still with us, jane foley.s just finish our conversation this morning with a quick word about australia, new zealand, the currency there. reading the citigroup this morning or a report by one of my colleagues on it, suggesting that they like the aussie and the kiwi, their favorite currencies at the moment. do you see those currencies? jane: again, very much on the back of the emerging markets story. people being forced to look for strong yield. and if you look at that in the context of the g 10, they are the highest yield. and i think it is very interesting that performance of this, particularly the new zealand dollar, the brexit referendum, normally you have it working the opposite way to the japanese yen. when the japanese yen goes down, they go up, and vice versa. after the brexit vote, the japanese yen went up and these currencies went up, too. very interesting that investors trade but in the yen also bind yield. i think the story really relates to will the central banks cut that trade little more by cuttin

tom: but why does jane foley, the outlier of a stronger sterling, what is the significance that forces 6, versusto stay at 12 the doom and gloom of 120 or 115? jane: i don't know. i did not know the other banks were forecasting that. but 126 compared with where we are now is still bearish. again, part of it might be that some of the banks are anticipating numbers from the u.s. favorite what is your pairing right now? know, i think the dollar-yen is really interesting. but i am also looking at the new zealand dollar. will they cut once, or will they cut three times this year? the risk is they could cut aggressively. people have been forced into looking into yields. new zealand had the best performing g-10 currency since know, i think the the referendum. that is not particularly normal. whepeople are so forth to look for yield -- people are so forced to look for yield that it is performing well. tom: let's come back with jane foley. we are going to go to china with edna and then talk to jim foley. is withext hour, david us from bank of america. mr. trump, mrs. clinton, and american capit

tom: jane foley, thank you very much, with probably -- with repo bank -- with rabobank. is sort of like dow 10,000. you get a 99 print, it is a big deal as well. he knows dow 10,000. dean curnutt with macro risk advisors. do you put a big asterisk next to the good market and the complacency in the vix because it is august? dean: a little bit. last year was a significant risk off with china's currency selloff. at the same time, i think there is this circularity between the circularity because there is no volume, there are no traders. there is a shockingly quyen period -- there it is a shockingly quiet period. you have five straight weeks without a 1% up or down move in the s&p 500. since 2010i count five other instances of that. over the past 21 days, you are in a 1% range, all in from high to low. these are the things that cause option prices to melt away. it is very difficult to fund hedges, even though the vicks looks -- even though the vix looks optimally -- looks optically low. francine: for the counter argument -- i do not know if it is a counter argument, but if it