Go Long on Asian Currencies as Fed Readies Further Easing 

Investors should go long on Asian currencies, especially the Australian dollar, said Enzio von Pfeil, founder of the Economic Time Bond Fund, on how investors should be trading on the Fed's expected move to implement further quantitative easing measures.

"The doves will win this debate Tuesday and Wednesday at the Fed and that's in turn going to mean that the dollar weakens further, so you want to be shorting the dollar," he said.

"Because the Asian currencies will keep rising, the Asian central banks will have to keep on pumping more of their own money into the system," von Pfeil continued, saying this indicates "a buy on the Asian markets."

"QE2 will come in a lot looser than what people think," he said.

Economists expect the Fed to buy between $80 billion and $100 billion worth of assets per month, according to a recent Reuters poll of primary U.S. Treasury dealers. Estimates for how much the Fed will eventually spend varied widely, from $250 billion to as high as $2 trillion, the report said.

With an excess supply of money coming in, von Pfeil also advised investors to buy commodities, particularly the soft commodities, minerals and industrial metals.

"We've just seen some very good U.S. results from corporates on that front, on the back of higher margins and rising oil prices," he said.

Von Pfeil said he favors precious metals like gold and silver, the coppers and steels — anything construction-related "because China will be doing very well".

China's coal market, which has grown in recent years, was also on his radar. "I believe China imports about 40 to 46 percent of the world's coal, so that would be another play," he said.