Impact of Euro Depreciation on USD-Denominated Portfolio

A global investment manager is examining the exposure of a diversified equity portfolio that includes international stocks. The portfolio is primarily denominated in US dollars, but a significant portion of its investments comes from European companies listed in euros. As the portfolio manager strategizes about currency management in the current volatile market, key currency risk factors must be evaluated.

Given the context, which of the following currency risk factors is MOST likely to have the greatest impact on the portfolio's value when the euro depreciates against the US dollar?