When Oracle, the world’s second biggest software company, reports its latest earnings on Thursday, it will highlight an inconvenient truth for the US technology industry: the big lift the sector has had in recent years from the weakening US dollar is over, at least for now.

In its fiscal year to the end of May, roughly a quarter of Oracle’s reported revenue growth came from foreign currency translation effects, as the falling dollar increased the value of its overseas sales. Given their strong position in large parts of the global technology market, many other US tech companies have seen similar lifts from their big overseas positions.