Up in Brazil I didn't have access to technology training So I worked as a dishwasher during the day and I taught myself at night My career at Bloomberg group because I had technology skills Bloomberg is helping to provide technical resources for students in Mexico City São Paulo and Rio de Janeiro And that's going to impact about 5000 students Bloomberg dedicates almost all of its profits to transforming lives around the world See how at Bloomberg dot com slash face the data Market analysis that goes beyond the ordinary Again I learned another function from Matt Miller today Bloomberg markets with poles weenie and Matt Miller Why is this stock so unloved Weekdays at 10 a.m. eastern on Bloomberg radio The Mercedes from our studios at Queen Victoria street spectacular studios if you are ever in London I will give you the best set of stairs in all of London show up at Queen Victoria street go around the corner about one full English breakfast and there is a Roman museum in the museum itself is fantastic Roman remains that we found Mike did you see that Mike Bloomberg's in a caterpillar bulldozer And he's out back digging up the London terrain here This is like ten years ago And I thought Roman ruins I missed it You missed it The stairs down to the Roman ruins is sobering about the length of soil across the centuries of London There's your history lesson for this morning Romain bostick's going what Futures up 9 down futures up 15 The Vic's 27.21 in Roman Thank you so much for the advice where you said Tom lose the full English Romaine bostick in New York Hey guys Good morning Well back here in the U.S. where you guys are out in your European vacation Markets continue to sort of oscillate around here It's really all about a lot of the retailer stocks and I guess consumer spending and how it's holding up We did get those Costco numbers here And it was interesting I mean comp sales growth was actually a pretty good here but there was some concerns really about margins Those margins continuing to compress And this seems to be the story for a lot of the retailers out there even the ones that are I guess to a certain extent supposed to be recession proof Costco shares down about a percent on the day And then you have big lots which has a similar model to Costco though not quite the subscription model Those shares down 20% That was a different story Comp sales were down 14% and more importantly they posted a surprise loss for the quarter flipping from profitability to a loss and once again it's about margins It's also about inventory Inventory they are jumping almost 50% in the most recent quarter and that was also the story for gap which reported last night Their inventory levels were up 34% year over year And now a lot of concern that a lot of these companies that have been posting these high inventory levels are now going to be a position where they're going to have to start discounting discounting into an environment where they're already being squeezed with regards to their profitability Gap shares down 18% This was really an ugly report here and most of the commentary we got on the call didn't provide any clarity as to what the path forward here to reverse that trend Now one of the bright spots out there on the retailer space is Ulta Beauty Tom Everyone is out buying makeup and other sort of products that make themselves feel really You know tracing up and down the Roman steps or whatever folks are doing these days those shares up about 8% Not only that but they actually raise their outlook and they said they're seeing no shit on consumer spending there Yeah it's big You know you need your money Yeah Romain afterthought has 52 bottles on her bathroom sink Yeah I have no idea other than ultra beauty's making it hand over fist Yeah Continue Yeah well they have a way of convincing people that you always need more to look well and then of course there's a seller Yes they do I think they're a great marketers over there If I may say that workday which point out keep an eye on the software stocks today's time I know you're a big keen on that but workday missed big time here on their backlog growth which has been decelerating although their top line growth was still pretty good but we're seeing this all around here where investors really punish these companies If they don't continue to post that phenomenal growth that they've been used to and one bright spot here in the chip space marville technology a maker of semiconductor equipment here higher by about 4% on the day Tom Ruin bostick thank you so much This is really a joy to come back to London for the first time off the horrific pandemic and talk to someone who writes a research note that in every case triangulates What you do in the foreign exchange market is you look at not the yen but always a currency pair to different currencies And then the pros use the Bloomberg to triangulate They'll look at Euro dollar They'll look at dollar yen and then the pros go and look at the bring it around circuit It's €2 Euro yen as well Jordan Rochester joins us down G ten FX strategist from numerator great to catch up with you This morning is it a time here or in the parlance you can make big figure bets Absolutely I mean the volunteers You're outside Did you wake up in the morning After your full English you're like let's go Well we've just had 4% in the dollar selling off over the past few weeks weeks so it's really big moves on the back of very little So it's a very volatile environment So it's volatile environment but it's an easy one to get right if you look at for example all the calls for parity that have gone the way of the English breakfast for someone a like Stephen major One O 7 and seems to have gotten some foothold there Indeed one of the biggest flaws in my sort of way of approaching things is getting too sat on these big parity figures But I do think if you look at Euro where we are here today we've had a big 4% rally higher What's really strange is this Chinese remember as weaker but Euro stronger the main trading partner of Europe is under pressure here with their lockdowns and not enough stimulus yet the Euro stronger and it's all boiling down to what I've been surprised by is the U.S. terminal rate pricing really softening and that's kind of allowed this week a dollar But I think we probably had a little bit too much of that dollar weakness and we could see Euro go back down low next week And that's been basically your call right You've been talking about how the Euro does not look cheap here even though it has been cheaper than it has been in years What's the level you're targeting given the resilience that we've seen over the past few trading sessions So if you use valuation models you have two ways of doing it really One is deflating it by consumer prices or one by producer prices Most of the time producer prices are the things that you actually trade for foreign exchange And produce the price inflation in Europe is nearly 40% It's higher it's worse than the 1970s for Europe It's not the same for the U.S. So that's really devalued the value of the Euro for its medium term sort of level So one O 9 is where I'm getting my sort of fair value for the Euro But I think given the trade deficits collapsing given their main trading partner in China is under pressure given the food crisis the energy crisis Euro to parity is still possible in the months ahead There's a lonely crew out there focused land on Deutsche Bank And at the University of.