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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
April 24, 1989
Prepared by the
FINANCIAL MARKETS
SECTION
DIVISION O F
INTERNATIONAL FINANCE
BOARD O F GOVERNORS
F E D E R A L RESERVE SYSTEM
Washington, DLC. 20551
Table of Contents
TABLES
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE R A T E S 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
S U B S C R I P T I O N RATES:
Weekly $24.00 per year or $.60 e a c h in the United
States, its p o s s e s s i o n s , Canada, and Mexico; 10 or
more of the s a m e issue to o n e a d d r e s s , $22.50 per
year or $.55 each. Elsewhere, $30.00 per year or $.70
e a c h . Address r e q u e s t s to Publications Services,
Division of Administrative Services, and make payment remittance payable to the order of the Board
of Governors of t h e Federal Reserve System in a
form collectible at par in U.S. Currency.
CHART 1
SPOT EXCHANGE INDICES
DOLLAR PRICES O F FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO S<CALE
MARCH 19731=100
SCALE
11973=100
140
120
140
FOREIGN CURRENCY
PRICE O F U.S. DOLLAR
BELGIAN FRANC
120
100
100
90
90
80
80
I
70
I
I
I
I
I
70
280
280
240
JAPANESE YEN
SWISS FRANC
—
240
200
200
180
180
160
160
140
-
120
I
I
I
I
I
I
120
100
100
CANADIAN DOLLAR
90
80
140
90
U.K. POUND
80
70
70
60
60
M
50
l
I
I
I
50
200
180
200
GERMAN MARK
DUTCH GUILDER
180
160
160
140
140
120
120
100
100
120
60
ITALIAN LIRA
100
90
50
^
FRENCH FRANC
80
Z
45
40
70
35
60
30
i
50
1987
1989
i
i
i
i
1987
i
25
1989
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
\rI
I
A
V
i
I
"
i
I
I
I
I
lllllllllll
I
I
iiliiliilii
I
I
I
DUTCH GUILDER
VI
I
JAPANESE YEN
SWI S S FRANC
I
I
1 1 1
i
GERMAN MARK
I
A*>
y\j jV
^ — - ^ " V v
VA
I
iihiiiiiii
-
iiliiliilii
I
I
I
I
I
I
iil.iliil.i
ITALIAN LIRA
FRENCH FRANC
I
-
f
12
I
I
I
l
l
1987
l
I I I III II I I I
lllllllllll
1989
1987
1989
CHART 3
PRICE OF GOLD IN LONDON
A V E R A G E S FOR WEEK ENDING W E D N E S D A Y
U.S.
U.S. DOLLARS PER FINE 01
LLARS PER FINE OUNCE
520
520
500
500
1 2 . 5 Kg B A R S
480
480
AFTERNOON FIXING PRICE
460
460
440
440
420
420
400
400
380
380
360
360
340
340
320
320
I I I I I I I I I I I
300
1986
1987
1988
I I I I I I I I I I I
1989
300
CHART4
CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANN
ENT PER ANNUM
16
16
12
12
U.S. FEDERAL FUNDS
FRANCE
AA
8
.A
A..
fA v
8
I
JAPAN
4
4
0
I
I
I
I
I
0
I
16
16
CANADA
12
12
GERMANY
8
8
4
4
0
0
16
20
UNITED KINGDOM
SWITZERLAND
16
12
12
8
8
4
NETHERLANDS
4
&
0
1987
1989
1987
0
1989
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AW
;ENT PER ANNUM
12
12
FRENCH INTERBANK RATE
10
10
U.S. CD'S
8
8
6
6
WEIGHTED AVERAGE
FOREIGN RATE
4
2
4
I
1 _ 1
I
I
I
I
I
I
MILL
2
16
16
14
-
U.K. INTERBANK STERLING
12
f
-
10
12
10
8
-
6
I
I
I
I
I
8
6
I
8
8
6 __
GERMAN INTERBANK RATE
SWISS INTERBANK RATE
J
-
jJ
—
4
6
4
2
0
14
CANADIAN FINANCE CO.
PAPER
2
—
I
I
I
I
I
I
I
I
I
I
I
I
0
10
10
-
8
NETHERLANDS INTERBANK RATE
-
8
JAPANESE GENSAKI RATE
6
6
4
-
I
2
1987
1989
I
I
I
I
1987
I
4
2
1989
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
14
14
12
3-MONTH
OVERNIGHT
12
10
10
8
8
6
6
4
4
14
14
12
6-MONTH
7-DAY
12
10
10
8
8
6
6
4
4
14
14
12
;
1-MONTH
10
1-YEAR
—
10
8
8
6
-
I
4
12
1987
1989
I
I
I
I
1987
I
6
4
1989
CHART7
SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+),FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANI
14
14
12
12
10
10
3-MONTH
FEDERAL FUNDS
EURO-DOLLAR DEPOSITS
DASHED LINE
8
8
6
6
OVERNIGHT
90-DAY CD'S
DASHED LINE
EURO-DOLLAR DEPOSITS
4
4
11111111111
2
11111
2
2
2
DIFFERENTIAL
DIFFERENTIAL
1
1
+
+
0
0
1
I
I
I
l H I I I I I I I I I I I I I II I I I I I I
1987
IENTIAL SCALE = 2 PERCENT ON RATE SCALE
1989
11111111111
1987
11111111
1989
1
CHARTS
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR A S S E T S
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER A M
;ENT PER ANNUM
16
16
12
12
CANADIAN FINANCE
CO. PAPER, COVERED
INTERBANK STERLING
COVERED LONDON
8
8
4
EURO-DOLLAR DEPOSITS
U.S. COMMERCIAL PAPER
DASHED LINE
DASHED LINE
I
0
1111111 ii I ii 11 i l l i I n h i
4
_LL
0
2
2
DIFFERENTIAL
DIFFERENTIAL
+
+
0
0
I ill ill ill I
11 III III 111 1 1 1 1 l l l l l 1 1
2
2
16
16
12
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
8
8
4
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
I
0
I
I
I
I
I
I
II I I I I l l l l l I
4
I I I I I I II
2
2
DIFFERENTIAL
DIFFERENTIAL
+
+
0
2
0
0
I
I
I
I
I
I
1987
I
l l l l l l l l l l l Mill I l l l l l I I I
1989
I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
I
I
i i l i i l i H i l l n l i i 11
1987
1989
2
CHART9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANF
;ENT PER ANNUM
14
14
12
^
„
UNITED STATES
10
. zVi
CANADA
12
w
\T-
10
8
8
6
i
i
i
i
i
6
i
14
14
12
UNITED KINGDOM
„
10
FRANCE
12
z
„v
8
6
1
1
1
i
i
10
8
6
i
10
8
10
SWITZERLAND
-
JAPAN
-
6
6
4
-
1
2
1
1
1
1
1
1 1 1 1 1 1 1 1 1 1 1
4
2
10
10
NETHERLANDS
8
8
-
MONTHLY
GERMANY
-
6
6
4
-
2
8
1
1987
1989
1
1
1
1
1987
1
1 1 1 1 1 1 1 1 1 1 1
1989
4
2
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100
RATIO SCALE
1969=100
UNITED STATES
NETHERLANDS
JAPAN
GERMANY
-
I
I
I
I
I
I
SWITZERLAND
FRANCE
600
500
-
UNITED KINGDOM
CANADA
400
' I/
—
Ly
300
200
I
I
I
I
I
1987
I
v
fA
V"v-yV'
> 1 1 , 1 1 , , 11 <
-
"
,,| ,,
1989
1987
1989
SERIES
CHART 1 .
LAST VALUE PLOTTED
DATE
VALUE
NAME
SPOT EXCHANGE BATES AND I N D I C E S
WEEKLY AVERAGES,
NOON BUYING RATES
(U.S.
CENTS)
GERMAN MARK
J A P A N E S E YEN
DU'IUri GUILDER
U. a . POUND
CANADIAN DOLLAR
FBENCH FRANC
SWISS FRANC
BELGIAN FRANC
11' Ax. IAN L I E A
SWEDISH KRONA
INDICES,
(
(
I
i
{
MARCH 1 9 7 3
APRIL
APRIL
APRIL
APRIL
APSIL
APRIL
APHIL
APRIL
APRIL
APRIL
BASE BATES =
A P R I L 19
A P R I L 19
A P R I L 19
APRIL 19
A P R I L 19
A P R I L 19
APRIL 19
APRIL 19
A P R I L 19
WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S ,
( G - 1 0 COUNTRIES i L U S SWITZERLAND)
U . S . DOLLAR
GERMAN MARK
JAPANESE 1 EN
DUTCH GUILDER
U. K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FEANC
BELGIAN FRANC
ITALIAN L I R A
SWEDISH KSONA
3-MONTH FORWARD EXCHANGE R A T E S ,
CANADIAN DOLLAR
U . K . POUND
GERMAN MAE K
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
ITALIAN LIRA
53.68
0. 75740
4 7 . 56
170.81
84.28
15.86
60.99
2.56336
0. 07310
15. 74
100
GERMAN MARK
J A P A N E S E YEN
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
CHART 2 .
19
19
19
19
19
19
19
19
19
19
MAR 1 9 7 3 =
151.00
19 8 . 3 1
1 3 6 . 54
69.08
8 4 . 00
71.45
196.22
101.01
41.52
100
A P R I L 19
A P R I L 19
APRIL 19
A P R I L 19
A P R I L 19
A P R I L 19
A P R I L 19
APRIL 19
A P R I L 19
A P R I L 19
APRIL 19
96.97
159.04
209.51
1 3 5 . 97
64.73
80. 73
66.91
1 9 5 . 14
9 8 . 52
37.83
6 7 . 14
PREMIUM OR DISCOUNT
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
19
19
19
19
19
19
19
19
- 2 . 19
-2.71
3.69
1. 54
3. 72
3. 43
5.51
-1.59
LAST VALUE PLOTTED
DATE
VALUE
S E R I E S NAME
CHART 3 .
GOLD P & I C E I N LONDON, AFTERNOON F I X I N G
U.S.
CHART 4 .
,
APRIL
LUfaO-DOLLAR D E P O S I T R A T E S :
A P R I L 19
APRIL 19
A P R I L 19
A P R I L 19
APRIL 19
A P R I L 19
A P R I L 19
A P R I L 19
A P R I L 19
9.95
9.6b
10.60
1 2 . 12
5.79
3 . 96
8.09
6.04
5 . 47
A P R I L 19
A P R I L 19
APRIL 19
A P R I L 19
A P R I L 19
A P R I L 19
APRIL 19
APRIL 19
A P R I L 19
9.
6.
4.
12.
13.
6.
8.
6.
8.
A P R I L 19
A P R I L 19
A P R I L 19
A P R I L 19
A P R I L 19
A P R I L 19
9. 6o
9.75
9.88
10. 06
10.25
10.54
93
35
20
75
0b
13
5b
65
03
LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
CHART 7 .
385.89
J-MONTH I N T E R E S T HATES
U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET
GERMAN INTERBANK LOAN
JAPANESE GENSAKI RATE
CANADIAN FINANCE PAPER
INTERBANK S T E R L I N G
SWISS INTERBANK LOAN
FRENCH INTERBANK RATE
NETHERLANDS INTERBANK RATE
WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE
i G - 1 0 COUNTRIES P L U S SWITZERLAND)
CiiAkT b .
19
CALL HONEY KATES
U . S . FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR D E P O S I T S
U. K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART 5 .
I
DOLLARS PER F I N E OUNCE
SELECTED EURO-DOLLAR AND U . S .
MONEY MARKET RATES
OVERNIGHT EURO-DOLLAR D E P O S I T S
U . S . FEDERAL FUNDS
DIFFERENTIAL
APRIL
APRIL
APRIL
19
19
19
9.66
9.95
-0.29
3-MONTH EURO-DOLLAR D E P O S I T RATE
U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET
DIFFERENTIAL
A P R I L 19
A P R I L 19
A P R I L 19
10.06
9.93
0.13
LAST VALUE PLOTTED
DATE
VALUE
S E R I E S K&tlE
CHART 8 .
INTEREST ARBITRAGE,
3-MONTH FUNDS
EURO-DOLLAR D E P O S I T
INTERBANK STERLING ( L O N D O N ) , COVERED
DlfiERENTIAL
A P R I L 19
APRIL 19
APRIL 19
10. 0b
1 0 . 26
- 0 . 20
U . S . COMMERCIAL PAPER
CANADIAN F I N A N C E P A P E R ,
D i l i ERENT1AL
APRIL
APRIL
APRIL
19
19
19
9 . 79
1 0 . 50
- 0 . 71
APRIL
APRIL
APRIL
19
19
19
1 0 . 0b
1 0 . 10
- 0 . 04
APRIL 19
A P R I L 19
A P R I L 19
10. 06
9. 91
0 . 16
A P R I L 14
A P R I L 14
APRIL
7
A P R I L 14
A P R I L 14
A P R I L 14
DEC.
A P R I L 14
9 . 27
6.92
4.76
5.00
10. 44
9.22
6 . 42
9 . 12
MAY
9. 33
COVERED
EURO-DOLLAR D E P O S I T
INTERBANK DM ( F R A N K F U R T ) ,
DIFFERENTIAL
COVERED
EURO-DOLLAR D E P O S I T
SWISS INTERBANK, COVERED
D I F F E R E N T ! AL
V
f
i
(
(
CHART 9 .
LONG TERM GOVERTLEKT BOND Y I E L D S
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
U.S.
CORPORATE
AAA BONDS
(
CHART 1 0 .
1
W
STOCK I N D I C E S
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
19
19
19
19
19
19
19
19
327.
377.
356.
250.
227.
33 5.
471.
652.
43
86
55
78
30
09
22
44
FEDERAL RESERVE statistical release
H.10(512)
APRIL 21, 1989
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
APRIL 21, 1989
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
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND
MEMO:
•UNITED STATES
DOLLAR
APR. 17
(CURRENCY UNITS PER DOLLAR)
APR. 18
APR. 19
APR. 20
APR. 21
81.28
13.071
38.870
1.1853
3.7314
7.2350
4.1600
6.2875
1.8560
158.500
7.7810
15.7100
143.55
1364.50
131.95
2.7230
2.0950
61.250
6.7580
153.940
1.9435
2.5565
670.10
115.600
34.038
6.3320
1.6363
27.110
25.450
171.60
80.01
13.050
38.810
1.1847
3.7314
7.2180
4.1510
6.2760
1.8529
158.900
7.7815
15.7000
143.80
1360.50
131.52
2.7110
2.0910
61.230
6.7450
153.400
1.9460
2.5335
669.60
115.200
34.048
6.3260
1.6285
27.150
25.530
171.80
80.01
13.102
38.980
1.1870
3.7314
7.2520
4.1715
6.3030
1.8617
158.600
7.7820
15.7200
143.25
1365.50
132.34
2.7110
2.1010
61.100
6.7670
154.100
1.9470
2.5375
669.30
115.600
34.038
6.3450
1.6360
27.113
25.550
171.00
80.20
12.995
38.640
1.1845
3.7314
7.1970
4.1420
6.2560
1.8465
158.820
7.7825
15.7200
144.45
1357.00
131.35
2.7010
2.0838
61.220
6.7250
153.050
1.9410
2.5250
669.40
114.850
34.038
6.3105
1.6277
27.102
25.570
171.70
79.50
13.010
38.680
1.1865
3.7314
7.2150
4.1600
6.2705
1.8492
158.000
7.7820
15.7000
144.15
1359.75
131.45
2.6870
2.0878
61.300
6.7330
153.400
1.9395
2.5395
668.90
115.300
34.038
6.3100
1.6330
27.080
25.510
171.40
96.69
96.50
96.93
96.29
96.45
•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 At® 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.
*VALUE IS U.S. CENTS
@FedFRASER