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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts : April 4, 1988 Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE 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. 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 $21.00 per year or $.50 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $19.50 per year or $.45 each. Elsewhere, $26.00 per year or $.60 each. Address requests to Publications Services, Division of Administrative 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=100 200 180 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 160 — 50 45 - 40 - 35 - - 30 — - 25 lllilllllll 20 N^v ITALIAN LIRA - — - 140 120 100 - 80 I I 1 I 1 1 1 1 1 220 200 — JAPANESE YEN/~x_ _ — 180 - 160 - 140 - 120 - 100 I ill|||||i| lllilllllll 80 GERMAN MARK — j - - r - • v f i i i i i 1 1 1 1 1 1 yV - 180 160 v - 140 — __ DUTCH GUILDER CANADIAN DOLLAR 120 — js - — 100 - 90 - 80 - 70 lllilllllll 60 w - 1 90 80 - 1 1 1 1 1 lllilllllll — U.K. POUND FRENCH FRANC — .j/ 70 40 - 70 - 60 - 50 lllilllllll 40 J 60 50 - j\r i i i i i i iiiniiiiii A \ 140 I I 1 1 1 280 — J\-v - 120 BELGIAN FRANC 100 - — 80 - - 70 — - 1 1 1 1 1986 1988 1 1 1 1 1986 1 200 - 180 - 160 140 - - 120 I I | I I | I lllilllllll I | I I 100 yY 1 1 — - 60 1 240 SWISS FRANC 90 50 90 80 — 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 CANADIAN DOLLAR JAPANESE YEN A/ 1 1 1 I 1 V 1 1 1 1 i i i III III III)1 " lllllllllll 4 12 a K. POUND SWISS FRANC l\T* "V, \ / \ j 1 1 1 1 1 l 1 l l 1 1 1 r 1 1 1 1 1 1 1 1iiiniiiiii 1 1 1 1 0 8 DUTCH GUILDER GERMAN MARK 0 1 1 1 1 1 1 1 1 1 l l l 4 4 FRENCH FRANC - 8 I I III III I I 12 I 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. [ ILLARS PER FINE OUNCE U.S. DOLLARS PER FINE 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 I I I I I I I I I I I 280 1985 1986 1987 i i I i i I i i I i 1988 280 CHART 4 CALL MONEY RATES WEEKLY SERIES PERI T-PER ANNUM PERCENT PER Ah NUM 16 12 16 U. S. FEDERAL F U N D S - FRANCE 8 12 8 4 4 JAPAN 0 II I I I I I 0 I 16 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 0 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PER PERCENT PER AH :NT PER ANNUM 16 12 10 - U.S. CD'S CANADIAN FINANCE CO. PAPER 14 8 - 6 10 WEIGHTED AVERAGE FOREIGN RATE 4 8 - I I I I I I I I 6I I I 2 16 14 14 _A U.K. INTERBANK STERLING „ FRENCH INTERBANK RATE - 12 10 12 10 12 \[ - - 8 8 6 10 10 8 - GERMAN INTERBANK RATE NETHERLANDS INTERBANK RATE - 6 8 6 4 - 4 2 2 10 8 8 JAPANESE GENSAKI RATE SWISS INTERBANK RATE - 6 4 \ 4 2 6 I 1986 1988 I 1986 - 2 0 I 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY NT PER ANNUM PERCENT PER A!> 14 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 I I I I I 1111 M I I I I I I I H I I I I i I I I I I I I I I LJ L i 4 14 14 6-MONTH 7-DAY 12 12 10 10 8 8 a 6 I IIIIIII I 4 I I I 4 14 14 1-YEAR 1-MONTH 12 12 10 10 8 8 6 6 I IIIII 4 1986 1988 [ 4 1986 1988 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 10 10 FEDERAL FUNDS 3-MONTH DASHED LINE E U R O - D O L L A R DEPOSITS OVERNIGHT 90-DAY CD' S E U R O - D O L L A R DEPOSITS DASHED LINE I I I I I IIM IIIIIIIM IIIIIIIII I _LL 1111111 2 2 DIFFERENTIAL DIFFERENTIAL i i i i i i i 111111111111111111111111 1986 1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E 1988 I I 11111111111 I 1986 11111 1988 11 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY :NT PER ANNUM PERCENT PER Ah 16 12 16 INTERBANK STERLING - COVERED LONDON 12 CANADIAN FINANCE CO. PAPER, COVERED 8 8 EURO-DOLLAR DEPOSITS 4 U. S. COMMERCIAL PAPER DASHED LINE DASHED LINE 4 lull 0 liii 0 2 DIFFERENTIAL 2 DIFFERENTIAL + 0 0 nil I I III I I III 2 2 16 12 16 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 4 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 4 0 0 2 2 DIFFERENTIAL DIFFERENTIAL 0 2 Z\ A A / V v V ^ I I I - I I 1986 I III III n i l I 0 sW 1988 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 2 11111111111 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Af ENT PER ANNUM 16 16 - UNITED STATES 14 12 CANADA — 12 - 10 10 8 - I 6 I I i ill i h i l l i I I I I I I 8 6 10 14 12 14 „ UNITED KINGDOM - - JAPAN - V YZV 10 8 6 X 8 6 I I I 4 I 1 1 1 I I i ill i h i l l i 2 8 10 GERMANY SWITZERLAND 6 8 4 6 2 4 17 15 U. S. CORPORATE MONTHLY 15 13 — - Aaa BONDS FRANCE 13 11 - 11 9 9 7 7 - 5 NETHERLANDS 11 11111111111 1986 5 MONTHLY 1988 1986 3 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 400 UNITED STATES UNITED KINGDOM 300 200 650 550 - 450 „ 350 - f jf JAPAN Y FRANCE - - 250 — I 150 I I I I I , I ,>!>>!,,In n —I 500 400 -V — SWITZERLAND / — 200 — 150 CANADA 300 V — I 200 I I I I I I I I I I I I 100 500 400 500 __ NETHERLANDS 400 - GERMANY 300 V^V - | / 200 100 I I I I I 1986 I - - 300 - - 200 I 100 1988 1986 1988 LAST VALUE PLOTTED DATE VALUE SERIES DABS CHART 1. SPOT EXCHANGE BATES AMD INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH K80NA INDICES, MARCH 1973 BASE BATES GERMAN HARK JAPANESE YEN DUTCH GUILDER 0. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 30 30 30 30 30 30 30 30 30 30 59.93 0.80028 53.35 185.66 80.70 17.67 72.54 2.86245 0.98090 16.92 MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 30 30 30 30 30 30 30 30 30 168. 59 209.54 153. 14 75.09 80. 43 79.61 233-36 112.79 45.96 30 30 30 30 30 30 30 30 30 30 30 89.03 167.43 206.68 143.05 65.90 71.66 70.04 217.65 103. 10 39.24 67. #8 30 30 30 30 30 30 30 30 -1.71 -1.80 3.53 -*.60 5.12 2.86 2.63 -4.23 100 WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) 0. S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KB ON A MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FHESCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PBICB IN LONDON, AFTERNOON FIXING HABCH 30 453. 66 HABCH HABCH HARCH HABCH HABCH HABCH HABCH HABCH HABCH 30 30 30 30 30 30 30 30 30 6.62 6.49 8.51 8.45 3. 10 3.55 7.48 3.40 0. 13 HABCB HABCH HABCB HABCH HABCH HABCB HABCB HABCH HABCB 30 30 30 30 30 30 30 30 30 6.66 3.37 3.82 8. 70 8.70 1.52 8. 15 3.95 5.60 HABCH HABCH HABCH HABCB HABCH HABCH 30 30 30 30 30 30 6.49 6.66 6.*9 6.78 6. 99 7.43 OVEBNIGBT BUBO-DOLLAR DEPOSITS U.S. FEDEBAL FUNDS DIFFERENTIAL HABCH 30 MARCH 30 HARCH 30 6. 49 6.62 -0. 13 3-MONTH EOBO-DOLLAB DEPOSIT BATE U.S. 90—DAI CD'S, SECOSDABI BASKET DIFFERENTIAL HARCH 30 MARCH 30 HARCH 30 6.78 6. 66 0. 12 U.S. DOLLABS PEB FINE OUNCE . CALL HONEY BATES U.S. FEDEBAL FUNDS OVERNIGHT EOBO-DOLLAB DEPOSITS O.K. CANADA GEBHANT -m JAPAN FBANCE NETBEBLANDS SWITZERLAND CBABT 5. 3-MONTH INTBBBST BATES O.S. 90-DAY CD'S, SECONDARY MARKET GERHAN INTERBANK LOAN JAPANESE GENSAKI BATE CANADIAN FINANCE PAPEB INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK BATE NBTBBBLANDS INTERBANK BATE NEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SNITZJI BLAND) CBABT 6. EURO-DOLLAR DEPOSIT BATES: LONDON OVEBNIGBT 7—DAI 1-HO NT H 3-HO NTH 6—HO NTH 1-TEAB CBABT 7. SELECTED EURO-DOLL AB AND U.S. BONEI MARKET BATES SERIES NAME LAST 7ALOE PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL MARCH 30 MARCH 30 MARCH 30 6.78 6.87 0.99 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL MARCH 30 MARCH 30 MARCH 30 6.67 6. 96 *Q. 29 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT) , COVERED DIFFERENTIAL MARCH 30 MARCH 30 MARCH 30 6.78 EURO-DOLLAR DEPOSIT S8ISS INTERBANK, COVERED DIFFERENTIAL MARCH 30 MARCH 30 MARCH 30 6.93 •0.15 6.78 6.67 0. 11 CHART 9. LONG TERM GOVERMSNT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM MARCH MARCH MARCH MARCH MARCH MARCH FEB, MARCH 25 25 18 18 18 25 25 8.48 5.65 4.01 4.05 10.09 9.51 6. 09 8. 95 U.S. CORPORATE AAA BONDS CHAMT 10. 9.33 MAY STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 23 23 23 23 23 23 23 23 288.30 320.94 76 203.84 179.32 247.78 29 4.93 565.60 FEDERAL RESERVE statistical release H.10(512) APRIL 1, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING APRIL 1, 1988 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 *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 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 MAR. 28 (CURRENCY UNITS PER DOLLAR) MAR. 29 MAR. 30 MAR. 31 APR. 1 73.27 11.670 34.760 1.2373 3.7314 6.3730 4.0075 5.6260 1.6606 133.300 7.8045 13.0000 160.75 1229.75 124.20 2.5575 1.8655 64.580 6.2590 136.300 2.0055 2.1250 750.90 110.870 30.908 5.8910 1.3707 28.690 25.140 185.88 73.54 11.688 34.820 1.2360 3.7314 6.3910 4.0115 5.6400 1.6632 ~ 133.150 7.8065 12.9600 161.00 1232.00 124.65 2.5665 1.8685 65.280 6.2905 136.500 2.0065 2.1170 749.40 111.250 30.908 5.8940 1.3745 NA 25.120 186.80 73.88 11.686 34.800 1.2364 3.7314 6.3800 4.0100 5.6430 1.6637 133.200 7.8050 13.0500 160.95 1232.50 124.84 2.5655 1.8685 65.000 6.2670 136.600 2.0065 2.1270 749.50 110.910 30.908 5.8980 1.3730 28.690 25.170 187.70 74.12, 11.640 34.680 1.2342 3.7314 6.3600 3.9925 5.6125 1.6558 135.850 7.8020 12.9600 161.20 1228.00 124.10 2.5655 1.8590 65.400 6.2350 135.800 2.0010 2.1250 749.60 110.620 30.915 5.8710 1.3625 NA 25.160 188.65 74.15 11.641 34.650 1.2348 3.7314 6.3650 3.9950 5.6175 1.6560 132.700 7.8050 13.0000 161.32 1229.00 124.00 2.5625 1.8595 65.250 6.2400 135.750 2.0000 2.1220 748.10 110.550 NA 5.8700 1.3650 28.690 NA 189.00 88.64 88.72 88.71 88.29 88.28 •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. *VALUE IS U.S. CENTS
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