In short, yes current exchange rate changes will affect your investments. The price of the US dollar is hinged to the strength of the US market. As the US market continues to improve the US dollar will continue to rise. Relative to the AUD, if our market weakness we will see our dollar drop in value or if we also strength, then currency rates will stay similar. Essentially if the US dollar rises, then the rental income you receive will also increase. Vice versa if it falls, but also if the USD does fall, then properties in the US also become cheaper for us to purchase. I would not recommend including any changes in the USD/AUD exchange rate in your profit/loss estimates, but yes, changes here will affect our returns.