thanos vamvakidis is the head of fx strategy at bank of america merrill lynch and he is still with usso, thanos, today is, as anna wa s saying, it is about hard data, as opposed to the softa d data. so, it is a moment of formation? >> yes, we have seen a slowing of the economy. most of this came before the referendum because of the uncertainty. one can argue that perhaps, the worst is ahead of us. any uncertainty will affect the economy. however, i have to ask, what is already priced in? based on the debt we have seen so far, sterling seems too weak. manus: that is what we were looking at so far. this is the fifth month of declines, the worst run of declines since 1984. >> depending on the time when article 50 will be activated, this will affect the markets. but when we look at stirling today, we might have to wait. definitely, there will be a rally, but it could be an opportunity to buy. to see a sustainably weaker muching, we need weaker data than what we have seen. it is a slowing of the economy. most likely, the worst will be toward next year when we see cables going up to 1.25 an