With the Federal Reserve keeping inflation in its sights and Lisa Cook signalling a willingness to back further rate hikes, the strong dollar story is back in focus. Currency moves can quietly reshape earnings for US multinationals, which can create sharp winners and losers. This article walks through three stocks from our US Dollar Beneficiaries screener that appear well placed in this backdrop and explains what their recent setup might mean for investors reviewing their portfolios.

The stocks covered below are just a sample, and the full screen surfaced 26 more large US companies with international exposure and solid financial profiles that are not covered in this article but have equally compelling stories for dollar strength. To identify and analyze those additional opportunities with the highest conviction potential, head straight into the US Dollar Beneficiaries (Exporters and Multinationals) screener.

CNH Industrial (CNH)

Overview: CNH Industrial is a global equipment company that makes tractors, harvesters, construction machinery and related precision agriculture technology, selling under brands like Case IH and New Holland across North America, Europe, Latin America, Africa and Asia Pacific. It also runs a financing arm that helps customers and dealers fund purchases of its agricultural and construction equipment.

Operations: CNH Industrial generates most of its revenue from agriculture equipment at about US$12.4b, with construction equipment contributing roughly US$3.0b and financial services around US$2.7b, alongside a small amount from eliminations and other items.

Market Cap: US$13.9b

CNH Industrial sits at the crossroads of global agriculture and infrastructure spending. This makes its large export footprint especially relevant when the US dollar is firm and policy makers keep rates higher for longer. The company is investing in precision tech and software such as FieldOps. Recent Q2 2026 results showed better than expected revenue and EPS even as margins experience pressure from tariffs and a soft farm cycle. Analysts have outlined a potential path to stronger earnings over the next few years. However, current profitability is thin and debt is backed heavily by external funding, so execution on cost savings and higher margin services is important.

CNH Industrial’s push into precision tech and services could be masking a much bigger earnings swing than headline margins suggest. Before you decide how it fits your portfolio, review the 1 key reward and 2 important warning signs (1 is major!)

Build your own strong dollar beneficiary shortlist

CNH Industrial and the other two stocks in this piece all came from a single screener, but the real edge comes when you shape the filters yourself. Use our flexible Screener to combine valuation, future growth, balance sheet and risk filters that fit your style, or tap into our curated Investing Ideas for ready made starting points.

Deere (DE)

Overview: Deere is a global equipment company that makes large and small agricultural machinery, turf equipment, construction and forestry machines, and also provides financing so customers and dealers can fund those purchases.

Operations: Deere generates most of its revenue from Production & Precision AG at about US$17.1b, Construction and Forestry at roughly US$13.2b, Small AG & Turf at about US$11.4b, and Financial Services at around US$6.2b, with additional contributions from intersegment items and other income.

Market Cap: US$166.7b

Deere gives you exposure to both strong US dollar dynamics and the shift to tech heavy farming, as farmers worldwide adopt precision tools and automation that can support higher margin software and data services. The company is working through a soft patch in large ag demand. Analysts currently expect earnings growth and higher returns on equity over the next few years, helped by disciplined inventory and pricing. At the same time, funding relies heavily on external debt and customers are dealing with high interest rates, so any setback in farm income or credit quality could have an impact. In addition, labor negotiations and regulatory changes on repair access present further operational and strategic challenges for the business.

Deere’s earnings story may be more about resilience than softness in large ag. To see how pricing power, financing exposure and farm cycle risks fit together, start with the 2 key rewards and 1 important major warning sign

Hewlett Packard Enterprise (HPE)

Overview: Hewlett Packard Enterprise is a global technology company that provides servers, hybrid cloud platforms, networking and security products, and IT financing solutions to businesses and public sector customers across the Americas, Europe, the Middle East, Africa, Asia Pacific and Japan.

Operations: HPE generates about US$10.1b from its Networking segment, US$27.9b from segment adjustments, and US$0.8b from Corporate Investments and Other, supported by a broad customer base across the United States, Europe, the Middle East and Africa, Asia Pacific and Japan, and the rest of the Americas.

Market Cap: US$69.4b

Hewlett Packard Enterprise sits at the center of two important stories for investors right now. On one side, growing demand for AI ready data centers, high performance networking and GreenLake as a service offerings is feeding into higher recurring revenue and analyst expectations for strong earnings growth, helped by the Juniper deal and a deep AI systems backlog. On the other side, the company carries high debt and recent net margins around 3.7%, and it has recorded one off charges. Integration risk, supply chain pressures and tariff uncertainty also remain relevant in a higher rate environment. For investors evaluating exposure to AI infrastructure and a firm US dollar through a large multinational tech company, HPE may warrant a closer look.

Hewlett Packard Enterprise’s AI and networking story appears to be gaining momentum, while headline margins remain at about 3.7% and debt stays elevated. Get the full context in the analyst forecasts for Hewlett Packard Enterprise

Seeking Fresh Alternatives Before They Fly

New themes can break out fast, and the best entries often appear before the crowd catches on. Scan these fresh stock ideas while the data still matters and consider them carefully.

• Target reliable income streams while rates stay in focus by reviewing companies in the 8 dividend fortresses that prioritize durable payouts and balance sheet strength.
• Spot early momentum in AI infrastructure by exploring the 56 AI infrastructure stocks where hardware, data centers and backbone providers are curated into one focused list.
• Monitor potential changes in future materials demand by tracking producers in the 8 top copper producer stocks and reviewing how the market assesses long term supply conditions over time.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.