The euro big picture revisited

Almost a year since markets first started to wobble, it is becoming easier to argue that the big picture for the major currencies is starting to change, but the shift in the balance of arguments is still at an early stage. At the US end, the trade deficit has stopped widening, especially relative to the size of the economy. Thus, the current account deficit is expected to narrow to below 4.5% of GDP this year, a full percentage point lower than last year, to stand at around $620 billion. There