# The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the First Quarter - FEDERAL RESERVE BANK of NEW YORK

> The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during January–March 2020, according to the New York Fed's quarterly report to Congress. The broad trade-weighted dollar appreciated 7.1% in the quarter, its largest gain since Q4 1997, driven by safe-haven flows amid the coronavirus shock.

- Date: 2020-05-14 · published 2020-05-14T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/53331-the-federal-reserve-and-u-s-treasury-did-not-intervene-in-fx-markets-during-the
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A stronger dollar makes US commodity exports more expensive for foreign buyers and tends to weigh on dollar-denominated grain and oilseed prices, while emerging-market currencies weakening raises the local cost of imports.

## Read by commodity

- DXY: bullish ▲
- SOY: bearish ▼
- CORN: bearish ▼
- USDMXN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-12-18 | [U.S. Federal Reserve cuts interest rates by another quarter point \| CBC News](https://feedsoft.ai/events/26852-u-s-federal-reserve-cuts-interest-rates-by-another-quarter-point-cbc-news.md) | +0.7% | +1.5% |
| DXY | 2017-06-15 | [Federal Reserve Board - Federal Reserve Board approves action by the Boards of Directors of the Federal Reserve Banks of New York, St. Louis, and Minneapolis](https://feedsoft.ai/events/70399-federal-reserve-board-federal-reserve-board-approves-action-by-the-boards-of.md) | +1.1% | -0.5% |
| DXY | 2022-02-23 | [The market has adjusted its views of how the Federal Reserve will raise interest rates](https://feedsoft.ai/events/42642-the-market-has-adjusted-its-views-of-how-the-federal-reserve-will-raise.md) | +1.0% | +1.2% |
| DXY | 2022-09-21 | [Federal Reserve Meeting Fed Makes Another Big Rate Increase](https://feedsoft.ai/events/10326-federal-reserve-meeting-fed-makes-another-big-rate-increase.md) | +2.6% | +2.6% |
| DXY | 2024-05-06 | [Financial Markets Report - First Quarter of 2024](https://feedsoft.ai/events/30558-financial-markets-report-first-quarter-of-2024.md) | -0.1% | +0.2% |
| CORN | 2024-08-13 | [Brazil's central bank had no reason to intervene in FX amid 'accelerated weakening'](https://feedsoft.ai/events/11942-brazil-s-central-bank-had-no-reason-to-intervene-in-fx-amid-accelerated.md) | -1.2% | +0.1% |
| CORN | 2020-03-04 | [Brazil central bank to intervene in FX swaps market on Thursday](https://feedsoft.ai/events/54310-brazil-central-bank-to-intervene-in-fx-swaps-market-on-thursday.md) | +1.1% | -0.6% |
| CORN | 2019-11-26 | [EMERGING MARKETS-Brazilian c.bank intervenes as real slumps; Colombian peso drops on tax reform](https://feedsoft.ai/events/56346-emerging-markets-brazilian-c-bank-intervenes-as-real-slumps-colombian-peso.md) | +0.9% | +1.7% |

## Sources

- newyorkfed.org: https://www.newyorkfed.org/newsevents/news/markets/2020/20200514

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.