It is no secret that AAPL has faced significant foreign currency headwinds across the world as its worldwide revenue diversity has increased in combination with the strengthening of the U.S. dollar against nearly every foreign currency. Below is a chart of what each iPhone model costs by-configuration from a cross-section of key AAPL sales' regions across the world including ChinaJapanAustralia, the UK, and Italy.

Notes:
1) Premium represents price gap between local currencies (as converted to USD) over U.S. prices
2) Conversion prices as of March 29, 2016

Source: Apple.com

Key Observations:

  • All current iPhone models carry an average premium of 25% over U.S. prices across the 5 regions - based on all models and configurations (storage capacities).
     
  • HIGHEST / LOWEST Premium by Model / Configuration / Region:

    HIGHEST: 16GB iPhone SE in Italy (43.8% price premium over U.S.)
    LOWEST: 64GB iPhone SE in Japan (15.1% price premium over U.S.)
     
  • HIGHEST / LOWEST Average Price Premium by Region:

    HIGHEST: The region with the HIGHEST average price premium is Italy (Euro), where the average premium for all 5 models is 34.1%.
    LOWESTThe region with the LOWEST average price premium is Japan (Yen), where the average premium for all 5 models is 17.6%.
     
  • The newest iPhone SE actually carries the highest average premium across the 5 regions - an average of 27.9% over the prices in the U.S.
     
  • The Model / Country with the lowest premium over U.S. prices is ironically, the iPhone SE in Japan, where both configurations are priced on-average, 16.2% above U.S. prices for the same phone.  I find it ironic for 2 reasons: 1) the iPhone SE overall carries the highest premium over U.S. prices (+27.9%); and, 2) the Yen, in-particular, has been particularly weak compared to the U.S. dollar.
     
  • AAPL's current flagship phones (the iPhone 6S / 6S+) carry the lowest average price premiums across the 5 regions with the iPhone 6S carrying a 23.9% premium and the iPhone 6S+ carrying a 23.2% premium.