NEW YORK (CNN/Money) - Reassuring words on the dollar, sort of, are coming from billionaire investor George Soros.

At a Monday conference in Saudi Arabia Soros said he expects the dollar to fall further as the central banks of the oil exporting nations move dollars into euros. (They do this of course because the dollar is falling and if they want to preserve the value of their oil revenues they have to switch into the currency that is rising against the dollar -- the euro).

Soros said, according to a Reuters report, he thinks Russia is one of the of the countries that is doing this. In fact, he also said if oil prices keep rising that could spur more weakening in the dollar.

But this could be a good thing. He predicted this would help narrow the U.S. current account deficit (that's the broadest measure of our trade deficit with the rest of the world, currently at more than 5 percent of U.S. GDP). Of course that happens as a weaker dollar makes U.S. exports cheaper in some markets overseas. And as imports get more expensive, consumers buy less of them. Soros did acknowledge that if the dollar should fall beyond a certain "tipping point" it could roil the financial markets.

But he certainly does not sound worried about that point right now because he also said at current dollar levels the U.S. will have no problem financing its current account deficit because there are plenty of Asian nations who are happy holding dollar assets.

Soros is one the biggest global investors around ... a man known for making smart currency bets and winning. So his optimism on the dollar's current level is worth noting. His caveat about a possible sharp fall in the dollar hitting the markets -- and little local investors here at home? That's worth noting too.

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-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.