For a year and a half, the two most commonly cited headwinds facing blue-chip U.S. companies have been low oil prices and a soaring currency.

While the first has yet to fully dissipate, foreign exchange fluctuations may soon serve as a net boost to corporate America, according to Bank of America Merrill Lynch.

A lofty greenback depresses the dollar value of revenues multinationals earn overseas. On a conference call that followed Apple Inc.'s recent earnings report, Chief Executive Officer Tim Cook indicated the U.S. dollar's broad strength shaved 15 percent off the value of sales made abroad on a sequential basis.

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