CORE REGIME — USD firmed across G10 as the Canada tariff shock and Iran sanctions raised tactical demand, but lower Oil, softer long yields and the unresolved Treasury-buyback credibility debate prevented a structural Dollar upgrade. NQ led equity weakness, while AUD/GBP positioning and RBNZ pricing preserve selective risk-on asymmetry. CAD, JPY and CHF hold the weakest complete score stacks; Oil remains bearish until sanctions cause verified physical disruption.
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