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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts April 9, 1990 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DC. 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 A N D U S MONEY MARKET RATES 8 INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS 10 INDUSTRIAL STOCK INDICES SUBSCRIPTION RATES: Weekly $24.00 per year or $.60 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address. $22.50 per year or $.55 each. Elsewhere. $30.00 per year or $ 70 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 m a form collectible at par m 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 140 130 120 110 BELGIAN FRANC 100 90 80 i i — i I i i i I i i i I i i i i SWISS FRANC i — i I i i i I i i ' I i i i 70 280 260 240 220 JAPANESE YEN 200 180 - H 160 140 « » i i 1 ' 1 I » i ' I « 1 » I I I I I I I I I I I I I I 120 100 CANADIAN DOLLAR — U.K. POUND I 90 80 70 60 « » ' I » ' « 1 ' ' ' 1 ' I « 50 200 GERMAN MARK 180 DUTCH GUILDER 160 140 H i i i I i i i I i i i I i i I i I 1 l l I I I I I l l I I » —— ITALIAN LIRA — FRENCH FRANC 120 100 60 55 50 — | 45 — 40 z : 35 30 i i i i i i i 1988 i i i i1 1 1 1 1 1 1990 I I I I I I I 1988 I I I I I I I I 1990 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) / AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 CANADIAN DOLLAR n i K i i i ' " ' i GERMAN MARK i i " 4 U.K. POUND '• - i ' , ji f X = - • i i i 1 , V K ' ^ , '• ' 1 1 1 1 1 1 1 1 1 1 1 1 I I JAPANESE XENt„, . .... \ 1 ' -J V 1 1 "I 1 1 1 i 1 t . r L u SWISS FRANC r | 1 1 1 1 1 1 1 1 1 1 1 1 1 l i x - DUTCKGUILDER ' V 1 FRENCH FRANC 1 1 1 1 1 1 1 1 1 1 1 1 1 1 " ITALIAN LIRA - 1988 1 1990 1 1 1 1 1 1 1 1988 1 1 1 1 1 1 1 1990 12 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.I DLLARS PER FINE OUNCE 520 U.S. DOLLARS PER FINE Ol 520 500 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 480 460 460 440 440 420 420 400 400 380 380 360 360 340 340 320 320 1987 1988 1989 1990 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 12 FRANCE — U.S. FEDERAL FUNDS JAPAN Qi 16 I I • I i ' I • i i I ' » i i i i I i i i I i i i I i i ' 12 0 16 12 CANADA GERMANY 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 i I I I I 1Q 20 UNITED KINGDOM SWITZERLAND 16 12 NETHERLANDS i 1988 1990 1988 ' I i i i I i i 1990 i CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AN :ENT PER ANNUM 12 12 FRENCH INTERBANK RATE 10 10 U.S. CD'S 8 8 6 6 WEIGHTED AVERAGE FOREIGN RATE 4 2 16 i 14 i ' I i i ' I 4 ' ' ' I i i ' I i U.K. INTERBANK STERLING i I I I I I I I I I I I I 2 16 14 CANADIAN FINANCE CO. PAPER 12 12 10 10 8 6 10 8 i i i I i i i I i i ' I i i l l I l l l I l l l I i 6 16 8 — GERMAN INTERBANK RATE SWISS INTERBANK RATE 12 6 8 4 4 2 10 ' • i I ' i ' I i i i I ' ' i I I I I I I l I l l l I I l l NETHERLANDS INTERBANK RATE 8 0 10 8 JAPANESE GENSAKI RATE 6 6 4 4 2 l l I l l l 1988 I l l l I l I l 1990 i i i I i i i 1988 I i i i I i ' i 1990 2 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 14 OVERNIGHT 12 3-MONTH 12 10 10 I 4 14 I I I I 1 I 1 1 I I I I I I 1 ' ' ' I 7-DAY 12 1 1 i i i i l i i 4 14 6-MONTH 12 10 4 14 10 ' i i I i 12 i i I i • i i I i ' I I I 1-MONTH I ' I I I I I I I I 1-YEAR 4 14 12 10 10 I i i i 1988 I i i i i i | 1990 | i 1 1 i 1 1 1988 1 i 1 i i l i i i 1990 4 e - • • • • * - • • 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 14 14 12 10 OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EURO-DOLLAR DEPOSITS 8 6 FEDERAL FUNDS 90-DAY CD'S DASHED LINE DASHED LINE 4 2 2 2 DIFFERENTIAL DIFFERENTIAL + 0 1988 1990 1988 1990 CHARTS INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY (CENT PER ANNUM PERCENT PER ANNl 16 12 INTERBANK STERLING — CANADIAN FINANCE CO. PAPER, COVERED — DASHED LINE COVERED LONDON 8 4 0 EURO-DOLLAR DEPOSITS U.S. COMMERCIAL PAPER DASHED LINE • ' i i i I i i i I i i i I i i i 1 I ' ' ' I 1 1 1 I 1 1 1 2 DIFFERENTIAL + 0 2 16 12 ^•^7=7' V DIFFERENTIAL vv-y/wrv v Y-vV^VaaP I I I I I I I I I I I I I I I i i i I i i i l i i i l i i INTERBANK DM SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 8 4 0 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE i i ' I • ' I DASHED LINE — I ' ' i I ' i i i i i I i i i I i i i I i i i 2 DIFFERENTIAL DIFFERENTIAL + 0 2 ' » I I I I 1 1 I 1 1 I I » ' 1988 1990 1 ' ' I 1 ' 1 I ' i » 1 • ' 1988 1990 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES RCENT PER ANNUM PERCENT PER ANNl 14 UNITED STATES CANADA 12 10 8 6 14 i i i I 1 i 1 I '* 1 i I i i i I UNITED KINGDOM I I I I I i I ' ' i I I I I I < ' • I I I ' I I i ' i l i i i I I I I I I ' i I i i i FRANCE 12 10 8 6 10 I I I I I I I I I I I I I I < SWITZERLAND i i i JAPAN 8 6 4 2 10 ' ' ' l ' i i l i ' ' l i i i NETHERLANDS I GERMANY MONTHLY 8 6 4 2 i i i I i i 1988 i 1 i i i I i < i 1990 i i i I ' 1988 l ' 1990 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 200 200 175 „ NETHERLANDS UNITED STATES 175 150 150 125 125 100 100 75 75 50 400 • i < l i i i I i i i l i I i I I I I I I I l» I I I I — GERMANY 350 — JAPAN 50 200 175 300 150 250 125 200 100 150 75 i 100 200 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 — FRANCE 175 — SWITZERLAND 50 200 175 150 150 125 125 100 100 75 75 50 200 175 ' i i I i ' i l i i i I i i i I I I I I ' I I I I I I I I — UNITED KINGDOM .CANADA 50 200 175 150 150 125 125 100 100 75 75 50 I I I I I I I 1988 I I I I I I ' ' 1990 i i i I i ' i 1988 l ' ' i I i ' i 1990 50 SERIES 7-Aar-90 Chart 1. Spot Belgian franc Canadian d o l l a r French f r a n c " German m a r k Italian lira Japanese yen Netherlands guilder Swiss f r a n c U.K. pound (U.S. T" ^ t" cents, Belgian franc Canadian d o l l a r * French f r a n c German m a r k Italian lira Japanese yen Netherlands guilder Swiss f r a n c U . K . p o u n d r" ! ' ' .. weekly averages) 2.8152 84.078 17.315 58.501 0.07932 0.66601 51.931 66.440 164.86 2.8152 84.888 17.308 58.495 0.07923 0.65848 51.946 65.787 161.60 110.93 83.80 78.03 16457 45.53 174.38, •/ 149.08 213.75 c 66.68 1 1 0 . 93 84. 61 7 7 . 99 1 6 4 . 55 4 5 . 48 ; 1?2, g 1 4 9 . 13 2 1 1 . 64 6 5 . 36 f March 1973 base r a t e s ... L 4 'F v ' - . ' Belgian franc* Canadian d o l l a r French f r a n c German m a r k Italian lira Japanese yen Netherlands guilder Swedish kronS - ^ Swiss f r a n c x - ^" U.K. pound U.S. d o l l a r & & 2 1 U.S. 3. 3-Month F o r w a r d Exchange Rates, U.S. Gold P r i c e dollars Chart 4. r £ * Canadian d o l l a r ^ French f r a n c -* * German m a r k Italian lira Japanese yen - Netherlands guilder Swiss f r a n c U.K. pound Chart *' % per f i n e Call federal > - in London, ounce 2.8358 84.773 17.444 58.924 0.07980 0,45236 52.314 65.982 ? 161.13 2.8225 . 85.037. .r 1 7 . 3 6 8 58.484 0 07946 0 63975 51,967 65.842 1#1 i 53 2.8466 85.503? 17.511 58.881 0.08002 0.43197; 52.274 66.559 163.81 == 100 Weighted average exchange v a l u e i n d i c e s ^ Chart 28-Mar-90 4-Apr-90 Exchange Rates and I n d i c e s Noon b u y i n g r a t e s Indices, 14-Mar-90 21-Mar-90 Mar. 111 .75 111 . 2 2 84 . 4 9 84 . 7 5 78 . 6 0 78 . 2 6 165 . 7 6 164 . 5 2 45 . 8 0 45 . 6 1 J 170 . 8 1 167 . 5 1 150 . 1 8 149 . 1 9 I 2 1 2 . 27 ~ =-* 2 1 1 . 8 2 65 . 1 7 ^ 6 5 . 33 1973=100 105.90 78.35 71.75 171.00 40.19 176.32 145.35 67.39 207.59 60.52 93.88 w 106.22 79.41 71.95 171mm 40.26 174.65 14584 67.40 206.10 59.39 94.23 106 , 7 9 , 106 . 7 6 107.25 79 . 1 1 79 . 7 5 79.86 72 .40 72 . 4 0 72.73 17 Z , 6 1 - h 1 7 1 . 9 8 Z 172.52 40 . 4 8 40 . 4 9 40.61 172 . 4 0 ' 169 , 5 1 166.43 146 , 6 0 ; ^ 146 . 2 5 146.53 67 . 6 3 67 . 7 4 1 ^ 6 7 ? 82 206 . 2 6 206 . 7 5 208.18 59 . 0 6 ; 59 . 5 1 ^ 60.16 93 . 96 94 . 4 9 : 94-op Premium o r D i s c o u n t -4.80 ' -2.34 -0.03 -4.32 -0.44 -0.51 -0.75 -6.61 f t 112 ;17 85 , 2 2 78 91 165 6 4 45 .93 165 47 150. , 07 2 1 4 . 13 66 . 2$ -4.6? -2.21 0.09 -4.15 1.01 -0.39 -0.61 -6.55 - 4 . 7 1 .....:. - 2 .16 0 .14 - 4 .05 0 .81 - 0 .33 - 0 .55 - 6 .53 , ~4 . 8 1 i a - 1 . 95 1 0 .19 r 4 ;01 0 .97 - o . 1 8 5? - o .65 - 6 .50 . 1 % -4$:87 -1.65 0.31 -3.54 1.14 • 0.01 -0.59 - 6 . 33 Afternoon Fixing 1 XP4.08 399.45 398 .78 379 . 1 5 371.53 8 .26 8 .15 1 2 ,8& 10 . 1 3 7,. 3 5 6 .67 7 ,. 9 2 8 . .28 14..73 8.33 8.28 12 . 74 10.04 7.57 6 . 88 Money R a t e s funds Canada France Germany Japan 5 Netherlands Switzerland U n i t e d Kingdom : deposits - -' Z T- -., f x „ <*"- i*" • 8 .28 8 .13 13 .40 10 .18 7 .81 6 .53 8 .51 ' 8 38 14 .86 8 .27 8 .16 13 . 05 10 . 2 3 7 .. 8 4 6 , .54 8 . .28 8 . .38 1 4 . .75 8 .27 8 .16 1 3 . 78 . b 10 . 1 1 7 .77 6 .80 8 .07 8 .08 14 . 8 1 • 8.38 14.63 % * ' : -.-"Li SERIES 7-Mai—90 Chart 5. 3-Month I n t e r e s t Rates U.S. 90-day CD's, s e c o n d a r y market Canadian f i n a n c e paper French i n t e r b a n k r a t e German i n t e r b a n k r a t e Japanese g e n s a k i r a t e Netherlands interbank rate Swiss i n t e r b a n k r a t e U.K. i n t e r b a n k s t e r l i n g Weighted average f o r e i g n i n t e r e s t r a t e CG-10 C o u n t r i e s ) Chart 6. Euro-Dollar Selected Euro-dollar Overnight Euro-dollar U.S. f e d e r a l f u n d s Differential & U.S. Interest deposits Arbitrage, Euro-dollar deposit Interbank s t e r l i n g (London), Differential U.S. commercial paper Canadian f i n a n c e paper, Differential 8.37 13.46 10.23 8.21 6.50 8.39 8.88 15.16 9.97 8.13 8.19 8.25 8.30 8.41 8.64 8.16 8.20 8.30 8.39 8.54 8.81 8.16 8.19 8.31 8.40 8.59 8.88 8.15 8.34 8.31 8.38 8.56 8.63 8.28 8.28 8.29 8.40 8.68 8.85 8.16 8.27 -0.11 8.15 8.26 -0.11 8.28 8.33 -0.05 8.30 8.27 0.03 8.39 8.38 0.01 8.40 8.40 0.00 8.38 8.36 0.02 8.40 8.37 0.03 8.30 8.33 -0.03 8.39 8.43 -0.04 8.40 8.47 -0.06 8.38 8.55 -0.17 8.40 8.59 -0.19 8.20 8.40 -0.21 8.27 8.55 -0.28 8.32 8.45 -0.13 8.31 8.38 -0.08 8.30 8.43 -0.13 8.30 8.51 -0.21 8.39 8.55 -0.16 8.40 8.53 -0.13 8.38 8.55 -0.17 8.40 8.52 -0.12 8.30 8.23 0.07 8.39 8.25 0.14 8.40 8.24 0.16 8.38 8.16 0.22 8.40 8.27 0.13 10.70 10.72 9.06 7.06 6.50 10.81 8.59 10.93 10.88 9.02 7.27 6.39 11.03 8.65 ND 10.74 8.93 7.25 6.45 11.09 8.59 ND 10.48 8.81 7.34 6.47 11.24 8.52 ND 10.39 8.72 ND 6.58 11.16 8.62 124 .26 139 .06 115 .32 190 .27 103 .12 134 .08 136 . 3 1 136 .57 124 .46 142 .52 118 .22 183 .04 105 .56 133 .78 136 .44 136 .50 122 .55 143 .24 121 .53 174 .43 107 .08 129 .98 139 . 1 1 138 .04 121 .13 146 .26 124 . 0 1 156 .98 107 .18 130 .83 135 .75 137 .70 3 - M o n t h Funds covered covered L o n g T e r m G o v e r n m e n t Bond Y i e l d s Canada France Germany Japan Switzerland U n i t e d Kingdom United States 10. 8.36 13.35 10.39 8.35 6.38 8.52 8.83 15.30 10.07 8.16 8.27 -0.11 Euro-dollar deposit Swiss i n t e r b a n k , covered Differential Chart 8.40 13.32 10.64 8.39 6.31 8.73 8.80 15.24 10.13 8.13 8.28 -0.15 covered Euro-dollar deposit I n t e r b a n k DM ( F r a n k f u r t ) , Differential Chart 9. 8.38 13.33 10.63 8.45 6.30 8.79 8.88 15.23 10.15 None y Market Rates 3-month E u r o - d o l l a r d e p o s i t U.S. 90-day CD's, s e c o n d a r y market Differential Chart 8. 8.27 13.36 10.70 8.54 6.29 8.88 9.00 15.19 10.19 Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-yea r Chart 7. 14-Mar-90 21-Mar-90 28-Mar-90 4-Apr-90 Stock Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom United States Indices (Wednesday f i g u r e s ) I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e , T o k y o SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l 124 .50 142 .60 121 .80 171 .89 106 .10 133 .59 137 .43 137 .34 CAC G e n e r a l , FAZ A k t i e n , T i m e s O r d i n a r y , NYSE C o m p o s i t e Of Gov/ FEDERAL RESERVE statistical release H.10(512) A p r i l 9 , 1990 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING APRIL 6 , 1990 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 FINLAND FRANCE GERMANY GREECE HONG KONG INDIA •IRELAND ITALY JAPAN MALAYSIA 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 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 DOLLAR Apr. 2 75.610 11.920 35.270 1.1695 4.7334 6.5155 4.0310 5.7280 1.7040 163.95 7.8040 17.230 157.20 1254.00 158.90 2.7330 1.9194 57.780 6.6020 150.57 1.8860 2.6705 704.90 109.15 40.018 6.1570 1.5075 26.411 26.070 163.15 94.30 (CURRENCY UNITS PER DOLLAR) Apr. 3 Apr. 4 Apr. 5 76. 050 11. 982 3 5 . 140 1. 1662 4 . 7334 6. 5000 4 . 0200 5 . 7135 1..7010 163.. 5 5 7 .8010 17 .240 157 .72 1248 .25 159 .13 2 .7325 1 ,9153 5 7 700 6 .5850 150 ,10 1 8845 2 6570 706 60 108 60 40 018 6 1400 1 5027 N, A. 26. 050 163. 55 94.10 76 .690 11 .970 35 .170 1 .1673 4 .7339 6 .5075 4 .0200 5 .7100 1 .7002 163 . 3 5 7 .8025 17 . 2 3 0 157.. 8 0 1250.. 5 0 158.. 6 0 2..7310 1..9146 5 7 ..900 6..5750 150..30 1..8800 2..6550 708..40 1 0 8 . 08 4 0 . 018 6. 1460 1. 5065 26. 410 26. 050 1 6 4 . 15 94.04 76 .500 11 . 9 5 7 35 .180 1 .1686 4 .7339 6 .4990 4 .0120 5 .7170 1.6995 163 . 7 0 7 .8010 17 .240 157 . 8 0 1250 .50 157 . 68 2 .7295 1 .9134 57. 820 6 . .5800 150. 10 1..8780 2. 6580 708. 40 108. 10 4 0 . 018 6. 1450 1. 5010 N. A. 26. 020 1 6 4 . 15 93.96 Apr. 6 76. 500 11.930 3 5 . 080 1. 1655 4 . 7339 6 .4745 4 .0040 5 .6985 1 .6960 163 . 3 7 7 .8015 17 .240 158 . 1 5 1245 . 7 5 157 . 6 5 2 .7305 1 .9098 57 .800 6,.5630 149..80 1..8755 N, A. 709. 00 107. 75 4 0 . 018 6. 1345 1. 5013 26 .390 26 . 0 2 0 163 . 8 5 93.81 •VALUE I S U . S . CENTS WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN.