is steven saywell .or the guys on the trading floor at bnp paribas, three different mornings, three different narratives. what on earth is going on? en: we think the market is being way too complacent about prospects for a fed rate hike. clearly, this has been a response to the minutes we saw isterday, but we think there a strong chance that the fed does move in september. we think the markets are not pricing and enough of that probability. the market is only 20% price for a hike. if they doom of -- if they do move, and will rally quite substantially on that surprise. in the past year, they only made the move if the market is primed for it. how do they prime the market for a move? will janet yellen make that kind of communication towards the market? steven: we think she will. traditionally, that speech has been very important. the clear platform where the fed can really signal what it is going to do. when it comes to data, we know the fed is very focused on payrolls. when we had that fed meeting at the e

steven saywell of bnp paribas with us. do you just extrapolate out to the shock and awe of parity? think that would be a little bit far. you have had a big decline in sterling against the euro and if you look at valuation and modeling, we would argue a lot of the bad news is priced in. there probably will be more bad news but i think the big sterling move will likely come against the dollar. i think you will be looking for sterling weakness or sterling-dollar is more likely to be the vehicle. tom: your sterling is a slow dynamic of trade between the continent and england, tell us about weaker sterling and what does that mean for trade dynamics? i think what you are alluding to, it will be beneficial for u.k. exporters. about 50% of u.k. exports go to the eu so it is very important. it comes through with a bit of a lag. there is another factor to look at here. you cannot just look at the end product. take the car industry, this is a big industry and the u.k.. it exports a lot to the eu but a lot of the content of british cars are actually sourced from the eurozone. that weaker pound