Twice a year, generally in mid-April and mid-October, the US Treasury publishes a report to Congress, commonly known as the FX report, aimed at identifying potentially unfair FX practices among the US's major trading partners. The report attracted increasing interest during Trump’s protectionist period, and saw some tweaks after Janet Yellen took office as Secretary of the Treasury. We analysed the the most recent FX Report in “Three takeaways from the Treasury’s April FX Report”. In short: the first edition under Yellen saw a softening in the Treasury’s stance on FX interventions. Regulation provides that three ... (full story)