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The outlook for the international economy is looking significantly darker than it was even 10 days ago.
After last week’s massive 75 basis point interest rate hike in the US, a global recession is in serious contention.
One phenomenon often seen in such troubled times is that the value of the US dollar is reinforced.
This is because the currency is seen as a stable safe haven while volatility is seen in other assets.
T Rowe Price Group Inc (NASDAQ: TROW) head of Australian equities Randal Jenneke reckons it won’t be any different this time. And he believes two ASX shares in particular stand to benefit.
“As we expect the US dollar to remain firm in 2022, we are positive toward the prospects for the [US] dollar earners in our portfolio, companies such as ResMed CDI (ASX: RMD) and Aristocrat Leisure Limited (ASX: ALL).”
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