As debate about potential currency wars heats up, commentators including myself have called out the likely losers, the Japanese yen and South Korean won being high on most lists. Much less discussed has been which countries will win from the currency wars. After all, the currency market is a zero-sum game - as one currency declines, another must go up. In this issue, I'm going to suggest that Singapore and to a lesser extent, Thailand and Malaysia, will be relative winners. And I'm also going to explain why some supposed currency safe havens - including Australia, China, Canada, Switzerland and Norway - are unlikely to perform as well.