we will talk about that with mark mccormick.omberg spoke with stephen england are, global head of g10 fx research who outlined the vergence as you are seeing in terms of the supply chain disruptions take a listen. stephen: like a greek tragedy there is not much they can do. the economy is weak. when we talk about supply chain disruption, they are not able to keep their homes. that is really weighing on sentiment. the ecb does not have the tools to address that. u.k. inflation numbers let people in the market say, why zero different and what can the ecb do about it? when you see the trading, the market is punishing currencies that belong to central banks that have an inflation problem and are ambivalent of a how to approach it. kriti: kriti: joining us now is mark mccormick from td securities. thank you for joining us. it's a foregone conclusion that as we see natural gas prices and power get higher it will have a reverse effect on the euro. how much of the current weakness is more of a function of the ecb's ambivalence as oppose

mark mccormick and elaine becker. mr. ick joins us, the global head of fx strategy at td securities. what is the dollar going to do in the next year? mark: we will talk about the peak dollar story. that's not where we are at in the next couple of months, but if we look where we are and extrapolate past this year it looks like we will be at the conditions of the peak dollar, the fed cutting rate. the euro zone is looking into a recession, but all of those factors could turn by next year, so that is the big forecast in the story, the turning of the dollar in the next year. tom: on a risk-adjusted basis, including geopolitical risk adjusted, which is the currency flat on its back with the greatest weak dollar opportunity? mark: it is billion. from an evaluation -- it is still yet. from an evaluation perspective talking about the yield curve, 50% of the yield curve is inverted. if we think about the slowing conditions in the u.s. and how much of the yen has moved from fair value, fair value somewhere 110 to 115. if we think ab

to priya -- if europe does not act bold, if the united states keeps on this track, what does mark mccormickafer td securities? what other ramifications of a resilient or even a dollar to strength? priya: i think ultimately there are self-limiting aspects to strength. it tightens conditions over time. so it is not something that can happen right away. there are some limits, but in the near term, especially as the market grapples with the fact you are not going to get the fed responding to slowing economic conditions on the growth front, the dollar tends to be a safe haven asset. we are positive on the dollar in the near term, but there are limits. the markets are forward-looking and at some point we realize those limits are being felt in economic channels. i think that is why there is a limit to it, but i don't think we are close to that yet. tom: let me flip the tables here. i am seeing ig and the distressed people, how they interpret full faith and credit, how do you attribute the price declines, the giant, historic air market of corporate paper, and a little bit of a rally recently, how d