EFTA Document EFTA01449333

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax U.S. Trade Balance Monitor [Figure 1: The US trade deficit continues to recover 0 -100 O, ti USO Bn .100 -200 -200 -300 -300 -4C0 -400 -500 -BOO -600 -700 -700 -B047 -Annualized Trude Balance -900 J Annualized Trade Balance 3m 4 -500 Sum -Annualized Trade Balance.12m Sum Saws teratreeetterswesarnt ( Figure 3: The narrowing in the deficit reflected a outpacing of import growth by export growt