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, 2012, the dollar depreciated broadly, with depreciations of 1.5 percent against the euro, 2.4 percent against the Japanese yen. In this period, the dollar's nominal trade-weighted exchange value declined 2.6 percent, as measured by the Federal Reserve Board's major currencies index.
The report was presented by Simon Potter, 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.
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