U.S. Fourth-Quarter Foreign Exchange Operations (Text)

Following is the text of the U.S. foreign exchange operations report:

The U.S. monetary authorities did not intervene in the foreign exchange markets during the October-December 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 December 31, 2011, the dollar appreciated 3.3 percent against the euro, but depreciated 0.2 percent against the Japanese yen. In this period, the dollar’s nominal trade-weighted exchange value appreciated 0.7 percent, as measured by the Federal Reserve Board’s major currencies index.

The report was presented by Brian P. Sack, 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 report is available at www.newyorkfed.org - the New York Fed’s web site.

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