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 major trading partners...Given rising bilateral

trade surpluses, we think Taiwan and Thailand will very likely be added to

Treasury's "Monitoring List." Thailand, Switzerland and Vietnam could

potentially meet all 3 criteria, which has never happened before and would

probably trigger a request for bilateral negotiations. But we do not think a

"manipulator" designation is likely or warranted at this stage. To varying

degrees, both Switzerland and Thailand are regional safe havens in our view with

overvalued currencies and limited policy alternatives, and recent interventions

have been aimed at guarding against further currency misalignment rather than

creating an unfair trade advantage. In Vietnam, two-sided interventions suggest

an aim towards FX stability. And in any case, we think the exceptional market

circumstances in early 2020 justify extra leniency."