hedge a portion of that cash, I'd probably buy some UDN, an ETF that is a collection of a half dozen foreign currencies.
I hate buying at all time highs, or selling at all time lows, but maybe this slide in the dollar is just the beginning.