guy: stephen gallo is still here. you were listening to that.raghi says -- that was an inside joke. francine: you were listening. we listened to it this morning. stephen: qe. the announcement effect was significant. you look at the upturn in the eurozone data. the announcement effect was pretty dramatic. you have this strange gap between creditor and debtor countries and peripheral countries where the debt is increasing in a slower way than it was precrisis. but qe is generally good for debtor countries and bad for creditor countries. the yield less. it is a unique situation that you have in the eurozone. francine: in terms of your favorite play on the currency markets, what are you buying? stephen: there's opportunities in relative value. with the big crosses, the bigger currencies like the dollar wait and see what happens with the u.s. data. i like sterling 3-6 months out. we are talking levels like 1.98. i think the buying area in sterling is 1.86, 1.87. unless we get a break of of 1.9050, you will buy that break. but if it moves back down a