NEW YORK—The U.S. monetary authorities did not intervene in the foreign exchange markets during the October—December quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.
During the three months that ended December 31, 2008, the dollar appreciated 0.9 percent against the euro and depreciated 14.6 percent against the yen. In this period, the dollar’s trade-weighted exchange value appreciated 4.3 percent as measured by the Federal Reserve Board’s major currencies index.
The report was presented by Patricia Mosser, senior vice president of the Federal Reserve Bank of New York and the acting manager for the System Open Market Account, on behalf of the Treasury and the Federal Reserve System.
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