U.S. Monetary Authorities Did Not Intervene in FX Markets during the Third Quarter

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Press Release

U.S. Monetary Authorities Did Not Intervene in FX Markets during the Third Quarter

November 12, 2010

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 said today in its quarterly report to the U.S. Congress.

During the three months that ended September 30, 2010, the dollar depreciated 10.2 percent against the euro and 5.5 percent against the Japanese yen. In this period, the dollar’s trade-weighted exchange value declined 6.7 percent as measured by the Federal Reserve Board’s major currencies index.

The report was presented by Brian P. Sack, executive vice president of the Federal Reserve Bank of New York and the Federal Open Market Committee’s manager for the System Open Market Account, on behalf of the Treasury and the Federal Reserve System.

Full Report
14 pages / 194 kb
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