The Federal Reserve Bank of New York published its quarterly report to Congress on US foreign exchange operations, confirming that the Federal Reserve and US Treasury did not intervene in currency markets from April through June 2026. The Federal Reserve Board’s broad trade-weighted dollar index was little changed overall. Dollar gains against the euro, Japanese yen and Canadian dollar offset declines against the Chinese renminbi and several high-yielding emerging market currencies. Early depreciation followed easing US-Iran tensions, lower oil prices and improved risk sentiment, while later gains reflected widening US interest-rate differentials driven by stronger-than-expected economic data and higher expectations for Federal Reserve policy rates.
Federal Reserve Bank of New York2026-08-13
Federal Reserve Bank of New York reports no Federal Reserve or US Treasury foreign exchange intervention in second quarter of 2026
The Federal Reserve Bank of New York reported that the Federal Reserve and US Treasury did not intervene in foreign exchange markets during the second quarter of 2026. The broad trade-weighted dollar was little changed as gains against advanced economy currencies offset declines against emerging market currencies.