NY Fed confirms intervention in currency markets...

NY Fed confirms intervention in currency markets...

WASHINGTON (AP) -- The New York Federal Reserve Bank is confirming that it has intervened in currency markets for the first time in more than a decade.

The disclosure by the U.S. came a day after the Group of Seven major industrialized nations pledged in a statement to join in a coordinated effort to weaken the Japanese yen. The yen has surged in the last week to post-war record levels following the Japanese earthquake and tsunami.

Edited by Rogerdodger, 18 March 2011 - 08:30 AM.

But so far their joint manipulation of currencies weakened USD instead

Geezer Squeezer Bubble Ben said QE would lower the long rates, but instead they rose. Only later after the stock market had risen for months did he say QE was to boost equity prices. He still hasn't discovered the really big boost was to commodities and revolutions. Maybe he's confused again and is trying to drive the dollar completely in the ditch. No telling what he's got up his sleeves. He moves in mysterious ways.