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 & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.
U.S. Monetary Authorities Did Not Intervene in FX Market during Third Quarter
November 6, 2003
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, 2003, the dollar depreciated 6.9 percent against the yen, 1.2 percent against the euro and 0.4 percent against the Canadian dollar. In this period, the dollar’s exchange value declined 2.3 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.