The Federal Reserve Bank of New York’s quarterly report to the US Congress said the Federal Reserve and US Treasury did not intervene in foreign exchange markets during January through March 2026. The report also noted that the US dollar rose 1.1 percent in the quarter on the Federal Reserve Board’s broad trade-weighted dollar index, following a cumulative 7.4 percent depreciation in 2025. The dollar’s appreciation was attributed to a negative terms-of-trade shock for major energy-importing economies amid the US-Iran conflict and to higher US export prices given the United States’ position as a net energy exporter. On a trade-weighted basis, the euro, Korean won and Canadian dollar were the largest contributors to the dollar’s rise. Presented by Roberto Perli in his capacity as System Open Market Account Manager, the report covers the New York Fed’s foreign exchange operations for the System Open Market Account and for the US Treasury in its role as fiscal agent of the United States.
Federal Reserve Bank of New York 2026-05-14
Federal Reserve Bank of New York reports no US foreign exchange market intervention in first quarter 2026
The Federal Reserve Bank of New York reported to the US Congress that the Federal Reserve and US Treasury did not intervene in foreign exchange markets during January through March 2026. The report noted a 1.1 percent rise in the US dollar on the Federal Reserve Board’s broad trade-weighted index, driven by negative terms-of-trade shocks for major energy importers amid the US-Iran conflict and higher US export prices, with the euro, Korean won and Canadian dollar the largest contributors.