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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts April 22,1991 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DC. 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 RATIO SCALE MARCH 1973=100 140 130 120 110 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 140 130 120 110 BELGIAN FRANC 100 100 90 90 80 80 70 280 260 — 240 220 i i i I i i i I i i i I i ' I i — SWISS FRANC i i i I i i i I i i i 70 280 260 240 220 JAPANESE YEN 200 200 180 180 160 160 140 140 120 100 I I I 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 120 100 CANADIAN DOLLAR — U.K. POUND I 90 80 80 70 70 60 60 50 200 I I I I I ' ' I I I I I I I I I I I I I I I I I ' GERMAN MARK 180 ' I I • I ZVX 50 200 180 DUTCH GUILDER 160 160 140 140 120 120 100 120 110 100 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 ITALIAN LIRA 90 _ 100 60 55 50 45 FRENCH FRANC 80 40 70 35 60 30 50 I I I I I • • 1989 I I I I I I ' 1991 I • i i I i • 1989 i l • i i I i i 1991 i 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 4 U.K. POUND CANADIAN DOLLAR 1 I 1 I I I 1 1 1 1 1 1 1 1 1 1 1 A 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 JAPANESE YEN GERMAN MARK 1 1 1 1 1 1 x 1 1 1 1 1 1 i i K I / i i i i — i i ' i i i X i i i i DUTCH GUILDER SWISS FRANC — — w 1 1 1 1 1 1 I 1 v 1 1 1 1 1 I 1 i i i i , i i i i : i i > i v a A 1 1 1 1 1 1 1 1 1989 i i i ITALIAN LIRA FRENCH FRANC 12 i 1 1 1 1 1 1 1 1991 1 1 1 1 1 1 1 1989 1 1 1 v 1 " 1 II 1 1991 12 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE 520 520 — 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 J I 1988 I I I I 1989 I I I I 1990 I I I I 1991 L 320 CHART 4 CALL MONEY RATES WEEKLY SERIES 16 PERCENT PER ANH :ENT PER ANNUM 16 12 12 FRANCE — U.S. FEDERAL FUNDS 8 8 JAPAN 4 4 0 i i i I i i i I i i i I i i i i i i I i ' i l • ' • l i ' 0 16 16 12 12 CANADA GERMANY 8 8 4 4 0 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 16 SWITZERLAND UNITED KINGDOM 12 12 8 8 NETHERLANDS 4 4 0 i I i i 1989 i I i i i I i i 1991 1989 1991 0 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 12 U.S. CD'S 10 8 6 SWISS INTERBANK RATE WEIGHTED AVERAGE FOREIGN RATE 4 0 2 16 14 12 U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER 10 8 6 10 6 GERMAN INTERBANK RATE 8 6 FRENCH INTERBANK RATE 4 2 10 8 4 JAPANESE CD RATE 6 NETHERLANDS INTERBANK RATE 4 2 1989 1991 1989 1991 2 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 14 OVERNIGHT 12 3-MONTH 12 10 10 • 4 14 i ' I ' i ' l • ' ' i ' J__L I I I ' 7-DAY 12 I I I I I 6-MONTH 4 14 12 10 10 • I I I I I I I ' ' I I I I I I I I I I I I I I 14 1-MONTH 12 1-YEAR 4 14 12 10 10 i i i I i i 1989 i I i i i l i i 1991 i i i i I i i 1989 i I i i i I i i 1991 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 14 14 12 12 OVERNIGHT 3-MONTH EURO DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 10 10 FEDERAL FUNDS 90-DAY CD'S DASHED LINE J I L DASHED LINE J i i i i i i i J—i—I—I DIFFERENTIAL . i i i . i . i i I i i I i J I I i i I L DIFFERENTIAL M) 1 i i 1989 I i i i i 1 1 1991 1 i I i i 1989 1991 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY RCENT PER ANNUM PERCENT PER ANNL 16 16 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING 12 COVERED LONDON 12 8 8 U.S. COMMERCIAL PAPER EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 4 4 0 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 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 16 i i i I i i i I i i i I i i i INTERBANK DM 12 I I „ COVERED FRANKFURT I I I I I I I I I I I I 2 16 SWISS INTERBANK (SF) COVERED 12 8 8 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 4 4 0 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 I I 2 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 0 2 2 i i i I i i i 1989 I i i i I i i i 1991 I I I I I I I 1989 I I I I I I I I 1991 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANN! RCENT PER ANNUM 14 CANADA UNITED STATES 12 10 8 6 14 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 I i I i i i l i i i l ' i i i l i ' i l i ' ' l i i i FRANCE UNITED KINGDOM 12 10 8 I 6 10 i i i I i i i l i i i SWITZERLAND ' i JAPAN 8 6 4 2 10 i i i I i i i I i i i I i i i i i GERMANY NETHERLANDS 8 6 4 2 ' i • I i i 1989 i l i i i l i i 1991 i i i i I i i i I i i 1989 i I i i 1991 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 200 200 — NETHERLANDS 175 — UNITED STATES 175 150 150 125 125 100 100 75 75 50 400 • i i I ' ' i I i i i i l i i I i i ' I i i i I i i i 50 200 L_ GERMANY 350 — JAPAN 175 300 150 250 125 200 100 150 75 100 i i i l i i i l i i i l i i i i i i I i i i I i i i I i i i 50 200 200 FRANCE 175 — SWITZERLAND 175 150 150 125 125 100 — I 100 75 75 50 200 I I I I I ' I I I I I I I I _L_L I — UNITED KINGDOM 175 — CANADA 50 200 175 150 150 125 125 100 100 75 75 50 • i l i < • 1989 I • • ' l ' ' 1991 i ' ' ' I i i 1989 • I i ' i l i i 1991 i 50 SERIES Chart 1. 20-Ma i—91 2 7 - M a r - 9 1 3 - A p i — 9 1 S p o t Exchange R a t e s a n d I n d i c e s Noon b u y i n g r a t e s (U.S. cents, weekly averages) 2.9914 86 . 556 18. 093 6 1 . 637 0.08266 0.72673 5 4 . 674 7 1 . 251 180 .37 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, 117 86 81 173 47 190 156 229 72 Weighted average exchange v a l u e i n d i c e s , 3 - M o n t h F o r w a r d Exchange R a t e s , 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 U.S. 2.8998 8 6 . 679 1 7 . 628 5 9 . 653 0.08034 0.73362 5 2 . 927 7 0 . 534 177 . 9 3 2.9050 86.955 17.682 59.744 0.08057 0.73756 53.024 70.364 178.53 .60 .99 .62 .36 .00 .77 .27 .90 .86 .56 .63 114 86 .79 168 46 189 152 225 71 .59 .00 .43 .52 .24 .55 .55 .36 .50 113 86 78 166 45 187 151 224 71 .49 .09 .80 .79 .71 .66 .02 .08 .11 114 86 79 167 46 192 151 226 71 .27 .39 .44 .81 .11 .09 .94 .92 .96 114.47 86.67 79.68 168.06 46.25 193.12 152.22 226.37 72.21 105 78 70 169 39 186 143 66 212 63 91 .88 .69 .71 .04 .37 .54 .79 .59 .82 .35 .18 105 78 70 168 39 189 143 66 213 63 90 .78 .33 .73 .72 .42 .84 .54 .64 .89 .65 .29 105.74 78.42 70.81 168.60 39.45 190.53 143.50 66.67 212.90 63.73 90.05 1973=100 ! 106 78 70 169 39 187 144 66 212 63 90 .23 .07 .83 .84 .59 .32 .35 .63 .68 .28 .46 .30 . 05 .85 .45 .80 .89 .24 .66 - 3 .27 - 3 .05 - 2 .74 - 5 .06 - 1 . .56 - 2 .83 - 2 .17 - 5 .80 - 3 . 27 - 3 . . 09 - 2 . .97 - 5 . .08 - 1 . 41 - 3 . .06 - 2 .31 - 5 .80 - 3 , 34 - 3 . 16 - 2 , .96 - 5 . .31 - 1 ..67 - 3 . 03 - 2 .28 - 5 .65 - 3 33 - 3 . 13 - 3 . .01 - 5 . .37 - 1 ..78 - 3 .07 - 2 .34 - 5 .60 359 .00 357 ..45 361 ,.05 361 .13 London, A f t e r n o o n F i x i n g d o l l a r s per f i n e ounce Chart 4. 2.8802 86 . 378 1 7 . 487 5 9 . 291 0.07963 0.71672 5 2 . 606 6 9 . 653 175 . 8 2 Premium o r D i s c o u n t -3 -3 -2 -5 -1 -2 -2 -5 Gold P r i c e i n .88 .27 .53 .39 .45 .28 .96 .22 .95 Mar. 107 76 71 172 40 184 146 66 212 63 88 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 Chart 3. 2.9080 8 6 . 286 1 7 . 628 5 9 . 907 0.08055 0.72394 5 3 . 138 7 0 . 051 176 .77 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. 10-Api—91 17-Api—91 364.38 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 6.10 6.10 10.13 9.36 8.70 8.24 8.97 7.58 13.65 6 6 9 9 8 8 9 7 13 .10 .04 .60 .39 .65 .17 .04 .88 .73 6 6 9 9 8 8 9 7 12 . 00 ..49 .34 .33 .80 .21 .22 .88 .50 5 6 9 9 8 8 8 7 12 .90 ,.03 .85 .16 .81 .19 .88 .88 .30 5 5 9 9 8 8 8 7 11 .69 .98 .75 .01 .77 .10 .71 .88 .81 SERIES Chart 5. 20-Mai—91 27-Mai—91 3 - A p i — 9 1 3-Month I n t e r e s t Rates 6. 9. 9. 8. 8. 9. 8. 12. 9. U.S. 90-day CD'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 J a p a n e s e CD 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. 6 . 10 6 . 16 6 . 29 6 . 29 6 . 41 6 . 86 deposits 3-month E u r o - d o l l a r d e p o s i t U.S. 90-day C D ' s , s e c o n d a r y market Differential 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 covered covered Euro-dollar deposit Swiss i n t e r b a n k , covered Differential . 04 . 53 . 31 . 35 ..45 ..90 6 . 49 6 . 23 6 . 21 6 . 25 6 . 39 6 . 86 6 6 6 6 6 6 5 . 95 9 . 64 9 . 13 9 . 05 7 . 98 9 . 08 8 . 28 11 . 88 9 . 59 6 6 6 6 6 6 . 03 . 05 . 08 . 13 . . 26 . 69 5 . 98 5 . 91 5. 91 6 . 01 6 . 19 6 . 63 6 . 10 6 ..10 0..00 6 ..04 6 ,.10 - 0 .07 6 ..49 6 . 00 0 .48 6 ..03 5..90 0..13 5..98 5..69 0 ..29 6 . 29 6 ..32 - 0 . .03 6 .35 6 .33 0 .02 6 ,.25 6 ,.23 0 .02 6 . 13 6 ,. 07 0 . 06 6 ..01 5 ..95 0 .06 6 ,.29 6 ,.27 0 .02 6 .35 6 .39 - 0 .04 6 .25 6 .40 - 0 .15 6 .13 6 .24 - 0 .12 6 .01 6 . 11 - 0 .10 6 .29 6 .56 - o .27 6 .30 6 .57 - 0 .27 6 .25 6 .54 - 0 .28 6 .07 6 .39 - 0 .32 5 .97 6 .23 - 0 .26 6 .29 6 .07 0 .22 6 .35 6 .23 0 .13 6 .25 6 .11 0 . 14 6 .13 6 .08 0 .04 6 .01 5 .97 0 .04 6 .29 5 .99 0 .30 6 .35 6 .11 0 .24 6 .25 6 . 06 0 .19 6 .13 5 .87 0 .25 6 .01 5 .88 0 .13 9 .46 8 .92 8 .35 6 .61 6 .05 8 .57 10 .07 8 .02 9 .48 8 .83 8 .33 6 .65 6 .00 8 .52 10 .13 7 .99 Long Term G o v e r n m e n t B e l l w e t h e r Bond Y i e l d s 1 0 - y e a r m a t u r i t y , where a v a i l a b l e 9 .62 9 .01 8 .42 6 .56 6 .16 8 . 66 10 .18 8 .14 Canada France Germany Japan Switzerland Netherlands U n i t e d Kingdom United States C h a r t 10. 6 . 23 9 . 89 9 . 32 9 . 15 7 . 86 9 . 18 8 . 42 1 2 . 38 9 . 72 3 - M o n t h Funds covered Euro-dollar deposit I n t e r b a n k DM ( F r a n k f u r t ) , Differential Chart 9. 6 . 07 9 . 81 9 . 29 9 . 11 7 . 92 9 . 10 8 . 20 1 2 . 06 9 .6 6 33 92 39 03 04 10 33 36 73 6. 9. 9. 9. 8. 9. 8. 12. 9. S e l e c t e d E u r o - d o l l a r & U . S . Money M a r k e t R a t e s Overnight Euro-dollar U.S. f e d e r a l f u n d s Differential Chart 8. 32 95 38 98 15 06 28 10 72 E u r o - D o l l a r D e p o s i t Rates Overnight 7 -day 1-month 3-month 6-month 1-year Chart 7. 10-Api—91 17-Api—91 Stock I n d i c e s Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom United States 9 .69 9 .11 8 .51 6 .56 6 .15 8 .74 10 . 1 1 8 .13 9 9 8 6 6 8 10 8 .55 .07 .49 .61 .13 .72 .11 .05 117 134 100 151 107 130 156 152 .19 .94 .13 .80 .40 .53 .27 .47 (Wednesday f i g u r e s ) 116 128 97 149 102 124 150 147 .02 .32 .78 .30 .63 .33 .99 116 131 96 147 106 129 152 150 .18 .21 .61 .79 .10 .07 .52 .94 116 134 99 150 105 128 154 150 .44 .86 .76 .10 .94 .76 .56 .28 118 133 102 153 108 128 155 156 .17 .80 .68 .41 .92 .98 .28 .74 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 , Tokyo 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 Composi • dsm FEDERAL RESERVE statistical release H.10(512) April 22, 1991 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING APRIL 19, 1991 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 *AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK *EURO COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA *1RELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEW ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND •UNITED KINGDOM MEMO: ^UNITED STATES MONETARY UNIT Apr. 15 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 0.7803 11.793 34.450 1.1498 5.2827 6.4090 1.2315 3.9350 5.6540 1.6765 181.65 7.7905 19.770 1.5975 1240.50 134.48 2.7355 1.8890 0.5896 6.5060 145.35 1.7540 2.7175 729.00 103.23 N.A. 6.0325 1.4235 27.250 25.500 1.7875 0.7799 11.718 34.260 1.1488 5.2827 6.3790 1.2380 3.9160 5.6290 1.6652 181.05 7.7905 19.730 1.6045 1235.50 134.85 2.7310 1.8766 0.5921 6.4825 145.25 1.7500 2.7175 729.30 102.78 40.778 6.0170 1.4180 27.271 25.460 1.7885 0.7790 11.765 34.410 1.1509 5.2827 6.3990 1.2325 3.9220 5.6580 1.6730 181.55 7.7905 19.720 1.6000 1240.50 136.35 2.7320 1.8847 0.5908 6.5020 145.75 1.7480 2.7200 728.90 103.23 N.A. 6.0270 1.4260 27.270 25.480 1.7830 0.7776 11.875 34.720 1.1525 5.2890 6.4560 1.2225 3.9610 5.7020 1.6885 183.25 7.7900 19.900 1.5850 1249.70 136.80 2.7355 1.9027 0.5909 6.5600 146.55 1.7580 2.7450 728.00 104.33 N.A. 6.0710 1.4430 27.313 25.515 1.7710 0.7728 12.210 35.700 1.1550 5.2979 6.6360 1.1887 4.0500 5.8540 1.7370 188.25 7.7930 20.070 1.5410 1282.25 138.58 2.7480 1.9566 0.5885 6.7410 150.45 1.7775 2.7900 727.60 107.23 N.A. 6.1900 1.4715 27.376 25.605 1.7190 89.98 89.68 90.13 90.77 92.86 DOLLAR (CURRENCY UNITS PER DOLLAR) Apr. 18 Apr. 16 Apr. 17 Apr. 19 •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. 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 IS NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.
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