It seems like every other day the U.S. markets change their mind about whether further rate increases are coming from Janet Yellen and the Federal Reserve in 2016. Most recently markets went from pricing out any rate rises this year, to pricing a couple of them back in thanks to a rise in U.S. wages and a drop in unemployment to 4.9%.

Back in Australia rate cuts in March are looking less likely and the market currently believes there is just a 14% chance of one occurring at the next Reserve Bank meetng. This indecision has meant the Australian dollar has been bouncing around between 70 and 72 U.S. cents for the last couple of weeks and delaying, in my opinion, the inevitable drop towards 66 U.S. cents.

If and when this does in fact eventuate, there will be several companies that benefit from it. Five shares that I think will be given an earnings boost from a weaker Australian dollar are as follows:

CSL Limited (ASX: CSL) is a biopharmaceutical company with just 10% of its revenue deriving from the Australian market. Analysts are expecting earnings to grow at 12.5% per annum for the next two years. This could increase to an even higher level if the Australian dollar drops further.

Domino’s Pizza Enterprises Ltd (ASX: DMP) has 31% of its revenue from the local market. 44% comes from the Japanese market and the remainder from Europe. The Australian dollar has lost 9% versus the Japanese yen, and 6.3% versus the Euro in the last 12 months. Should this trend continue I would expect the already amazing earnings growth it is exhibiting to be given a boost.

Flight Centre Travel Group Ltd (ASX: FLT) has a higher level of its revenue (59%) coming from Australian shores. But with the British pound and U.S. dollar strengthening I can imagine these markets seeing an increase in outbound tourism that Flight Centre could benefit from.

Graincorp Ltd (ASX: GNC) has 42% of its revenue from the Australian market. The weak AUD could make Graincorp a tempting acquisition for one of the farm product giants such as Archer-Daniels-Midland.

Westfield Corp Ltd (ASX: WFD) has no revenue domestically. With 87% of revenue coming from the U.S. and the other 13% from the UK, when it comes to reporting in Australian dollars the company’s earnings will be given a significant lift. Westfield also looks set to benefit from a rise in disposable income in the United States. This should bring plenty of consumers through its centres and drive higher occupancy levels.

Foolish takeaway

A weak Australian dollar might not be great for importers, but for those that export their products or services overseas it is a great boost. I feel these five shares are primed to benefit from the weak Australian dollar, and could still get further boosts should it weaken further.

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Motley Fool contributor James Mickleboro has no interest in any company mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.