must get to alex dryden. -- let's get straight to alex dryden.not sure what it tells us apart from the fact that global trade is not going to a halt but it is not getting easier. is it because of currency wars? or protectionism? alex: it is a story of global growth. the currency wars -- you have seen it with things like draghi trying to push down the value of the euro. it doesn't matter how weak your currency becomes, if there is no in demand, your exports can look as cheap as you like. if nobody wants to buy them in other parts of the year, it will not give you the results that you want. we saw draghi step away from that. focusing on getting credit growth. agreements to be an as the story of 2015 which is a weaker euro and yen have both rebounded quite -- lose the power in the market. start to pivot toward domestic. francine: it seems that monetary policy is working more in asia. the asian central banks are staying strong and say we can still do more. we'll boj have to ease? and will it work? alex: we are approaching the limits of where central