NEW YORK (MNI) – The Federal Reserve Bank of New York Thursday
released the following statement regarding U.S. monetary authority
intervention in the second quarter:
“The U.S. monetary authorities did not intervene in the foreign
exchange markets during the April – June 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 June 30, the dollar depreciated
2.4% against the euro and 3.2% against the Japanese yen. In this period,
the dollar’s trade-weighted exchange value depreciated 2.0% 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.
The report is available at www.newyorkfed.org – the New York Fed’s
web site.
As a reminder, in Q1, the New York Federal Reserve noted that U.S.
monetary authorities purchased $1 billion against the yen, which was
part of the co-ordinated intervention that was carried out by the
foreign exchange trading desk at the New York Fed, operating in
conjunction with Japanese monetary authorities, the European Central
Bank (ECB) and the monetary authorities of, Canada and the United
Kingdom.
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[TOPICS: MN$FX$,M$U$$$,MMUFE$]
