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00:00GOOD TO SEE YOU. WE SAW THIS LOSS OF ABOUT 8% , IF YOU LOOK AT THE BLOOMBERG DOLLAR INDEX, LOSING GROUND AGAINST A LOT OF ITS PARTNER CURRENCIES. WHAT GIVES? JENS: WE HAVE TO KEEP PERSPECTIVE, THE DOLLAR HAD A MAJOR RALLY FROM .14 AND UP UNTIL JANUARY THIS YEAR. FROM A VALUATION PERSPECTIVE, THE DOLLAR CAME INTO THE YEAR VERY STRONG. THAT WAS ONE PROBLEM IT WAS FUNDING FROM THE OUTSET. THE OTHER PROBLEM WAS THAT TRUMP TRIED TO TALK IT DOWN EARLY ON. I THINK THAT MAY THE TURNOVER EASIER. MOST IMPORTANT IS THAT THE TWO BIGGEST COUNTER CURTSIES IN THE WORLD ARE THE EURO AND CHINESE RENMINBI AND THE HAD POSITIVE THINGS GOING FOR THEM THIS YEAR -- THE BIGGEST COUNTER CURTSIES. JULIE: CAN I JUST SAY I HAD FORGOTTEN ABOUT PRESIDENT TRUMP TALKING DOWN THE DOLLAR, BECAUSE SO MANY BIG THINGS HAPPEN THIS YOUR. JOE: IT ' S FUNNY WE ALWAYS HAVE THESE HEADLINES LIKE SOME FINANCE MINISTER OF EMERGING MARKET, IT ' S NOT THAT UNCOMMON FOR LEADERS IN OTHER COUNTRIES TO TALK DOWN THEIR CURRENCIES, BUT HERE IT IS LIKE STRONG DOLLAR, STRONG DOLLAR. IS THERE ANY REAL REASON THAT IT HAS TO BE THAT WAY, OR COULD WE IN HER AND EUROPE WHERE WE ROUTINELY SAY LEADERS IN THE U.S. SAY DON ' T THINK THE STRENGTH OF OUR CURRENCY IS JUSTIFIED? JENS: THE IDEA OF HAVING A RESERVE CURRENCY IS THAT YOU WELCOME CAPITAL INFLOW, YOU ARE OK WITH HAVING A STRONG CURRENCY, AND IN RETURN YOU GET VERY LOW INTEREST RATES AND LOW BOND YIELDS. IF YOU START TO TALK DIFFERENTLY, THEN MAYBE GET A SLIGHTLY CHEAPER CURRENCY BUT MAYBE YOU HAVE TO PAY A PRICE IN HIGH BOND YIELDS OVER TIME. JOE: SO HOW MUCH DOLLAR WEAKNESS IS ABOUT THE EXTRAORDINARY RISK APPETITE WE HAVE SEEN? BASICALLY NO ONE JUST WANTS TO HOLD DOLLARS BECAUSE OF THE MARKET CONFIDENCE, PEOPLE ARE BUYING EVERYTHING. HOW MUCH IS JUST THE FLIP SIDE OF THAT? JENS: IT CERTAINLY CROSSES WHERE THAT EFFECT IS AT PLAY, BUT THE EURO IS ONE OF THE STRONGEST CURRENCIES OF THE YEAR. THINK IT IS DEATHLY MORE THAN THAT. I ' M GOING TO COME UP WITH THE TWO BIGGEST COUNTER STORIES, CHINESE CAPITAL FLOW IS CHANGING TO GENERATE SOME INFLOWS. THAT WAS A RELATIONSHIP. AND THE SENTIMENT AROUND EUROPE, KEEP IN MIND WE ALL THIS OPTIMISM ABOUT U.S. GROWTH AT THE MOMENT BECAUSE OF TAX REFORM, BUT IN FACT THE RECENT BROKE PACE IN EUROPE AND THE UNITED STATES HAS BEEN VERY SIMILAR. JOE: -- JENS: PEOPLE SAID GROWTH IN THE EUROZONE WOULD NEVER BE MORE THAN 1.5, AND NOW WE HAVE HAD 2.5 OR A

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Why 2017 Was Not the Year of the Greenback

Jens Nordvig, Exante Data founder and CEO, discusses the the performance of the U.S. dollar with Bloomberg's Joe Weisenthal and Julie Hyman on "What'd You Miss?" (Source: Bloomberg)

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