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.
During the first quarter of 2015, the U.S. dollar’s nominal trade-weighted exchange value appreciated 8.1 percent as measured by the Federal Reserve Board’s major currencies index. The U.S. dollar continued to appreciate notably against many major and emerging market currencies, reflecting market expectations for divergent economic growth prospects and monetary policy expectations between the United States and other economies. The dollar appreciated 12.7 percent against the euro, marking the largest quarterly gain for the dollar against the euro since the euro’s inception in 1999, though it was little changed 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.