How do you weigh session liquidity against rate differentials when choosing which pairs to study?

Lately I've been thinking about how much the trading session shapes what a pair actually does. A pair like EUR/USD can behave quite differently during the Asian session, when liquidity is thinner, than during the London-New York overlap, when spreads usually tighten and volume concentrates. The same macro headline can produce a small drift in one window and a sharp move in another. Rate differentials add a slower layer. Over days and weeks, the interest rate gap between two currencies tends to influence swap costs and the general direction of carry, even when session-level noise dominates intraday price action. Majors usually have deep liquidity across most sessions, while crosses like EUR/GBP can get noticeably wider spreads outside their home hours. So my question for the room: when you study a pair, do you start from the session structure (when it's liquid and when it isn't) or from the rate backdrop, and which one do you find more useful for setting expectations before you look at price?