joining us is alan ruskin from deutsche bank.ll talk about how currencies impact the broader markets and the politics. such a sharp rally aftd election for the dollar. why have we reversed course? >> i think the trump rally in all the asset markets was a story about fiscal stimulus, the promise of fiscal stimulus. and there still is that promise. you know, let's see when that comes through. the deal making and the legislative piece will come through with quite a lag. you have social policy, foreign policy, those things are not helpful and international markets where european bond yields are backing up. that's part of the euro/dollar story. >> so it's not a belief that people are now changing their opinion as to whether donald trump can deliver, it's just that he will deliver later, and that these things take time. >> yeah. it was maybe a bit of overo overoptimism in terms of the timetable, particularly when you introduce things like the board adjusted tax. there's a huge amount of complexity and the timetable will be far out into

for more we're joined by alan ruskin of deutsche bank and peter, canter fitzgerald chief market strategistalan, we were just talking about the potential for a kraft heinz unilever deal. massive foreign exchange trade here because you potentially have a u.s. company buying a british company in one of the biggest deals ever $143 billion. deals like that move the markets, don't they? >> it's sizable certainly. i've seen cash component's not nearly as large so it's not going to be as influential as that. it's not as obvious whether it's a transaction dollars into sterling or dollars into euros as well. that being said, i mean, the euros have the foreign account surplus on its side. little direct foreign investment flow creates a little resistance. a lot of people questioning the euro in general, nice to have something on the side. >> the bigger picture here is we have a very strong dollar. i wonder if you're going to see more companies put that to work. >> yeah. it's plausible. i think, you know, people forget that the valuation aspects work in ways in which people, you know, think in terms of