that is francisco blanch. thank you so much for your time.loomberg. ♪ guy: i don't know what is driving it, but something is. you are getting a big move higher in the swiss franc, and critically in the yen as well. the yen back down to the 150 level. the swiss franc coming through. we are nearly back to unchanged on the session. essentially they both are moving. i don't know what the catalyst is. clearly there is a few -- is a huge focus on what is happening with the yen. "the close" is coming up next. this is bloomberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfinity store today. guy: friday the 21st

he tries to reduce the gas prices ahead of the midmidterms for more insight, let's bring in francisco blanchmorning, frank. >> brian said this is not new barrels, but releasing tbarrels that were already set to be released does this change the price target you have? >> it doesn't. the one thing it does which i think is interesting is for the first time, we're seeing the white house talk about refilling the reserves that is important. now the u.s. government in a way is coming up with measures to support the oil price. a month ago, we put out a piece entitled 80 is the new 60 for oil. the argument is you have opec set up to cut production aggressively on the back of weakness in prices also, the u.s. government arguing if prices drop to the $70 range, we will see purchasing to refill the strategic reserve. you have two very strong puts, if you like, that have not kicked in the market at a higher rate than in the past. i think that is important for investors. i think it will help the energy sector advance in the investment plan in a weird kind of way, the u.s. government has aligned itself with

let's bring in bank of america's francisco blanch talk me through the trajectory in light of this 2 milliony cut headline number i realize that's a loaded number we're getting so far out of this event. i think we might be having some audio issues with fwrancisco >> i'm back, sorry. >> this is a whirlwind day here on squawk on the streets francisco, i think we have your audio now. talk to me about crude prices from here. >> absolutely. a couple weeks ago we put our -- what that means is opec is going to be proactively reducing supply as prices get into the 80s range. we've also seen the u.s. government talk about potentially refilling the spr as prices come below $80 a barrel i think there's support for prices in this range we think from here on we're likely to see the upside obviously 2 million a day is below expectations i think one of the big questions is are we going to get a 2 million a barrel real cut or a 2 million a day nominal cut that is essentially readjusted by the fact that opec itself is producing by 3 million barrels a day under their actual quotas. i think if you reallocate t