FX Rate Differential (EURUSD / USDJPY / GBPUSD)

Every macro desk overlays FX on rate differentials; the discipline is in saying what the overlay does and does not claim. This operator computes the differentials from free official legs only, reports the co-movement statistics ([est], descriptive) BEFORE any gap number, and declares the legs it cannot source rather than proxying them. GBPUSD is the showcase pair — the only one official on both sides for all three legs — and its ship-time read makes the point: nominal 2Y differential +8bp, real 10Y differential −51bp. Nominal above, real below: the RPI wedge in one line.