Press Release
U.S. Monetary Authorities Do Not Intervene In FX Market during 1Q 1998
May 7, 1998

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. It was the tenth consecutive period in which there was no U.S. intervention in the markets.

During the three months that ended March 31, the dollar appreciated 2.8 percent against the German mark and 2.2 percent against the Japanese yen. On a trade-weighted basis against the G-10 currencies the dollar appreciated 1.9 percent.

The report was presented by Peter R. Fisher, 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.

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