The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Marc Chandler NEW YORK ( BBH FX Strategy) -- On Monday the eurozone reported that its January current account surplus of 4.5 billion euros was its largest in almost five years. The December surplus was revised to 3.4 billion from 2.0 billion initially. The monthly swings of the time series can be misleading due to seasonal factors and the schedule of transfer payments.
The fact that Germany's overall current account surplus has not changed much over the past five years suggests it has diversified its exports away from the eurozone. China is a likely suspect. Germany accounts for 40% of eurozone exports, and the eurozone's trade deficit with China in 2011 fell to about 102 billion euros from almost 148 billion euros in 2010.