Press Release

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

May 6, 2004

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, 2004, the dollar appreciated 2.3 percent against the euro and depreciated 2.8 percent against the yen. In this period, the dollar’s trade-weighted exchange value increased by approximately one-half percent, 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.

Contact: Linda Ricci
(212) 720-6143
linda.ricci@ny.frb.org

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