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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts April 16, 1990 DIVISION OF INTERNATIONAL FINANCE Prepared lay the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, QC. 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 $24.00 per year or $.60 each in the United States, its possessions, Canada, and Mexico. 10 or more of the same issue to one address. $22.50 per year or $.55 each. Elsewhere. $30.00 per year cr $ 70 each. Address requests to Publications Services Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System m a form collectible at par m 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 RATIO SCALE MARCH 1973= 100 140 130 120 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 140 130 120 BELGIAN FRANC 110 110 100 100 90 90 80 80 70 280 260 240 220 J__L i i I I I I l I I I I I i I i i I 1 i 1 1 l 1 ' I i ' i 70 280 260 240 220 JAPANESE YEN SWISS FRANC 200 200 180 180 160 160 140 140 » 120 100 90 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 i i CANADIAN DOLLAR U.K. POUND 120 100 90 80 80 70 70 60 60 I 50 200 I I I I I I I I ! I I I I I I I I I ' ' I • ' I I I 50 200 GERMAN MARK 180 180 DUTCH GUILDER 160 160 140 140 120 120 I 100 120 I I I I I I I I ' I 110 i — i I i i ' I i i i I » i ' 55 ITALIAN LIRA 50 100 FRENCH FRANC 90 — 100 60 45 80 >• 40 — 70 35 60 30 50 1 1 1 I 1 1 1 1988 I 1 I1 1 1 1 1 1990 1 • i i I » 1 1988 1 I ' » » 1 i i 1990 i 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 , 4 CANADIAN DOLLAR • ' i I i i U.K. POUND ' I i i i I i i i GERMAN MARK i i i I i JAPANESE YEN i i l i i i l < i i SWISS FRANC — DUTCH GUILDER VLy i i i v/\ I i i i I i — i i I i i i i FRENCH FRANC 12 i i i I i i i 1988 i i 1 i i i I i i i I i i i i i i 1988 I i i i l i i i ITALIAN LIRA I i i i I i i i 1990 i i i I 1990 12 CHART3 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. 520 DLLARS PER FINE OUNCE U.S. DOLLARS PER FINE Ol JNCE 520 500 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 480 460 460 440 440 420 420 400 400 380 380 360 360 340 340 320 1987 1988 1989 320 1990 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 — U.S. FEDERAL FUNDS 12 FRANCE JAPAN 0 16 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 I I I 0 16 12 12 CANADA GERMANY i i I i i i I i i i I i i i UNITED KINGDOM I I I I I I I I I I I I I I 0 20 SWITZERLAND 16 12 NETHERLANDS I I I 1988 I I I I I I I I 1990 I I 1988 I I I 1 I I 1 I 1990 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANf ENT PER ANNUM 12 12 FRENCH INTERBANK RATE 10 10 U.S. CD'S 8 8 6 6 WEIGHTED AVERAGE FOREIGN RATE 4 2 16 i 14 i i I ' ' ' I 4 ' i i I i i i I I I I I I 1 I I I I I I I I 2 16 14 U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER 12 12 10 10 8 8 i 6 10 I i i i I i i i I i i i i I i i i I ' i i I ' i ' SWISS INTERBANK RATE GERMAN INTERBANK RATE 8 i 6 16 12 6 8 4 4 2 10 ' 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 i i i NETHERLANDS INTERBANK RATE 8 0 10 8 JAPANESE GENSAKI RATE 6 6 4 4 2 • ' I ' ' I 1988 I • ' ' I I ' I 1990 i i i I i i i 1988 I i i i I i i i 1990 2 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 14 3-MONTH OVERNIGHT 12 10 i i i I i i i I i I i I I i I I I I I I i I i 4 14 6-MONTH 7-DAY 12 i 12 10 — l 4 14 i i i I i i i I i i i ' i ' l i i i I i i i I i i i 1-YEAR 1-MONTH 12 10 4 14 12 10 10 i i i I i i i 1988 I i i i l ' * 1990 • ' • l • i ' 1988 l i i i l i ' ' 1990 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 14 12 10 OVERNIGHT 3-MONTH EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS , 90-DAY CD'S FEDERAL FUNDS DASHED LINE DASHED LINE I I I I I I I I I I I I I J__l I DIFFERENTIAL I I I I I I L i 1988 i I i i DIFFERENTIAL 1 I I 1 I I 1 1988 I I I I I I I I 1990 I i i i I i i L 1990 CHARTS INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNL CENT PER ANNUM 16 16 12 12 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 8 8 0 2 U.S. COMMERCIAL PAPER EURO-DOLLAR DEPOSITS 4 — DASHED LINE i i i I i i i I i i i I i I i 4 DASHED LINE I I I I I I I 1 I I I I I DIFFERENTIAL DIFFERENTIAL + + 0 2 16 0 VaVv i I 12 I I I I ' I I I I I I I I I I INTERBANK DM I I I I I I I I I I I 2 16 12 SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 8 8 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 4 0 2 i i i I i i i I i i 4 DASHED LINE DASHED LINE i I i i i i i i I i i i I i i i I i i 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 0 2 I I I I I I I 1988 I I I I I I I I 1990 I I I I I I I 1988 I I I I I I I I 1990 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANN! JM =tCENT PER ANNUM 14 14 UNITED STATES CANADA 12 12 10 10 8 6 14 8 1 1 1 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 UNITED KINGDOM 6 14 FRANCE 12 12 10 10 8 6 10 8 • i ' I i i i l i i i l i i • SWITZERLAND i i I i i i I i i i I i i i 6 10 JAPAN 8 8 6 6 4 4 i i I i i i I i i i I i i i 2 10 NETHERLANDS I I I I I I I I I I I I I I I 2 10 GERMANY MONTHLY 8 8 6 6 4 4 2 i i i I i ' 1988 i I » i i I i i 1990 i • ' I I i ' 1988 i l ' i i I i i 1990 2 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 200 200 175 NETHERLANDS UNITED STATES 175 150 150 125 125 100 100 200 400 GERMANY 350 — JAPAN 175 300 150 250 125 200 100 150 100 — L 200 200 175 FRANCE SWITZERLAND 175 150 150 125 125 100 100 50 200 175 200 CANADA UNITED KINGDOM 175 150 150 125 125 100 100 1988 1990 1988 1990 SERIES 14-Mai—90 2 1 - M a r - 9 0 28-Mai—90 4 - A p r ~ 9 0 C h a r t 1. Spot Exchange R a t e s and I n d i c e s Noon b u y i n g r a t e s ( U . S, cents, weekly averages) Belgian franc Canadian d o l l a r French f r a n c German mark Italian lira Japanese yen Netherlands g u i l d e r Swiss f r a n c U . K . pound Indices, 2.8152 84.888 17.308 58.495 0.07923 0.65848 51.946 65.787 161.60 2.8358 84.773 17.444 58.924 0.07980 0.65236 52.314 65.982 161.13 2.8225 85.037 17.368 58.484 0.07946 0.63975 51.967 65.842 161.53 1 1 0 . 93 84. 61 7 7 . 99 1 6 4 . 55 4 5 . 48 1 7 2 . 41 1 4 9 . 13 2 1 1 . 64 6 5 . 36 111 , 7 5 84 . 4 9 78 . 6 0 165 .76 45 . 8 0 170 . 8 1 150 .18 212 .27 65 .17 111 . 2 2 84 . 7 5 78 .26 164 . 5 2 45 . 6 1 167 . 5 1 149 . 1 9 211 .82 65 . 3 3 112. 85. 78. 165. 45. 165. 150. 214. 66. 17 22 91 64 93 47 07 13 26 112 .68 85 .59 79 . 3 1 166..37 46 ,20 165,,78 150,,77 215, ,09 66 , 29 106 79 72 171 40 169 146 67 206 59 94 .76 .75 .40 .98 .49 .51 .25 .74 .75 .51 .49 107 . 2 5 79 .86 72 . 7 3 172 . 5 2 40 . 6 1 166 . 4 3 146 . 5 3 67 . 8 2 208 . 1 8 6 0 .16 94 . 0 0 107 . 4 3 79 .98 72 .90 172 . 8 2 40 .73 166 .23 146 .80 67 .80 208 .50 60 .00 93 . 6 4 -4.71 -2.16 0.14 -4.05 0.81 -0.33 -0.55 -6.53 - 4 .81 - 1 , ,95 0.,19 - 4 . 01 0. 97 - 0 . 18 - 0 . 65 - 6 . 50 - 4 .87 - 1 .65 0 .31 - 3 .54 1 .14 0 .01 - 0 .59 - 6 .33 - 4 .85 - 1 .54 0 .19 - 3 , ,43 I . ,08 - 0 . 09 - 0 , ,78 - 6 , ,36 399.45 398.78 3 7 9 . 15 371,.53 3 7 6 . 50 8.27 8.16 13.05 10.23 7.84 6.54 8.28 8.38 14.75 8.27 8.16 12.78 10.11 7.77 6.80 8.07 8.08 14.81 Weighted average exchange v a l u e i n d i c e s , Belgian franc Canadian d o l l a r French f r a n c German mark Italian lira Japanese yen Netherlands g u i l d e r Swedish krona Swiss f r a n c U . K . pound U.S. d o l l a r U.S. 3 - M o n t h F o r w a r d Exchange Rates Chart 4. 2.8595 85.874 17.600 59.142 0.08048 0.63316 52.520 66.857 163.91 1973=100 106.79 79.11 72.40 172.61 40.48 172.40. 146.60 67.63 206.26 59.06 93.96 Vemium o r D i s c o u n t -4.62 -2.21 0.09 -4.15 1.01 -0.39 -0.61 -6.55 Gold P r i c e i n d o l l a r s per f i n e Mar. 106.22 79.41 71.95 171.57 40.26 174.65 145.84 67.40 206.10 59.39 94.23 Canadian d o l l a r French franc German mark Italian lira Japanese yen Netherlands g u i l d e r Swiss f r a n c U . K . pound Chart 3. 2.8466 85.503 17.511 58.881 0.08002 0.63197 52.274 66.559 163.81 M a r c h 1973 b a s e r a t e s = 100 Belgian franc Canadian d o l l a r French f r a n c German mark Italian lira Japanese yen Netherlands g u i l d e r Swiss f r a n c U . K . pound Chart 2. 11-Api—90 L o n d o n , A f t e r n o o n Fii xx ii n g ounce C a l l Money R a t e s U.S. f e d e r a l f u n d s Overnight Euro-dollar Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom deposits „ 8. 8. 12. 10. 7. 6. 7. 8. 14. 26 15 88 13 35 67 92 28 73 8. 8. 12. 10. 7. 6. 8. 8. 14. 33 28 74 04 57 88 06 38 63 8 . 25 8 . 20 1 2 . 70 9 . 98 7 . 85 6 . 99 8 . 34 8 . 38 1 4 . 60 SERIES a r - 90 21 - M a r - 9 0 28-Mai—90 4-Apj—90 Chart 5. 3-Month I n t e r e s t Rates U.S. 90-day C D ' s , s e c o n d a r y market Canadian f i n a n c e paper French i n t e r b a n k r a t e German i n t e r b a n k r a t e Japanese g e n s a k i r a t e Netherlands interbank rate Swiss i n t e r b a n k r a t e U.K. i n t e r b a n k 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 r a t e CG-10 C o u n t r i e s ) Chart 6. Euro-Dollar 8 . 38 1 3 . 33 1 0 . 63 8 . 45 6 . 30 8 . 79 8 . 88 1 5 . 23 1 0 . 15 8.40 13.32 10.64 8.39 6.31 8 73 8.80 15.24 10.13 8.36 13.35 10.39 8.35 6.38 8.52 8.83 15.30 10.07 8.37 13.46 10.23 8.21 6 .50 8.39 8.88 15.16 9.97 8 . 36 1 3 . 56 10. 05 8 . 20 6 ..60 8,.45 8..90 15 .12 9 ,96 16 20 30 39 54 81 8.16 8.19 8.31 8.40 8.59 8.88 8.15 8.34 8.31 8.38 8.56 8.63 8.28 8.28 8.29 8.40 8.68 8.85 8. 20 8..25 8.,30 8..38 8 .54 8 .78 Deposit Rates 8. 8. 8. 8. 8. 8. Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. S e l e c t e d E u r o - d o l l a r & U . S . Mone^ Overnight Euro-dollar U.S. f e d e r a l f u n d s Differential deposits r Market Rates 8 . .16 8 . 27 - 0 .. 1 1 8.16 8.27 -0.11 8.15 8.26 -0.11 8.28 8.33 -0.05 8 .20 8 .25 - 0 .05 8 .39 8 .38 0 .01 8.40 8.40 0.00 8.38 8.36 0.02 8.40 8.37 0.03 8 .38 8 .36 0 .02 3 .39 8 .43 - 0 .04 8-40 8.47 -0.06 8.38 8.55 -0.17 8.40 8.59 -0.19 8 .38 8 .51 - 0 .14 8 .27 8 .55 - 0 .28 8.32 8.45 -0.13 8.31 8.38 -0.08 8.30 8.43 -0.13 8 .26 8 .55 - 0 .29 8 .39 8 .55 - 0 .16 8.40 8.53 -0.13 8,38 8.55 -0.17 8.40 8.52 -0.12 8 .38 8 .39 - 0 .01 8 .39 8 .25 0 .14 8.40 8.24 0.16 8.38 8.16 0.22 8.40 8.27 0.13 8 .38 8 .10 0 .27 10 . 9 3 10 .88 9 .02 7 .27 6 .39 11 . 0 3 8 .65 ND 10.74 8.93 7.25 6.45 11.09 8.59 ND 10.48 8.81 7.34 6.47 11.24 8.52 ND 10.39 8.72 ND 6.58 11.16 8.62 ND ND 8 .84 ND 6 .55 11 .06 8 .58 .46 .52 .22 .04 .56 .78 .44 .50 124 . 5 0 142 . 6 0 121 . 8 0 171 . 8 9 106 . 1 0 133 . 5 9 137 . 4 3 137 . 3 4 .13 .26 .01 .98 .18 .83 .75 .70 118 .83 150 . 1 2 119 . 6 3 165 . 2 4 105 .99 131 . 8 1 134 .48 137 .89 3-month E u r o - d o l l a r d e p o s i t U . S . 9 0 - d a y CD1 s , s e c o n d a r y m a r k e t Differential Chart 8. Interest Arbitrage, Euro-dollar deposit Interbank s t e r l i n g (London), Differential U.S. commercial paper Canadian f i n a n c e paper, Differential 3 - M o n t h Funds covered covered Euro-dollar deposit I n t e r b a n k DM ( F r a n k f u r t ) , Differential covered Euro-dollar deposit Swiss i n t e r b a n k , c o v e r e d Differential Chart 9. Long Term G o v e r n m e n t Bond Y i e l d s Canada France Germany Japan Switzerland U n i t e d Kingdom United States Chart 10. 1 1 - A p r - -90 Stock I n d i c e s Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom United States (Wednesday f i g u r e s )) 124 142 118 183 105 133 136 136 122 143 121 174 107 129 139 138 .55 .24 .53 .43 .08 .98 .11 .04 121 146 124 156 107 130 135 137 I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e , CAC G e n e r a l , FAZ A k t i e n , T o k y o SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l T i m e s O r d i n a r y , NYSE C o m p o s i t e COVr •m&m FEDERAL RESERVE statistical release April 16, 1990 H.10(512) FOREIGN EXCHANGE RATES FOR THE KEEK ENDING APRIL 13, 1990 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 FINLAND FRANCE GERMANY GREECE HONG KONG INDIA ^IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND *UNITED KINGDOM DOLLAR SCHILLING FRANC DOLLAR YUAN KRONE MARKKA FRANC D. MARK DRACHMA DOLLAR RUPEE POUND LIRA YEN RINGGIT GUILDER DOLLAR KRONE ESCUDO DOLLAR RAND HON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND MEMO: **UNITED STATES DOLLAR Apr. 9 1 CURRENCY UNITS PER DOLLAR) Apr. 12 Apr. 11 Apr. 10 Apr. 13 76.300 11.905 34.980 1.1617 4.7339 6.4625 4.0010 5.6820 1.6927 163.60 7.7995 17.240 158.60 1242.50 157.50 2.7290 1.9057 57.840 6.5545 149.70 1.8770 2.6480 709.40 107.33 40.018 6.1280 1.4962 N. A. 25.990 163.85 76.430 11.890 34.970 1.1615 4.7339 6.4575 4.0030 5.6790 1.6910 163.80 7.7995 17.280 158.80 1242.50 158.58 2.7320 1.9042 57.830 6.5600 149.70 1.8800 2.6550 709.70 107.28 40.018 6.1180 1.4963 26.280 26.030 163.43 76.630 11.788 34.650 1.1652 4.7339 6.3905 3.9730 5.6330 1.6753 162.45 7.7970 17.250 160.15 1231.75 158.28 2.7300 1.8873 57.920 6.5170 148.60 1.8775 2.6455 709.80 106.50 40.018 6.0915 1.4840 26.330 26.030 164.25 76.630 11.773 34.630 1.1631 4.7339 6.3850 3.9750 5.6240 1.6730 162.65 7.7980 17.250 160.10 1230.50 158.19 2.7300 1.8843 57.960 6.5150 148.55 1.8770 2.6465 709.00 106.35 40.018 6.1050 1.4828 26.370 26.030 164.20 76.500 11.765 34.640 1.1650 4.7339 6.3850 3.9750 5.6210 1.6728 162.50 7.7980 17.250 160.03 1230.00 158.75 2.7300 1.8835 57.950 6.5250 148.50 1.8770 2.6445 709.20 106.23 40.018 6.1000 1.4850 26.328 N.A. 163.85 93.62 93.70 93.12 93.04 93.11 •VALUE IS U.S. CENTS **INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. 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.
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