U.S. Treasury Department added Switzerland back to its currency watch list and urged Switzerland "to adjust its macroeconomic policies to more forcefully support domestic economic activity".

"Despite borrowing costs for the Swiss government being among the lowest in the world, fiscal policy remains underutilized, even within the constraints of Switzerland's existing fiscal rules," U.S. Treasury said.

The Swiss currency is less than 1% away from the 15-month high it reached in late December as global unease helped spur investor demand for the haven currency.

The other countries on the Treasury's monitoring list are China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam. It removed the tag of currency manipulator from China.

Switzerland met two of the three criteria in the Treasury's report, having a material current account surplus and a significant bilateral trade surplus with the U.S. Switzerland previously was included on the list between October 2016 and October 2018.