let's get back to kamal sharma and james bevan.t euro strength, the sense is central banks need to target euro strength. is this part of keeping a hold on the euro? you do not end it like this, you announce it and communicate and gradually unwind it. >> qe is coming to an end in 2018. whether they stop it in september or taper down to december, the era of ecb qe is coming to an end. haserms of the euro, draghi a bigger communication issue in september when we have the euro-dollar rating leaning to euroto 1.20, but also the weighted index. he is questioning the impact of the pastor effect of the higher euro into inflation. it seems they are willing to dismiss the move in the euro, 1.6% rise in the twi, because they are going to taper. francine: james, let me ask you a question i have not passed yet . is there a danger the german economy overheats? >> i think there is. there are clear signs the domestic economy is beginning to taper. but it is clear they have taken up the baton. the export led growth initially provided this strength.

with kamal sharma and steve blitz. is about dollar weakness and pound higher, will -- but what is your call on cable. i think the way we are looking at this is that the bar to a weaker sterling from negative brexit headlines is much higher than the bar to good news impacting sterling. the market continues to trade on the transition put. the markets want the can to be kicked down the road. may seems to be a popular date in terms of the futures market in terms of the next bank of england rate hike. we think that the downside risks , itterling from bad news has to be very high for that to happen. cyclically, growth remains relatively robust. the economy should benefit from global -- francine: tom, you are coming over next week, you want to go to harris. mes is what tom always asks to bring him to. what is the exchange rate going to be? kamal: we have key numbers going out next week. the dollar is in a bit of a tricky spot. you have the china news. for the dollar to regain significant traction, i think we need a good cpi n