Analysts at TD Securities note that the US Treasury released its semi-annual report on economic and FX policies of its major trading partners overnight and no country was labelled a currency manipulator as expected.
Key Quotes
“China was criticized for the ‘pervasive use of explicit and implicit subsidies and other unfair practices’, with ‘significant concerns about China’s FX practices’, noted. The monitoring criteria were also extended, resulting in a larger number of trading partners under review. In this report the List was composed of Japan, Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam. As we had expected India was removed from the Monitoring List. Switzerland was also removed.”
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