US: No surprises in Treasury Department's semiannual report - BBH

Analysts at BBH explain that the US Treasury Department's semiannual report on the foreign exchange market was released on Good Friday and it had no surprises.  

Key Quotes

“Trump had already stolen the thunder by revealing in the WSJ interview that China would not be cited.  The report reads like the previous report under Treasury Secretary Lew, and the six countries that posed a challenge then were cited again:  China, Japan, South Korea, Taiwan, Germany, and Switzerland.”

“Note that Japan and China have both agreed to conduct trade talks with the US, which would have been one of the consequences of being cited as a manipulator.  Japan's Prime Minister Abe will meet US Commerce Secretary Ross on April 18.  Ross is reportedly working on a comprehensive review of US trade, with attention to currency misalignments (different thrust than manipulation, though perhaps still susceptible to pressure for remedial action).”