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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts April 25,1994 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D.C. 20551 Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES H.10 RELEASE CHARTS 1. 2. 3. 4. 5. 6. 7. SPOT EXCHANGE RATE INDICES 3-MONTH FORWARD EXCHANGE RATES GOLD PRICE—LONDON CALL MONEY RATES 3-MONTH INTEREST RATES EURO-DOLLAR DEPOSIT RATES 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=100 120 110 100 145 135 125 115 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 90 105 80 95 BELGIAN FRANC 70 85 • 60 i i • i I ' i i I i I i I I I I • • I ' • • I ' ' 75 280 290 270 260 240 250 220 230 200 210 190 SWISS FRANC • i ' I i 180 JAPANESE YEN 160 i i I i i i I i i i I I I I I ' ' I ' I I I ' I I 140 100 90 80 70 U.K. POUND 55 — 45 200 • i i l — CANADIAN DOLLAR i • ' I • • • l • i i I I ' I I I I I I 1 I I I I 60 50 180 250 230 160 210 190 140 100 170 DUTCH GUILDER 120 ' ' ' I ' I GERMAN MARK I I I I I I I I I i i i l i i ' I ' I 150 ' _L_L 130 65 105 55 95 45 85 75 35 65 — ITALIAN LIRA FRENCH FRANC 55 I I ' 1992 I I I I I I I • I 1994 1992 i i ' i 1994 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM GERMAN MARK U.K. POUND 8 2 8 CANADIAN DOLLAR JAPANESE YEN + 0 2 4 4 6 2 + 0 SWISS FRANC DUTCH GUILDER 2 4 6 8 2 + 0 8 ITALIAN LIRA FRENCH FRANC 2 4 6 8 10 12 1992 1994 18 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR W E E K ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 420 U.S. DOLLARS PER FINE OUNCE 420 12.5 Kg BARS AFTERNOON FIXING PRICE 400 400 380 380 360 360 340 340 320 J l_ 1991 j L j i 1992 J i i 1993 i L J L 1994 320 CHART4 CALL MONEY RATES WEEKLY SERIES PERCENT PER AMI )ENT PER ANNUM 8 SWITZERLAND U.S. FEDERAL FUNDS 6 4 2 10 JAPAN • i i I i i i l »» i I i i i i i i I ' ' ' I • ' i I i • I • i I i 9 8 GERMANY NETHERLANDS 7 6 5 16 • i * l i i » l 14 i i i l i i i • » l • ' ' I • • • • i i FRANCE CANADA 12 10 8 6 UNITED KINGDOM 4 • ' i I ' • 1992 • I • • i I i' i 1994 i i i i I i i 1992 i I i i 1994 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AN ENT PER ANNUM 13 12 WEIGHTED AVERAGE FOREIGN RATE 10 11 CANADIAN FINANCE PAPER 8 9 6 7 U.S. CD'S 5 4 2 16 i ' ' I i ' i I i i ' I ' ' ' I I I I I I I I I I I I I I I U.K. INTERBANK STERLING 13 9 7 10 NETHERLANDS INTERBANK RATE 7 4 9 3 11 i i i I i i « I i i i I i i i i i i I i i i I i 5 i i I ' i i JAPANESE CD RATE 7 3 13 11 5 9 FRENCH INTERBANK RATE 3 7 l 1 I l l l I l l l I l l l l l l I l l l I l l l I l l l 5 10 12 8 10 6 8 SWISS INTERBANK GERMAN INTERBANK RATE 6 4 2 i i i I i i 1992 i I i i i I i i 1994 i ' i I i i -i 1992 I i i » I ' ' 1994 4 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 10 10 OVERNIGHT i i i l i 3-MONTH 7-DAY 6-MONTH 1-MONTH 1-YEAR i 1992 i i i i i I i i 1994 i I I I I I i 1992 1 I I I I I I I 1994 1 CHART 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES D I F F E R E N T I A L : P L U S ( + ) , F A V O R S B O R R O W I N G IN U . S . A V E R A G E S FOR W E E K ENDING W E D N E S D A Y PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 3-MONTH EURO-DOLLAR DEPOSITS OVERNIGHT EURO-DOLLAR DEPOSITS F E D E R A L FUN DASHED LINE 9 0 - D A Y CD'S DASHED LINE I I I I I I I L J — I — I I I I DIFFERENTIAL I I I I I I i i i DIFFERENTIAL — - J I I I L 1992 J I L _ l I L 1994 — I I I I I I 1992 I I I 1 I I 1 1 1994 1 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 8 v INTERBANK STERLING * CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON U.S. COMMERCIAL PAPER EURO-DOLLAR DEPOSITS DASHED LINE » 1 i I » 1 i I DASHED LINE » 1 i I i 1 ' i i i I i i Y I I I I I i i i J •Mhi I I I DIFFERENTIAL DIFFERENTIAL I i I I I I I I I I r y Y I 1 A v AS\ ' i iI I INTERBANK DM I I I I 1 1 1 1 1 1 SWISS INTERBANK (SF) COVERED COVERED FRANKFURT — EURO-DOLLAR DEPOSITS' EURO-DOLLAR DASHED LINE ' 1 » I DASHED LINE I » I 1 I I » I I I I i i DIFFERENTIAL 1 I I I I I 4 I I 1992 I i I ' i i I i i i I i I i i i I i i i i i DIFFERENTIAL I I I I I I I 1994 I i i i I i i 1992 i 1994 11 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNUM 9 PERCENT PER ANNUM 11 j UNITED STATES UNITED KINGDOM 8 4 11 i i i I i i i I i i i I i i i » i i l i i * l : i I l i i i I • i ' I i- ' : I i i i i I i r i l i I I I I 5 10 FRANCE CANADA 10 i i i I i » i I i i i I i » i • • ' SWITZERLAND ' ' ' l JAPAN i i » l i i i l i i i NETHERLANDS i i i I i » i l l i ' i i 2 10 GERMANY i 1992 i I i i i I i l l 1994 • • • ' ' I 1992 I I I I 1994 I CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 220 200 210 — UNITED KINGDOM UNITED STATES 190 180 170 160 150 140 130 120 110 160 250 225 IAPAN SWITZERLAND 140 200 175 120 150 100 125 100 160 180 CANADA GERMANY 165 140 150 120 135 120 100 105 210 195 FRANCE 160 — NETHERLANDS 180 145 165 130 150 115 135 100 120 105 1992 1994 1992 1994 23-Mar-94 30-Mar-94 6-Apr-94 Chart 1. 13-Apr-94 20-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 .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 2.8324 72.339 17.038 58.328 0.06125 0.96064 51.957 69.177 147.35 2.8450 72.194 17.099 58.580 0.06123 0.96586 52.167 69.080 147.70 112 , .66 71 , .85 77 , .69 .75 165 , 35.. 14 .87 252 . 150 . .63 224 . .83 .54 59 , .61 111 , 72 , .10 76 , .78 164 , .08 .16 35 , 251,.53 149 , .16 222 .55 .60 59 , 112 , .11 71,.95 77 , .05 164 , .79 35,.15 252 , .89 149 , .76 222 .24 59 .74 108 , .21 66 .74 71 . 81 173 . .50 30 .57 268,.81 147 , .75 52 , .33 219 , .80 53 , .71 94 , .49 107 , .65 67 , .31 71..21 172 , .31 .73 30 , 268,.53 146 , .90 52 , .68 218 .50 54 , .03 95,.01 107 . .91 67 .01 71,.33 172 , .77 30 .66 269 .53 147 , .20 52 , .46 217 , .71 .04 54 , 94 , .76 2.8590 72.085 17.241 58.921 0.06121 0.96576 52.471 69.886 147.20 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 113 , .01 72 , .97 78 , . 17 166,.53 34 , .36 .77 246 , 151..15 224 , .57 .27 60 . 114 . .32 72 , .44 78 , .78 168 , .32 34 . .95 251..29 152 , .70 226 .58 60,.31 Weighted average exchange value indices, Mar. 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. . 12 .84 .39 .31 .18 .95 .86 .19 .05 .08 .68 -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 -1..79 -1,.86 -1,.44 -3 .70 . 1,.86 -1..15 0 .09 , -1..06 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 109 66 72 175 30 264 148 52 220 54 93 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 .56 67 .85 72 .29 174 .47 29 .84 261 .55 148 .29 52 .71 219 .53 54 .44 94 .48 386.76 388.98 385.95 381.60 375.44 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 3.59 3.50 5 .67 6.01 5.50 2.10 5.27 3.93 4.83 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom r- 94 30 -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 .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 4 .00 6. 04 5. 91 5. 50 2. 27 5. 20 3 .91 5. 10 5. 07 3 .28 3 .36 ,50 3. 3 .79 .05 4. .51 4. 3 .44 3 .55 .56 3. .76 3. 4. .08 4 .58 . .48 3. ,53 3. .65 3. .89 3. 4. .24 4. .78 .43 3. .50 3. 3. .63 .88 3. 4 .25 . 4 .85 . 3.,50 3..58 .70 3. 4 .00 . 4 .39 , 5 .04 , Euro-Dollar Deposit Rates Overnight 7-day 1 - month 3-month 6 - month 1-year Chart 7. 13 -Apr-94 20 -Apr-94 Selected Euro-dollar & U.S. Mone} Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential .28 3. , 3 .31 -0..03 3 .44 , 3 .49 , -0 .05 3 .48 , 3 .69 , -0 .21 3 .43 , 3 .37 , 0 .06 3 .50 3 .59 -0 .09 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 3 .79 , 3 .80 -0 .01 3 .76 3 .79 -0 .03 3 .89 3 .95 -0 .06 3 .88 3 .88 -0 .01 4 .00 4 .00 -0 .00 Euro-dollar deposit Interbank sterling (London), covered Differential 3 .79 3 .78 0 .01 3 .76 3 .74 0 .02 3 .89 3 .82 0 .06 3 .88 3 .87 0 .01 4 .00 4 .03 -0 .03 U.S. commercial paper Canadian finance paper, covered Differential 3 .86 3 .86 0 .00 3 .87 3 .81 0 .06 3 .98 4 .05 -0 .06 3 .95 4 .23 -0 .28 4 .05 4 .23 -0 .18 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 3 .79 3 .76 0 .03 3 .76 3 .78 -0 .02 3 .89 3 .93 -0 .04 3 .88 3 .82 0 .06 4 .00 4 .04 -0 .04 Euro-dollar deposit Swiss interbank, covered Differential 3 .79 3 .71 0 .08 3 .76 3 .80 -0 .04 3 .89 3 .89 -0 .01 3 .88 3 .88 -0 .01 4 .00 4 .00 -0 .00 ,72 7. 6.,56 6..33 .13 4. 4. .48 6..51 .67 7. 6..66 8.,20 6..45 6..33 .94 3. .49 4. 6 .37 . 7 .50 . 6,.96 8. 00 6.,49 6.,26 4. .09 .45 4. 6..36 .51 7. 6..90 8.,22 6..73 6.,46 4. .03 4. .56 6..61 . 7 .70 7 .05 , Chart 8. Chart 9. Interest Arbitrage, 3-Month Funds Long Term Government Bellwether Bond Yields 10-year maturity, where available 7 .51 6.,37 6.,29 ,17 4. .42 4. 6..34 .32 7. 6..46 Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart 10. Stock Indices (Wednesday figures) 0 141 .59 143 .74 143 .76 153 .62 Canada 170 .49 169 .53 167 .39 173 .79 France 125 .22 123 .93 122 .40 123 .74 Germany 122 .41 121 .02 120 .09 122 .08 Japan 154 .15 149 .54 147 .16 150 .95 Netherlands 237 .68 234 .86 233 .27 235 .86 Switzerland 192 .69 191 .86 189 .73 193 .49 United Kingdom 181 .92 182 .80 181 .83 191 .34 United States Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite 136 .83 165 .91 124 .80 122 .00 152 .47 235 .14 191 .07 179 .86 to SBF250 FEDERAL RESERVE statistical release • RE^ April 25, 1994 H.10(512) FOREIGN EXCHANGE RATES FOR THE WEEK ENDING APRIL 22, 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 *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 MEMO: **UNITED STATES MONETARY UNIT Apr. 18 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 I POUND 0.7175 12.090 35.370 1.3887 8.7152 6.7375 1.1255 5.5267 5.8820 1.7190 251.80 7.7268 31.370 1.4291 1640.00 103.40 2.6915 3.3680 1.9303 0.5665 7.4505 175.00 1.5592 3.6610 812.00 140.480 48.980 7.9205 1.4575 26.390 25.280 1.4725 95.16 DOLLAR (CURRENCY UNITS PER DOLLAR) Apr. 20 Apr. 21 Apr. 19 Apr. 22 0.7150 11.967 35.030 1.3865 8.7145 6.6780 1.1360 5.5180 5.8380 1.7008 249.30 7.7278 31.370 1.4390 1630.00 103.23 2.6858 3.3686 1.9100 0.5653 7.3830 173.80 1.5595 3.5555 812.20 139.280 48.900 7.9315 1.4425 26.400 25.250 1.4775 0.7162 11.930 34.920 1.3858 8.7137 6.6450 1.1387 5.5095 5.8180 1.6950 248.46 7.7275 31.420 1.4395 1624.75 103.30 2.6895 3.3690 1.9043 0.5672 7.3610 173.45 1.5590 3.6055 811.60 138.790 49.038 7.9150 1.4400 26.390 25.248 1.4858 0.7135 11.890 34.790 1.3812 8.7125 6.6305 1.1444 5.4905 5.7930 1.6900 247.55 7.7270 31.370 1.4485 1620.50 103.65 2.6905 3.3694 1.8995 0.5682 7.3345 172.78 1.5600 3.5980 810.60 137.600 48.850 7.8865 1.4343 26.390 25.240 1.4948 0.7185 11.915 34.860 1.3785 8.7125 6.6485 1.1412 5.4995 5.8080 1.6935 248.30 7.7279 31.370 1.4440 1621.25 103.60 2.6905 3.3698 1.9038 0.5725 7.3470 173.35 1.5595 3.6155 810.60 137.900 48.920 7.8910 1.4376 26.380 25.240 1.4880 94.56 94.31 94.05 94.19 *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. 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) 4 8 2 1 9 8 6 . 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.
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