vasileio: for sure.far as the euro surged -- eurozone is concerned, i think we are going to see a lot of demand and a lot of flows over the next couple of years and that is largely because there has been such an excessive pessimism to the eurozone, even pricing in the possibility of a and thatf the eurozone money that outflows without including the u.k. is going to start reversing. going back to the point about yields in the u.s., if we did not have the trump election and we stopped watching the market at the end of october and woke up today, the yields would still be up by a good 25 basis points. basically what is happening, i expect yields to grind higher. i think we are reverting to that normal pre-trump trade and we are seeing greater growth prospects. we have that a rational -- we have that -- we had that irrational exuberance or whatever you wanted to call it. i think we are going to grind higher. alix: what is going to be fundamental when it comes to yield? we saw consumer credit rise the lowest s

let's get back to vasileios gkionakis.ency, apart from the ones that are clearly directly linked such as the russian ruble? is a very i think it interesting question because this year we have seen quite a significant rotation away from commodity effects in the first half of the year towards very much eurocentric currencies, and i'm not just referring to the euro. i think it is an interesting, all of this conversation about oil because we are not really seeing a rolling over of oil prices. we are not seeing a rolling over of commodity prices and as a result, traditional bellwethers seem to be holding up ok-ish against a relatively weak dollar. i think the reason for that is we still have a relatively healthy or solid local growth demand. outlook from here, i still expect some rebounding commodity effects in currencies because i'm a believer in the global growth outlook and we will see prices gravitating higher. i also think that rotation toward eurocentric currencies will outperform because eurozone growth is here to stay.