Fed refrains from intervening in Q1, but valuations push reserves up
Despite no intervention from the Fed, US FX reserves rose on the back of a weakening US dollar
The Federal Reserve Board did not intervene in the foreign exchange market during the first quarter of 2016, despite currency reserves increasing by $1.7 billion to $41.5 billion, a report published by the Federal Reserve Bank of New York reveals.
The rise in US FX reserves is the result of a weakening dollar during the first three months of the year, which saw the unit depreciate against all major and emerging market currencies over the course of the quarter on a net basis. Overall, the Fed's
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