United States: Should we expect an exchange-rate dynamics similar to that in the period 2002-2008?

From 2002 to 2008, the growing US external deficit led to a very sharp depreciation of the dollar (against the euro, emerging-country currencies and China), despite the fact that interest rates were higher in the United States than in the euro zone from 2004. When we look at capital flows into and out of the United States in this period , we see there were significant purchases of US bonds by non-residents, but also major short-term capital flows out of the United States, leading to a depreciation of the dollar. Now adays as well, the United States will have a growing external deficit due to the expansionary fiscal policy at full employment conducted by the Trump administration, and the United States will now also have higher interest rates than those in the euro zone. Should we then expect a sharp depreciation of the dollar again? This will be the case only if it becomes difficult for the United States to attract foreign capital. Currently , capital in equities and bonds and short - term capital are flowing into the United States, which prevents the dollar from deprec i ating, but this could change in the future as a result of the downturn in growth in the United States.