with us is michael purves. michael: it's something you have me monitoring.had the death of euro populism. that in austria. in april. pen you never know. it could come back. if it does come back, this concept of repairing the new european union political condition could be a challenge. macron workingin together, that could rate. that can be something to be watching or. alix: we talked about the potential for what it means. >> what markets will focus on his this idea that at the core of europe and between france and germany, this idea of working for a stronger european union. a push towards reform we might not have seen in a way that we have a number of years. it that has been one of the key calls of our strategy. the euro remains very undervalued. michael: i think i could not agree more. the euro has gone three regime change. it has been defined by rate inferential's. it's arguably increasing in the u.s. and decreasing in europe. that is a huge factor. even though the positioning shows everybody is in the euro right now, the charts are telling us something. t

jonathan: michael purves?h everything on technicals but one thing that's interesting is if you look at the positioning on the long euro positioning in the euro market, is very aggressive. through extreme positioning on the euro, you don't really get a good contrarian signal like you do another futures markets. in other words, this crowded trade could stay crowded for a while with perhaps a move slightly higher. jonathan: you mentioned the structural allocation into europe. you say there may be rate differentials but maybe it's a computer this a complete reallocation it to europe with money flowing back in it will cause the euro to strengthen regardless of what happens with rate differentials. agree, i think that story is in place and is only just beginning. if you look at the fund flow data in japan, there have been big outflows. a lot of that is going to europe will stop europe, swiss tells you the reallocation from safe assets is alive and kicking. the one thing i would highlight is that the ecb does not lik

jonathan: michael purves and vincent reinhart will be sticking with us.th brian moynihan, the ceo and chairman at bank of america. a big reversal over 24 hours and we close higher in many of the benchmarks in the united states. this morning, futures unchanged and a reversal in risk appetite. this -- you are watching bloomberg. ♪ jonathan: with bank of america passing its test in announcing an increase to its dividends, warren buffett is making some moves. investmentverted a into a $16.5 billion stake, booking a gain. now -- us it is great to have you with us on the program just give me your thoughts on bank of america and as we sit down with mr. moynihan a little bit later, the kind of questions you would like to ask him. >> i think this is a very strong sign of berkshire hathaway with warren buffett has had a long track record of investing in some of the best-performing banks in the united states. i conferred -- can -- converting this preferred ownership into stock, it gives them greater liquidity and turns them into the largest common shareholder of ban

when we free michael purves -- goal when -- when we frame it goal first, it works. that is one thing we found success for over an over again. but as a moment to say, let us reinforce our shared vision and worry about the policy specifics later. so much of lobbying in this moment is about getting our democratic ducks in a row on how to have the most progressive governing moment in the next opportunity. we don't want to be trying to get the entire caucus on board once we are in power, let us get as many people on board now so we are ready to go. progressives are already sitting there saying, we not just on the center ofre the american policy. this is the democratic position. that's another piece of it. another one that often comes into play when we ask partners to hear us out on something, thinking of how you can approach the member of congress with a low list but high reward game plan. if you go to them with an idea but expect them to do all the work, were talking about busy people with busy staff, very talented supportive people, but you're more likely to get yes if