the spread is 110 basis points, but theyield is 85, bonds underlying it are negative.respects, a yield corporate bond market does not say much such a bad idea in the context of what we're talking about in terms of the european market. but obviously, it is encouraging investors. the ecb is not buying high-yield emerging markets. the vester say it is encouraging -- they investors it is encouraging are. jonathan: we also saw it in the book for the italian 30 year, 22 billion euros for an italian 30-year at a time we are told the eurozone economy is starting to outperform the united states. why are people getting aggressively long italian duration? >> i am not really sure why you are getting really aggressive unless you want to leverage up. they have as many political problems to come in the next year as we have been through in the last couple of days. there is a 40 basis points negative depot rate in europe. just holding cash. people are taking it, taking it, taking it. you hedge over rates and get a bit of a spread there as well. what they need to do is change their mand

today, theyields treasury yield is down around two basis points.e seeing yields come down in the core in europe as well after the gilt yield moved higher yesterday following hawkish comments from the boe. how this is feeding into the dollar, this chart shows a tale of three currencies because if you look at the bloomberg dollar index it has underperformed the yen, dollar-yen in blue, and it has also underperformed the euro. there is a lot of questions about the euro as to whether we will see a rally like we did for the dollar in 2014. what has been fueling the dollar underperformance has been the lack of progress on u.s. stimulus, and prospects in europe and japan boosting those currencies. the euro the strongest performer against the greenback this year and it means that analysts have been changing their forecasts. strategists surveyed now see the dollar climbing to ¥114 by year by rather than 115 estimated the end of 2016, and it has seen weakening against the euro, the dollar, to 1.12. francine: thank you so much. let's cross to mexico and mexic