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Stock impact report

Fed confirms it obeyed White House request for an unusual ‘rate check,' weakening the dollar against foreign currencies [Fortune]

ING Group, N.V. (ING) 
US:NYSE Investor Relations: ing.com/investor-relations.htm
Company Research Source: Fortune
the Japanese yen on behalf of the White House earlier this year. The move is often regarded as a precursor to actively intervening in currency markets. In this case the implication would be that the U.S. Treasury wanted to strengthen the yen versus the dollar (or, vice versa, weaken the dollar versus the yen). Indeed that is exactly what happened on the foreign exchange markets on January 23 of this year. The dollar had been trading at ¥158.50 but then collapsed suddenly to ¥152.45 by January 27—a relatively sharp move for such large international currencies. In the minutes of its last meeting, the Fed said that private markets had expected the dollar to continue weakening this year but the U.S. economy had done so well that those expectations had “moderated quite a bit.” The dollar was slowly gaining strength versus the yen, approaching ¥160. Recommended Video But then, the Fed said , U.S. Treasury officials asked the Fed's trading desk to get a quote for a significant purcha Show less Read more
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