May 13th, 2011
Econintersect: The NY Federal Reserve notified Congress in its quarterly report today that monetary authorities intervened in the foreign exchange markets on one occasion ( on March 18, buying $1 billion against Japanese yen) during 1Q2011.
During the three months that ended March 31, the dollar depreciated 5.5 percent against the euro but appreciated 2.5 percent against the Japanese yen. In this period, the dollar’s trade-weighted exchange value depreciated 3.7 percent as measured by the Federal Reserve Board’s major currencies index. Follow up:
The coordinated G-7 intervention was carried out by the foreign exchange trading desk at the New York Fed, operating in conjunction with Japanese monetary authorities, the European Central Bank (ECB) and the monetary authorities of, Canada and the United Kingdom. The intervention amount was split evenly between the Federal Reserve System Open Market Account and the U.S. Treasury’s Exchange Stabilization Fund (ESF).
source: NY Fed