today. the current kourns country si m. trying to the safe havens like the yen or the swiss franc, they're weakening today. a sign that the investors are slightly less nervous than 24 hours ago. >> what are you hearing, willem, from traders in terms of expectations of whether this is going to continue to get worse before it gets better? >> yes, so i had quite a few conversations as you can imagine with analysts this morning and quite a few of them are saying, look, this could be much, much more significant than what we have seen in the past because if we end up with a currency war between the u.s. and china this is a new set of tools in their respective arsenals. these currency markets obviously we see daily movements that are significant, and we saw hugely increased volatility it would be very challenging for central banks to try to manage that. that might be one of the things that you alluded to from there