Last week the Reserve Bank cut interest rates to 1.75% on the back of feeble inflation data that suggests more rate cuts may be coming throughout the rest of 2016. Indeed economists at JP Morgan and Commonwealth Bank both expect at least one more cut in 2016, with a strong possibility that rates could track towards just 1% based on the RBA’s latest inflation forecasts.

If you consider that the US Fed remains firmly committed to its rate hiking cycle you don’t need to be Albert Einstein to see that the Australian dollar may come under more selling pressure in 2016.

Below I have four high-quality companies that could benefit from a lower dollar as the year progresses.

Westfield Corp Ltd (ASX: WFD) Is the business that operates its eponymous shopping centres in the US and Europe. It offers investors yield, defensive earnings, and strong exposure to the US dollar and economic growth. Dividends are paid in US dollars prior to being exchanged into Australian dollars and as the US rate cycle moves in the opposite direction to the Australian rate cycle I expect shares will be bid up in 2016. It currently sells for $10.46 and looks a buy.

Macquarie Group Ltd (ASX: MQG) is the investment bank that earns around 68% of its income offshore. It currently sells for $67 per share, which is under 11x its most recent full year earnings of $6.19 per share. An investment in its shares at these prices becomes more attractive when you consider its $2.40 per share final dividend payment is available to investors up until May 17. The bank has forecast for financial year 2017 to be roughly in line with the prior year and the shares look a buy.

Amcor Limited (ASX: AMC) is the global packaging giant that has a solid track record of earnings and dividend growth thanks to the strong global demand for its packaging products. It pulls in around US$9 billion per year in sales with North America and the high-growth emerging markets of Asia and South America pointing to a strong future. US dollar paid dividends are exchanged into Australian dollars prior to payment and investors are therefore beneficiaries of a weaker Aussie dollar.

ResMed Inc. (CHESS) (ASX: RMD) is a global healthcare business that issues chess depositary instruments on the ASX that represent a one tenth interest in the NYSE-listed shares. The price of the local shares therefore is directly linked to the value of the US scrip. For example with ResMed’s US scrip currently selling for US$57 if the local dollar were to fall to US57 cents ResMed shares would be valued at $10 on an FX-adjusted basis. It currently sells for $7.68 and the shares look a buy.

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Motley Fool contributor Tom Richardson owns shares of Macquarie Group Limited, ResMed Inc., and Westfield.

You can find Tom on Twitter @tommyr345

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.