the correction of global imbalances - the trend in the US external sector seems to signal a certain degree of stabilization. Anyway, these data do not seem to indicate that the exchange adjustment has come to an end.
Both the current account deficit - around 7 percent of the Gross Domestic Product (GDP) - and US financial assets held by the rest of the world are high. This has already resulted in a readjustment of the main currencies that, in my view, is not over yet.