thestock has flatlined in past few weeks, so morgan stanley among the first to pare back expectationsit's analyst downgrading back down to 2.8 million. yousef: some other asset classes in focus. crude complex still holding close to the highest level in two years for brent. this is slightly below the flat line. 2.34, theper, treasury curve flatter, and the two-year and five-year underperforming at an auction earlier in the day. that's your cable trade at 1.33. we are focused on the discussions between british and european union officials. we don't have much economic data going into this week, and dollar-rand study. strongly after s&p global ratings stripped the nation of its rating. let's get a check on first word news. bitcoin has surged past $9,000 mark, taking its year to date gains above 800%. world's most popular crypto currency climbs despite warnings of a bubble. cme group will offer futures contracts from next month. the total market cap of digital currencies is now more than $290 billion. china's industrial profits increased 25% in october compared with 27 .7% month earlier. r

they flatlined the median income has actually declined in real dollar terms. to the trade deals etc. and says george w. bush looked at her and said that this is th this is th, weirdest bunch of horse hockey that i've ever heard. the media loved that when a republican like george w. bush, or pick your republican, john mccain, lindsey graham, go on and on. i thought to myself that little vignette of bush snickering with hillary laughing. that explains this. trump didn't come out of nowhere. he did just kind of popped out of a vacuum and didn't win either way because of jim comey or the russians committed and win because he's a celebrity or he was self financed or because of facebook ads. donald trump won this election because americans in the critical states that make up the electoral college were kind of sick of being snickered at and laughed at. they were tired of being told one thing in the campaign season season and having governments and another thing. and above bipartisan establishment that i write about in the billionaires barricades had for about 25 year

and donald trump was talking about what had happened to the country and how things had, you know, flatlined, median income had actually declined in real dollar terms and that people wanted a new approach to the border, to these trade deals, etc. and hillary says that george w. bush looked at her and said, this is the craziest, weirdest bunch of horse hockey that i've ever heard. like that, laughing to hillary. and, you know, the media loved that. you know, they love when a republican like george w. bush or pick your republican, john mccain, lindsey graham, jeff flake, go on and on. they love it when a republican trashes a conservative populist, especially a republican president in office like donald trump. and i thought to myself that kind of really does, that little vignette of bush snickering with hillary, laughing at donald trump, that explains this. trump didn't come out of nowhere. he didn't kind of just pop out of, you know, a vacuum, and he didn't win, by the way, because of jim comey or the russians. he didn't win because he's a celebrity, because he was self-financed, he didn't win

euro-dollar flatlining at this point in time.kei traded down into the close and the other thing you have to watch is what is happening with crude. this opecnd short of story, we are going to wait and watch crude catch the back end. let's take a look at where the futures are this morning in terms of the fair valley calculation. this is what we are learning. we are looking at a negative start in europe, down by a little bit. there are some key stocks to watch out for. european banks are going to be in focus. baer is going to be the main focus. a negative open is anticipated. let's see what is coming through in terms of pricing. here is what we are looking at. london markets beginning to trade softer. what we are looking at is a situation where we are expecting other markets down, as well. the ibex is coming through, underperforming a little bit. it is down around .3%. the european is open softer, but not by much. i suspect it is in the stocks. a look at theing first trades here and we can see the movers, mov is the screen obviously

major european indices cat counts in paris in madrid ibex thirty five falling slightly below the flatline there. at financials and banking stocks underperformed the french bank twenty as we go on losing three percent on lower profits. wall street's also in check but turning slightly upwards this hour they are renewed questions though about whether the trump administration will be able to push through its ambitious tax overhaul. that's been holding back trade a little bit. moving on sundays other prisons headlines now. the chief executive of deutsche bank is suggestive the lender will cut tens of thousands of jobs as it turns more to technology. in an interview with the fight. and said that most back. council deutsche bank's ninety seven thousand strong workforce. he hinted at plans to move to a similar number. invests in artificial intelligence. marks and spencer will speed up its plans to close to close down clothing stores and slow down the opening of new food branches. british high street chain set that it was facing headwinds in the food business. is our for five percent jinping net p

around here in paris finishing up i'm round a tenth of a percent of frank attacks just above the flatline. british pound hit a two month high on news of a breakthrough in price negotiations. that strong currency weighing on exporters with london's footsie one hundred closing down around nine tenths of. a u. s. ride hailing firms uber's in the midst of a financing deal with softbank that would see the japanese conglomerate take a roughly fourteen percent stake. by purchasing shares from exit existing investors. the deal comes as over is facing mounting challenges on multiple fronts. from losses in the third quarter chew and increasingly dramatic court battle that seen it accused of running a secret corporate espionage unit. arrogantly reports. it's been a tough past couple of months for labor. and the setbacks are mounting. uber's quarterly adjusted losses jump to seven hundred and forty three million dollars on tuesday. this comes as the japanese investment firms softbank group looks into purchasing eight billion dollars in shares from uber's shareholders. softbank group is expected to of

by the year zero point six percent in two thousand and eighteen which would then flatlined to a zero point two percent increase by twenty thirty seven economic growth is a great thing it's in the licks are that tends to solve everybody's problems but the fact that it doesn't raise economic growth very much harkens back to the fact that what i said earlier that these tax bills is really very little forward that increases the national debt from twenty twenty push up interest rates which would tend to discourage investment and they went on to write that an increase in interest rates would negate the incentives of a lower tax rate so if that's true what's the main point of this bill. well it's to raise give politicians more campaign contributions but it all harkens back to the idea that government spending in the business and entrepreneurs' and so we really need to address both taxes and spending and then spending now as well is spending in the future and if we can cut government spending and transfer resources from the public sector to the private sector where they're actually productiv

have been flatlining.es, we are miles away havewhere we originally been before the crisis and what has been associated with price stability. nevertheless, i think what we are seeing here is the market is appreciating that the ecb is much more dovish than the fed is. we see that in the rising inflation numbers. and germany. both fascinating subject. our thanks to rainer bergen and peter schaffrik. ther will carry on conversation. matt and i will continue on 9:00 a.m.radio at 9:00 u.k. time. up next, dollar doldrums. a dovish start since the greenback lower. a look at the outlook for the world's most important currency. global reserve currency. that is next. this is bloomberg. ♪ guy: welcome. this is the open. tumbling over night. the dollar index breaking below its 100 day moving average. let us talk fx now. joining us now, the current -- sonja marten. nice to have you on the program. where does this pair go next? we have seen significant data this morning and you euro data coming through. we have a dovish

nasdaq slightly above flatline. there's also some investor concern over delays in corporate tax cuts in congress. european markets all closed in the red london's footsie one hundred lost six tenths of a percent as this week's you brexit talks concluded. her sister count was down half a percent and frankfurt dax down point four percent. altes this shares dropped another three percent by the end the session. next up donald trump is hot of his visit to china that saw nearly two hundred and fifty billion dollars worth of. business deal signed between us and chinese firm. on that business here on a visit he also pushed for better access to chinese markets. and it looks like beijing is obliging. the government said friday it will raise limits on foreign ownership i in domestic financial firms. permitted foreign stakes in firms in the futures securities and f funds marks will go up from forty ninee to fifty one percent. china has faced increasing pressure from western governments and lobbies to remove protectionist investm

elected office the third part of empowerment 2020 are the conferences their action oriented women have flatlinedt 20 percent on that percentage one and 20 percent women a in congress that is stagnated if we get up to thirty percent fabulous 80 percent would be amazing that conversation is equality will be something we're used to as pair the culture i'd like to that that will be done in 2020 but if[music] >> san francisco city clinic provides a broad range of sexual health services from stephanie tran medical director at san francisco city clinic. we are here to provide easy access to conference of low-cost culturally sensitive sexual health services and to everyone who walks through our door. so we providestd checkups, diagnosis and treatment. we also provide hiv screening we provide hiv treatment for people living with hiv and are uninsured and then we hope them health benefits and rage into conference of primary care. we also provide both pre-nd post exposure prophylactics for hiv prevention we also provide a range of women's reproductive health services including contraception, emergency cont

growth flat line investment flat line productivity which feeds into wages flatlined wages worse than they were ten years ago in real terms. in for infrastructure in a pretty poor state public services an apostate no pay rise for public sector workers though the health secretary says you have a chat with the nurses about. half a million nurses a love child with five million other public sector workers can go whistle. that seems pretty grim to me what was your understanding about that comment you made about nurses there was an immediate figure given but something about the. pay review board recommended well being in excess of that review board recommendations no no i think well the devil's in the detail with these sorts of things and it was a sort of a rather than nothing point to make what you seem to me to be saying is that. for nurses the sec the health secretary will discuss with them about possible changes to agenda for change which is the pay structure for for everybody in fact virtually in the n.h.s. so it's in parts impossible to say the reality is he's going to have a chat wit

by zero point six percent in two thousand and eighteen which would then flatline to a zero point two percent increase by twenty thirty seven how is that rate of growth worth it and your opinion. well any you know economic growth is a great thing it's in the licks or that tends to solve everybody's problems but the fact that it doesn't raise economic growth very much harkens back to the fact that what i said earlier that the net effect of these tax bills is really very little positive effect and so what really needs to happen is. scuttling government spending is actually better for creating economic growth and so i would require mandated spending cuts in any kind of tax reform legislation that's what really will spur economic growth and so spending cuts should be mandated they should be significant and they should be across the board. and basically entitlements have to be addressed as well because if you look at a title entitlement spending like social security going forward that increases the national debt from twenty trillion dollars to two hundred twenty do a trillion dollars and s

region, somehe e ji downside and barely above the flatline for saudi.nd industrials featured on the upside with pressure on energy and consumer discretionary. let's get a preview of what is to con. goldman sachs warning of a slide in oil prices. we have more on that very important start next. this is for bloomberg subscribers only. check it out at tv . ♪ global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. ♪ yousef: 8:30 a.m. in dubai. the bloomberg dollar index is flat. aboutts from shinzo abe the target of 2% being appropriate when it comes to inflation for now. no need tos there is revise the joint statement made with the boj. specific policy measures should be decided by the boj. the yen has been in focus for the last several hours. let's get to debra mao for first word headlines. expects thee powell central bank to continue raising its benchmark interest rate and trim its balance sheet under his leadership. in the text of remarks he will deliver to the senate banking commit

on a long-term basis, they are still kind of flatlined, but we do have a little bit of action.e were talking about how seeing this kind of movement suggests that some of those high-yield credit investors are getting a little nervous. that's the further end of the risk continuum. when you start to see those assets get a little wobbly, that may suggest that stocks could follow, to some degree. what do you think? gina: i would totally agree that the cdx and a high-yield market in general is a very good leading indicator for the equity market. we look at it as a leading indicator of major corrections to come. when you see the cdx widen just a few basis points as it has the last few weeks or so, we haven't even gotten back to march's highs on the cdx. it's evidence that investors are nervous in the short run, confirmed the view that the equity market likely has a little more correction yet to come. historically, what you find, in advance of major equity market corrections, you see higher spread yields, at least 200 basis points. we are roughly a quarter of our way there. you've got

elected office the third part of empowerment 2020 are the conferences their action oriented women have flatlined at 20 percent on that percentage one and 20 percent women a in congress that is stagnated if we get up to thirty percent fabulous 80 percent would be amazing that conversation is equality will be something we're used to as pair the culture i'd like to that that will be done in 2020 but if ?oo hi, i'm holly lee. i love cooking and you are watching quick bites. san francisco is a foodie town. we san franciscoans love our food and desserts are no exceptions. there are places that specialize in any and every dessert your heart desires, from hand made ice cream to organic cakes, artisan chocolate and cupcakes galore, the options are endless. anyone out there with a sweet tooth? then i have a great stop for you. i've been searching high and low for some great cookies and the buzz around town that anthony's are those cookies. with rave reviews like this i have to experience these cookies for myself and see what the fuss was all about. so let's see. while attending san francisco state univers

flatline wages across the middle class. 30 years. we know the story. unfortunately. communities gutted. manufacturing base eroded. and so now to say we're going to take this group that's made all the income gains in the last 31 years and give them a tax cut that we're going to finance by borrowing money from china, which is going to increase our national debt so we're going to have to pay more on that, we're going to lose leverage in the world with china, and now they're our banker, even more so than they are right now. so what we're asking is for us , this body, take a time out to stop the process, to reach across the aisle to democrats, to say that you've got to figure out this disparity that's happened over the last or 30 years between capital and between labor. and all the gains have been on the capital side. nd yet capital gets taxed at a lower rate than wages. warren buffett said it a million times. he pays a lower tax rate than his secretary pays. is that fair? is that right? it's not. of course it isn't. and the argument that, because we've been adopting this

we will see this flatline of low 60s.ne, light winds and very cool overnight lows, nationwide it is cool. for us, for the last 24 hours you see the clouds and the beautiful sunset. we have clear skies and light winds and we will not be seeing any rain until late in the week. and even then, we may see light and scattered showers. the current numbers show how cool it is, 43 fairfield, that is chilly, 46 in nevada. it is cooler than it was last night. it is cooler in livermore but some places are a degree or two cooler than last night. jackets tomorrow morning just like this morning. tomorrow will be just like today with sunshine and daytime highs, then we get into unsettled weather with showers in the forecast. we will talk about the long- range when i see her next. >>> still to come, an officer is arrested and an explorer is suspended. there are allegations of a sexual relationship involving this officer and a 17-year-old girl.>>> the 49ers got their first taste. they will have a quarterback change for this sunday's game.

elected office the third part of empowerment 2020 are the conferences their action oriented women have flatlined at 20 percent on that percentage one and 20 percent women a in congress that is stagnated if we get up to thirty percent fabulous 80 percent would be amazing that conversation is equality will be something we're used to as pair the culture i'd like to that that will be done in 2020 but if >> [inaudible] i'm a illustrator by day and a [inaudible] composition teacher. right now i'm practice by transscribing [inaudible] that is what i have been doing the past couple years, teaching myself. california college of the arts, illustration there has really great teachers. robert hunt, vance story taught me a lot. what i'm working on is a portfolio [inaudible] riding a donkey unicorn in the process. >> my name is dawn richardson and musician, drummer and drum teacher. i guess i would say i started my professional path quh i started playing in bands and teaching drum lesson when i was in college. they were definitely not that many women that would do what is doing. in 198 8 i graduated from cal

received be there donald trump is talking about what happened to the country and how things have flatlined a median income had declined people wanted new approach to the border, the trade deals, and hillary says that george w. bush looked at her and said, this is the craziest, weirdest branch of course hockey have ever heard. to hillary. the media love that. they love when republican like george w. bush, pick your republican, they love it when a republican trashes a conservative populist, especially republican president in office like donald trump. and i thought that little vignette of bush nickering with hillary, laughing that explains this. trump did not come out of nowhere. he did not pop out of a vacuum and he did not win because of jim, they are the russians. he didn't win because he's a celebrity or self finance. the facebook ads. donald trump one because americans, in the critical state that make up the electoral college were sick of being snickered at. they're tired of being told one thing and the campaign season and having governance do another thing. the bipartisan establishment

elected office the third part of empowerment 2020 are the conferences their action oriented women have flatlined at 20 percent on that percentage one and 20 percent women a in congress that is stagnated if we get up to thirty percent fabulous 80 percent would be amazing that conversation is equality will be something we're used to as pair the culture i'd like to that that will be done in 2020 but if >> this is a meeting of the san francisco recreation and park commission, will the secretary please call the roll? >> commissioner buell? here. commissioner low. here. commissioner anderson? here. commissioner mazzola does have excused absence and commissioner macdonell will be joining you. if he could get everyone to come in and sit down. we would appreciate that. we can get started. reminder, this is the recreation and park meeting of november 16th. we welcome everyone here today and ask that you please turn off any electronic devices that may go off during the proceedings. we would also ask if you're going to have secondary conversations, you please take those outside in order to the meeting run a

by the global carbon project shows global carbon dioxide emissions are once again rising after flatlining for three straight years. these findings dash earlier hopes that global co2 emisissios had peaked for good. well, for more on this year's negotiations, we're joined by two guests. dipti bhatnager is the climate justice and energy coordinator at friends of the earth international. and asad rehman, executive director of "war on want." let's begin with you, asad. i don't know how many of these u.n. climate summits you been to, but extend the significance of this one in bonn, though it is called the islands cop because it is ugly being sponsored by fiji, they just cannot handle the number of people at the time of their cyclone season. some people say how hot it is inside, it is fiji inside and bonn outside. can you talk about what this cop means after the u.s., at least president trump says he is pulling the u.s. out of the climate of the paris climate deal -- what is ththe significae of what is happening here? >> the paris climate agreement set a guard will that temperatures had to be cu

by the global carbon project shows global carbon dioxide emissions are once again rising after flatliningor three straight years. these findings -- earlier hopes that earlier co2 emissions had peaked for good. at this year's climate conference, african negotiators, activists, and youth are particularly vocal about the need for urgent action to mitigate the most devastating effects of climate change. the consonant is expected to suffer more from climate change than any other on earth. many african countries are already feeling some of the worst effects this summer, flood and mudslide killed more than 1000 people while extreme drought has left millions of people at risk of famine in kenya, somalia, and ethiopia. to talk more about this is negotiations and environmental movements across africa, we're joined by kumi naidoo, south african activist and the former head of greenpeace. he is now the head of an organization called africans for justice, peace, and dignity. we have had you on as head of greenpeace international. now you're starting a new organization. talk about what is happening in

enough, especially as new data shows global carbon dioxide emissions are once again rising after flatliningor three years straight. meanwhile, on december 12, france will host a climate change summit in paris on the second anniversary of the signing of the landmark paris climate deal. french president emmanuel macron says president trump states will not be invited. well, despite president trump's vows to pull out of the paris climate deal, there were a number of progressive u.s. senators, governors and mayors who staged an anti-trump revolt last week in bonn. among them pittsburgh mayor bill , peduto. i began by asking mayor peduto of pittsburgh when president trump announced in july he was pulling the united states out of the paris climate deal by saying he was elected to represent pittsburgh, not paris. pres. trump: i was elected to represent the citizens of pittsburgh, not paris. it is time to put youngstown, michigan, and pittsburgh, pennsylvania, along with many, many other locations within our great country before paris, france. greattime to make america again. billthere he was, mayor

of course, there are lot of big companies and big corporations who -- they don't lose sleep ore flatlining wages but the people i came from do can't put a kid through college today, can't do it with any sense of ease without huge anxiety, if you have wageses that in real terms actually going down. so donald trump comes along in 2016, not out of a vacuum or -- not because he's a little -- he's brash. yeah, he can be brash, sure. think for the first time in a long time, people thought, well, maybe we need kind of a bully to beat back the bullies. we're not deplorable. we are not irredeemable. we don't cling to our guns and our religion -- well, maybe we do cling to the guns, but sometimes that's okay. but this is america. we're proud of who we are. and it's okay to conserve what is good about america. i'm a conservative. conserving is goodment the philosophy of conservatism, taken to its -- in its purest form -- libertarians say way want open boarders and open markets. hillary said this during the campaign in that private speech at golden max, open borders and open markets. to end is that? a

nasa had this data which showed a flatline on that and then a rising temperature. i said any sign of correlation between these two lines? his response was kind of like, well, what do you mean? correlation? he didn't have any understanding of the basics of how to compare one thing to another. and so i put up another chart. that other chart showed autopsy of the activities that are considered to be ones that might contribute to global warming that are not man made activities, things like the solar flares and volcanic activity. again the nasa data showed a flat line and then the rising temperature. i said does there appear to be any -- any correlation between this flat line and this rising temperature? and he again said i just -- i just don't understand the data. i can't really comment on that. and yet, anyone with any basic ability to digest information would recognize that there was no correlation. you didn't have two things moving in the same direction. and then i put up this chart right here. now, this chart shows that same temperature. observe the black line. and

so, that's the european equities, flatlining into the end of the week. manus cranny.reporting on nothing and excited about it. minimal reaction to that blockbuster headline that china is going to drop its tariffs o products. what does it mean for diapers, coffee machines, drug machines? these are just a couple of the products that we are keeping an eye on. those companies will be worth focusing on as we begin to understand the rolling back of those tariffs in china. what is the motivation for china on 187 products? when will donald trump tweet out that it was his push and shove that caused this. i.t., up by 0.8%. optimistic in terms of financials and technology. not necessarily buying banks, but financials. really quite bullish on a number of the european market as well. we have caught the flattening cold. 2/10 in theu.s. u.k. yes, the u.s. is aggressively more flatter than the u.s, but you are seeing this shift in yield curves around the world. u.s. yield curve flattening fever has reached the u.k.'s shores. keep an eye on that upturn on the far left as you look at t

all the data suggests we have a productivity problem and it has flatlined largely the last few years.hink both companies and government and indeed education in general, we all have a stake in making that and fixing that and making that better. the government's answer has been to get big companies like bt to pay half a per cent of their wage bill into an apprenticeship kitty that smaller companies can also use. but the latest figures show it is not working. this time last year, 117,000 people started an apprenticeship. at the same time this year the number was only 68,000 — a fall of a whopping 59%. what is going wrong? the implementation of the policy has been diabolical. the inflexible approach to training, the 10% charge to employers when they used to have it for free and the procurement process for providers, all three have caused problems which is why the numbers have fallen. the problem does not seem to be demand from apprentices themselves. my mum always wanted me to go to university, but i always had to tell going to university does not give her going to university does not giv

then you had the rally and since then, we have been flatlining both enemies and performance, and i finduy: if you are a u.s. investor, you made 20% in the dax. 7% as you can see on the screen. kind of depends on currency starting point. i read more articles about the fact that europe is entering a golden age. and yet i take a step back and think about what mario draghi tells me at every press conference. i am cautious. we are not shutting anything off at that point in time. the reason we are not done here yet is that we are not out of the woods. coming acrosstes my desk talking about the fact that europe is going to open a golden age and there is a mismatch here. steen: that is clearly proven. that you have -- it is proving that you're becoming more competitive. if they are going to be the dominant force coming forward, europe is geographically and technologically a better place. europe has a higher robotics and industrial process. a danish company, a swiss company can use that advantageously because we don't have enough demographics to support the long-term. instead of producing in chi

recovery flatlining. 10.3% growth. industrial production for china slipping through 6.3%.n september. that they are falling just below what was anticipated by the environmental factors. winter is coming, they are facing more curves to improve air quality. slightly, 10.4%. two point percent is at least the expectation. --10.3% is at least the expectation. haidi: they are leaning towards less of the factory driven growth and more of the retail sales consumer consumption. they continue to paint that picture. we finally got dropping the loans and credit numbers from the previous month. the headline is that the deleveraging process is underway. expectations but one note out from goldman sachs, it is a calendar issue. the production cuts ahead of that 19th party congress playing into the amount of lending. numbers, the level of credit a touch higher. of salt as usual when it comes to china's numbers. take a look at market numbers. we await those china numbers. let's get more details with sophie. some jitters perhaps. asian stocks are set for a third day of losses. the msci was j

have leveled and reduced the number of deaths from prescription opioids for the first time ever we flatlinederoine overdoses but we have a 70% spike in front of fentanyl. as we try to be aggressive on this issue, it's constantly involveit constantlyinvolved int it and i want to thank governor christie for his work because it isn't just a health crisis but it's impacting into tearing apart families and communities from one end of the country to another and it's going to take it all hands on deck approach. federal government working with the state and local governments along with people in the private sector in hospitals. i want to think hopkins for hosting us today that i want to thank you for your interest and say that i called on the federal government back when we did our state university and said federal government ought to do the same thing and that would be my recommendation to the committee to have federal funding, and i would say this is the most important problem facing the country so thank you and i'm going to turn the floor over to the chair man who is here. thank you so much for b

we might just get another around of downgrades, bringing back expectations given the fact we have flatlinedmething to watch for their. 1275 on your bloomberg terminal. rishaad: thank you very much. let's get to first word news headlines. meredith to acquire time inc. in an all cash deal worth $2.8 billion. reports from both companies that they unanimously approved the deal, $600 million in backing from the koch brothers. says it creates a premier media company serving almost 200 million consumers in the u.s.. oneshares close at $16.90 friday. in washington, the republican party's tax plan enters a crucial week with leaders landing a make or break mode as soon as this thursday. democrats are expected to delay or derailed the bill. some republicans are concerned about the potential and deductions for state and local taxes. the president is scheduled to address senate republicans tuesday about taxes and his legislative agenda for the rest of the year. egyptian stocks rose sunday despite the country's deadliest terror attack. rose .8% in cairo, taking its advance to 15% this year. more than 300

hold to some of that bridge going into conference to kind of get some improvement and clarity and flatlining around that passthrough treatment. senator johnson is is not going to get everything he wants but i think he's going o gto get enou to get him onboard and probably improve the bill in the meantime. >> terry, what's that going to look like if everything you want to give back to someone cost the you money so if they do something to placate him, does that mean more temporary cuts and that sort of thing >> well, my view of this, kelly, all along has been, really two things one, markets need to understand that we're in a substance-free zone now what this is about is about holding on to the fundamentals of tax reform and at the same time bringing up the pay fors enough to be able to pay for it. so, yeah, it's going to be a little bit of horse trading that goes on, but fundamentally, what this is about is about holding onto the structure of aggressive corporate tax cuts the individual tax cuts that have been talked about and keeping it within the budgetary lines of this small static increase

we have had all four of those events in the dollar is effectively flatlining into the end of this yearou look at the data, u.s. data has been incredibly strong. has been approved by the relief yet the dollar is not responding to that and the reason for that is the market remains reluctant to any for the rate hikes until we get clarity around the tax announcement. it is once bitten twice shy as far as the market is concerned on the dollar and they are reluctant to really pull the trigger on any further dollar gains until we get some stances progress on tax. recentk given the "washington post" story that the dollar may not strengthen as much as forecast. tom: lets him to the chart here and this is like a promo here. is a chart that you just explained with a flat line of the dollar over here, but this is an elegant chart of strong dollar. how to use a technical analysis into your fundamental work? kamal: i think at the moment if you ask me what is dominating markets, it certainly technicals. our strategy team has been consistent in its views that the dollar, particularly the euro-dollar,