Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : August 14, 1995

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Selected Interest &
Exchange Rates
Weekly Series of Charts

August 14, 1995

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
CHARTS
1. SPOT EXCHANGE RATES 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
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 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
150

RATIO SCALE
MARCH 1973=100

120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

100

BELGIAN FRANC

130

110

80

I

I

I I

I

I I I I I I I I I

I I

90
390
330

JAPANESE YEN
SWISS FRANC

270
210

I

I •

I I ' '

I > I » I I I I

CANADIAN DOLLAR
80

85

U.K. POUND

65

60

40
195

150
105

i

i

i

i

i

•

'

i

i

'

'

I i

i

i

I

I I I I

1

I

•

1

1

I

1

1

1

45
215

GERMAN MARK

DUTCH GUILDER

175

1

195

175

155

135 — I — I — L
115

I

I I I I

I I I I I I I

I '

I I '

•

I

I •

•

I '

'

I

ITALIAN LIRA

FRENCH FRANC

95

'

155
75
55

35
75

55

'

I




I

I

I I I
1993

I

I

I

I

I

I I I
1995

I I I I I •
1993

•

I '

•

•

I •

•
1995

•

15

CHART 2

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

PERCENT PER ANNUM

2

2

U.K. POUND

v w

—

I

I

'I

I

I

I

I

I

I

I

I

I

I

I

I

JAPANESE YEN

CANADIAN DOLLAR

— 2

I

' I

I '

'

SWISS FRANC

I I I I I I I

DUTCH GUILDER

FRENCH FRANC

I I

ITALIAN LIRA




•
1993

1995

'
1992

i

I i

» » I » '
1994

i

l

i

i

i

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK 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 —

320

340

320
1991




1992

1993

1994

1995

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

SWITZERLAND
U.S. FEDERAL FUNDS

JAPAN

0

2
10

8
NETHERLANDS
6
GERMANY
4

2

2
16

14

FRANCE

12
CANADA

10

8
6
4

UNITED KINGDOM

2




1993

1995

1993

1995

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANN

ENT PER ANNUM
10

CANADIAN FINANCE PAPER
WEIGHTED AVERAGE
FOREIGN RATE

8

6

4

U.S. CD'S

I

2
12

i

i

» I

1

1

1

'

1

1

1

•

i

'

I i

i

i

I

i

i

i

I i

i

i

NETHERLANDS INTERBANK RATE
10
U.K. INTERBANK STERLING

8

6

•

4
7

•

I '

5

'

'

I I

I I I I I I

I

I •

I I I » I

I I I I I I I

FRENCH INTERBANK RATE

JAPANESE CD RATE

3

1
10

'

'

'

I

i

'

i

1 i

i

i

•

1 i

'

l

i

'

•

1 •

GERMAN INTERBANK RATE

8




SWISS INTERBANK

'

I » I •

1

1993

1

I

1

1

1

1

1

1

I

1995

CHART 6

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

PERCENT PER ANNUM

—i 8

8
3-MONTH

OVERNIGHT

I I I I I '

• 1 • • '

I '

'

I

•

'

'

i

7-DAY

•

i

i

I i

i

i

i

i

i

i

i

i

i

I i

i

i

6-MONTH

I '

• i

I i

i

i

J_I2

I I I I I I I I I I I I I

8

1-YEAR

1-MONTH

— 4

•

i

'

I i




i
1993

i

I i

i

i

l

i

i
1995

i

•

i

i

i

i

'
1993

i

I i

i

i

I '

i
1995

i

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

7

7

W

H
3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

'

EURO-DOLLAR DEPOSITS

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

I

I

I

1

I

L_L

I

I

I

I

I

I

I—L

j

i

i

I

i

i

I




<

I

I

I
I
1993

I

I

I

i

i

DIFFERENTIAL

DIFFERENTIAL

I

i

I — I — I — I — I — L
1995

J

I
1993

I

I

I

I

I

I

I—L
1995

CHART 8

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

PERCENT PER ANNUM

7

7

6

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

—

COVERED LONDON

5 —

U.S. COMMERCIAL PAPER
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

I

I

I

I

1

I

I

1

1

I

I I

1

I 1

I

I » 1 I '

i

i

i

i

i

i

i

I

'

I I I I I I

I

1

'

DIFFERENTIAL

DIFFERENTIAL

1

•

i

i

i

i

i

<

<

i

I

I I I I '

1

'

I I I I

INTERBANK DM
SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS
&

EURO-DOLLAR DEPOSITS

y\

DASHED LINE

HOC II
AUH M
DASHED LINE C

uS

I

•

'

I

I

1

1

I

1

1

1

I

1

1

1

I

I I I 1 •

•

'

I I




I

I '
1993

I '

•

'

I

'I

I '

'

DIFFERENTIAL

DIFFERENTIAL

1

•

I I I

I I

I I I
1995

i

i

i I

I

••
1993

'

I I I I '1
1995

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
11

PERCENT PER ANNUM
9

UNITED KINGDOM

FRANCE

CANADA

JAPAN

SWITZERLAND

•




I

I

I I

I

I

I

I

I

I

I

GERMANY

NETHERLANDS

1993

' I

1995

1993

1995

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

210

230

UNITED KINGDOM

UNITED STATES
210 —

JAPAN

SWITZERLAND

CANADA

GERMANY
140

160

120

140

100

120

80
190

« » i

I » '

» l

i

i

i

I i

i

i

•

I

i

I

I

I

I

I

I

I

I I I I

FRANCE
170
—

150 —

120

130

110

140

•

i

'

I i




i
1993

i

I i

i

i

I i

i
1995

i
1993

1995

100

12-Jul-95 19-Jul-95 26-Jul-95 2-Aug-95
Chart 1.

9-Aug-95

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

3.5079
73.:
332
20. 879
12. 182
0.06297
1.12699
64. 403
987
86.:
159 .87

3.4693
73.643
20.689
71.364
0.06332
1.09570
63.666
86.252
160.34

.23
.09
.09
.05
.14
.08
.89
.85
.66

136.71
73.40
93.23
200.75
36.34
286.89
182.77
277.48
64.85

119 .14
60 .39
77 .88
192 .99
27 .62
284 .38
163 .00
51 .87
244 .13
51 .77
81 .83

119 .05
60 .13
78 .29
193 .01
27 .88
281 .28
162 .86
52 .24
244 .88
51 .88
81 .75

118.48
60.83
78.06
191.88
28.24
274.54
161.99
52.41
244.37
52.42
82.43

-0 .67
-0 .62
1 .35
-5 .13
5 .12
1 .73
3 .11
-0 .94

-0 .76
-0 .41
1 .36
-4 .89
5 .22
1 .78
3 .23
-0 .90

-0 .92
-0 .24
1 .37
-4 .86
5 .29
1 .75
3 .22
-0 .96

-0.81
-0.10
1.47
-4.64
5.23
1.77
3.16
-0.91

385 .43

389 .21

386 .43

383 .51

384.20

5 .81
5 .88
6 .76
6 .84
4 .39
0 .95
4 .04
2 .56
6 .70

5 .72
5 .73
6 .56
6 .71
4 .44
0 .84
4 .16
1 .70
6 .60

5 .75
5 .74
6 .46
6 .55
4 .38
0 .81
3 .91
2 .73
6 .40

5 .83
5 .69
6 .56
6 .38
4 .63
0 .80
4 .04
2 .73
6 .63

5.73
5.69
6.59
6.18
4.36
0.84
4.04
3.06
6.34

3 .4859
73.589
20.577
71.1660
0.06181
1.15219
962
63.!
208
86.:
159 .26

3.4938
73.!
580
20.i648
71.!
906
0.06192
1.13629
64. 173
86. 114
159 .62

3.5076
73.!
572
20. 764
72. 119
0.06238
1.13718
64.'
406
86. 662
159 .44

137 .36
73 .34
92 .72
201 .59
35 .48
301 .68
183 .62
277 .34
64 .42

137 .67
73 .34
93 .05
202 .28
35 .54
297 .52
184 .23
277 .04
64 .56

138 .22
73 .33
93 .57
202 .88
35 .80
297 .75
184 .90
278 .80
64 .49

138
73
94
203
36
295
184
279
64

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

1973=100
,
Weighted average exchange value indicesi Mar. :
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 .64
-0 .59
1 .36
-4 .88
5 .04
1 .71
2 .95
-0 .89

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

118 .95
60 .55
77 .60
192 .85
27 .47
284 .89
162 .78
51 .65
243 .14
51 .97
82 .08

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.

118 .71
60 .59
77 .33
192 .15
27 .43
289 .47
162 .28
51 .19
243 .50
51 .86
82 .12

Call Money Rates

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




12-Jul-95 19-Jul-95 26-Jul-95 2-Aug-95
Chart 5.

3-Month Interest Rates
.73
5.
.57
6.
.32
6.
4 .45
.
.85
0.
4 .14
,
2 .65
,
6 .73
4 .43

.77
5.
.71
6.
.21
6.
4 .45
.
.82
0.
4 . 11
,
2 .74
,
6 .74
4 .40

.75
5.
.84
6.
.03
6.
4 .45
.
0 .75
4 .09
2 .59
6 .78
4 .33

,75
5.
.73
6.
.85
5.
4 .41
,
0 .78
4 .08
2 .70
6 .78
4 .32

5 .73
5 .75
5 .75
5. 75
5. 70
5. 68

5 .74
5 .74
5. 78
5 .79
5. 80
5 .84

5 .69
5 .73
5 .76
5 .78
5. 80
5. 81

5. 69
5. 73
5. 78
5. 78
5. 81
5. 83

Euro-Dollar Deposit Rates

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

.76
5.
.59
6.
.34
6.
,
4 .46
0 .98
,
4 .16
2 .90
6 .69
4 .52

5. 88
5. 83
5. 83
5. 77
5. 68
5. 63

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-Aug-95

Selected Euro-dollar & U.S. Mone} Market Rates

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

5. 88
5. 81
0. 07

5 .73
5. 72
0. 01

5 .74
5 .75
-0. 01

5 .69
5. 83
-0. 14

,69
5.
,73
5.
,04
-0.

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

5. 77
5 .76
0 .01

5 .75
5 .73
0 .02

,79
5.
,77
5.
0.
.02

,78
5.
.75
5.
0.
.03

.78
5.
.75
5.
0 .03
,

Euro-dollar deposit
Interbank sterling (London), covered
Differential

.77
5,
.79
5.
.02
-0.

,75
5.
,
5. 77
.02
-0,

5 .79
,
5 .82
,
-0 .04
,

.78
5.
5 .80
,
.02
-0,

5 .78
,
5 .85
-0 .06

U.S. commercial paper
Canadian finance paper, covered
Differential

5 .76
,
,
5 .94
.18
-0,

.75
5.
.89
5.
.14
-0.

5 .79
,
5 .94
-0 .14

5 .80
,
5 .90
,
-0 .10

5 .81
5 .91
-0 .11

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

5 .77
5 . 84
-0 .07

5 .75
,
5 .82
,
-0 .07

5 .79
5 .83
-0 .04

5 .78
5 .84
-0 .06

5 .78
5 .90
-0 .12

Euro-dollar deposit
Swiss interbank, covered
Differential

5 .77
5 .87
-0 .10

5 .75
5 .78
-0 .03

5 .79
5 .99
-0 .20

5 .78
5 .83
-0 .05

5 .78
5 .88
-0 .10

7 .96
7 .44
6 .76
2 .99
4 .61
6 .83
8 .18
6 .23

8 .25
7 .45
6 .83
3 .00
4 .61
6 .89
8 .27
6 .47

8 .35
7 .39
6 .76
3 .01
4 .57
6 .81
8 .16
6 .46

8 .35
7 .33
6 .68
3 .16
4 .51
6 .72
8 .07
6 .49

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

>nd Yields
UUliy X J i l V U C - l l C i CLl J V i i l l i i
10-year maturity, where available
7 .81
7 .43
6 .77
2 .77
4 .62
6 .83
8 .14
6 .06

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

Stock Indices

(Wednesday figures)

.11
153 .
.36
153 .
.54
153 .
156..97
Canada
150..97
149 .
.85
.49
149 .
151,.50
France
.05
123 ,
122 .
.63
.93
119 .
120 ,
.31
Germany
100,.64
99 .
.03
.80
98.
100,.25
Japan
165 .16
164 .
.18
161,.25
161,.63
Netherlands
238 .41
236 .11
236 .97
237 .35
Switzerland
202 .73
200 .80
197 .85
200 .39
United Kingdom
220 .66
220 .74
216 .80
220 .49
United States
,
.. ,
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



.02
154 .
150 .
.23
123 ,
.09
102 .05
163 .80
236 .40
201 .76
220 .58
to SBF250

* Of COVy- *
»

FEDERAL RESERVE statistical release
H.10(512)

August

14, 1995

FOREIGN EXCHANGE RATES
FOR THE W E E K

ENDING

AUGUST 11, 1995

The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bark 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
DOLLAR
AUSTRIA
SCHILLING
BELGIUM
FRANC
CANADA
DOLLAR
CHINA,P.R.
YUAN
DENMARK
|KRONE
* E U R O C O M M U N I T Y i ECU
FINLAND
|MARKKA
FRANCE
jFRANC
GERMANY
j D. MARK
GREECE
|DRACHMA
HONG K O N G
DOLLAR
INDIA
RUPEE
^IRELAND
POUND
ITALY
LIRA
JAPAN
YEN
MALAYSIA
RINGGIT
MEXICO
PESO
NETHERLANDS
jGUILDER
*NEW Z E A L A N D
:DOLLAR
NORWAY
1 KRONE
PORTUGAL
ESCUDO
SINGAPORE
DOLLAR
SOUTH AFRICA
' RAND
•
SOUTH KOREA
WON
SPAIN
PESETA
SRI LANKA
RUPEE
SWEDEN
KRONA
SWITZERLAND
FRANC
TAIWAN
DOLLAR
THAILAND
BAHT
* U N I T E D KINGDOM; P O U N D
MEMO:
^UNITED
•VALUE

STATES

DOLLAR

IS U . S .

Aug

j

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|
j
1
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!

( C U R R E N C Y U N I T S PER
Aug . 8
j
Aug . 9

7

o 7414
9 893
28 950
1 3574
8 .3200
5 .4525
1 ,3241
4 .2350
4 .8510
1,,4063
2 2 7 .02
7-.7335
31..440
1. 6 4 2 0
1581 .
,25
91.,30
2.4 7 0 5
6. 1 2 0 0
1. 57 64
0.,6687
6. 2 0 2 0
145.97
1. 4 0 0 0
3. 6 1 1 5
7 6 2 . 00
120. 030
51.000
7. 1 1 4 5
1. 1 6 5 5
26. 940
24. 830
1. 6 0 1 8

j
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0 .7436
9 .918
29 . 020
1 .3565
8 .3214
5 .4695
1 .3211
* .2500
4 .8680
i .4098
2 2 7 .51
7 .7385
31 .450
.6385
1.
1 5 8 8 . 00
91,
.77
2 .4685
6-.1450
1..5802
0.
.6655
6. 2 1 8 0
146.48
1.,3975
3.,6110
761,,60
120. 330
51.000
7. 1 5 2 0
1. 1 6 9 0
26. 920
24. 850
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* * I N D E X OF W E I G H T E D A V E R A G E E X C H A N G E V A L U E OF U . S .
D O L L A R A G A I N S T C U R R E N C I E S OF O T H E R G - 1 0
COUNTRIES.
M A R C H 1 9 7 3 = 100.
W E I G H T S ARE 1 9 7 2 - 7 6 G L O B A L T R A D E OF E A C H OF THE 10 C O U N T R I E S .
S E R I E S R E V I S E D AS OF A U G U S T 1 9 7 8 .
FOR D E S C R I P T I O N A N D BACK D A T A , SEE " I N D E X OF THE
W E I G H T E D - A V E R A G E E X C H A N G E V A L U E OF THE U . S . D O L L A R : R E V I S I O N " ON P A G E 700 OF T H E A U G U S T
1978 FEDERAL RESERVE BULLETIN.
T H I S R E L E A S E IS A V A I L A B L E O N L I N E T H R O U G H THE F A C I L I T I E S OF THE D E P A R T M E N T OF C O M M E R C E ' S
ECONOMIC BULLETIN BOARD.
FOR I N F O R M A T I O N , CALL ( 2 0 2 ) 4 8 2 - 1 9 8 * .
FOR I N F O R M A T I O N A B O U T YOUR S U B S C R I P T I O N TO T H I S R E L E A S E OR A B O U T R E C E I V I N G IT IN D O C U M E N T
F O R M , P L E A S E C A L L P U B L I C A T I O N S S E R V I C E S AT THE F E D E R A L R E S E R V E B O A R D A T ( 2 0 2 ) 4 5 2 - 3 2 4 4 .