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Home > Markets & Policy Implementation > International Market Operations > 


FOREIGN EXCHANGE OPERATIONS

The New York Fed is authorized by the Federal Open Market Committee (FOMC) to
intervene in the foreign exchange (FX) market by executing FX transactions for
the System Open Market Account (SOMA), as directed by the FOMC, and, in its
capacity as fiscal agent of the United States, for the Exchange Stabilization
Fund (ESF), as directed by the U.S. Treasury. The New York Fed also provides FX
transaction services to its official sector account holders, U.S. government
agencies (as directed by the U.S. Treasury), and the Federal Reserve System.

The Federal Reserve and the U.S. Treasury may intervene in the FX market when
required to counter disorderly market conditions. After the breakdown of the
Bretton Woods system in 1971, the United States monetary authorities (the
Federal Reserve and the U.S. Treasury) used FX intervention both to reduce
excess exchange rate volatility and to signal the views of the U.S. that the
exchange rate did not reflect fundamental economic conditions. However, since
1996, the U.S. has only intervened on three separate occasions, including a
purchase of Japanese yen in June 1998, a purchase of euros in September 2000,
and a sale of Japanese yen in March 2011.

Interventions, at the direction of the FOMC or Treasury, are executed by the New
York Fed. When a decision is made to support the dollar's value against another
currency, the New York Fed's Open Market Trading Desk (the Desk) buys dollars
and sells that foreign currency; conversely, to reduce the value of the dollar,
it sells dollars and buys the foreign currency.

In the context of an operation to support the dollar's value against another
currency, the foreign currencies that are used to intervene have historically
come equally from foreign exchange reserves held in the SOMA portfolio and the
ESF. These holdings currently are in euros and Japanese yen. Interventions have
historically been coordinated with other central banks, especially those that
issue the currency or currencies involved in the intervention.

Separate from interventions, the Desk also provides FX transaction services to
three primary sets of customers: the United States government and its agencies
(as fiscal agent), foreign central banks and monetary authorities that hold
accounts with the New York Fed, and the Federal Reserve System. FX transactions
for the United States government and its agencies typically facilitate
foreign-currency-denominated payments. These transactions typically make up the
majority of the Desk's FX trading volume. Foreign central banks that hold
accounts at the New York Fed also regularly request FX transactions.
Occasionally, the Desk also facilitates certain foreign-currency-denominated
payments for the Board of Governors or other Federal Reserve Banks.



Reports
Quarterly Report on Treasury and Federal Reserve Foreign Exchange Operations
FX Volume Survey
The Foreign Exchange Committee releases the Survey of North American Foreign
Exchange Volume.
The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the
United States, April 2022
A survey of turnover in the over-the-counter (OTC) foreign exchange and interest
rate derivatives market
Data Tables
Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets in
2022
Announcements
The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the
Third Quarter
Nov 14, 2024
Data
Markets Data Dashboard
Open Market Operations: Transaction Data
Historical Foreign Exchange Rates
Federal Reserve Board: Foreign Exchange Rates-H.10
Related New York Fed Content
Foreign Exchange Counterparties
Operational Readiness
Foreign Exchange Committee (FXC)
Financial Markets Lawyers Group (FMLG)
Global Economic Indicators
Nordstrom: The FX Global Code: Progress Made and The Path Ahead
Statement of Commitment to the FX Global Code
On Teller Window: Contributing to a Fair and Transparent FX Market
Related External Content
Federal Open Market Committee (FOMC)
U.S. Treasury Exchange Stabilization Fund (ESF)
Global Foreign Exchange Committee (GFXC)
FX Global Code
Bank for International Settlements (BIS)
International Monetary Fund (IMF)
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