Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : April 18, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

April 18,1994

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DuC, 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

120

RATIO SCALE
MARCH 1973=100

145
135
125
115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

105
95

BELGIAN FRANC

70

85

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GERMAN MARK

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ITALIAN LIRA

FRENCH FRANC




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CANADIAN DOLLAR

DUTCH GUILDER

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U.K. POUND

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JAPANESE YEN

SWISS FRANC

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1994

1992

1994

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

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JAPANESE YEN

CANADIAN DOLLAR

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SWISS FRANC

ITALIAN LIRA

FRENCH FRANC




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1992

1994

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1994

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
420

U.S. DOLLARS PER FINE OUNCE
420

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380

380

360

360

340

340

320

J
1991




1

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1992

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320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANI

DENT PER ANNUM

10

8
SWITZERLAND

8

U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

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2
10

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0
10

9

9

8

8

GERMANY
NETHERLANDS

7

7

6

6

5
16

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14

12

FRANCE

CANADA

12

10

10

8

8

6

6

4
UNITED KINGDOM

4

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CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
12
WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER
8

6
U.S. CD'S

4

2
16

13

U.K. INTERBANK STERLING

10

NETHERLANDS INTERBANK RATE

7

4
9

7

JAPANESE CD RATE

5
FRENCH INTERBANK RATE

3

1
10

8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2




1992

1994

1992

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
CENT PER ANNUM

PERCENT PER AN

10

OVERNIGHT

3-MONTH

8

6

4

2
10

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6-MONTH

6

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1-YEAR

1-MONTH

8

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2

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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
10

PERCENT PER ANNUM

10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUN

90-DAY CD'S

DASHED LINE

DASHED LINE

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1994

DIFFERENTIAL
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1992

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CHARTS

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

PERCENT PER ANNUM

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

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DIFFERENTIAL

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EURO-DOLLAR DEPOSITS'

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SWISS INTERBANK (SF) COVERED

EURO-DOLLAR

DASHED LINE

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COVERED FRANKFURT

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DIFFERENTIAL

INTERBANK DM

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CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNl

tCENT PER ANNUM
9

UNITED KINGDOM

UNITED STATES
8
7

6
5

4
11

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CANADA
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JAPAN

SWITZERLAND
7

6
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4

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NETHERLANDS
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6
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CHART 10

STOCK INDICES
WEEKLY SERIES
1986:

SCALE

RATIO S
198i

100

220
UNITED STATES

200

— UNITED KINGDOM

180

160
140

120

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250
225

SWITZERLAND

ARAN

200
175
150

125

100

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GERMANY

CANADA

140

120

100

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80
210
195

_FRANCE

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— NETHERLANDS

180
165
150
135

120
105

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1994

16-Mar-94 23-Mar-94 30-Mar-94 6-Apr-94
Chart 1

13-Apr-94

Spot Exchange Rates and Indices

Noon buying rates

(U.S. cents, weekly averages)

Belgian franc
Canadian dollar
French franc
German mark.
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.8751
73.468
17.417
59.257
0.05993
0.94596
52.727
69.972
149.63

2.8680
73.209
17.346
59.199
0.05986
0.94247
52.650
69.803
149.02

2.9012
72.679
17.483
59.834
0.06089
0.95975
53.191
70.430
149.12

2.8590
72.085
17.241
58.921
0.06121
0.96576
52.471
69.886
147.20

2.8324
72.339
17.038
58.328
0.06125
0.96064
51.957
69.177
147.35

113 .29
73 .22
78. 49
166. 70
34 .40
247 .68
151. 37
225. 11
60 .52

113 .01
72 .97
78. 17
166. 53
34 .36
246. 77
151. 15
224 .57
60 .27

.32
114 .
72 .
.44
78..78
168..32
34 .
.95
251..29
152 .
.70
226 .
.58
60..31

112 ..66
71..85
77 .
.69
165..75
35..14
.87
252 .
150..63
224 .
.83
.54
59 .

111..61
72 .
.10
76..78
164 .
.08
35..16
251..53
149 .
.16
222 .
.55
59 .
.60

109
66
72
175
30
264
148
52
220
54
93

,
.12
.84
,
.39
,
.31
.18
,
.95
,
.86
.
.19
,
.05
,
.08
.68
,

108..21
66.. 74
71..81
173 ,
.50
30..57
268 .81
147 ,
.75
.33
52 .
219 .
.80
.71
53 ,
94 .
.49

107..65
67..31
71..21
172 ,
.31
30..73
268..53
146 .
.90
52 .
.68
218..50
54 ,
.03
95..01

-0 .61
-2 .40
-1. 92
-4 .49
1. 57
-1. 45
-0. 25
-1..30

-1 .36
-2 .41
-1 .86
-4 .47
1 .67
-1 .48
-0 .24
-1 .45

-1 .94
-2 .11
-1 .70
-4 .11
1 . 74
-1 .37
-0 .17
-1 .44

-1 .66
-2 .14
,
-1 .72
-4 .03
1 .73
-1 .37
-0 .14
-1 .27

385.25

386.76

388.98

385.95

381.60

3.19
3.20
3.59
6.25
5.86
2.10
5.49
3.98
5.40

3.31
3.28
3.85
6.19
5.70
2.10
5.47
4.00
5.00

3.49
3.44
4.20
6.13
5 .94
2 . 07
5. 50
4 .05
5 ,00

3.69
3.48
4.56
6.06
5.77
2.41
5.48
4.08
4.75

3.37
3.43
5.53
6.06
5.69
2.09
5.39
4 .15
4.43

Indices, March 1973 base rates = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

Weighted average exchange value indices , Mar. 19731 = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. dollar
Chart 2.

-0 .23
.
-2 .40
.
-1..98
-4 .51
.
1..61
-1..42
-0 .26
.
-1,.30

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

108. 56
67. 85
72 .29
174 .47
29 .84
261. 55
148 .29
52 .71
219 .53
54 .44
94 .48

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

108. 62
67 .97
72 .46
174 .,27
29 .. 81
262 ..06
148 ..21
52 ..57
219 .
.63
.56
54 .
.24
94 .

Call Money Rates

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




4ar -94 23-Mar -94 3 0-Mar -94 6-Apr- 94
Chart 5.

3-Month Interest 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 sterling
Weighted average foreign interest rate
(G-10 Countries)
Chart 6.

3 .76
4 .10
6 .10
5 .73
2 .26
5 .22
3 .94
5 .08
4 .98

3 .80
4 .47
6 . 11
5 .71
2 .31
5 .23
3 .96
5 . 10
5 . 04

3 .79
5 .18
6 . 12
5 . 67
2 .26
5 .30
4 .04
5 .21
5 . 13

3 .95
6 .01
5 .99
5 .65
2 .24
5 .25
4 .06
5 .28
5 . 16

3 .88
5 .92
5 .98
5 .56
2 .26
5 .23
4 .03
5 .15
5 . 11

3 .20
3 .25
3 .44
3 .75
4 .00
4 .46

3 .28
3 .36
3 .50
3 .79
4 .05
4 .51

3 .44
3 .55
3 .56
3 .76
4 .08
4 .58

3 .48
3 .53
3 .65
3 .89
4 .24
4 .78

3 .43
3 .50
3 .63
3 .88
4 .25
4 .85

Euro-Dollar Deposit Rates

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

13-Apr -94

Selected Euro-dollar & U.S. Mone: r Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

3 .20
3 .19
.
0.
, 01

3 .28
,
3 .31
,
-0 .
, 03

3 .44
3 .49
.
-0 .
, 05

3 .48
3 .69
-0 .21

3 .43
,
3 .37
,
0 .06
,

, 75
3.
3 . 76
-0 . 01

3.
.79
3 . 80
-0 . 01

3 . 76
3.
, 79
-0 .
, 03

3 .89
3 .95
-0 .06

3 .88
,
.
3 .88
-0 . 01

Euro-dollar deposit
Interbank sterling (London), covered
Differential

3 . 75
3.
.76
-0 . 01

3.
.79
, 78
3.
0.
,01

3.
.76
3 . 74
0.
.02

3 .89
,
.82
3.
0 .06
.

3.
.88
3.
, 87
0 ., 01

U.S. commercial paper
Canadian finance paper, covered
Differential

3.
.84
3.
.87
-0 .
.03

3 .86
3 .86
0 .00

,87
3.
3 .81
0 .06

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Interest Arbitrage, 3-Month Funds

3.
.98
4.
.05
-0 .
.06

3 .95
4 .23
-0 .28

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

3 .75
, 72
3.
0 .
. 03

3 .79
3 .76
0 .03

3 .76
3 .78
-0 .02

3.
.89
3.
,93
-0 . 04

3 .88
3 .82
0. 06

Euro-dollar deposit
Swiss interbank, covered
Differential

3 . 75
3 .68
0 .07

3 .79
3 .71
0 .08

3 .76
3 .80
-0 .04

3 .89
3 .89
-0 .01

3 .88
3 .88
-0 .01

7 .51
6. 37
6 .29
4 .17
4 .42
6. 34
7 .32
6 .46

7 .72
6. 56
6 .33
4 .13
4 .48
6. 51
7 .67
6 .66

8 .20
6. 45
6. 33
3 .94
4 .49
6. 37
7 .50
6 .96

8 .00
6 .49
6. 26
4 .09
4 .45
6. 36
7. 51
6 .90

Chart 9.

10-year maturity, where available

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

Stock Indices

nd Yields
7 .44
6. 26
6. 20
4 .06
4 .36
6. 18
7 .15
6 .46

(Wednesday figures)

Canada
150 ,
.81
153 .62
143 .76
143 .74
France
176,.50
173 ,
.79
167 .39
169 .53
Germany
124 ,
.19
123 ,
.74
122 .40
123 ,
.93
Japan
125,. 01
122 ,
.08
120 ,
.09
121 ,
.02
Netherlands
153 .
.66
150 ,
.95
147 ,
. 16
149 ,
.54
Switzerland
236 .75
235 ,
.86
233 ,
.27
234 ,
.86
United Kingdom
198 ,
.06
193 .
.49
189 ,
.73
191 .
.86
United States
191,.38
191..34
181 ,
.83
182 .
.80
Indices (in order, rebased to 1986=100)
vra«5x.ox »i
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



141 .59
170 .49
125 .22
122 ,
.41
154 ,
.15
237 ,
.68
192 ,
.69
181..92
to SBF250

FEDERAL RESERVE statistical release
H.10(512)

April 15, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

APRIL 15, 1994

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
MEXICO
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
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

MEMO:
^ U N I T E D STATES

DOLLAR

Apr. 11

(CURRENCY UNITS PER DOLLAR)
Apr. 14
Apr. 13
Apr. 12

Apr. 15

0.7227
12.030
35.210
1.3880
8.7298
6.7540
1.1315
5.5225
5.8620
1.7115
251.34
7.7260
31.420
1.4200
1626.00
103.45
2.5875
3.3654
1.9212
0.5703
7.4145
174.19
1.5640
3.5950
814.30
138.470
48.950
7.8890
1.4417
26.380
25.260
1.4715

0.7235
12.094
35.390
1.3795
8.7298
6.7290
1.1270
5.6765
5.8780
1.7198
252.18
7.7273
31.420
1.4250
1638.00
103.62
2.6945
3.3650
1.9302
0.5690
7.4450
174.92
1.5657
3.6100
813.50
138.900
49.000
7.9100
1.4498
26.390
25.270
1.4745

0.7215
12.040
35.230
1.3763
8.7298
6.7015
1.1305
5.5310
5.8560
1.7115
248.91
7.7270
31.420
1.4270
1631.25
103.57
2.6950
3.3662
1.9213
0.5657
7.4200
174.62
1.5633
3.6061
813.50
138.810
49.000
7.9235
1.4417
26.380
25.270
1.4770

0.7230
12.030
35.190
1.3797
8.7298
6.6995
1.1300
5.5160
5.8470
1.7090
250.32
7.7265
31.420
1.4350
1633.00
104.15
2.6850
3.3666
1.9185
0.5680
7.4180
174.54
1.5618
3.6260
812.60
138.910
48.950
7.9220
1.4453
26.370
25.270
1.4765

0.7230
12.039
35.240
1.3851
8.7398
6.7070
1.1302
5.5215
5.8575
1.7117
250.63
7.7265
31.370
1.4300
1637.75
103.60
2.6885
3.3645
1.9218
0.5685
7.4200
175.30
1.5605
3.6450
812.40
139.650
49.000
7.9130
1.4528
26.380
25.280
1.4729

94.85

95.08

94.78

94.83

94.94

•VALUE IS U.S. DOLLARS
••INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 100. WEIGHTS 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 IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 482-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.