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

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Press Release

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

February 10, 2011

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, 2010, the dollar appreciated 1.8 percent against the euro but depreciated 2.9 percent against the Japanese yen. In this period, the dollar’s trade-weighted exchange value depreciated 0.4 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
13 pages / 299 kb
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