The assets most likely to benefit from the U.S. dollar's march higher may not be stateside, with analysts looking to Europe and other regions.
"It's a positive for European equities," said Pascal Blanque, chief investment officer at Amundi Asset Management, which has over $1 trillion under management.
Read More The dollar becomes the market's crystal ball on US rates
"[Europe's] the region in the world where the big companies are the most global," he said. "To an extent, this offsets the lower growth of Europe, especially when the euro is going down."
A weaker euro (Exchange:EUR1M=) means earnings in other currencies, especially the U.S. dollar, will flatter corporate bottom lines after conversion.
The dollar's strength has certainly given the euro a beating, with the common currency shedding more than 6 percent against the greenback since the end of June. More broadly, the dollar index (Intercontinental Exchange US: @DX.2) is sitting at its highest levels since summer 2010, up more than 6 percent since the end of June.
Read More Best and worst stocks with strong U.S. dollar: Pro
Economists say the greenback's new fans are reacting to growing confidence in the U.S. economy, especially compared with the less-than-rosy outlook in Japan, Europe and China.
Asia could benefit
Some expect Asian assets will benefit as the U.S. dollar advances.
"A stronger U.S. dollar today means stronger growth in the U.S. economy relative to global gross domestic product (GDP) six months down the line," Citigroup (NYSE:C) said in a note Monday. "The beneficiary in particular of this stronger growth is Asia within emerging markets," it said.
Read More It's not about the stronger dollar...at least not yet
Traditionally, a stronger U.S. dollar was considered a negative for emerging markets, but Citigroup noted that fewer countries are pegging their currencies to the greenback. In addition, the emerging market corporate sector has become more international, it said.
But not all emerging markets will benefit from a stronger buck, largely due to commodity prices, which are denominated in dollars.
"A stronger U.S. dollar tends to be unfriendly for commodity exporters but friendly for commodity importers - a negative for EMEA (Europe, Middle East and Africa) and Latin America, but a positive for Asia," Citigroup said.
US stocks left behind?
But there's one region that may not get much of a leg up from a stronger greenback: U.S. stocks.
The S&P 500 (^GSPC) has outperformed since 2009 amid dollar weakness, Barclays (London Stock Exchange: BARC-GB) said in a note Monday. Since the end of 2009, the S&P 500 has climbed nearly 80 percent.