Since late March, the U.S. dollar has fallen by almost 10% against other global currencies, which could have a series of implications for investment portfolios. This according to a recent article in Fortune by contributor Ben Carlson of Ritholtz Wealth Management.

Carlson offers the following insights:

For U.S. investors with foreign stock holdings (that are therefore vulnerable to currency fluctuations) a weak dollar “means your foreign stocks are worth more once they’re converted to our currency.”

The three asset classes made more appealing by the weakening dollar: “When the dollar is down, gold, foreign developed, and emerging-market stocks tend to perform admirably.”

Carlson notes that the dollar is “of course, not the only variable that effects these markets and prices, but it plays a larger role than most investors realize.”

He concludes that it’s too early to know whether the dollar’s decline will continue, but adds, “Either way, it’s worth remembering that everything  in the markets is cyclical—from asset class returns to economic growth to long-term currency