Overseas stocks are starting to look attractive relative to U.S. equities, provided risks tied to the U.S. dollar's strength don't come to the fore, BlackRock's Kate Moore told CNBC on Wednesday.
"Interestingly, we are actually probably more constructive on non-U.S. equity markets and the relative opportunity in the near term than we are on the U.S.," the chief equity strategist at BlackRock told "Squawk Box."
It's not that Moore is bearish on U.S. markets. "We want people to stay invested," she said.
But looking at the valuations, earnings momentum, sentiment and positioning in global markets relative to the United States, Europe and others provide "good opportunities," the strategist said.
Although opportunities in emerging markets could prove fruitful, the U.S. dollar poses the biggest risk, Moore said.
"If the dollar appreciates significantly, that changes the calculation for U.S. investors and also ends up being difficult for some EM stocks," she said.
But the rising profitability of companies in emerging markets paired with improving margins and cuts in capital expenditures present a more promising picture, Moore contended.
She also tied in sagging sentiment, fair valuations and weak positioning as good statistics for starting an investment.
"We're in a different part of the earnings cycle [there] than we are in developed markets," Moore said. "So if companies are not as sensitive to a much stronger dollar, and the fundamentals and valuations and sentiment are all lining up, this is a really interesting place."
Volatility in Europe doesn't deter Moore much, either, though the strategist admitted that uncertainty is high ahead of French and German elections and because of economic instability in Greece.
"We're going to have higher volatility in European equities, but European equities in general, if we're right [about] the macro environment, should produce pretty solid earnings growth in 2017," Moore said.
Because fixed costs in Europe are higher than in the United States, any rise in sales will lead to higher profits, so a lift in sentiment could make Europe a strong choice if the political risk ends up being overstated, Moore said.
"We're pretty constructive on a better earnings environment this year, barring a major disruption in activity from political risk," she said. "At this point, I don't think we're going to get that."