Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : August 22, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

August 22, 1994

DIVISION O F
INTERNATIONAL FINANCE

Prepared by t h e
FINANCIAL MARKETS

BOARD O F GOVERNORS
F E D E R A L RESERVE S Y S T E M

SECTION

Washington, DLC. 20551




.

Table of Contents

TABLES
LATEST F I G U R E S P L O T T E D
2. DAILY C E R T I F I E D S P O T
E X C H A N G E RATES
H.10 R E L E A S E

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 (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973=100

RATIO SCALE
MARCH 1973=100

120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

BELGIAN FRANC
70
60

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1 i

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290
270
250
230
210

190

JAPANESE YEN

SWISS FRANC
170

I

150

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85
75
65
U K. POUND

55

CANADIAN DOLLAR

i

45
200

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180 | —

160
140
DUTCH GUILDER

120
100

•

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'

GERMAN MARK

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105
55

95
85

45

75
35
65

55

ITALIAN LIRA

FRENCH FRANC

_L_L




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1992

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1994

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25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2

PERCENT PER ANNUM
2
U.K. POUND

1 1 1
CANADIAN DOLLAR

I

I

1 '1

JAPANESE YEN

—1—1—1—1—1—1—1—1—1

1

1

1

1

L. 1

SWISS FRANC

I

1 1 1 1 1 1 1

X™

1 1 1 1 1 1 1 1 1 1 i

1 1 1 1

DUTCH GUILDER

2

4

6
i

8

2
+

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1

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I

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1

1

1

1

1

ITALIAN LIRA

FRENCH FRANC

0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2

2
4

8
2

—

A

6

—

6

10

8
10
12

14

—

1

1

1




1

1

1
1992

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1

1

1

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1

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1994

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1992

1994

18

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

380 - -

360 —

340 —

320

j




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1991

J

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1992

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1993

L

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1994

L

CHART 4

CALL MONEY RATES
WEEKLY SERIES
DENT PER ANNUM

PERCENT PER AN

8

10
SWITZERLAND
8
U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

2
10

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0
10

9

9

8

8
GERMANY

7

7

NETHERLANDS

6

6

5

5

4
16

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14

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4
14

12

FRANCE

12

10

CANADA
10

8

8

6

6

4
UNITED KINGDOM

4

2

2

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1992

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1994

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1992

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1994

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES

PERCENT PER AN

ENT PER ANNUM

13

12
WEIGHTED AVERAGE
FOREIGN RATE

10

11

8

9

6

7

4

5

3
11

2
16

U.K. INTERBANK STERLING

13

9

7

10

I

7

NETHERLANDS INTERBANK RATE

I

4
9

I

I

5

I

3
13

JAPANESE CD RATE

7

11

5

9
=RENCH INTERBANK RATE

3
1

7
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5

10

12

8

10

6

8

SWISS INTERBANK
GERMAN INTERBANK RATE

4
2

6

'

'




< I

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1992

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1994

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1992

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1994

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4

CHART 6

EURO-DOLLAR DEPOSIT RATES L O N D O N
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

OVERNIGHT

3-MONTH

7-DAY

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6-MONTH

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< I

2
10

1-YEAR

1-MONTH

4 —

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1992

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1994

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1992

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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 r —

8

6
3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

4
FEDERAL FUNI
DASHED LINE

9 0 - D A Y CD'S
DASHED LINE

2
2

2

DIFFERENTIAL

1

+
0

1




1992

1994

CHARTS

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

PERCENT PER ANNUM
8

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

6 —

U.S. COMMERCIAL PAPER
DASHED LINE

EURO-DOLLAR DE
DASHED LINE

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DIFFERENTIAL

DIFFERENTIAL

o ^j

v*Vu

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INTERBANK DM
COVERED FRANKFURT

> 1 I

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1992

I

1 I

EURO-DOLLAR DEPC
DASHED LINE

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1 1 1 I I
1994

DIFFERENTIAL

DIFFERENTIAL

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SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS'
DASHED LINE

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1994

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1 1 I

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1992

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CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES

PERCENT PER ANNUM
9 (

PERCENT PER ANNUM
11

UNITED STATES

UNITED KINGDOM

8

4
11

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1

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5
10

FRANCE

CANADA
10

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SWITZERLAND

JAPAN

4 —

3
10

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NETHERLANDS

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10

GERMANY

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1992

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CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220

210

— UNITED KINGDOM

UNITED STATES

190
170
150

130

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ARAN

CANADA

GERMANY

165

140

150
135

120

120

100
105

•

80
210
195

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— NETHERLANDS

,FRANCE

i

90
160

180

145

165

130

150

115

135

100
120
1

105

1

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1992

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1

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1994

85

20-Jul-94 27-Jul-94 3-Aug-94
Chart 1.

10-Aug-94 17-Aug-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

3 .1194
72 .459
18.743
64.275
0.06449
1.01471
57.291
76.134
155.63

3.0651
72.510
18.466
63.127
0.06326
1.01573
56.264
74.450
153.15

3.0707
72.143
18.500
63 .231
0.06306
1.00129
56.327
74.784
153.75

3.0714
72.411
18.480
63.281
0.06324
0.99150
56.325
75.046
154.02

3.1109
72.501
18.699
64.159
0.06281
0.99634
57.118
76.347
154.19

122 .92
72 .22
84 ,
.46
180,.81
37,.02
265,.68
164 ,
.47
244 ,
.93
62 ,
.95

120 .78
72 .27
83 .21
177 .58
36 .31
265 .95
161,.52
239 ,
.51
61..94

121,.00
71,.90
.37
83 ,
177..88
36..20
262 .
.17
161..70
240..59
62 .
.18

121 .03
72 .17
83 .27
178 .01
36,.30
259 ,
.61
161,.70
241..43
62 .
.30

122 .59
72 ,
.26
84 ,
.26
180,.49
36..05
260..87
163 .
.97
245..62
62 .
.36

111 .88
63 .99
74 .31
180 .02
30 .24
267 .73
152 .76
51 .34
226 .23
53 .93
89 .83

111 .95
64 .27
74 .24
180 .26
30 .34
264 .89
152 ,
.81
51,.34
227 ,
.12
54 .
.05
89..87

112 .82
63 .98
74 .78
182 .08
29 .95
264 .73
154 .22
50 .52
229 .88
53 .80
89 .25

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, 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.

3-Month Forward Exchange Rate

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

111 .57
64 .29
74 .09
179 .49
30 .32
271 .80
152 .44
51 .06
224 .99
53 .65
89 .73

Premium or Discount
-1 .29
-0 .87
-0 .10
-3 .49
,
2 . 66
-0 .
, 11
0..55
-0,.43

-1 .19
-0 .73
-0 .20
-3 .56
2 .70
,
-0 .
, 14
0,.46
-0,.48

-1 .01
-0 .72
-0,.22
-3 .66
,
2 .59
,
-0 .16
,
0 , .45
- 0 , .82

-0..83
-0..69
-0,.18
, 71
-3 .
2.
,60
-0 . 18
0 .,50
- 0 . 72

-0 .73
-0 .80
-0,.07
-4 .64
,
2 .70
,
-0..08
0..53
- 0 . .69

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

112 .44
63 .54
74 .48
181 .18
30 .61
268 .41
153 .74
50 .96
227 .83
54 .00
88 .58

385 .
.54

386..41

382 .
.68

378. 07

377..18

4.
.28
4.
.14
5.
.23
5..26
4.
.84
2.
.03
4.
.70
3..95
4.
.90

4.
.28
4.
.20
5.
,30
5.,28
5.
,18
2.
,05
4.
.82
4.
,06
4 .88

4 .26
4 .23
5. 16
5. 25
4. 88
2 .06
4 .84
3 .88
4 .65

4.
.35
4.
,33
5.,00
5.,27
4.
,82
2.
,08
4.
,87
3. 83
4 .65

Call Money Rates

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




4.
.30
4.
.13
5.
, 64
5.,31
4 .79
2 .04
4.
.54
3 .88
5. 08

20-.Jul- 94 27 - Jul -94 3 -Aug-94
Chart 5.

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.

4 .66
6. 14
5 .52
4 .81
2 .13
4 .79
4 .11
5 .12
4 .8 6

4 .69
6 .12
5 .43
4 .85
2 .19
4 .80
4 .18
5 .16
4 .86

4 .68
5 .88
5 .39
4 .88
2 .21
4 .83
4 .23
5 .48
4 .90

4 .75
5 .68
5 .37
4 .89
2 .28
4 .88
4 .19
5 .51
4 .92

4.
,82
5.
.78
5.,50
4.
,89
2.
.29
4.
,91
4.
,30
5.,54
5.
.03

4
4
4
4
5
5

4
4
4
4
5
5

4
4
4
4
5
5

4
4
4
4
5
5

.23
.23
.41
.71
.11
.64

4 .33
,
4 .41
,
4 .58
,
4 .81
,
5 .23
,
5 . 71

Euro-Dollar Deposit Rates

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

10-Aug- 94 17-Aug- 94

.13
.24
.40
.66
.10
.58

.14
.19
.38
.70
.13
.65

.20
.19
.38
.71
. 11
. 61

Selected Euro-dollar & U.S. Money Market Rates
4.
, 13
4.
,30
, 17
-0 .

4 .14
4 .28
-0 .14

4.
.20
4.
.28
-0 .
.08

4.
.23
4.
.26
-0 .
.03

4.
, 33
4 .35
-0 . 02

4.
,66
4.
,66
0.
.00

4 .70
4 .69
0 .01

4.
,71
4.
.68
0.
,03

, 71
4.
4.
, 75
-0 ,
. 04

4 . 81
4 .82
-0 .01

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

4.
.66
4 . 69
-0 .03
.

4 .70
4 .67
0 .03

4 .71
.
4.
, 65
0 .06
.

4.
, 71
4 . 78
-0 . 07

4 .81
4 .84
-0 .03

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

, 71
4.
4 .83
.
-0 . 12

4 . 72
.91
4.
.19
-0 .

4 . 72
4 .86
.
-0 .15
.

4 . 77
, 84
4.
-0 .07
.

4 .87
5 . 04
-0 .16

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

4 .66
.
4 . 71
-0 .05
.

, 70
4.
4.
, 65
0.
,05

4 .71
,
4.
, 66
0.
, 05

4 .71
.
4.
, 71
0 .00

4 .81
4 .82
-0 .00

Euro-dollar deposit
Swiss interbank, covered
Differential

4 .66
,
4 .66
,
-0 .00
,

, 70
4.
4.
.64
0.
.06

4.
, 71
4 .69
.
0 .02
.

4 . 71
4.
, 70
0 .02
,

4 . 81
4 .84
-0 .03

9 .22
.
7 .26
.
6 .79
,
4 .32
,
5.
, 01
6 .86
,
8 .29
,
7 .29
,

9 .21
7 .26
6 . 84
4 .40
5 . 05
6 .89
8 .46
7 .15

9 . 03
7 .39
6 .91
4 .57
5 .09
6 .96
8 .42
7 .26

9 . 01
7 .72
7 . 18
4 .57
5 .23
7 .20
8 .59
7 .25

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 9 0 -day CD's, secondary market
Differential
Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available
8 .99
7 .32
6 .75
4 .31
5 .03
6 .82
8 .19
7 .22

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

Stock Indices

(Wednesday figures)

140 .17
140 . 13
139 .35
137 .76
Canada
165 .18
162 .82
159 .83
161 .08
France
123 .60
122 .18
120 .37
121 .42
Germany
125 . 02
125 .64
125 .94
122 .18
Japan
152 .20
145 .85
150 .84
147 .21
Netherlands
215 .85
217 .27
208 .68
208 .47
Switzerland
191 .12
192 .27
185 .55
185 .89
United Kingdom
187 . 15
183 .56
186 .87
183 .67
United States
Indices (in order, rebased to 1986=100) arei Toronto Composite , CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



140 .14
159 .90
122 .77
125 .81
150 . 14
218 .36
193 .77
188 .49
SBF:
to :

FEDERAL RESERVE statistical release
H.10(512)

August 22, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

AUGUST 19, 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

MONETARY
UNIT

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
XIRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM

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

MEMO:
txUNITED STATES

DOLLAR

Aug. 15

(CURRENCY UNITS PER DOLLAR)
Aug. 16
Aug. 18
Aug. 17

Aug. 19

0.7405
10.915
32.000
1.3802
8.6112
6.1555
1.2249
5.1640
5.3230
1.5510
235.20
7.7285
31.375
1.5220
1589.50
100.10
2.5620
3.4030
1.7422
0.6032
6.8290
159.26
1.5070
3.4850
809.00
129.770
49.300
7.7780
1.3027
26.480
25.010
1.5422

0.7402
10.930
31.990
1.3796
8.6087
6.1605
1.2249
5.1620
5.3240
1.5507
235.16
7.7280
31.373
1.5230
1586.75
100.31
2.5615
3.4080
1.7418
0.6002
6.8320
159.07
1.5065
3.5880
809.00
129.570
49.300
7.8350
1.3012
26.480
25.000
1.5427

0.7415
10.947
32.060
1.3768
8.6056
6.1770
1.2217
5.1755
5.3335
1.5557
235.76
7.7270
31.370
1.5200
1587.25
100.31
2.5615
3.3970
1.7472
0.5978
6.8510
159.59
1.5055
3.5880
809.30
129.930
49.300
7.8820
1.3080
26.490
25.040
1.5400

0.7398
10.886
31.930
1.3792
8.6031
6.1395
1.2286
5.1420
5.3090
1.5470
234.72
7.7273
31.373
1.5245
1585.00
98.85
2.5540
3.3800
1.7374
0.6007
6.8135
159.05
1.5048
3.5800
807.90
129.700
49.300
7.8105
1.2990
26.470
25.000
1.5450

0.7382
10.837
31.780
1.3757
8.6001
6.1010
1.2339
5.0695
5.2800
1.5400
233.60
7.7276
31.375
1.5270
1569.00
98.57
2.5470
3.3765
1.7291
0.5990
6.7750
158.05
1.5030
3.5770
806.90
129.110
49.300
7.7230
1.2925
26.440
24.980
1.5490

88.96

88.98

89.14

88.65

88.22

xVALUE IS U.S. DOLLARS
**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.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 482-1986.
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FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.