Goldman Sachs note that "the US Treasury......>

FOREX: Goldman Sachs note that "the US Treasury could soon publish its biannual

report on the FX practices of its major trading partners, which is commonly

referred to as the "FX Manipulators Report." Relative to the January report, it

seems very likely that Thailand and Taiwan will be added to the Monitoring List,

while Ireland will be removed. Depending in part on the timing, it is possible

that Switzerland, Thailand and Vietnam could meet all three of the Treasury's

criteria. However, the "manipulator" label takes into account a wider range of

circumstances-specifically, whether FX policy is aimed at creating an unfair

trade advantage. We do not think this designation is likely or warranted for any

country at this stage, but it is possible that Treasury will request more

bilateral negotiations."