we will be back with john normand. you are a bloomberg customer, you can see john on tv . goal to tv and steal some of tom's data checks. we have standard deviation of what we are seeing on rand and you can ask us, ask the desta question. this is bloomberg. -- ask the guest a question. -- this is bloomberg. ♪ francine: good morning. tomomberg surveillance" will join us later. francine lacqua in london and i am tom keene. the euro with john normand. 01, which isrmand 1 going to be dominant in your call on the euro? john normand: it is interest rate differentials and we -- relativeould be to the resin has to be with the ecb at a much earlier stage off policy normalization cycle then the fat and i think that -- than the fed and i think that's a way to think of it. at this chart, difference between economic surprises in europe versus the u.s. we will push it out on social media. it was very clear in europe was doing better than the u.s. due to employment and inflation and you have pmi going to back down. does it me