jane foley is the head of fx strategy, and she is with anna and i.ing macron, he's another leader that goes. he is looking for the great openness that comes from these visits with china. what he will get in return is debatable. one thing about the currency that we know is that it has been strong and unstable. alpha is there in the euro, and i ask because many people are saying the difference between what happens to your arrival and what happens to the fed. there's a difference between the ecb and the federal reserve, but it is actually going to drive the valuation of the euro. in other words, we still think it will be 2019 before the ecb does anything with a stacked deck spreads. >> that's right. i think there's no realistic prospect that the ecb will hike interest rates in 2019. 2018 will be really important, and of course it is not just about the interest rate hikes, there's a real debate about whether they will drop quantitative easing be on september. the next few months will be really crucial about pricing that in, and the market right now is lo

with me is jane foley, senior fx strategist for rabo bank. welcome to you, thank you very much for comingn. we're starting with the guardian and is warning that it is just the guardian and is warning that it isjust a the guardian and is warning that it is just a matter of time before the uk suffers a major cyber attack. it is more details this. this is exactly what they are saying, it is a matter of when, not if. if you will recall, in 2017, we already had a cyber attack, that was wannacry. it shut down many services of the nhs, it is quite interesting with regard to this issue because just a few years ago, it was considered that people would perhaps putting these types of viruses to computers for ransoms and if you then paid out, they would stop it. it was expected that bitcoin would perhaps feel that because it was expected to be more difficult to trace where the money was going, but now it seems that it has been linked potentially to possibly wanting to do these attacks, it has become a little different in its theme. it is almost a type of warfare, i guess is what they are suggesting.

with me is jane foley, senior fx strategist for rabo bank. welcome to you, thank you very much for coming warning that it is just the guardian and is warning that it isjust a the guardian and is warning that it is just a matter of time before the uk suffers a major cyber attack. it is more details this. this is exactly what they are saying, it is a matter of when,

joining us is jane foley, senior currency strategist at rabobank. nice to see you. carillion, the fallout is becoming quite clear. the ones that were gaining a potentially the rivals of carillion which could sleep in for contracts, the ones losing had joint ventures or were tied in some way to carillion. a tale of two halves? and lots of the ones losing were involved in pubs private sector contracts. these quys pubs private sector contracts. these guys will probably had to pick up the costs. sullo firm could be significantly out of pocket. the ones announced yesterday, that this is the case then, included balfour beatty and an infrastructure company from scotland, he would have to come up from scotland, he would have to come up with potentially millions of pounds to keep the project going. those involved in government schemes, the government has given reassurance to the workers and said they will carry on being paid if they will carry on being paid if they are involved in building schools, hospitals and military installations etc. it is a tale of two halves. it is w

it's up a couple percent above 11,000 let's talk markets with jane foley.he dollar confusing people so far this year. there's strong economic data, but still in general seeing some weakness >> that's right. if you go back to the start of the year, even last year, the market was getting more excited about growth in the eurozone we have the flip side of the dollar story more flows going back into the eurozone is a theme of 201 the big change in that story so far this year is speculation about the ecb. will they stop their quantitative easing after september? that may happen. but the market will be getting excited about the potential for interest rate hibs from the hike ecb. if the market thinks an interest rate hike in 2018 could happen, there's the possibility that the market could be disappointed that's why the tone of draghi at the ecb policy meeting will be important. we can't forget that he was more dovish than the market anticipated last month in december that could happen again next week >> in terms of just the trading ranges for where the euro is at,

francine: thank you so much, jane foley, senior fx strategist at rob a bank and stephanie baker. coming up, we speak with the cofounder of one of you up's largest -- the cofounder of one of europe's capital funds. this is bloomberg. ♪ francine: economics, finance and politics. this is "bloomberg surveillance ." the term activist has become almost synonymous with the aggressive tactics. they have gone after big targets, including volvo, but cevian has its own brand of corporate partnership. what is cevian, and what is it trying to do? let's go to zurich for the exclusive conversation. >> good morning and thank you cevianch to be here at outside zurich. so, let's talk about activism for a moment. the reason i say that is because there is a widespread assumption about what activism is. at the same time, there is an understanding that every firm in the business of activism practices it differently. so, what is cevian's brand of activism? >> when we started this strategy 20 years ago we had not even heard about activism. i was supposedly the biggest activist in europe. our activism is