Investors should be looking to buy emerging market currencies against the U.S. dollar, analyst told.

Those calls come as the U.S. Fed appears to be seriously considering cutting U.S. interest rates. As dollar-based investments begin to yield less interest, that may weaken the greenback against the currencies of higher-interest countries — including many in the developing world.

“What we see now is that the dollar is probably topped out against a number of the emerging market currencies, ” said Mike Ryan, chief investment officer for the Americas at UBS Global Wealth Management.

“We do think there is a basket of emerging market currencies that look appealing as the Fed is poised now to begin cutting rates as opposed to raising rates.” he told.

This does not signal broad-based U.S. dollar weakness, he added, noting that other developed-country central banks are also looking to pivot on rate policy.