You need to buy USD, you're going to the GSB
Somehow I missed this topic, sorry. I'm not following too much the FX market, and even though the long term trend of USD against almost every single asset is down, perhaps Toga is right, now the spill over, may go to Europe and other Regions and the USD may come back a little. The event today with Fortis showed that European banks will also suffer; however, the ECB will act differently than the FED. I decided to buy a structure a couple of months ago, which is capital protected in EUR and long in USD, basically it's a Call USD/Put EUR structure, but I did so because this would be a perfect hedging for my situation and I'd only miss 8% of interest rate to do that for 3 years (It's not that bad for a retail account).
About options the problem right now is volatility, they are EXTREMELY high; that said, if you have access to Knock-out options, in your situation I'd buy a Call SOMETHING/Put USD, with a Knock-out around 15% higher than At the Money Forward because of 2 things:
1) pay less premium
2) this structure has a time decay (Theta) profile much smoother than a Vanilla Call.
BUT THERE'S ALWAYS THE RISK THAT THE UNDERLYING HITS THE BARRIER AND YOUR STRATEGY VANISHES.
PS - Barrier options are only traded as OTC, and I DON'T have access to those in my personal account, only as an institutional investor, I used to trade a lot of those for Risk Management purposes.