You're now free to invest in Iceland ... should you be so inclined. On Sunday, the country will begin lifting its post-financial disaster capital controls, giving investors a bit more elbow room. Foreign currency investments coming in won't be subject to the existing controls.

According to a statement released by Iceland's central bank, "Investors are authorized, without restrictions, to convert into foreign currency the sales proceeds from assets in which they invest after Nov.1." The statement also said, "Previously, non-residents were fully authorized to transfer foreign currency deriving from interest and dividends on investments in Iceland."

Investors have flocked to foreign exchange trading over the past 10 years, and the venture capital community is ready to grab a piece of the action.

Two companies -- Currensee Inc. and Tradonomi LLC -- are angling for central spots in this emerging trading community, and several funds are placing pretty big bets on their success. Currensee has a social network for forex traders, while Tradonomi's move was to create a game-like user interface to make it easier for would-be fortune-makers and thrill-seekers to trade foreign currencies.

Ted Allrich is the founder of The Online Investor and author of the just released book: Comfort Zone Investing: Build Wealth And Sleep Well At Night. In this weekly column, he'll offer advice to investors who are just getting started.

As of this writing, a Euro costs $1.37. That's the most one has ever cost. A pound costs $2.02, not seen for decades. What's with the dollar, and as an investor, should you care?

The answer is, of course you should. You know the BMW you lust for? That will cost you more. It's paid for with Euros. How about Earl Grey tea? That will be going up in price, too. You need pounds to buy that. Not here in the U.S. We still transact with good ol' greenbacks here. But the store selling the tea or the auto dealer prepping your new ride has to pay the manufacturers in Pound Sterling and Euros respectively. That means less of those items will be sold because the law of supply and demand says that when prices go up, fewer things are sold.

As an investor, you have to check your portfolio for any holdings headquartered in Europe. If they have large sales to the U.S., those revenues are going to shrink. Profits will follow.