Press Release
U.S. Monetary Authorities Did Not Intervene in FX Markets during the Third Quarter
November 10, 2011
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, the dollar appreciated 8.3 percent against the euro but depreciated 4.3 percent against the Japanese yen. In this period, the dollar’s nominal trade-weighted exchange value appreciated 5.3 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.

Contact:
Jonathan Freed
(212) 720-6449
(646) 720-6449
jonathan.freed@ny.frb.org

Full Report 
14 pages / 428 kb
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