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(516/517)
Selected Interest 8?
Exchange Rates
Weekly Series of Charts
k
August 22,1988
DIVISION OF
INTERNATIONAL FINANCE
Prepared by the
FINANCIAL MARKETS
SECTION
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
WMUngton, DC 30861
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 $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 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 1 9 7 3 = 1 0 0
RATIO SCALE
MARCH 1 9 7 3 = 1 0 0
-
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
-
,
I
I
—
50
46
-
40
-
36
-
30
-
26
uli h i ih i
20
ITALIAN LIRA
-
-
—
^
-
I
I
I
1
I
1
1
—
—
220
200
JAPANESE YEN,
—
-
GERMAN MARK ^
—
—
^
7
-
j
-
-
i
i
i
-
160
—
140
r
120
-
• v n
-
i
i
i
i
1
1
1
—
-
V
DUTCH GUILDER
x
— A * *
CANADIAN DOLLAR
js
-
too
Ill I,||,||,
ii N i l ii h i
—
—
160
y\z
60
—
160
t60
-
140
-
120
*-
100
-
60
—
60
70
—
11111111111
I l l
90
—
80
-
11111111111
U.K. POUND
FRENCH FRANC
—
70
^
Xv
//
~
-
60
50
-
y\r
40
S
i
140
—
120
—
I
I
I
I
-
I II I II I I I I I i ill i h i l l i
1 1
1
1
1
iihihihi
1
60
^ -
—
ulii h i h i
90
60
70
60
SO
40
260
-
-
V - w s .
SWISS FRANC
BELGIAN FRANC
-
^
240
100
—
—
—
200
90
-
—
—
160
80
70
-
-
/\J
—
-
60
50
160
-
-
I I
n l i i l n l i i
I
1986
11111111111
1988
I
I
-
140
-
m
j | | | | | j | | | |
I
1986
1968
100
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM ( * ) OR (->
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
CANADIAN DOLLAR
JAPANESE YEN
4
12
U. K. POUND
0
SWISS FRANC
4
8
8
GERMAN MARK
DUTCH GUILDER
FRENCH FRANC
ITALIAN LIRA
4
0
4
4
0
4
8
12
1986
1988
1986
1988
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. c LLARS 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 1_L
280
1985
1986
1987
I I I I I I I I I I I
1988
280
CHART 4
CALL MONEY RATES
WEEKLY SERIES
PER
IT PER ANNUM
PERCENT PER AJ
16
12
16
U. S. FEDERAL FUNDS
12
FRANCE
8
8
4
4
JAPAN
0
0
16
16
CANADA
12
8 -
12
GERMANY
8
4
4
0
0
16
20
UNITED KINGDOM
SWITZERLAND
16
12
12
I
8
4
NETHERLANDS
4
0
fa
1986
1988
1986
1988
0
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
NT PER ANNUM
PERCENT PER Ah
12
16
10
CANADIAN FINANCE CO.
PAPER
U.S. CD'S
14
8
12
6
10
WEIGHTED AVERAGE
FOREIGN RATE
4
8
2
14
6
14
U K INTERBANK STERLING
FRENCH INTERBANK RATE
12
12
10
10
8
8
6
6
10
10
8
NETHERLANDS INTERBANK RATE
GERMAN INTERBANK RATE
-
6
6
\
4
2
I
I
I
I
I
A-V
-
4
2
I
10
8
8
8
JAPANESE GENSAKI RATE
SWISS INTERBANK RATE
-
6
4
\/
4
2
6
I
1986
1988
,l
I
I
I
1986
-
2
0
I
1988
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
ENT PER ANNUM
PERCENT PER AL
14
14
OVERNIGHT
3-MONTH
12
12
10
10
8
8
6
6
I IIlllllI II
4
4
14
14
7-DAY
6-MONTH
12
12
10
10
8
8
6
6
4
4
14
14
1-YEAR
1-MONTH
12
12
10
—
8
8
6
—
I
4
10
1986
1988
I
I
I
I
1986
I
6
4
1988
CHART 7
SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U . S .
AVERAGES FOR WEEK ENDING WEDNESDAY
INT PER ANNUM
PERCENT PER A
14
14
12
12
10
10
FEDERAL FUNDS
3-MONTH
DASHED LINE
E U R O - D O L L A R DEPOSITS
8
8
6
6
OVERNIGHT
90-DAY CD' S
E U R O - D O L L A R DEPOSITS
DASHED LINE
4
4
I IIIIIIIIIIIMIIIIM III
2
i i I i i I i i I i i I i i I i i I -i i I
2
2
2
DIFFERENTIAL
DIFFERENTIAL
1
1
+
+
0
0
f 11111111111111111111111
1
1986
I PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE S C A L E
1988
J
I
1986
I
11111111 i n 111111111111
1988
1
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
12
CANADIAN FINANCE
CO. PAPER, COVERED
COVERED LONDON
8
8
EURO-DOLLAR DEPOSITS
4
U. S, COMMERCIAL PAPER
DASHED LINE
4
DASHED LINE
0
2
0
DIFFERENTIAL
2
DIFFERENTIAL
0
0
II
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
0
2
I
I
I
4
I. I
2
DFFEMNTIAI
DIFFERENTIAL
\AA^\
0
2
0
J
I I I
I I I
1986
„;j, J
1988
PERCENT ON DIFFERENTIAL SCALE « 2 PERCENT ON RATE SCALE
i
;
J , I, J
1986
—
0
l l l . l l l l l l l I ill IHill I
2
1988
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER AN
[NT PER ANNUM
16
14
16
-
UNITED STATES
CANADA
-
14
12
12
10
10
8
8
I
6
I
I
I IIIIIIIIII I IIIIIIIIII
10
14
12
-
UNITED KINGDOM
JAPAN
—
8
6
10
8
-
6
I
I
I
li
I
I
I
I
I
4
2
8
6
6
10
GERMANY
SWITZERLAND
8
4
6
2
4
17
15
U. S. CORPORATE
MONTHLY
FRANCE
15
13
13
Aaa BONDS
11
11
9
9
7
NETHERLANDS
7
5
MONTHLY
3
5
1986
1988
1986
1988
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100
RATIO SCALE
1969=100
500
500
400
400
UNITED STATES
A.
UNITED KINGDOM
300
-
200
300
200
I I I
I I I
JAPAN
FRANCE
SWITZERLAND
/
200
150
I
I
I
I
I
I
100
500
NETHERLANDS
400
-
300
-
200
100
19S6
1988
1986
1988
LAST VALUE PLOTTED
DATS
VALUE
SERIES NAME
CHABT 1. SPOT EXCHANGE BATES AND INDICES
WEEKLY AVERAGES, NOON BUYING BATES
{U.S. CENTS)
GERMAN MASK
JAPANESE YEN
DUTCH GUILDER
O.K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FfiANC
ITALIAN LIRA
SWEDISH KRONA
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
1
1
1
1
1
1
1
1
1
1
52.94
0.74935
46. 89
170.58
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
1
1
1
1
1
1
1
1
1
148.92
196.20
134.60
68.99
81.34
70. 36
203. 18
99. 50
40.56
17
17
17
17
17
17
17
17
17
17
17
98. 27
158. 40
209. 47
135. 41
65. 39
78. 88
66. 56
204. 47
98. 04
37. 30
66. 40
17
17
17
17
17
17
17
17
-1. 24
- 2 . 58
3. 42
0. 66
5. 02
3. 14
4. 01
-2. 41
81.61
15.61
63. 16
2.52 503
0.07140
15.41
INDICES, MARCH 1973 BASE BATES = 100
GERMAN HARK
JAPANESE YEN
DUTCH GUILDER
U.K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
WEIGHTED AVERAGE EXCHANGE VALUE INDICES, BAR 1973 = 100
(G-10 COUNTRIES PLUS SWITZERLAND)
U.S. DOLLAR
GERMAN MARK
JAPANESE YE#
DUTCH GUILDER
U.K. POUHD
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KROBA
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT
CANADIAN DOLLAR
U,K. POUND
GERMAN MARK
FRENCH FRANC
SilSS FRANC
DUTCH GUILDER
JAPANESE YEN
ITALIAN LIRA
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHAET 3. GOLD PRICE IN LONDON, AFTERNOON FIXING
U.S. DOLLARS PER FINE OUNCE
AUG. 17
430. 62
4. CALL MONEY RATES
U.S. FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR DEPOSITS
U.K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
17
17
17
8. 19
7.96
9.82
9. 17
4.87
3.88
7. 42
4.63
1.63
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
17
17
17
17
17
17
17
17
17
8. 46
5. 33
3.97
9.95
11.25
3.63
7.63
5.56
6. 89
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
1
1
1
1
1
1
17
17
17
5. 3 - M O N T H INTEREST RATES
U.S. 90-DAY CD'S, SECONDARY MARKET
GERMAN INTERBANK LOAN
J A P A N E S E GENSAKI RATE
CANADIAN FINANCE PAPER
INTERBANK STERLING
SWISS INTERBANK LOAN
FRENCH INTERBANK R A T E
NETHERLANDS INTERBANK RATE
WEIGHTED A V E R A G E FOREIGN INTEREST RATE
(6-10 COUNTRIES PLUS SWITZERLAND)
CHART 6. E U R O D O L L A R DEPOSIT BATES: LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
7. 96
8. 15
8.31
8.59
8.89
9. 11
CHART 7 . SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
O V E R N I G H T EURO-DOLLAR DEPOSITS
U.S. FEDERAL FUNDS
DIFFERENTIAL
3-MONTH EURO-DOLLAR DEPOSIT RATE
U.S. 90-DAY CD'S, SECONDARY MARKET
DIFFERENTIAL
AUG. 17
AUG. 17
AUG. 17
7. 96
a. 19
-0. 23
" AUG, 17
AUG. 17
AUG. 17
8. 59
8. 46
0. 13
3
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
AUG. 17
AUG. 17
AUG. 17
8. 59
a. 60
- 0 . 01
U.S. COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
AUG. 17
AUG. 17
AUG. 17
8. 37
8. 67
- a . 30
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFURT) , COVERED
DIFFERENTIAL
AUG. 17
AUG. 17
AUG. 17
8. 59
8. 80
- 0 . 21
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
AUG. 17
AUG. 17
AUG. 17
8. 59
8. 69
- 0 . 10
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
JUNE
AUG.
9. 27
6. 52
4. 52
4. 27
1 0 . 66
9. 11
6. 30
8. 96
CHART 9. LONG TERM GOVERMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
12
12
5
5
12
12
12
U.S. C O R P O R A T E
AAA BONDS
CHART 10.
9.33
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
MAI
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
17
17
17
17
17
17
17
17
276. 70
324. 35
323. 41
208. 48
184. 65
279. 85
351. 88
585. 09
FEDERAL RESERVE statistical release
H.1015X2)
AUGUST 23, 1988
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
AUGUST 19, 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:
MONETARY
UNIT
AUG. 15
•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEN ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LAhKA
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
80.06
13.240
39.460
1.2236
3.7314
7.2150
4.4680
6.3820
1.8810
151.100
7.8045
14.1500
142.38
1396.75
133.25
2.6440
2.1245
65.830
6.9075
153.100
2.0390
2.4300
725.60
123.420
32.402
6.4790
1.5780
28.670
25.520
171.38
80.25
13.160
39.200
1.2278
3.7314
7.1660
4.4440
6.3430
1.8715
149.700
7.8050
14.1200
143.60
1387.00
132.92
2.6430
2.1130
65.600
6.8650
152.100
2.0360
2.4010
725.70
122.550
32.428
6.4420
1.5698
28.670
25.520
171.90
80.30
13.440
40.100
1.2324
3.7314
7.3270
4.5125
6.4750
1.9130
153.500
7.8055
14.1900
140.40
1414.00
134.07
2.6500
2.1590
64.800
6.9725
155.000
2.0410
2.4610
725.80
125.270
32.467
6.5400
1.6040
28.670
25.550
168.98
80.62
13.350
39.840
1.2302
3.7314
7.2750
4.4915
6.4350
1.8980
152.250
7.8045
14.2000
141.60
1405.50
133.35
2.6490
2.1435
65.380
6.9330
154.400
2.0365
2.4580
725.90
124.200
32,542
6.5050
1.5973
28.670
25.580
169.85
81.44
13.310
39.680
1.2272
3.7314
7.2445
4.4775
6.4170
1.8915
151.700
7.8040
14.2200
141.95
1402.00
133.45
2.6540
2.1355
64.150
6.9245
154.100
2.0380
2.4560
725.60
123.920
32.635
6.4910
1.5920
28.670
25.550
170.25
MEMO:
SUNITED STATES
DOLLAR
97.96
97.55
99.24
98.50
98.41
COUNTRY
1 CURRENCY UNITS PER DOLLAR)
AUG. 16
AUG. 17
AUG. 18
AUG. 19
•INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-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.
*VALUE IS U.S. CENTS
@FedFRASER