US DATA: 2Q current acct gap $123.3b vs $109.2b in 1Q. The much wider
goods and services gap was partially offset by a slightly smaller
unilateral transfers gap and a slightly larger income surplus. Net
financial flows ex. derivatives were $36.6b in 2Q vs $34.7b in 1Q. There
was a small drop in private purchases of U.S. Treasury securities, but a
larger decline in official purchases. The 2Q current acct gap was 3.4%
of GDP, up from 3.0% in 1Q.