The improvement in NFL-GDP suggests that the exchange rate may be more sustainable than previously assumed. However, the improvement has been from a very high starting 15 See Orr, Edey and Kennedy (1995) and OECD (2013). 16 See figure 5 in Williams (2017). Ref #7076865 v2.1  14  point.
NFL-GDP near 60 percent remains high by international standards, and continues to be a concern of rating agencies, especially given our exposure to commodity exports that can be subject to large price swings.