Rates or Return and FX Rate

I’m in the UK but only have US stocks in my portfolio. When I look at my MWRR and TWRR, do the figures reflect the effect that the exchange rate has had on my portfolio, or are the calculations done just on the actual dollar price of the stocks?

My guess is the exchange rate affects the MWRR as this is a measure of my money, but it doesn’t affect the TWRR as this is a measure of the stocks themselves. Am I right?