AUD hits US85 cents: Which stocks will benefit in 2015?

The Australian dollar weakened overnight, hitting a four-and-a-half year low of just US85.16 cents after it was revealed that the United States’ economy had grown at an even faster rate between July and September than the government had been expecting.

Led by improved consumer spending and a declining oil price, the U.S. economy recorded its strongest six-month performance in more than a decade as it grew by 3.9% over the quarter, following on from a 4.6% increase in gross domestic product (GDP) in the second quarter. This highlights the strength at which the United States is recovering and increases the chances of the Federal Reserve increasing interest rates sooner rather than later.

The U.S. currency strengthened as a result, thus applying a downward pressure to the AUD.

The weaker dollar will favour companies such as BHP Billiton Limited (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG), which are currently battling with a tumbling iron ore price, as well as companies like ResMed Inc. (CHESS) (ASX: RMD) and Westfield Corp Ltd (ASX: WFD), which generate a significant portion of their revenues from the United States.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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