Currency War: who are the winners and losers?

On the 27th of September, the Minister of Finance of Brazil, Guido Montega, used the term "currency war" to describe the series of recent interventions by the Central Bank in the Forex market. While he may not have intended the term stuck and financial journalists everywhere have run wild with it.

In the current cycle (goes back a couple of years), more than a dozen central banks entered the forex markets with the intention to press their respective currencies, both against each other and also against the US dollar. What makes it a war is that central banks are fighting to outspend and outdo each other. Is a war of attrition, where central banks will fight until they've exhausted all means suffering defeat for your coins. Moreover, unlike a conventional war, there aren't alliances, nor is there much little strategy.Central banks simply buy large blocks of coins counter and hope their own currencies then will devalue the spot market. Moreover, since the coins counter are almost always dollars and/or euros, participants in this war isn't even competing directly against each other, but against an enemy that isn't doing much to fight back.