Thanks RJS that answers my question and is similar to my thoughts on the matter (although much better said than I could ever do).
Reading between the lines a scenario like the following is likely:
1. Commodity prices to move down with US sharemarkets
2. USD to hold steady, perhaps recover a little
3. Govt. intervention with introduction of QE 3/4
4. Recovery in US sharemarkets & commodities
5. USD to devalue further
