The U.S. Treasury has not identified any countries as being currency manipulators in its latest report, as widely expected. It has decided to continue monitoring six countries including China and Germany, and added an extra term in its definitions that should provide more flexibility in trade negotiations. The absence of declaring any manipulators removes an area of friction for the “100 day plan” to cut the U.S. deficit with China. The continued focus on Germany suggests Treasury does not “believe” the ECB acts in the interest of all Eurozone members. Panjiva analysis of the U.S. defici...