NEW YORK — The U.S. monetary authorities did not intervene in the foreign exchange markets during the October–December 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 December 31, 2006, the dollar appreciated 0.8 percent against the yen and depreciated 4.1 percent against the euro. In this period, the dollar's trade-weighted exchange value decreased 0.6 percent as measured by the Federal Reserve Board's major currencies index.
This report, presented by Dino Kos of the Federal Reserve Bank of New York, describes the foreign exchange operations of the U.S. Department of the Treasury and the Federal Reserve System for the last period of 2006. Mr. Kos, who currently serves as executive vice president and adviser to the president of the Federal Reserve Bank of New York, was executive vice president and manager of the system open market account during the period covered by this report.