30 Oct 2013
US Treasury FX report: Germany's surplus creates euro deflation pressures
FXstreet.com (Barcelona) - The US Treasury FX report, released by the Bureau of Fiscal Service, Department of the Treasury, has just been published. The most relevant headlines can be found below, courtesy of Dow Jones:
"US Treasury said China has allowed yuan to appreciate 12 pc against dollar since june 2010, appreciation was 16 pct in real terms, thus US treasury thinks China cannot be labeled currency manipulator at this time."
"On Germany, the US Treasury said: "Germany's nominal current account surplus was larger than that of china in 2012. Germany's weak demand and export dependence create "deflationary bias" for euro area, world economy ."
Regarding Japan, the US Treasury says "will closely monitor japan's policies, extent to which they support growth of domestic demand, while urging south korea to limit fx interventions to exceptional circumstances."
"US Treasury said China has allowed yuan to appreciate 12 pc against dollar since june 2010, appreciation was 16 pct in real terms, thus US treasury thinks China cannot be labeled currency manipulator at this time."
"On Germany, the US Treasury said: "Germany's nominal current account surplus was larger than that of china in 2012. Germany's weak demand and export dependence create "deflationary bias" for euro area, world economy ."
Regarding Japan, the US Treasury says "will closely monitor japan's policies, extent to which they support growth of domestic demand, while urging south korea to limit fx interventions to exceptional circumstances."