The US current-account deficit, the crux of my fundamental case against the dollar, has deteriorated dramatically over the past two years...

 ... from -2% of GDP in the first quarter of 2020 to -4.8% in the first quarter of 2022, with the just-reported data for early 2022 revealing the second-sharpest quarterly deterioration since 1960.

America’s current-account deficit hasn’t been this large since mid-2008 in the depths of the global financial crisis.

Surprisingly, domestic saving has since rebounded

good reason to believe that interest rates would remain uncomfortably low.

As a result, the US current-account adjustment would be increasingly concentrated in the sharp depreciation of an overvalued dollar. 

(But ...)

Stephen S. Roach Project Syndicate 27 June 2022

https://www.project-syndicate.org/commentary/why-post-pandemic-dollar-strengthened-not-weakened-by-stephen-s-roach-2022-06