U.S. MONETARY AUTHORITIES DO NOT INTERVENE
FX MARKET DURING FIRST QUARTER
NEW YORK The U.S. monetary authorities did not intervene in the foreign exchange markets during the January - March 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 March 31, 2002, the dollar appreciated 2.0 percent against the euro and appreciated 0.8 percent against the Japanese yen.
The report was presented on behalf of the Treasury and the Federal Reserve System by Dino Kos, executive vice president of the New York Fed and the Federal Open Market Committees manager for the system open market account.