Press Release
U.S. Monetary Authorities Did Not Intervene in FX Markets During the Second Quarter
August 13, 2015

NEW YORK—The U.S. monetary authorities did not intervene in the foreign exchange markets during the April — June quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.

During the second quarter, the U.S. dollar’s nominal trade-weighted exchange value depreciated 2.3 percent, as measured by the Federal Reserve Board’s major currencies index. The U.S. dollar depreciated most notably against European currencies, including declines of 3.6 percent against the euro and 5.6 percent against the British pound, respectively. The dollar’s performance was a departure from the steady and notable appreciation observed from mid-2014 through the first quarter of 2015 and reflected mixed U.S. economic data, improving euro-area and U.K. data, and a notable rise in euro-area sovereign interest rates. Contrary to the development against European currencies, the U.S. dollar appreciated 2.0 percent against the Japanese yen, though market contacts did not attribute this price action to specific Japan-related developments.

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.

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