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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts August 17, 1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE 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. CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 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 9. LONG-TERM GOVERNMENT 10. INDUSTRIAL STOCK INDICES Chart 1 Spot Exchange Indices Ratio scale March 1973=100 Dollar prices of foreign currencies and weighted average values (dashed line) (Average for week ending Wednesday) Ratio scale March 1973-100 150 130 - 110 90 350 320 290 260 230 200 170 105 85 H 65 45 210 190 170 150 75 55 35 15 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) (Averages for week ending Wednesday) Percent per annum Percent per annum Chart 3 Price of Gold in London (Averages for week ending Wednesday) u.s. dollars per fine ounce U.S. dollars per fine oi 420 420 12.5 Kg Bars Afternoon fixing pricfe 400 400 380 380 360 360 340 340 320 320 300 300 280 1993 1994 1995 1996 1997 1998 280 Chart 4 Call Money Rates (Weekly series) Percent per annum Percent per annum 6 5 4 3 2 Chart 5 3-Month Interest Rates (Weekly series) Percent per annum Percent per annum 9 1995 1996 1997 1998 C h a rts Euro-Dollar Deposit Rates, London (Averages for week ending Wednesday) Percent per annum Percent per annum 8 Overnight 1995 J_______I, 1996 1997 1998 Chart 7 Selected Euro-Dollar and U.S. Money Market Rates Percent Per Annum Differential: Plus(+), Favors Borrowing in U.S. ' (Averages for week ending Wednesday) Percent Per Annum Differential 1995 _ I___________ 1 _ _____ _____ l 1996 1997 1998 Chart 8 Interest Arbitrage: 3-Month Funds Differential: plus(+). indicates favor dollar assets (Average for week ending Wednesday) Percent per annum Percent per annum Differential -1 1995 ± 1996 ± 1997 ± 1998 8 7 Swiss interbank (SF) covered 6 5 Euro-dollar deposits (dashed line) 4 J _____ I _____ l 3 1 1 Differential Differential 0 - __________ I__________ I__________ I - ...... 1 1995 1996 1997 1998 0 ________ I_________I_________I 1995 1996 1997 1998 -1 Chart 9 Long-Term Government Bond Yielde (Weakly series) Percent per annum Percent per annum Chart 10 Stock Indices (Weekly series) Ratio scale End-1994=100 300 Ratio scale End-1994=100 1995 1996 1997 1998 300 Japan 260 220 - I 180 - - 1995 1996 1997 1998 140 100 60 300 260 Canada 220 180 140 - J 100 1995 1996 1997 1998 1995 1996 1997 1998 60 300 260 220 180 140 100 60 15-Jul-98 22-Jul-98 29-Jul-98 5“Aug-98 Chart 1. 12-Aug-98 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 2.6785 67.573 16.468 55.236 0.05603 0.71040 49.000 65.493 163.49 2.7133 67.083 16.697 55.977 0.05674 0.71411 49.641 66.324 164.29 2.7240 66.637 16.752 56.169 0.05695 0.70531 49.820 66.795 165.12 2.7269 66.097 16.770 56.229 0.05697 0.69239 49.864 66.944 163.40 2.7286 65.753 16.784 56.275 0.05705 0.68433 49.899 67.031 163.07 105.55 67.35 74.21 155.38 32.16 186.01 140.67 210.70 66.13 106.92 66.86 75.24 157.47 32.57 186.98 142.51 213.37 66.45 107.34 66.42 75.49 158.01 32.69 184.67 143.02 214.89 66.78 107.45 65.88 75.57 158.18 32.70 181.29 143.15 215.37 66.09 107.52 65.53 75.63 158.31 32.75 179.18 143.25 215.65 65.96 108.57 64.81 73.64 174.24 29.89 200.27 147.69 55.32 221.20 64.52 100.86 109.07 64.47 74.00 175.16 30.01 196.89 148.35 55.09 222.47 64.01 101.28 109.35 64.24 74.22 175.70 30.11 194.71 148.75 54.49 223.18 64.00 101.52 0.62 2.18 2.18 0.90 5.31 2.25 3.60 -1.98 0.56 2.16 2.18 0.89 5.30 2.24 3.72 -1.98 0.50 2.16 2.20 0.87 5.37 2.26 3.82 -2.00 0.49 2.17 2.21 0.85 5.35 2.27 3.91 -1.99 291.92 294.49 291.98 287.80 285.79 5.52 5.49 4.78 3.40 3.32 0.44 3.22 1.98 7.15 5.53 5.46 4.68 3.40 3.32 0.44 2.86 1.78 7.15 5.55 5.55 4.79 3.40 3.20 0.40 3.41 1.68 7.35 5.60 5.55 4.85 3.40 3.51 0.43 3.36 1.35 7.29 5.52 5.49 4.83 3.40 3.35 0.44 3.26 1.35 7.48 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 , Weighted average exchange value indices; March 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. 0.73 2.18 2.18 0.86 5.34 2.24 3.59 -1.97 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 108.18 65.32 73.42 173.65 29.80 203.20 147.21 55.10 219.73 64.21 10Q.94 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. 107.55 66.36 72.89 172.41 29.63 203.69 146.32 54.66 218.55 64.38 101.88 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 15-Jul-98 22-Jul-98 29-Jul-98 5-Aug-98 Chart 5. 3-Month Interest Rates 5.59 5.14 3.43 3.49 0.67 3.36 2.02 7.64 3.80 5.59 5.20 3.44 3.46 0.70 3.46 1.92 7.66 3.81 5.59 5.26 3.46 3.44 0.70 3.65 1.84 7.64 3.83 5.58 5.25 3.45 3.42 0.70 3.35 1.73 7.59 3.78 5.46 5.49 5.51 5.56 5.63 5.69 5.55 5.53 5.51 5.56 5.63 5.69 5.55 5.50 5.51 5.57 5.63 5.69 5.49 5.50 5.52 5.56 5.62 5.64 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 5.59 4.99 3.43 3.46 0.65 3.42 2.06 7.64 3.79 5.49 5.50 5.51 5.56 5.63 5.69 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. 12-Aug-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.49 5.52 -0.03 5.46 5.53 -0.06 5.55 5.55 0.00 5.55 5.60 -0.05 5.49 5.52 -0.03 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 5.56 5.59 -0.03 5.56 5.59 -0.03 5.56 5.59 -0.03 5.57 5.59 -0.02 5.56 5.58 -0.02 Euro-dollar deposit Interbank sterling (London), covered Differential 5.56 5.63 -0.06 5.56 5.62 -0.06 5.56 5.65 -0.09 5.57 5.60 -0.03 5.56 5.56 -0.00 U.S. commercial paper Canadian finance paper, covered Differential 5.50 5.73 -0.23 5.50 5.77 -0.27 5.50 5.77 -0.27 5.51 5.77 -0.26 5.50 5.74 -0.24 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.56 5.66 -0.09 5.56 5.69 -0.13 5.56 5.66 -0.10 5.57 5.66 -0.09 5.56 5.65 -0.09 Euro-dollar deposit Swiss interbank, covered Differential 5.56 5.67 -0.11 5.56 5.64 -0.07 5.56 5.66 -0.09 5.57 5.69 -0.12 5.56 5.65 -0.09 5.37 4.80 4.68 1.48 3.14 4.77 5.86 5.48 5.40 4.77 4.65 1.38 3.04 4.75 5.90 5.48 5.46 4.73 4.61 1.29 2.96 4.71 5.74 5.46 5.51 4.65 4.53 1.25 2.90 4.64 5.62 5.40 Canada 175.34 174.43 166.13 159.74 France 221.94 216.62 212.22 204.47 Germany 244.42 233.53 244.58 224.72 Japan 81.80 80.68 79.58 79.26 Netherlands 299.60 300.00 289.93 276.87 Switzerland 293.22 295.67 301.12 287.94 United Kingdom 168.66 164.01 157.05 153.29 United States 237.30 234.64 226.12 216.79 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix) , CBS All-General, Swiss Performance Index, Financial Times Ordinary, NYSE Composite 154.15 202.63 215.01 75.69 266.80 276.35 148.91 217.37 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. 5.29 4.80 4.68 1.44 3.16 4.78 5.80 5.45 Stock Indices (Wednesday figures)
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