Don’t obsess about the svelte new iPhone or the price cut for the Apple Watch.

Don’t worry too much about Apple’s courtroom battles over privacy and national security, at least not now. Those issues moved to the back burner on Monday when the Justice Department said that it might not need Apple’s help to break into an iPhone connected to a mass shooting.

Instead, if you’re interested in Apple as the world’s most valuable company, and not just in Apple as a maker of cool gadgets, the biggest news affecting it lately has arguably come from another quarter: the foreign currency markets.

For a reading on where Apple’s share price may be heading, look to the dollar.

The underlying reason is this: The dollar’s rise and fall have a direct effect on Apple’s earnings, which ultimately drive share prices. When the dollar strengthens, sales of iPhones abroad are worth less in American currency, hurting profits and, sooner or later, knocking down share prices. When the dollar weakens, on the other hand, those overseas profits become more valuable.

Despite a partial recovery over the last few days, the greenback has been weakening and Apple’s shares have been rising. Apple has been getting a dollar bonus.