Lose the Correlation

The correlation between stocks and currencies is working; risk-appetite at its finest.

But say we didn’t have this connection ... say a 0.023% rise in the S&P 500 didn’t equate to the same 0.023% rise in the Australian dollar or euro or whatever. How would these currencies behave without this risk correlation?

Would it be an all-or-nothing proposition for the buck like it is now? I’d like to think not.