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)."
Image source: Getty Images
The sleeping giant among ASX shares
Even though the company has its origins in Australia, ResMed has been headquartered at San Diego in the US for decades now.
The business exists on the ASX as a CHESS depositary interest (CDI), which allows Australian shares to be issued as a representative of ResMed Inc (NYSE: RMD) stocks.
And Jenneke is quite right in that the sleep apnea treatment device maker does most of its business in US dollars.
Firstly, the ASX 200 share reports its financials in that currency.
Secondly, its latest quarterly result showed North and Latin America revenue of US$576.6 million far exceeded sales from the rest of the world, which generated US$287.9 million.
ResMed shares have fallen around 21% since the start of the year.
'A high-quality growth business'
Unlike ResMed, gaming provider Aristocrat still has its head office in northern Sydney.
But its casino machines and mobile games are sold all over the world.
Aristocrat's latest investor presentation showed 81% of its casino machine revenue came from the Americas region, while Australia and New Zealand reaped just 17%.
The mobile games, like most apps, are sold on borderless markets.
Morgans advisor Jabin Hallihan last week agreed with Jenneke that Aristocrat has tremendous prospects while other ASX shares are flopping.
"The slot machine maker remains a high-quality growth business with long-term opportunities," he told The Bull.
"We're forecasting 16% growth in earnings before interest, taxes, and amortisation in the coming year."
Morgans has a price target of $43 on this ASX 200 share, which compares to $32.76 at the close of Friday trading.
