The summer 2026 US Treasury FX report is unlikely to designate any country as a currency manipulator. Despite concerns over intervention, no trading partner has breached all three required quantitative thresholds.
Key Takeaways
- 1.The upcoming US Treasury FX report is unlikely to label any trading partner as a currency manipulator.
- 2.Switzerland's central bank may become more cautious regarding FX intervention to avoid breaching US Treasury thresholds.
Table of Contents
- Treasury FX report preview: Manipulation thresholds not breached despite USD decline
- FX report criteria thresholds
- No manipulator labels, unchanged monitoring list
- ING's estimates for the FX report's criteria
- Context matters
- Switzerland keeping an eye on its metrics
- SNB FX intervention and Treasury's threshold
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Authors
Francesco Pesole
Themes
Central Bank InterventionCurrency Manipulation Policy
Regions
GlobalUnited StatesChinaJapan