Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : April 4, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

April

4 , 1 9 9 4

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 $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 CHIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY

5££f8E„,
120

145
135
125

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110
100

115

90

105

80

95

BELGIAN FRANC

85

70

60

•

i

i

l

i

•

1

1

I

1

1

1

I

1

I

1

I

I

I

I

•

•

I

'

•

•

I

•

•

'

75
280

290

260

270

240

250

220

230
200

210

SWISS FRANC

•

i

i

l

i

i

—

JAPANESE YEN

190

180

160
i

I

i

i

i

I

i

i

i

•

i

•

I

i

i

1

1

'

1

1

1

'

1

1

140
100
90

80
70

U.K. POUND

55

45

i

i

i

I

i

60

CANADIAN DOLLAR

i

i

I

i

'

i

I

i

I

i

I

I

I

I

I

'

I

I

'

•

I

I

'

I

50

200

250

180

230
210

160

190
140

170

DUTCH GUILDER

120
100

I

I

I

I

I

I

GERMAN MARK

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

150

I

I

I

I

I

I

130
65

105
55

95

45

85
75

35
65 —

55

ITALIAN LIRA

FRENCH FRANC

'

I




I

I

I

I
1992

I

I

I

I

I

I

I

I
1994

I

I
1992

i

i

i

I

i

i
1994

i

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (—)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

2

PERCENT PER ANNUM

(

GERMAN MARK

'

'

'

1

'

2

U.K. POUND

1

1

1

'

1

1

I

I

I

I

CANADIAN DOLLAR

I

I

I

1

1

1

1

1

1

1

1

1

1

1

1

JAPANESE YEN

~

r

J
SWISS FRANC

1 1 1 1 1 1

0

1

1

1

1

i

i

i

I

i

i

i

I

i

i

i

DUTCH GUILDER

I
+

1

FRENCH FRANC

i

i

i

ITALIAN LIRA

2
4

6
8
10
12

1

1

1

I




1

1

1992

1

I

•

•

•

i

i

J_L
1994

1992

1994

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y
U S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380
380

360
360

340
340

320




320
1991

1992

1993

CHART 4

CALL MONEY RATES
WEEKLY SERIES
CENT PER ANNUM

PERCENT PER ANh

SWITZERLAND
U.S. FEDERAL FUNDS

4

JAPAN

i

2

i

i

I

i

i

'

i

i

i

i

i

i

i

i

1

1

1

I

1

1

1

1

1

'

'

I

'

'

10

9

8

GERMANY
NETHERLANDS

7

6

5

I

1

I

I

I

I

I

I

I

I• I

I

I

I

I

'

'

'

I

'

'

'

I

'

'

'

I

'

'

16

1

14

FRANCE

1

12

CANADA

1

10

8

6
UNITED KINGDOM
4

'

t

»

I

I




I

I

1992

I

I

I

I

I

|

I

I
1994

I

I

I

I

I

I
1992

I

I

|
1994

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
12

13
WEIGHTED AVERAGE
FOREIGN RATE
CANADIAN FINANCE PAPER

U.S. CD'S

U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

JAPANESE CD RATE

FRENCH INTERBANK RATE

—

SWISS INTERBANK




GERMAN INTERBANK RATE

1992

1994

1992

1994

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10




PERCENT PER ANNUM
10

OVERNIGHT

7-DAY

1-MONTH

3-MONTH

6-MONTH

1-YEAR

1992

1994

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
10

PERCENT PER ANNUM
10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUN

90-DAY CD'S

DASHED LINE

DASHED LINE

DIFFERENTIAL

J




I

I

I

I

L
1992

J

DIFFERENTIAL

I

I

I

I
1994

L

J

I

I

I

I
1992

I

I

L_L
1994

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

v

INTERBANK STERLING

'

CANADIAN FINANCE
CO. PAPER, COVERED

COVERED LONDON

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL P"APER

DASHED LINE

I

i

i

I

DASHED LINE

I

I

I

I

i

I

i

I

i

I

i

I

I

DIFFERENTIAL

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

' '

I

I

I

I

i

i

EURO-DOLLAR DEP

DASHED LINE

I

I

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS*

I

'

I

INTERBANK DM

I

I

DIFFERENTIAL

COVERED FRANKFURT

I

I

DASHED LINE

I

I

[

I

I

I

I

I

I

I

I

'

i

DIFFERENTIAL

i

I

i

i

i

I

i

i

i

I

i

M

i

l

DIFFERENTIAL

U W

1

1

'




i

'

1

1992

1

i

1

'

i

i

'

i
1994

'

I

I

I

I

I

I
1992

I

I

l

1994

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

11

9

UNITED KINGDOM

UNITED STATES
8

I

I

I

I

I

I

'

I

I

'

I

I

I

I

I

I

I

1

1

1

1

I

FRANCE

CANADA

JAPAN

SWITZERLAND

•

i

i

I

i

i

•

1

1

'

1

GERMANY

NETHERLANDS




'

1992

1994

1992

1994

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220
— UNITED KINGDOM

UNITED STATES

i

I

i

i

i

250
225

ARAN

SWITZERLAND

200
175
150

125

100
160

i

i

i

l.

i

i

i

I

i

i

i

I, i

i
CANADA

GERMANY

165

140

150
135

120

120

100
105

80
210
195

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

!

• NETHERLANDS

FRANCE

90
160
145

180
165

130

150
115
135

100

120

105

» i

i




I

i

i
1992

» I

i

i

i

l

» i
1994

»

I

I

I

I

I

I
1992

I

I

I

1 1 1

I

I
1994

I

85

2-Mar-94
Chart 1.

9-Mar-94

16-Mar-94 23-Mar-94 30-Mar-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

2.8403
74 .025
17. 196
58 .489
0.05931
0 .95696
52 .078
69 .831
148 .79

2.8327
73 .746
17. 168
58. 357
0.05925
0.95019
51. 948
69 .575
149 .14

2.8751
73 .468
17. 417
59 .257
0.05993
0.94596
52 .727
69 .972
149 .63

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

113 .29
73 .22
78 .49
166 . 70
34 .40
247 .68
151 .37
225 .11
60 .52

113 .01
72 .97
78 .17
166 .53
34 .36
246 .77
151 .15
224 .57
60 .27

114.32
72.44
78.78
168.32
34.95
251.29
152.70
226.58
60.31

108 .62
67 .97
72 .46
174 .27
29 .81
262 .06
148 .21
52 .57
219 .63
54 .56
94 .24

108 .56
67 .85
72 .29
174 .47
29 .84
261 .55
148 .29
52 .71
219 .53
54 .44
94 .48

109.12
66.84
72.39
175.31
30.18
264.95
148.86
52.19
220.05
54.08
93.68

-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

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

111 .92
73 .78
77 .49
164 .53
34 . 04
250 .56
149 .51
224 .65
60 .18

111 .62
73 .50
77 .36
164 .16
34 .01
248 .79
149 .13
223 .83
60 .32

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.

-0 .21
-2 .53
-2 .23
-4 .66
1 .52
-1 .61
-0 .38
-1 .44

-0 .14
-2 .40
-2 .01
-4 .47
1 .68
-1 .43
-0 .25
-1 .28

-0 .23
-2 .40
-1 .98
-4 .51
1 . 61
-1 .42
-0 .26
-1 .30

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

107 .71
68 .75
71 .85
172 .50
29 .67
265 .38
146 .93
52 .01
219 .88
54 .78
95 .06

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.

107 .80
68 .89
71 .84
172 .59
29 .64
266 .96
147 .04
51 .90
220 .30
54 .52
94 . 84

379 .07

376 .51

385 .25

386 .76

388.98

3 .25
3 .20
3 .53
6 .31
6 .01
2 .08
5 .44
4 .13
5 .30

3 .19
3 .20
3 .59
6 .25
5 .86
2 .10
5 .49
3 .98
5 .40

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

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




3 .28
3 .26
3 .59
6 .31
6 .21
2 .16
5 .49
4 . 13
5 .00

2-Mar-94
Chart 5.

3 .66
4 .00
6.12
5.84
2 .25
5.23
4 .05
5 .08
5.01

3 . 77
4.01
6 .12
5.80
2.24
5.19
4.00
5.06
4.98

3 . 76
4 .10
6 .10
5 .73
2 .26
5 .22
3 .94
5 .08
4 .98

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

3.26
3.29
3.46
3.63
3.88
4 .24

3.20
3.30
3.49
3.75
3.98
4.43

3 .20
3 .25
3 .44
3 .75
4 .00
4 .46

3 .28
3 .36
3 .50
3 .79
4 . 05
4 .51

3 .44
3 .55
3 .56
3 .76
4 .08
4 .58

Euro-Dollar Deposit Rates

Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.

16-Mar-94 23-Mar-94 30-Mar-94

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.

9-Mar-94

Selected Euro-dollar & U.S. Mone] r Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

3.26
3.28
-0.02

3.20
3.25
-0.05

,
3 .20
3 .19
.
0 .01
,

3 .28
3 .31
-0 .03
,

3 .44
3 .49
-0..05

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

3.63
3.66
-0.03

3 . 75
3 .77
-0.02

3.
.75
3 . 76
-0 .
.01

3.
.79
.80
3.
-0 .
, 01

,76
3.
3 .79
-0 .
,03

3.63
3.62
0.01

3 . 75
3 . 76
-0.01

3 .75
3 .76
-0. 01

3 .79
3 .78
0. 01

3 .76
3 .74
0. 02

3.72
3.79
-0.06

3.83
3.87
-0.03

3 .84
3 .87
-0. 03

3 .86
3. 86
0. 00

3 .87
3 .81
0. 06

3.63
3.57
0.05

3.75
3.76
-0.01

3 .75
3 .72
0. 03

3 .79
3. 76
0. 03

3 .76
3 .78
-0. 02

3 . 75
3.75
0.00

3 .75
3 .68
0 .07

3 .79
3 .71
0. 08

3 .76
3 .80
-0. 04

7 .23
6 .31
6 .24
4 .07
4 .39
6 .17
7 .05
,
6 .36
,

7 .44
6 .26
6 .20
4 .06
4 .36
6 .18
7 .15
6 .46

7 .51
6 .37
6 .29
4 . 17
4 .42
6 .34
7 .32
6 .46

Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential
Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential
Euro-dollar deposit
Swiss interbank, covered
Differential
Chart 9.

3.63
3.66
-0.04

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

Stock Indices

7 .06
6 .24
6 . 17
3 .77
4 .36
6 .15
7 .04
6 .23
(Wednesday figures)
;)

Canada
145 ,
.37
147 .
.53
150 . 81
153 ..62
France
171 .
.61
175 .
.87
176 .
.50
173 ..79
Germany
116 .
121 .
.19
.73
124 .
, 19
123 ., 74
Japan
122 .
.19
121 .
.40
125 .
,01
122 ..08
Netherlands
149 . 81
152 .
.69
153 .,66
150 .95
Switzerland
224 .
.98
234 ..83
236.,75
235. 86
United Kingdom
196..43
198.,07
198 .06
193 .49
United States
189 ..27
190.,24
191. 38
191. 34
Indices (in order rebased to 1986 = 100) ti,
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



7 .72
6 .56
6 .33
4 .13
4 .48
6 .51
7 . 67
6 .66

143 .
.76
167 .
.39
122 .
.40
120 .
.09
147 .,16
233. 27
189 .73
181. 83
to SBF250

FEDERAL RESERVE statistical release
April 4, 1994

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

APRIL 1, 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
KIRELAND
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
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
POUND

DOLLAR

Mar. 28

(CURRENCY UNITS PER DOLLAR)
Mar. 31
Mar. 30
Mar. 29

Apr. 1

0.7113
11.768
34.470
1.3748
8.7234
6.5875
1.1526
5.5575
5.7145
1.6725
245.80
7.7255
31.370
1.4435
1632.50
104.12
2.6880
3.3598
1.8810
0.5688
7.2795
173.10
1.5740
3.4480
812.20
137.350
48.880
7.8935
1.4218
26.410
25.270
1.4965

0.7047
11.784
34.520
1.3775
8.7242
6.6060
1.1505
5.5460
5.7320
1.6750
246.77
7.7253
31.370
1.4350
1640.25
103.45
2.6890
3.3500
1.8840
0.5663
7.2990
173.75
1.5695
3.4520
812.00
137.500
48.850
7.9130
1.4255
26.410
25.230
1.4850

0.6990
11.775
34.510
1.3794
8.7219
6.5915
1.1510
5.5040
5.7250
1.6740
246.89
7.7265
31.420
1.4320
1631.00
103.07
2.6875
3.3610
1.8821
0.5593
7.3000
172.97
1.5692
3.4800
810.80
136.850
48.840
7.8720
1.4165
26.370
25.240
1.4823

0.7015
11.745
34.380
1.3838
8.7298
6.5660
1.1555
5.4600
5.7000
1.6680
245.90
7.7280
31.370
1.4380
1606.75
102.40
2.6830
3.3650
1.8743
0.5613
7.2550
171.32
1.5695
3.4780
809.70
135.920
48.800
7.8230
1.4097
26.330
25.250
1.4880

0.7063
11.930
34.930
1.3890
N.A.
6.6590
1.1389
5.4975
5.7890
1.6950
249.82
7.7272
31.420
1.4120
1626.00
103.75
2.6790
N.A.
1.9041
0.5647
7.3675
173.79
1.5720
3.4950
810.40
137.860
48.780
7.9150
1.4265
26.360
25.250
1.4735

93.59

93.76

93.62

93.17

94.39

KVALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER 6-10
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) 482-1986.
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) 452-5244.