USTR Sources: Switzerland to be labeled as a currency manipulator
|Switzerland is likely to be labeled as a currency manipulator by the US in an upcoming report from the US Treasury, Reuters reports, citing people familiar with the matter.
Key quotes
“Massive interventions by the Swiss National Bank this year to slow the appreciation of the Swiss franc will mean Switzerland will now satisfy all three criteria to be called a manipulator.”
“Switzerland also meets the other two criteria, by having a bilateral goods surplus of more than $20 billion and a current account of surplus of more than 2%.”
Market reaction
The USD/CHF pair was last seen trading at 0.8890. almost unchanged on the day.
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