[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-565860-105":53,"doc-detail-565860-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","treasury-and-federal-reserve-foreign-exchange-operations-april-june-2024","Treasury and Federal Reserve Foreign Exchange Operations - April-June 2024","","Second-quarter 2024 foreign exchange developments show the U.S. dollar strengthening by 2.6% on net in the Federal Reserve Board’s broad trade-weighted dollar index. Emerging market currencies drove most of the move, with large gains versus the Brazilian real and Mexican peso. The dollar was supported by resilient U.S. economic data, tighter labor-market conditions, higher Treasury yields, and Federal Reserve communications indicating fewer and later policy rate cuts, alongside increased idiosyncratic political risk premia abroad.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/treasury-and-federal-reserve-foreign-exchange-operations-april-june-2024/565860/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/treasury-and-federal-reserve-foreign-exchange-operations-april-june-2024/565860.png","ImageObject",442,249,{"name":88,"@type":89},"Asher","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-25","2026-10-13",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",7,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"How much did the U.S. dollar appreciate in Q2 2024, and what measure was used?","Question",{"text":109,"@type":110},"The U.S. dollar appreciated 2.6% on net in Q2 2024, measured by the Federal Reserve Board’s broad trade-weighted dollar index.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"Which currency pairs saw the largest bilateral dollar appreciation during the quarter?",{"text":114,"@type":110},"The dollar appreciated most versus the Brazilian real (11.6%) and Mexican peso (10.6%), and also rose versus the Japanese yen (6.3%) and slightly versus the euro (0.7%).",{"name":116,"@type":107,"acceptedAnswer":117},"Did the Federal Reserve or the U.S. Treasury intervene in foreign exchange markets during the quarter?",{"text":118,"@type":110},"No. The Federal Reserve and the U.S. Treasury did not intervene in foreign exchange markets during the quarter.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},565860,1792095256,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":20,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":47},687197207639,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS  \nApril-June 2024  \nDuring the second quarter of 2024, the U.S. dollar, as measured by the Federal Reserve Board’s broad trade-weighted dollar index, appreciated 2.6 percent on net. Emerging market currencies accounted for the vast majority of the broad dollar move, as the dollar appreciated against the Brazilian real and Mexican peso by 11.6 percent and 10.6 percent, respectively. The dollar was driven by U.S. economic data suggesting resilient growth and continued tightness in the labor market as well as Federal Reserve communications, which contributed to both higher Treasury yields and a modest upward repricing of the Federal Reserve’s path of policy. The dollar was further supported by an increase in risk premia stemming from idiosyncratic political risks abroad that weighed on specific currencies. On a bilateral basis, the dollar appreciated 6.3 percent against the Japanese yen and 0.7 percent against the euro. The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the quarter.  \nThis report, presented by Roberto Perli, Federal Reserve Bank of New York System Open Market Account Manager, describes the foreign exchange operations ofthe U.S. Department of the Treasury and the Federal Reserve System for the periodfrom April through June 2024. Colleen Keegan was primarily responsible for preparation ofthe report.  \nChart 1  \nBROAD TRADE-WEIGHTED U.S. DOLLAR INDEX  \nIndex Index  \n126  \n124  \n122  \n120  \n118  \n116  \n\n| \u003Cbr>| \u003Cbr>|\n| --- | --- |\n\n126  \n124  \n122  \n120  \n118  \n116  \nJanuary February March April May June  \nSources: Board of Governors of the Federal Reserve System; Bloomberg L.P.  \nChart 2  \nEURO−U.S. DOLLAR EXCHANGE RATE  \nDollars per euro Dollars per euro  \n1.12  \n1.10  \n1.08  \n1.06  \n1.04  \n\n| \u003Cbr>| |\n| --- | --- |\n\n1.12  \n1.10  \n1.08  \n1.06  \n1.04  \nJanuary February March April May June  \nSource: Bloomberg L.P.  \nChart 3  \nU.S. DOLLAR−YEN EXCHANGE RATE  \nYen per dollar Yen per dollar  \n165  \n160  \n155  \n150  \n145  \n140  \n\n| | \u003Cbr>|\n| --- | --- |\n\n165  \n160  \n155  \n150  \n145  \n140  \nJanuary February March April May June  \nSource: Bloomberg L.P.  \nChart 4  \nU.S. DOLLAR PERFORMANCE AGAINST DEVELOPED AND EMERGING MARKET CURRENCIES DURING THE SECOND QUARTER  \nBrazilian real Mexican peso Japanese yen Canadian dollar Euro  \nChinese renminbi (onshore) British pound Swiss franc  \nNorwegian krone  \nNew Zealand dollar Australian dollar  \n\n| \u003Cbr>\u003Cbr>| |  |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n|  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |\n|  |  |  | U.S. dollar\u003Cbr>appreciation |  |  |  |  |\n|  |  |  |  |  |  |  |  |\n|  | |  |  |  |  |  |  |\n| |  |  |  |  |  |  |  |\n\n-4 -2 0 2 4 6 8 10 12 14  \nPercent  \nSource: Bloomberg L.P.  \nU.S. DOLLAR APPRECIATES ON U.S. ECONOMIC RESILIENCE, MODEST REPRICING OF FEDERAL RESERVE POLICY, AND IDIOSYNCRATIC POLITICAL RISKS ABROAD  \nDuring the second quarter of 2024, the U.S. dollar, as measured by the Federal Reserve Board’s broad trade-weighted dollar index, appreciated 2.6 percent on net, with emerging market currencies accounting for four-fifths of the move. The dollar was [driven by U.S. data](driven by U.S. data) that suggested continued economic resilience and tightness in the labor market, which led to a rise in Treasury yields. Contacts also noted that the appreciation of the dollar was driven by Federal Open Market Committee (FOMC) communications that suggested a slightly later start to policy rate cuts than anticipated, as well as idiosyncratic political risks abroad that weighed on specific currencies versus the dollar, particularly the euro and the Mexican peso.  \nU.S. economic data prints during the quarter were broadly interpreted as indicative of resilient economic growth and continued tightness in the labor market. In particular, market participant","cbCailJw82uYzERg","https://ap.wps.com/l/cbCailJw82uYzERg","pdf",396675,"English","# Overview\n## Dollar performance and key drivers\n## Bilateral exchange rates\n## Policy and market interventions\n## Supporting charts and data sources","[{\"question\":\"How much did the U.S. dollar appreciate in Q2 2024, and what measure was used?\",\"answer\":\"The U.S. dollar appreciated 2.6% on net in Q2 2024, measured by the Federal Reserve Board’s broad trade-weighted dollar index.\"},{\"question\":\"Which currency pairs saw the largest bilateral dollar appreciation during the quarter?\",\"answer\":\"The dollar appreciated most versus the Brazilian real (11.6%) and Mexican peso (10.6%), and also rose versus the Japanese yen (6.3%) and slightly versus the euro (0.7%).\"},{\"question\":\"Did the Federal Reserve or the U.S. Treasury intervene in foreign exchange markets during the quarter?\",\"answer\":\"No. The Federal Reserve and the U.S. Treasury did not intervene in foreign exchange markets during the quarter.\"}]","Treasury and Federal Reserve Foreign Exchange Operations - April-June 2024 | PDF",1791859528]