NEW YORK (MNI) – The following is Friday’s New York Federal Reserve
Bank summary of its quarterly report, again confirming there was no
intervention in the foreign exchange markets:

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, 2010, the
dollar depreciated 10.2 percent against the euro and 5.5 percent against
the Japanese yen. In this period, the dollar’s trade-weighted exchange
value declined 6.7 percent as measured by the Federal Reserve Boards
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 Committees manager for the System Open Market
Account, on behalf of the Treasury and the Federal Reserve System.

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