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(516/517) Selected Interest 8? Exchange Rates Weekly Series of Charts April 29,1991 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, QC. 20551 « Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES H.10 RELEASE CHARTS 1. 2. 3. 4. SPOT EXCHANGE RATE INDICES 3-MONTH FORWARD EXCHANGE RATES GOLD PRICE—LONDON 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 FOREIGN CURRENCY PRICE OF U.S. DOLLAR „ BELGIAN FRANC — = 140 130 120 110 100 90 80 _1_JL — I I I I I I I I I I • I SWISS FRANC 1 I — I I I I t I I I I I I I JAPANESE YEN 70 280 260 240 220 200 180 160 140 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 CANADIAN DOLLAR U.K. POUND 120 100 90 80 70 60 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 GERMAN MARK 50 200 180 DUTCH GUILDER 160 140 120 i i i l ' i i l » ' i l i ' i i i i I i i i I i i i I i i i ITALIAN LIRA — 100 60 55 50 FRENCH FRANC 45 40 35 30 ' • • I ' • 1989 ' I « ' ' I • • 1991 ' i i i l i i 1989 i I i i i l i i 1991 i 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 4 PERCENT PER ANNUM 4 | CANADIAN DOLLAR i i i l i i U.K. POUND i l i i ' l i i i GERMAN MARK i i I i i i I i i i I i i i JAPANESE YEN — i i i I i i i I i i X i I i i i SWISS FRANC DUTCH GUILDER V/ \ — — — V A ^ i i i 1 i i i 1 i i i 1 i i i 1 FRENCH FRANC ^ 1 1 1 1 1 1 1 1 1 1 V 1 1 1 1 X 1 1 1 1 ITALIAN LIRA " ~ V - v v v v ' " " / V v v ^ 12 1 1 1 1989 1 1 1 1 1 I I 1 1991 i i i 1 i i i 1989 I i i x , i 1 - i i i 1991 12 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S.I OLLARS PER FINE OUNCE U.S. DOLLARS PER FINE Ot 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 1988 1989 1990 1991 320 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 12 FRANCE U.S. FEDERAL FUNDS JAPAN 0 i i i l i i i I i i i I i i i i i i I ' i i I ' i ' I i i ' 16 16 12 12 GERMANY i i I i i CANADA i I i i i I i i i i i i I i i » I i i i I ' i ' 0 16 UNITED KINGDOM SWITZERLAND 12 NETHERLANDS i i i l i i 1989 i I i i i 1991 t I i i 1989 i I i i ' I i i 1991 i CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANI ENT PER ANNUM 10 12 U.S. CD'S 10 8 8 6 SWISS INTERBANK RATE WEIGHTED AVERAGE FOREIGN RATE 6 4 2 4 i 2 16 i i I i i i I i i i I i i i i I > i i 1 ' i i I i i i 0 16 14 14 12 12 CANADIAN FINANCE CO PAPER U.K. INTERBANK STERLING 10 10 8 8 I 6 10 I I I I I I I I I I I l i i i I i 1 « I 1 1 i I ' ' i 6 12 GERMAN INTERBANK RATE 8 10 6 8 FRENCH INTERBANK RATE 6 4 ' 2 10 8 ' I » i t I ' i ' I i i ' i i i I i i i I i i i I ' i ' 8 JAPANESE CD RATE — 6 6 NETHERLANDS INTERBANK RATE 4 2 4 10 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 4 I i i 1991 i 2 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 14 3-MONTH OVERNIGHT 12 12 10 10 4 14 I I i I i i i l • • ' l • • I • I I I I I I I I I I I I I 4 14 6-MONTH 7-DAY 12 I 12 10 10 I 4 14 I I I ' I I I I I I ' i i l i i l i i i I i i i 1-YEAR 1-MONTH 12 i 4 14 12 10 10 • i i i » • 1989 i » » » I ' ' 1991 ' ' I « I ' « • 1989 l I I I I I I 1991 I I 4 CHART 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY 14 :ENT PER ANNUM PERCENT PER ANNL 12 OVERNIGHT 3-MONTH EURO DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 10 8 FEDERAL FUNDS DASHED LINE 6 DASHED LINE 4 J 2 2 1 1 I I I I I I I I I DIFFERENTIAL J I l l l l i i ' J I L DIFFERENTIAL 1 + 0 1 J 1 1 1 1 1989 I I I I I I I I 1991 I J — i — i — I i i i 1989 I i i i I i i i 1991 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNl SCENT PER ANNUM 16 16 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED — 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 DIFFERENTIAL DIFFERENTIAL + + 0 2 0 V ' I I I I I l l I l I I I I I I I I I I I I I I I I I I I I I 16 INTERBANK DM 12 SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 8 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 4 4 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 0 2 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 2 16 12 8 0 0 2 2 1 I I I 1 » 1 I 1989 I I 1 1 I 1991 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 SCENT PER ANNUM PERCENT PER ANN! 14 14 UNITED STATES CANADA 12 12 10 10 8 6 8 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 6 14 14 UNITED KINGDOM FRANCE 12 12 10 10 8 6 10 8 1 1 1 I » 1 1 I 1 1 » 1 • I I i SWITZERLAND i i I i » i l i i i I » i JAPAN i 6 10 8 8 6 6 4 2 10 4 • ' ' l • • ' I ' 1 i t ' i 1 NETHERLANDS 2 10 GERMANY 8 8 6 6 4 2 4 • • • l • ' 1989 » ' » « i I i i 1991 i 1989 1991 2 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 200 200 . UNITED STATES .NETHERLANDS 175 150 125 H - 125 100 100 75 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 50 200 — JAPAN — GERMANY 175 150 125 100 75 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 50 200 — SWITZERLAND FRANCE 175 150 125 100 75 — 75 i i i I < i i l i i i I ' » i i i I i i i 50 200 — CANADA — UNITED KINGDOM 175 150 125 100 75 I I I I I I 1989 I I I I I I I I 1991 I i i » l i i 1989 ' I ' » t I i ' 1991 i 50 SERIES Chart 1. 27-Mar-91 3-Apr-91 Spot Exchange Rates and Indices 10-Apr-91 17-Apr-91 24-Apr-91 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 2.9080 86.286 17.628 59.907 0.08055 0.72394 53.138 70.051 176.77 2.8802 86.378 17.487 59.291 0.07963 0.71672 52.606 69.653 175.82 2.8998 86.679 17.628 59.653 0.08034 0.73362 52.927 70.534 177.93 2.9050 86.955 17.682 59.744 0.08057 0.73756 53.024 70.364 178.53 2.7999 86.531 17.069 57.568 0.07793 0.72381 51.098 68.267 171.72 113.49 86.09 78.80 166.79 45.71 187.66 151.02 224.08 71.11 Weighted average exchange value indices. Mar. 1973=100 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 114.59 86.00 79.43 168.52 46.24 189.55 152.55 225.36 71.50 114.27 86.39 79.44 167.81 46.11 192.09 151.94 226.92 71.96 114.47 86.67 79.68 168.06 46.25 193.12 152.22 226.37 72.21 110.33 86.24 76.92 161.94 44.74 189.52 146.69 219.62 69.45 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swedish krona Swiss franc U.K. pound U.S. dollar 106.23 78.07 70.83 169.84 39.59 187.32 144.35 66.63 212.68 63.28 90.46 105 .78 78 .33 70 .73 168 .72 39 .42 189 .84 143 .54 66 .64 213 .89 63 .65 90 .29 105 .74 78 .42 70 .81 168 .60 39 .45 190 .53 143 .50 66 .67 212 .90 63 .73 90 .05 104 .32 80 .07 69 .93 165 .98 39 .06 191 .66 141 .52 66 .50 211 .56 62 .70 92 .86 -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 -3.29 -3.02 -2.93 -5.30 -1.73 -2.98 -2.25 -5.36 105.88 78.69 70.71 169.04 39.37 186.54 143.79 66.59 212.82 63.35 91.18 Chart 2. 3-Month Forward Exchange Rates, Premium or Discount Canadian dollar -3.27 -3.27 French franc -3.05 -3.09 German mark -2.74 -2.97 Italian lira -5.06 -5.08 Japanese yen -1.56 -1.41 Netherlands guilder -2.83 -3.06 Swiss franc -2.17 -2.31 J.K. pound -5.80 -5.80 Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 359.00 357.45 361.05 361.13 356.60 6.10 6.00 6.49 9.34 9.33 5.90 6.03 9.85 9.16 8.81 8.19 8.88 7.88 12.30 5.69 5.98 9.75 9.01 8.77 8.10 8.71 7.88 11.81 5.92 5.98 9.38 9.29 8.80 8.16 64 88 11.64 Call Money Rates U.S. federal fund# Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 6.04 9.60 9.39 8.65 8.17 9.04 7.88 13.73 8.80 8.21 9.22 7.88 12.50 SERIES Chart 5. 27-Mar -91 3-Apr-91 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. 6 .33 9 .92 9 .39 9 .03 8 .04 9 .10 8 .33 12 .36 9 .73 6 .23 9 .89 9 .32 9 .15 7 .86 9 .18 8 .42 12 .38 9 .72 6 .07 9 .81 9 .29 9 .11 7 .92 9 .10 8 .20 12 .06 9 .66 5 .95 9 .64 9 .13 9 .05 7 .98 9 .08 8 .28 11 .88 9 .59 6 .09 9 .60 9 .18 9 .07 7 .99 9 .09 8 .20 11 .73 9 .58 6 .04 6 .53 6 .31 6 .35 6 .45 6 .90 6 .49 6 .23 6 .21 6 .25 6 .39 6 .86 6 .03 6 .05 6 .08 6 .13 6 .26 6 .69 5 .98 5 .91 5 .91 6 .01 6 .19 6 .63 5 .98 6 .04 6 .04 6 .13 6 .30 6 .74 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 10-Apr -91 17-Apr -91 24-Apr--91 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 6 .04 6 .10 -0 .07 6 .49 6 .00 0 .48 6 .03 5 .90 0 .13 5 .98 5 .69 0 .29 5 .98 5 .92 0 .06 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 .13 6 .09 0 .04 Euro-dollar deposit Interbank sterling (London), covered Differential 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 .13 6 .21 -0 .09 U.S. commercial paper Canadian finance paper, covered Differential 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 .09 6 .23 -0 .14 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 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 .13 6 .07 0 .05 Euro-dollar deposit Swiss interbank, covered Differential 6 .35 6 .11 0 .24 6 .25 6 .06 0 .19 6 .13 5 .87 0 .25 6 .01 5 .88 0 .13 6 .13 5 .90 0 .22 9 .55 9 .07 8 .49 6 .61 6 .13 8 .72 10 .11 8 .05 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 9 .65 8 .85 8 .41 6 .65 6 .00 8 .58 10 .22 8 .09 117 .19 134 .94 100 .13 151 .80 107 .40 130 .53 156 .27 152 .47 116 .44 134 .86 99 .76 150 .10 105 .94 128 .76 154 .56 150 .28 118 .17 133 .80 102 .68 153 .41 108 .92 128 .98 155 .28 156 .74 116 .74 132 .02 101 .61 149 .27 108 .54 130 .20 151 .48 153 .77 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. 9 .69 9 .11 8 .51 6 .56 6 .15 8 .74 10 .11 8 .13 Stock Indices (Wednesday figures) Canada France Germany Japan Netherlands Switzerland United Kingdom United States 116 .18 131 .21 96 .61 147 .79 106 .10 129 .07 152 .52 150 .94 Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composit FEDERAL RESERVE statistical release :*4i H.10(512) April 29, 1991 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING APRIL 26, 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: MONETARY UNIT Apr. 22 ^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 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 0.7703 12.425 36.320 1.1595 5.3083 6.7355 1.1680 4.1175 5.9550 1.7670 191.20 7.7940 20.250 1.5170 1303.75 139.45 2.7620 1.9907 0.5841 6.8545 151.60 1.7830 2.7990 728.40 108.60 40.858 6.2765 1.4810 27.410 25.660 1.6900 0.7750 12.255 35.820 1.1563 5.3036 6.6550 1.1840 4.0600 5.8750 1.7415 188.65 7.7940 20.230 1.5363 1285.75 137.94 2.7620 1.9623 0.5885 6.7700 149.65 1.7795 2.7750 729.10 107.43 40.888 6.2120 1.4595 27.368 N. A. 1.7120 0.7741 12.330 36.060 1.1550 5.3036 6.7010 1.1770 4.0845 5.9130 1.7535 190.15 7.7945 20.200 1.5275 1295.50 138.05 2.7560 1.9752 0.5843 6.8105 151.40 1.7750 2.8100 728.70 108.00 40.888 6.2410 1.4698 27.340 25.660 1.6940 0.7768 12.288 35.940 1.1530 5.3036 6.6685 1.1805 4.0645 5.8925 1.7475 189.25 7.7975 20.250 1.5320 1289.50 138.05 2.7610 1.9690 0.5843 6.7805 150.45 1.7785 2.7800 727.70 107.48 40.918 6.2165 1.4658 27.360 25.665 1.6935 0.7795 12.340 36.070 1.1519 5.3036 6.7040 1.1745 4.0850 5.9220 1.7550 190.25 7.7960 20.230 1.5250 1296.50 138.13 2.7580 1.9771 0.5850 6.8175 150.95 1.7735 2.7925 727.50 108.03 40.918 6.2450 1.4795 27.360 25.660 1.6860 MEMO: HHJNITED STATES DOLLAR 94.16 93.00 93.52 93.30 93.64 COUNTRY 1 CURRENCY UNITS PER DOLLAR) Apr. 23 Apr. 24 Apr. 25 Apr. 26 •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 A S 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 I S NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF C O W E R C E ' S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL 1202) 377-1986.
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