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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts April 20, 1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND 8. INTEREST ARBITRAGE: 3-MONTH 9. LONG-TERM GOVERNMENT 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 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 W EIGHTED AVERAG E VALUES (THIN LINE) AVERAGES FOR W EEK ENDING W EDNESDAY RATIO SC SCALE MARCH 1973= I1973=100 160 150 130 120 110 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 140 100 130 90 120 80 110 70 100 60 i— i i l i i i l i i i l i i i 90 380 350 330 310 290 320 270 290 250 260 230 230 210 200 190 170 105 95 85 110 U.K. POUND 100 90 75 80 65 70 55 60 45 50 35 i i i l i i i l i i i I » 40 DUTCH GUILDER 200 195 185 210 175 190 165 180 155 170 145 160 135 125 150 I 1 I I I I I 1 I I I I I I I 140 120 110 70 60 50 FRENCH FRANC 100 40 90 30 80 20 70 60 ■ I I 1 I I I 1 I I I I I I I 1995 1997 1995 1997 10 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 1 + O I T- +o I CM CM COCO 00 CM CO T- +o I - 1 CM CM O CO LO Tt CM CO + O I CM t- +O I t- CM CM +OI 1995 1997 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR W EEK ENDING W EDNESDAY U.S. I OLLARS PER FINE OUNCE 420 U.S. DOLLARS PER FINE OL 420 12.5 Kg BARS AFTERNOON FIXING PRICE 400 400 380 380 360 360 340 340 320 320 300 300 j__ i__ I__ i__ i__ i__ l 280 1993 1995 J__ L 1997 280 CHART 4 CALL MONEY RATES W EEKLY SERIES PERCENT PER ANNUM O CD C\J hCD lO Tf CO CvJ 0> PERCENT PER ANNUM CHART 5 3-M O N TH INTEREST RATES W EEKLY SERIES PERCENT PER ANNUM c\i oo co in co PERCENT PER ANNUM CHART 6 EURO-DOLLAR DEPOSIT RATES, LONDON AVERAG ES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 8 OVERNIGHT 6 6 4 4 2 8 I I I .1 L L I. 1 I I I 1 I J__L 2 8 7-DAY 6 6 4 4 2 8 i i i 1 i i i I i i i I i i i 2 8 1-MONTH 6 6 4 4 2 J— l I I I I I I I I I I I I I 1995 1997 2 1995 1997 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 W 1 1995 1997 1 I 1995 I I I +o l IO + DIFFERENTIAL - I I I I I 1997 I I i i CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM +o i T - h* co m co cm r- DIFFERENTIAL +oi 1995 1997 1995 1997 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS W EEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM UNITED STATES cd CANADA co co lo m id I I I I I I I I I I I ll-L-L CHART 10 STOCK INDICES W EEKLY SERIES RATIO SCALE End-1994=100 RATIO SCALE End-1994=100 18-Mar-98 25-Mar-98 l-Apr-98 Chart 1. 8-Apr-98 15-Apr-98 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 2.6594 70.717 16.364 54.856 0.05573 0.77346 48.660 67.444 166.71 2.6503 70.539 16.311 54.676 0.05554 0.76918 48.497 66.958 167.20 2.6356 70.536 16.227 54.370 0.05515 0.76004 48.242 66.117 167.93 2.6326 70.364 16.202 54.309 0.05503 0.74677 48.196 65.528 166.43 2.6707 69.856 16.447 55.126 0.05577 0.77222 48.928 66.439 167.56 104.80 70.48 73.74 154.31 31.99 202.52 139.69 216.98 67.43 104.43 70.31 73.50 153.81 31.88 201.40 139.22 215.41 67.63 103.86 70.30 73.12 152.95 31.65 199.00 138.49 212.71 67.92 103.74 70.13 73.01 152.77 31.59 195.53 138.36 210.81 67.32 105.24 69.62 74.11 155.07 32.02 202.19 140.46 213.74 67.77 105.01 69.01 71.18 167.87 28.92 218.08 142.90 55.13 219.20 65.84 101.04 105.33 69.13 71.38 168.44 28.98 214.78 143.36 54.98 218.09 65.48 101.55 105.66 67.75 71.66 169.16 29.04 220.17 143.93 55.51 218.63 65.14 100.09 0.88 2.12 2.14 0.30 5.15 2.27 4.47 -1.80 0.87 2.09 2.09 0.41 5.11 2.23 4.29 -1.82 0.84 2.04 2.03 0.36 5.19 2.12 4.16 -1.81 0.81 2.05 2.04 0.48 5.18 2.11 4.26 -1.77 293.36 295.29 301.08 306.98 308.12 5.48 5.51 4.77 3.31 3.34 0.41 3.31 0.88 7.23 5.46 5.45 4.70 3.31 3.36 0.42 4.00 1.10 7.43 5.65 5.64 4.80 3.31 3.51 0.48 3.51 1.34 7.31 5.48 5.49 4.75 3.31 3.38 0.40 3.31 1.26 7.05 5.49 5.39 4.77 3.31 3.35 0.47 3.27 0.80 6.83 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 indicesi, March 1973=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. 0.87 2.15 2.16 0.02 5.18 2.30 4.68 -1.82 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 105.21 68.73 71.30 168.24 29.02 220.10 143.13 54.85 221.22 65.25 100.56 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. 105.35 68.76 71.38 168.46 29.06 220.93 143.31 54.70 222.37 64.88 100.28 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 18-Mar-98 25-Mar-98 l-Apr-98 Chart 5. 5.58 4.92 3.43 3.42 0.75 3.38 1.00 7.44 3.82 5.58 4.91 3.46 3.44 0.71 3.36 1.14 7.49 3.82 5.60 4.92 3.48 3.48 0.68 3.39 1.31 7.49 3.82 5.56 4.86 3.51 3.53 0.68 3.50 1.46 7.48 3.84 5.57 4.87 3.50 3.55 0.68 3.54 1.35 7.43 3.82 5.51 5.49 5.54 5.55 5.57 5.68 5.45 5.53 5.56 5.56 5.59 5.68 5.64 5.58 5.56 5.56 5.62 5.74 5.49 5.51 5.54 5.54 5.59 5.68 5.39 5.47 5.58 5.55 5.58 5.70 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6 -month 1-year Chart 7. 15-Apr-98 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. 8-Apr-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.51 5.48 0.02 5.45 5.46 -0.01 5.64 5.65 -0.01 5.49 5.48 0.01 5.39 5.49 -0.10 5.55 5.58 -0.03 5.56 5.58 -0.02 5.56 5.60 -0.04 5.54 5.56 -0.01 5.55 5.57 -0.02 Euro-dollar deposit Interbank sterling (London), covered Differential 5.55 5.59 -0.04 5.56 5.66 -0.09 5.56 5.64 -0.07 5.54 5.64 -0.10 5.55 5.63 -0.07 U.S. commercial paper Canadian finance paper, covered Differential 5.48 5.80 -0.32 5.48 5.80 -0.32 5.50 5.80 -0.30 5.47 5.71 -0.25 5.47 5.69 -0.22 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.55 5.60 -0.05 5.56 5.59 -0.03 5.56 5.59 -0.03 5.54 5.58 -0.04 5.55 5.61 -0.06 Euro-dollar deposit Swiss interbank, covered Differential 5.55 5.69 -0.14 5.56 5.62 -0.05 5.56 5.61 -0.05 5.54 5.63 -0.08 5.55 5.63 -0.07 5.37 4.91 4.86 1.57 2.77 4.88 5.91 5.59 5.39 4.96 4.90 1.64 2.82 4.92 5.93 5.67 5.25 4.92 4.87 1.71 2.88 4.89 5.80 5.53 5.28 4.91 4.85 1.64 2.95 4.88 5.74 5.62 Canada 176.26 179.88 178.66 179.68 France 188.87 196.00 199.09 199.20 Germany 203.27 210.13 211.35 216.69 Japan 80.37 79.32 79.68 78.99 Netherlands 262.27 272.27 276.58 273.60 Switzerland 273.87 259.08 269.76 274.54 United Kingdom 161.99 160.54 159.40 161.65 United States 228.61 228.25 229.70 225.40 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Financial Times Ordinary, NYSE Composite 185.53 200.21 221.26 79.63 279.03 274.97 162.66 232.23 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential Chart 8. Chart 9. Interest Arbitrage, 3-Month Funds Long Term Government Bellwether Bond Yields 10-year maturity, where available Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart 10. 5.40 4.91 4.87 1.58 2.63 4.88 5.93 5.56 Stock Indices (Wednesday figures)
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