In spite of Friday's gains, it's been a rough year for the dollar. However, one market watcher says a historically weak greenback could present unique opportunities for Wall Street.
"We're seeing the most synchronized global growth expansion since the crisis. It's not just the U.S. It's Europe. It's China. It's Japan. It's emerging markets. That's what's moving the dollar," Stephen Parker of J.P. Morgan Private Bank said on Thursday on CNBC's "Futures Now. "
"That's not a bad thing. That's a good thing because [it means] that more parts of the world are participating in this growth story," Parker added.
Overall, the dollar index, which tracks the greenback's performance versus a basket of other currencies, hasn't been this weak since the period of January to July 1986. However, this comes amid recent signs of life as the dollar posted it's best day since January on Friday and had its first positive week in over a month.
Parker, who is head of thematic equity solutions at the bank, believes that recent factors behind the dollar's pain stem from gains for the euro and the peso, which are two of the biggest movers against the dollar. And, as it stands, both of these currencies represent markets where serious political concern has subsided in recent months.
"As those concerns haven't played out, we're seeing a reversal of some of the overshoot from last year," Parker said.
He added that, for much of the recovery since the financial crisis of 2009, the U.S. has been the main driver. Now, he feels that expansion is widening out to other nations. However, Parker believes investors shouldn't panic if losses for the dollar continue in the coming weeks. This is because it could provide a boost to earnings.
"That's a positive for multinational companies," Parker said, who concluded that investors can find opportunities in the beneficiaries of a weaker dollar, namely Europe and emerging markets.
*Original piece updated to reflect market activity on August 4, 2017