U.S. Monetary Authorities Do Not Intervene in FX Market during 3Q 1997

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Press Release

U.S. Monetary Authorities Do Not Intervene in FX Market during 3Q 1997

October 30, 1997

NEW YORK - The U.S. monetary authorities did not intervene in the foreign exchange markets during the July-September quarter, the Federal Reserve Bank of New York reported to Congress today. It was the eighth consecutive period in which there was no U.S. intervention in the markets.

During the three months that ended September 30, the dollar appreciated 5.0 percent against the Japanese yen and 0.8 percent against the German mark. On a trade-weighted basis, the dollar appreciated 1.4 percent against the other G-10 nations' currencies.

The report was presented by Peter R. Fisher, executive vice president of the New York Fed and the FOMC's manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.

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