the interesting one is the norwegian krone. the green line.estingly, implied volatility has been rising 14%. you have to say, the ecb for now has put volatility to bed. but what happens if the fed raises interest rates? brendan: i was going to award it to joe for simplicity, but you failed with inadequate terminal management when you got the notice. awarded to mark, one because it told a story and the other because you got the region krone in their. -- in there. european markets almost finished the session higher thanks to a rebound in mining and oil companies. but still it was the sixth day of losses. here is what i am watching tomorrow. tomorrow, the swiss national bank holds its quarterly policy review. it will leave its deposit rates at a record low. after the ecb measures failed to boost the swiss franc. see you tomorrow everyone. ♪ >> it is new in new york city. >> welcome to bloomberg markets. ♪ scarlet: from bloomberg world headquarters. it is "bloomberg markets." i am scarlet fu. the commodity index job to its lowest level since 1998

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dollar andcanadian the norwegian krone. i much prefer canada.t is not a trade for the first of january. read stories about excess supply floating around at the moment, but the long-term picture has demand taking up and supply is being corrected. most of the big producers produce in dollars, not south african rand. have centralo, we bank policies. who will be easing next year? will we see china, will we see the ecb do more? kit: there is more of a chance of the ecb doing more than japan. i think that is more to come from them. as a minimum, it anchors the euro-dollar rate and will get them down to parity. for the second half of the year. there are a lot of central banks of thinking inflation will go back up at the beginning of the gear. not where i am sitting. is it the monster in the room in terms of uncertainty. there is widespread acceptance that the series of small adjustments in the currency we have seen will continue and we will get a modest, control depreciation at the same time of fiscal easing to continue the soft landing of the economy

how much further krone strength can you tolerate?we are comfortable with our forecast because, given our forecast on the fx side, we will not -- we will get the inflation up 2% late 2016 or late -- or early 2017 per but if the krone number strengthens more than that, that would certainly bother us, and we would have to react to that in one way or the other. francine: this is michael e- michael: this is michael mckee in new york. the federal reserve is about to make a decision tomorrow. the riksbank raised rates in 2011 and had to turn around and go back the other way. now you have negative rates. what advice would you give to u.s. policymakers, the janet yellen, as they consider this decision at whether or not they run the same risk act oh stefan: i do not give them any advice. they work as hard as they can on their side, and i am pretty sure they will come up with a decision that is good for them. michael: how long did it take you to realize that you had made a mistake? when itit took a while came to what happened back then in the s

the australian dollar, new zealand dollar, canadian dollar and norwegian krone. i think the one we are focusing on is short aussie verus the u.s. istralia's biggest export iron or. all of these looking surprisingly overvalued above 72 cents. particularly against a resurgent u.s. dollars. so our top tarrade in this environment a short us trillion dollar. guy: can we think more about how readnflation story will into central-bank policy. it is going to provide clarity and understanding about what the real economy looks like -- that is going to be difficult to work through. because commodities are still falling. that affect is being narrowed and narrowed. that is going to have affects not only on what is happening with the -- but have consumer countries and everywhere else. >> that is a good point to the starting point has got to be the fed, because the fed and the thank everyone are the two central banks we are expecting to hike. if there is a slowdown, we think it will come through with the u.s. i think it is going to take a little bit of time to come through becau