Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : April 12, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

April 12,1993

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the

BOARD O F G O V E R N O R S
FEDERAL RESERVE SYSTEM

FINANCIAL MARKETS
SECTION




Washington, DlC. 20551

Table of Contents

TABLES

1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS

1. SPOT EXCHANGE RATE INDICES
2. 3-MONTH FORWARD EXCHANGE RATES
3. GOLD PRICE—LONDON
4. CALL MONEY RATES
5. 3-MONTH INTEREST RATES
6. EURO-DOLLAR DEPOSIT RATES
7. SELECTED EURO-DOLLAR AND
U.S. MONEY MARKET RATES
8. INTEREST ARBITRAGE: 3-MONTH FUNDS
9. LONG-TERM GOVERNMENT BOND YIELDS
10. INDUSTRIAL STOCK INDICES




SUBSCRIPTION RATES:

Weekly $30.00 per year or $.70 each in the United
States, its possessions, Canada, and Mexico.
Elsewhere. $35.00 per year or $.80 each. Address
requests to Publications Services Division of
Support Services, and make payment remittance
payable to the order of the Board of Governors
of the Federal Reserve System in a form collectible at Par in U.S. Currency.

CHART 1

SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973=100
140

RATIO SCALE
MARCH 1973=100

120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

130

100

120

90

110

80
70
270

—

BELGIAN FRANC

'

i

i

I

i

'

'

I

'

i

i

l

•

i

i

I

» i

i

l

'

i

i

I

i

i

i

100
90
240

250

220

230

— I 200

180

210

JAPANESE YEN

170
100

160

SWISS FRANC

190

i

i

i

90

l

i

i

i

l

i

i

i

I

i

i

i

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

140
100
90

U.K. POUND

80

80

70

70

CANADIAN DOLLAR
60

60
50

•

'

i

I

'

i

'

I

i

i

•

i

'

'

I

'

i

'

I

i

i

i

l

i

i

i

50

200

200

180

190

160

180

140

170

120
100
110

GERMAN MARK

DUTCH GUILDER
•

100

i

< l

i

•

•

l

'

'

'

l

•

'

i

i

i

i

r

i

i

i

i

FRENCH FRANC

90

80
ITALIAN

70

60

'

•
1990




•

I

'

'

» I

'

I
1992

'

I

I

I

'
1990

1992

i

i

160

i

i

i

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

2

2
U.K. POUND

GERMAN MARK

1

1

I

I

1

I

1

I

1

1

1

1

1

1

i

1

A
vT
1

1

1

1

1

I

i

i

i

I

i

i 'i

I

i

i

i

i

'

I

•

i

I

i

i

i

JAPANESE YEN

CANADIAN DOLLAR

1

i

1

1

1

1

1

/ :
1

i

i

•

i

i

i

I

i

i

DUTCH GUILDER

SWISS FRANC
V

v s

2

—

4

6
8
2
+

0

1

1

1

1

1

1

1

1

1

1

1

1

i

i

i

i

i

i

l

i

i

i

1

i

i

1

1

1

1

1
2
+

ITALIAN LIRA

FRENCH FRANC

0
2

2

4

6
1 1 1 1 1 1 1 1

4

6
8
10
12

1

1
1990




1

1

1

1

1

1
1

1

1
1992

1

1

i

i

i

1

1
1990

1

1

1

1

1

1

1

1
1992

8
10
12
14

16
18

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

420

420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

320




320
1990

1991

1992

1993

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

10

14
FRANCE

U.S. FEDERAL FUNDS

12
10

JAPAN

i

i

'

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

i

i

i

I

i

i

i

NETHERLANDS
GERMANY

UNITED KINGDOM

SWITZERLAND




CANADA

I

i

i

i

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANN'

NT PER ANNUM
WEIGHTED AVERAGE
FOREIGN RATE

13
CANADIAN FINANCE PAPER

—

11
9
7
5

•

i

i

I

'

i

•

I

i

i

i

I

i

i

i

3
10

9

U.K. INTERBANK STERLING

' I

I

I

I

I

I

—

I

I

I

I

I

I

I

I

8

NETHERLANDS INTERBANK RATE

I

I

I

I

•

'

I

'

'

'

I

'

'

7
14

12
FRENCH INTERBANK RATE
JAPANESE CD RATE

•

I

I

I

I

'

10

'

I

•

'

'

I^

'

'

i

i

i

I

i

•

•

I

•

•

•

I

i

•

i

8
10

9

GERMAN INTERBANK RATE

SWISS INTERBANK

•
1990

» I
•




i

i

|

I

|

'
1992

i

I

'

i

i

I

I
1990

'

> I

I

I

I

I

I
1992

I

8

I

I

I

I

7

CHART 6

EURO-DOLLAR DEPOSIT RATES L O N D O N
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10
3-MONTH

OVERNIGHT

i

12 —

i

i

I

7-DAY

i

i

'

1

I

» '

1

I

1

'

2
12

10

6-MONTH

10 —

6 —

4 —

» '

2
10

I '

'

» l • '

'

'

1

1

1

i

i

I

1990




i

i

i

i

•

1

1

1

« •

i

i

» i

2
10

1-YEAR

1-MONTH

•

1

i

i
1992

i

i

i

i

i

•

'
1990

•

I

•

•

•

I

•

•
1992

I

I

'

I

'

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

10

8

10

OVERNIGHT

—

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUNDS

90-DAY CD'S I

DASHED LINE

DASHED LINE

i—i—i—I—i—I

_

I

|

I

I
1990




I

I

i

i

i

I

i

•

i

1

1

i

1

i

i

DIFFERENTIAL

r r A Vuh A
vyvv^

W-w/Vy/yr

I

1

1

L

^ ^
V 'y v v '

1

1

i

V

I

i

i

i

I

1

1

1

1

|

|

1

1

1

DIFFERENTIAL

n

1
1992

• A.A
K M y \f/y-

1

1

1

1

1

1

1
1990

1

1

1

1

1

1

1

1992

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

4 —
U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS'

DASHED LINE

DASHED LINE

i

i

i

I

i

•

•

I

•

•

•

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•

•

i

'

i

i

I

I

I

i

i

i

I

I

i

i

i

I

i

i

i

DIFFERENTIAL

DIFFERENTIAL

I

I

I

I

I

I

I

I

I

I

i

:

i

I

i

i

i

I

i

i

i

2
10

10 —

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

6 —

4 —
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

i

'

I

i

i

'

I

'

'

'

I

i

•

i

i

i

I

I

I

1990



I

'

'

I

i

i

i

I

i

I

I

i

i

I

i

i

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I

I

I

I

I

I

DIFFERENTIAL

DIFFERENTIAL

I

i

I

•

•
1992

'

I

•

I

•

I

I
1990

I

> I

I

I

1992

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

UNITED STATES

UNITED KINGDOM

6

5

12
CANADA

FRANCE

11
10
9

8
7

8

8
SWITZERLAND

JAPAN

7

6

5

4

4

10
NETHERLANDS

GERMANY

9

8

7

6
1990




1992

6

CHART 10

STOCK INDICES
WEEKLY SERIES

1986=

RATIO SC/
1986=

DALE
)

2

200

UNITED KINGDOM

UNITED STATES

180
160
1 4 0

120

100

•

i

i

I

i

i

i

I

» i

i

l

i

i

i

1 9 0

JAPAN

SWITZERLAND
1 7 0

1 5 0

1 3 0

110

9 0

I

I

I

1 I

'

I

I

I

1

'

1

I

1

1

1 3 0

FRANCE

ERMANY

120
110

100
9 0

80

I

I

I

I

I

1

1

1

'

1

1

1

I

1

•

1 4 0

NETHERLANDS

CANADA
1 3 0

12C

11C

10C

I

I

I

1 9 9 0




1 I

I

I

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I

•
1 9 9 2

•

I

•

'

'
1 9 9 0

1 9 9 2

SERIES
Chart 1.

10-Mar-93 17-Mar-93 24-Mar-93 31-Mar-93 7-Apr-93

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, weekly averages)
Belgian franc
Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.9258
80.311
17.759
60.242
0.06305
0.85240
53.597
65.080
144.25

2.9182
80.169
17.687
60.112
0.06227
0.85040
53.486
65.572
143.95

2.9644
80.245
17.939
61.085
0.06305
0.86049
54.359
66.109
148.35

2.9845
80.073
18.103
61.506
0.06248
0.85916
54.727
66.431
149..18

3.0210
79.341
18.358
62.254
0.06288
0.87781
55.366
67.310
151.71

115.29
80.04
80.03
169.47
36.19
223.19
153.87
209.37
58.34

114.99
79.90
79.70
169.10
35.74
222.66
153.55
210.95
58.22

116..81
79..98
80..84
171..84
36..19
225..30
156..05
212..68
60..00

117.60
79,.81
81..58
173..02
35..87
224..96
157..11
213..72
60..34

119.04
79.08
82.73
175.13
36.09
229.84
158.94
216.55
61.36

111..06
73..99
74..10
178..67
31..17
233..20
151..57
52..94
205..15
53..48
93..11

111..55
73..62
74.64
179.60
30,.78
232,.13
152,.25
52,.81
205,.64
53..66
92..81

111.89
72.16
75.03
180.19
30.68
235.31
152.62
53.18
206.44
54.11
91.72

-2.14
-8.02
-4.63
-7.82
0.05
-4.30
-1.87
-2.65

-2..05
-8..08
-4..83
-7.97
- 0 . .08
-4..41
-1..92
-2..80

-1,.99
-7,.21
-4,.75
-8,.24
- 0 , .11
- 4 ,.34
-1,.90
-2,.67

-2.28
-6.56
-4.73
-8.44
-0.02
-4.37
-1.97
-2.67

327.67

327.93

331..48

333,.84

338.17

3.02
2.94
5.38
11.00
8.50
3.11
8.17
5.33
5.95

3.04
2.99
4.75
10.91
8.44
3.11
7.90
5.35
6.18

2.93
2.85
4.88
10.93
8.49
3 .16
7.90
5,.40
6 .10

3,.18
3,.09
4,.55
10,.83
7.06
3 .38
7.96
5 .50
5 .45

3.11
3.03
4.60
10.39
8.14
3.04
7.91
5.38
5.45

Indices, March 1973 base rates = 1 0 0
Belgian franc
Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

Weighted average exchange value indices, Mar. 1973=100
Belgian franc
Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. d o l l a r
Chart 2.

-2.26
-8.09
-4.82
-7.84
0.07
-4.51
-2.06
-2.77

Gold Price i n London, Afternoon Fixing

U.S. d o l l a r s per f i n e ounce
Chart 4.

110.57
74.83
73.88
177.70
31.14
233.12
150.81
53.11
205.85
52.40
94.48

3-Month Forward Exchange Rates, Premium or Discount

Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

110.52
74.74
73.97
177.53
31.46
232.96
150.67
54.07
203.64
52.35
94.13

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




SERIES
Chart 5.

10-Mar-93 17-Mar-93 24-Mar-93 31-Mar-93 7-Apr-93

3-Month I n t e r e s t Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank s t e r l i n g
Weighted average f o r e i g n i n t e r e s t rate
(G-10 Countries)
Chart 6.

3. 12
5. 58
10. 95
7.73
3. 24
7.36
4. 96
5. 85
6. 89

3. 10
5. 46
10. 93
7.75
3. 26
7.40
4. 99
5. 95
6. 94

3.12
5.37
10.30
7.83
3.29
7.45
5.01
5.90
6.94

3.12
5.63
9.66
7.87
3.22
7.51
5.04
5.81
6.89

2.94
2.99
3.06
3.10
3.20
3.43

2. 99
3. 03
3. 06
3. 13
3. 23
3. 48

2. 85
2.99
3..06
3.,13
3..20
3..46

3.09
3.06
3.06
3.11
3.23
3.50

3.03
3.00
3.06
3.11
3.25
3.50

Euro-Dollar Deposit Rates

Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.

3.12
5.73
11.06
7.90
3.26
7.49
5.10
5.90
7.00

Selected Euro-dollar & U.S. Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Di f f e r e n t i a l

2.94
3.02
-0.09

2. 99
3. 04
-0. 05

2..85
2..93
-0..08

3.09
3.18
-0.09

3.03
3.11
-0.09

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

3.10
3.12
-0.02

3. 13
3. 12
0.,00

3.,13
3.,10
0..03

3.11
3.12
-0.01

3.11
3.12
-0.00

3.10
3.09
0.01

3.,13
3..16
-0..04

3..13
3..11
0..01

3.11
3.19
-0.08

3.11
3.10
0.01

3.16
3.44
-0.28

3..19
3..41
-0.23

3..16
3..39
-0..22

3.18
3.35
-0.17

3.18
3.32
-0.14

Euro-dollar deposit
Interbank DM ( F r a n k f u r t ) , covered
Differential

3.10
2.99
0.11

3..13
3..01
0..11

3..13
2..83
0.30

3.11
2.99
0.12

3.11
3.05
0.06

Euro-dollar deposit
Swiss interbank, covered
Differential

3.10
3.02
0.08

3 .13
3 .07
0,.05

3 .13
3 .04
0.08

3.11
3.09
0.03

3.11
3.05
0.07

7.36
7.31
6.53
4.11
4.71
6.51
7.56
5.89

7.59
7.33
6 .54
4 .16
4 .63
6 .47
7 .56
6 .06

7.45
7.35
6 .65
4 .22
4 .63
6 .63
7.66
5 .94

7.48
7.28
6.65
4.35
4.66
6.67
7.75
6.04

7.61
7.15
6.70
4.42
4.66
6.71
7.68
6.10

118.37
146.89
101.13
101.47
119.44
166.58
178.40
184.78

118 .00
145 .23
99 .84
103 .27
119 .22
166 .21
174 .49
181 .82

120 .09
144 .15
97.67
105 .52
117.97
166.91
173 .43
181 .51

119.53
150.20
99.27
109.84
119.76
170.44
172.66
183.36

120.01
148.65
97.70
117.90
119.49
169.09
169.33
179.61

Chart 8.

Interest A r b i t r a g e , 3-Month Funds

Euro-dollar deposit
Interbank s t e r l i n g (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

Long Term Government Bellwether Bond Yields
10-year m a t u r i t y , where a v a i l a b l e

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

Stock Indices (Wednesday f i g u r e s )

Canada
France
Germany
Japan'
Netherlands
Switzerland
United Kingdom
United States

Indices ( i n order, rebased t o 1986=100) are Toronto Composite, CAC General, FAZ Aktien,

Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite


.-.MtStei

FEDERAL RESERVE statistical release
A p r i l 1 2 , 1993

H. 1 0 ( 5 1 2 )

FOREIGN EXCHANGE RATES
FOR THE KEEK ENDING

APRIL 9 , 1993

The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified
for customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies:

COUNTRY

MONETARY
UNIT

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
•EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
•NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

MEMO:
••UNITED STATES

DOLLAR

Apr. 5

1 CURRENCY UNITS PER DOLLAR )
Apr. 8
Apr. 7
Apr. 6

Apr.

9

0.7019
11.240
32.890
1.2620
N.A.
6.1330
1.2150
5.8040
5.4140
1.5955
218.80
7.7312
31.600
1.5330
1588.50
113.60
2.5900
1.7955
0.5325
6.7945
147.90
1.6248
3.1800
798.70
114.15
47.500
7.5670
1.4770
N.A.
N.A.
1.5200

0.7037
11.352
33.230
1.2595
N.A.
6.1995
1.2035
5.8635
5.4615
1.6133
220.10
7.7310
31.600
1.5095
1595.50
114.00
2.5820
1.8128
0.5324
6.8795
149.73
1.6262
3.1940
798.70
115.50
N.A.
7.6370
1.4895
N.A.
25.300
1.5127

0.7055
11.382
33.300
1.2614
N.A.
6.2140
1.2025
5.8510
5.4650
1.6155
221.05
7.7305
31.600
1.5100
1588.25
113.70
2.5800
1.8163
0.5352
6.8880
150.50
1.6253
3.1960
799.60
115.95
47.720
7.6650
1.4885
N.A.
25.300
1.5138

0.7092
11.310
33.060
1.2580
5.7333
6.1750
1.2002
5.7800
5.4340
1.6070
219.70
7.7325
31.600
1.5205
1571.50
113.45
2.5765
1.8050
0.5380
6.8100
149.60
1.6260
3.1800
799.30
115.65
47.820
7.6100
1.4797
26.103
25.300
1.5253

0.7085
11.293
33.030
1.2597
5.7333
6.1635
1.2127
5.7725
5.4310
1.6039
219.60
7.7340
31.600
1.5233
1571.00
113.20
2.5790
1.8027
0.5380
6.8290
149.73
1.6260
3.1800
799.10
115.26
N.A.
7.6000
1.4765
26.100
N.A.
1.5282

91.33

91.96

91.96

91.44

91.33

•VALUE I S U . S . DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U . S .
DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 1 0 0 .
HEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES.
SERIES REVISED AS OF AUGUST 1978.
FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U . S . DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST
1978 FEDERAL RESERVE BULLETIN.
THIS RELEASE I S AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL ( 2 0 2 ) 4 8 2 - 1 9 8 6 .
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING I T I N DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT ( 2 0 2 ) 4 5 2 - 3 2 4 4 .




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