Press Release

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

November 6, 2003

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, 2003, the dollar depreciated 6.9 percent against the yen, 1.2 percent against the euro and 0.4 percent against the Canadian dollar. In this period, the dollar’s exchange value declined 2.3 percent on a trade-weighted basis as measured by the Federal Reserve’s major currencies index.

The report was presented by Dino Kos, executive vice president of the New York Fed and the Federal Open Market Committee’s (FOMC) manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.

Full Report
11 pages / 77 kb
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