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After making impressive gains late last year, the US Dollar has been falling in recent months. The long term outlook for the US currency remains weak, as the twin fiscal and current account deficits show no sign of abating and monetary policy not likely to tightenanytime soon. The following five ETFs are minimal-risk investments that can help maintain your purchasing power as the value of the dollar falls:

5. Wisdom Tree Dreyfus Euro (NYSEARCA:EU). This currency ETF is a great place to keep your cash safe from a dollar's decline. The fund invests your money in Euro denominated CDs and short term bonds, not only keeping your cash outside the dollar but also paying you interest while you wait.

4. SPDR Gold Trust (NYSEARCA:GLD). The infamous GLD that supposedly now holds more gold than Font Knox, is still a great way to play the declining dollar. But gold's dual status as both a commodity and a currency make it more volatile than its paper-based peers.

3. Powershares US Dollar Bearish Fund (NYSEARCA:UDN). This fund invests in a basket of developed market currencies, with over 50% placed in the Euro and the remainder split between the Yen Pound, Canadian Dollar, Swedish Krona, and the Swiss Franc. It offers the safest, broadest bet against the dollar.

2. WisdomTree Dreyfus Emerging Currency Fund (CEW). WisdomTree's latest currency ETF invests in short-term instruments denominated in a diverse basket of emerging market securities, including those of China, India, Mexico, Brazil, South Africa, and Poland. Emerging market currencies will ultimately be the big winners from the dollar's decline, but are more volatile than those of the developed world.

1. SPDR DB International Government Inflation-Protected Bond (NYSEARCA:WIP). This exciting fund invests in inflation-linked government bonds from major issuers around the world. Most of its holdings are in the Euro area and with non-Euro European issuers like the UK and Sweden. But the fund also buys a decent mix of emerging market bonds as well. WIP's extra yield and wide geographic distribution is good protection against the scenario of competitive devaluations.

ETFs to Avoid: FXF. The Swiss Central Bank has made it clear that it is not willing to see the Franc rise any further.

Disclosures: No positions.

Source: The Five Best ETFs for a Falling Dollar