A currency is priced off what its central bank is expected to do next, and the expectation moves before the rate does. That is why the calendar matters more than the level: the level is already in the price.

What the market has already priced is the whole question. A cut everyone is waiting for does nothing on the day it arrives; the move came weeks earlier, when the expectation did.

So the reading is always of two sides at once. A pair is one currency against another, and a rate that is high on its own says nothing until you put the other side of it beside it.