we hear from the julius baer ceo.t his views on the swiss franc and-- this is bloomberg. ♪ ♪ good morning and welcome back to "daybreak europe." it is 2:30 in the afternoon in tokyo. looking at a picture of the beautiful palace. 7:30 in the morning here in berlin. 6:30 over with guy johnson in the markets. guy: you and i will work our way through that open. we are expecting to see a little bit of positivity creeping in. the fair value being predicted by bloomberg is for a fairly flat open. you can see this on your wei screen. yesterday, european had a reasonably good bid. you can see those stocks up 3/10 of 1%. overnight, the japanese nikkei stronger. the aussie dollar is well bid, as is the kiwi dollar overnight. here is where things get interesting. if you were short the dollar, you would be squeezed yesterday. the same in the treasury story, as well. that is interesting considering what we are about to show you. skew, thee one year risk reversal, on the calls and puts. for the first time in many, many years, we hav