The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
U.S. Monetary Authorities Did Not Intervene in FX Market during Second Quarter
November 6, 2003
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 three months that ended June 30, 2003, the dollar depreciated 5.1 percent against the euro, 8.2 percent against the Canadian dollar but appreciated 1.5 percent against the Japanese yen. In this period, the dollar’s exchange value declined 4.5 percent on a trade-weighted basis as measured by the Federal Reserve’s major currencies index.
The report was presented by Dino Kos, executive vice president of the New York Fed and the Federal Open Market Committee’s (FOMC) manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.Full Report 11 pages / 77 kb Archives