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, 2004, the dollar depreciated 2.3 percent against the euro and 5.7 percent against the Canadian dollar, respectively. The dollar appreciated 1.5 percent against the yen. In this period, the dollar’s trade-weighted exchange value declined by 2.0 percent, 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.

Contact: Linda Ricci
(212) 720-6143
linda.ricci@ny.frb.org

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