How should AUD/USD affect the way you invest abroad?

A weakening home currency raises the local-currency value of foreign assets, which is why investors in volatile currencies often hold unhedged foreign equities as a form of protection rather than an added risk.

The mirror image also applies: hedging removes that protection. If your currency weakens sharply, a hedged foreign fund will not benefit from it.

Practical checks when buying foreign funds: whether the share class is hedged, where the fund is domiciled for withholding-tax purposes, and what conversion spread your broker charges. The last one is often the largest and least visible cost for smaller, frequent purchases.