WASHINGTON (Reuters) – The U.S. Treasury Department on Thursday said no major U.S. trading partner manipulated its exchange rates to gain unfair competitive advantage through June 2022, but said it would stay in close touch with Switzerland on its currency practices.
The bulk of interventions seen were aimed at strengthening currencies, not weakening them, Treasury said in a semi-annual report, while acknowledging that emerging and developing economies might need a range of approaches – including intervention – to respond to current global economic conditions.
A senior Treasury official told reporters that the dollar’s strength against other currencies, could begin to ease as monetary tightening by the Federal Reserve peaked and other central banks caught up.
(Reporting by Andrea Shalal; Editing by Paul Simao)
