The Federal Reserve’s latest meeting is putting interest rates, the US Dollar, and inflation expectations back at the center of portfolio decisions. With markets watching for hawkish hints from Chair Kevin Warsh and the Summary of Economic Projections, currency moves could have a meaningful impact on companies that earn a large share of their revenue in US Dollars. This article highlights three stocks from the US Dollar Beneficiaries screener that appear well placed to be positively exposed to the current news flow, helping you decide whether they merit closer attention or should be passed over in your watchlist.

QXO (QXO)

Overview: QXO is a Greenwich based distributor of roofing, siding, waterproofing and broader building materials, supplying professional contractors, home builders and building owners across the United States and Canada under well known brands like GAF, Owens Corning and James Hardie.

Operations: QXO generates about US$8.56b in revenue from data processing activities, with around US$8.32b of this recorded in the United States and a US$239.87m segment adjustment.

Market Cap: US$12.10b

QXO stock gives you exposure to one of the largest building products distributors in North America at a time when a firm, possibly stronger, US Dollar could support reported results from its broad US operations and international links. The company is led by Brad Jacobs, who is focused on using AI driven pricing and procurement to narrow a wide margin gap to leading peers and has already assembled more than US$1b in EBITDA run rate through large acquisitions. At the same time, QXO is still loss making, has a complex capital structure with multiple preferred layers and is layering on debt to fund the proposed TopBuild deal. All of this makes execution quality and balance sheet discipline critical for investors to watch closely.

QXO’s push to tighten margins with AI driven pricing while layering on debt makes the story far more complex than a simple building products roll up, so it is worth reading the 2 key rewards and 1 important warning sign

Hammond Power Solutions (TSX:HPS.A)

Overview: Hammond Power Solutions designs and manufactures a wide range of transformers and related power quality products that help move and manage electricity for customers in sectors like renewable energy, commercial infrastructure, data centers, industrials, mining, petro-chemicals, power grid infrastructure, and EV charging across Canada, the United States, Mexico, and India.

Operations: Hammond Power Solutions generates essentially all of its CA$961.69m in revenue from the manufacture and sale of transformers, with CA$690.75m from the United States and Mexico, CA$235.62m from Canada, and CA$35.32m from India.

Market Cap: CA$3.70b

Hammond Power Solutions may interest investors seeking exposure to power grid upgrades, data centers, and electrification, while being heavily tied to US and international sales that can benefit when foreign earnings are translated at stronger US Dollar levels. The company is expanding capacity in Mexico, integrating acquisitions such as Micron, and serving segments including data centers and EV charging, which has supported backlog and revenue growth. At the same time, a high P/E, recent margin pressure, material cost inflation, insider selling, and reliance on external funding mean expectations are high and execution risks matter. If you want to see how those potential growth drivers and risks compare in your view, the detailed company analysis report is essential reading, especially alongside the 1 key reward and 2 important warning signs

Hammond Power Solutions sits at the intersection of grid spending, data centers, and EV charging. The real tension is between growth expectations and execution risk, so the full 1 key reward and 2 important warning signs

Daqo New Energy (DQ)

Overview: Daqo New Energy is a Shanghai based manufacturer of high purity polysilicon, supplying solar value chain companies in China that turn its material into ingots, wafers, cells, and modules used in solar power projects.

Operations: Daqo New Energy generates all of its US$568.22m in revenue from polysilicon sales in the People’s Republic of China.

Market Cap: US$1.05b

Daqo New Energy provides focused exposure to polysilicon at a time when a potentially stronger US Dollar, regulatory efforts in China to curb below cost pricing, and ongoing solar demand are intersecting. The company is currently loss making and reported a Q1 2026 net loss of US$88.38m. It benefits from cost control, technology upgrades in higher grade N type polysilicon, and a balance sheet described as cash rich and debt free. At the same time, prolonged industry oversupply, reliance on policy support, funding risk, and new capital intensive projects for AI data center energy solutions add uncertainty. How those positives and pressures net out, especially if Fed policy keeps the Dollar firm, is a key question for investors considering Daqo.

Daqo New Energy’s cash rich, debt free balance sheet sits in sharp contrast to its recent US$88.38m quarterly loss, so the detailed Daqo New Energy financial health report might change how you see the real risk reward trade off.

The three stocks in this article are only a starting point, with the full US Dollar Beneficiaries (Exporters with High US Dollar Revenue Exposure) screener surfacing 43 more companies that pair substantial US Dollar revenue exposure with equally compelling stories around balance sheets, cash flows, and global reach. Use Simply Wall St to identify, filter, and analyze the specific catalysts and narratives that matter to you so you can focus on the highest conviction ideas in minutes instead of hours.

Take Control of Your Investment Journey

If Daqo New Energy or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

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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.