our next guest says despite spro supply concern, hedging for another oil price spike is prudent. the best way to protect themselves some joining us is chris walker who is currency strategist at ubs. chris, thanks for joining us. in europe of course the oil play traditionally has been the norwegian crown. but they sur are priced everybody by cutting rates a month or so ago. so what do you do with the crown and the oil spike risk? >> there are also misconceptions about how should be trade and a lot of people still use it as an oil hedge as you alluded to just because it is one of the major exports as people assume that, yeah, we should buy this and the correlation between brent prices is still positive. but because of some of the in-flows we've seen into norway, we've seen a rapid appreciation of the currency and now they say enough is enough and we want to tackle in the same way that many of the central banks have been doing. so this provides an interesting dynamic. in the short term, we do remain constructive on the and we see some appreciation on a relative basis. but over the l