Fear the Forex Market

Investors get the double benefit of growing overseas markets, enhanced by the dollar story, because much of those firms' new business is coming from rapidly expanding emerging economies, he explains.

He also like the iShares S&P Global Consumer Staples KXI exchange-traded fund, which tracks a basket of consumer staples stocks across the globe.

A less leveraged way to gain currency exposure can be through foreign-denominated money market mutual funds. Roe owns the PLMDXPimco Developing Local Markets fund, which is effectively an emerging-markets money market fund.

For those who are still keen on having direct currency exposure to a single currency, exchange-traded funds might be a simple way to go.

If you want to buy, for example, the Canadian dollar or Australian dollar, you can use the CurrencyShares Canadian Dollar TrustFXC or the CurrencyShares Australian Dollar TrustFXA. These ETFs attempt to track the value of the underlying currencies and are not leveraged.

In addition to the CurrencyShares ETFs, iPath has a similar family of single currency funds, including the iPath GBP/USD Exchange Rate ETNGBB, which tracks the value of the British pound.