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 fourth quarter of 2014, the U.S. dollar’s nominal trade-weighted exchange value appreciated 5 percent as measured by the Federal Reserve Board’s major currencies index. The U.S. dollar continued to appreciate notably against major and emerging market currencies, reflecting market expectations for divergent economic growth prospects and monetary policy outlooks between the United States and other economies. In particular, the dollar appreciated 4.4 percent against the euro and 9.2 percent against the Japanese yen.
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.
The full report is available on the New York Fed’s website.