Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : August 23, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

August 23,1993

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DuC. 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 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
SCALE
1973=100
120

RATIO SC/
MARCH 1973=
1

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

1
1

100
90
80

1

BELGIAN FRANC

I

•

70
290

i

i

i

i

i

i

i

l

i

i

i

i

« I

i

» i

l

i

'

i

I

i

i

i

270
—

250

JAPANESE YEN

230
210
SWISS FRANC

190

•

170
100

i

I

90

» i

i

1

i

1

1

I

1

•

1

U.K. POUND

80
70

CANADIAN DOLLAR

60
50
200
180

160
140

120
100

GERMAN MARK

DUTCH GUILDER

'

'

'

l

'

i

i

•

I

i

i

i

i

r

•

'

i

i

110

100

FRENCH FRANC

90
80
ITALIAN LIRA

70

60

i

i
1990




i

I

i

i

i

I

i

i
1992

i

l

i

i

i
1990

1992

i

i

i

i

i

CHART2

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

PERCENT PER ANNUM

2 ,

U.K. POUND

GERMAN MARK

•

I

I

I

I

» '

I

1

1

'

I

'

1

1

'

i

I

i

I

I

1

•

•

I

1

'

» I

i

'

T

I

'

i

l

I

I

i

i

JAPANESE YEN

CANADIAN DOLLAR

« i

I

» i

I

i

1

1

I

•

» »

'

» i

I

i

'

i

DUTCH GUILDER

SWISS FRANC

V ' V A x
—

2
4

—

6

8
2
+

0

1

1

1

I

1

1

1

I

1

1

1

I

1

1

1

i

i

i

l

i

i

i

I

1

1

1

I

I

1

1

8
2
+

ITALIAN LIRA

FRENCH FRANC

0

2

2 T7 ^SVv/^v\

4
6

10
12

1

1
1990




1

1

1

1

i

1

I

i
1992

i

1
!

1

1

1

1

1
1990

1

1

1

1

1

1

1

1
1992

1

1

1 1 1 1 11 1

8

8
10

12
14
16

"1

6

: \

4

18

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

420

420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

320




•
1990

i

I

i

i
1991

i

I

i

1
1992

1

1

1

1
1993

l

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM
16
14
FRANCE

U.S. FEDERAL FUNDS

12
10
8

JAPAN

i

i

> i

i

i

l

'

'

'

I

i

i

'

i

i

i

I

i

i

1

I

1

1

1

l

1

1

NETHERLANDS
GERMANY

UNITED KINGDOM

CANADA

SWITZERLAND
1

1990




1992

i
1990

1

I

1

i

1

l

1

1

1992

•

I

1

1

1

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
15

PERCENT PER ANNUM
12

WEIGHTED AVERAGE
FOREIGN RATE

13

10
CANADIAN FINANCE PAPER

8

—

11

6
4
2

'

0

•

•

l

•

» i

I

i

i

i

I

i

i

i

I

I

I

I

'

•

'

I

I

'

'

I

'

I

1
11

16

13 —

10 —
U.K. INTERBANK STERLING

i

i

I

i

i

•

I

NETHERLANDS INTERBANK RATE

•

•

•

I

•

•

1

•

'

I

1

1

1

I

»

1

'

1

I

'

5
13

11

5 —
JAPANESE CD RATE

FRENCH INTERBANK RATE

3 —

•

1
10

8

» I

'

•

i

I

i

» i

I

» » '

I

I

I

I

•

I

'

I

I

I

I

I

I

I

I
10

—

GERMAN INTERBANK RATE

SWISS INTERBANK
4 —

•

i

1990




I

i

i

1

1

•

1

1992

1

1

1

1

1

•

i
1990

» I

•

1

1

I

1

1

1

1992

I

1

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10
3-MONTH

OVERNIGHT
8

—

6

—

4 —

2
10

i

i

i

l

1

i

i

l

i

i

i

l

i

i

i

I

I

I

I

I

I

I

I

i

I

I

I

I

I J—

2

10

7-DAY

6-MONTH

6 —

4 —

2
10

'

'

» l

'

» '

l

i

i

'

I

i

'

'

1

1

i

i

1990




I

i

'

» I

I

1

•

'

I

1

»

1

l

1

1

»

1-YEAR

1-MONTH

•

1

i

» i
1992

I

'

i

i

i
1990

I i

i i I i i i
1992

2
10

e

^

" 9

*

•

s

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
10

8

—

6

——

PERCENT PER ANNUM
10

OVERNIGHT
EURO-DOLLAR DEPOSITS

3-MONTH
EURO-DOLLAR DEPOSITS

FEDERAL FUNDS
DASHED LINE

90-DAY CD'S
DASHED LINE

4 —

J

I

I

I

I

I

I

I

I

I

I

I

I

I

L

J—l

I

I

I

l

DIFFERENTIAL

I

I

I

l

I

I

i

i

i

I

I

I

I

I

I

DIFFERENTIAL

—

^ o v V ' Y / v 'y v

Vv^vyvyryr

I

I
1990




I

I

I

I

I

I

v

I

M / V*

I
1992

I

I

I

I

I

J

I
1990

I

I

I

I

I

I

I

1992

11

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
1 10

PERCENT PER ANNUM
10

8 —

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON
6

—

4 —

2

U.S. COMMERCIAL PAPER
DASHED LINE

EURO-DOLLAR DEPOSITS'
DASHED LINE

—

i

•

i

I

1

i

1

» l

1

1

I

•

» » •

I

I

I

1

I

1

'

1

1

1

1

1

1

1

I

1

1

— -

DIFFERENTIAL

DIFFERENTIAL
V

1 1 1 I

2
10

*N "v '

1 1 1 I

1 1 1 1 1 1 1

I

I

I

I

I

1

1

•

I

•

'

'

2
10

SWISS INTERBANK (SF) COVERED

INTERBANK DM
COVERED FRANKFURT

6 —

4 —

2

EURO-DOLLAR DEPOSITS
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

—

i

i

i

l

i

1

1

I

•

'

» I

•

•

i

I

I

I

I

1990




I

I

'

'

I

I

•

•

I

•

'

•

•

•

I

'

•

'

•

•

*

•

'

'

DIFFERENTIAL

DIFFERENTIAL

1

I

1 '

'
1992

'

I

I

•

•

'
1990

'

I

» •

•

1992

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

UNITED STATES

UNITED KINGDOM

5
12

6
CANADA

FRANCE

11
10
9
8
7
6
8

5
SWITZERLAND

JAPAN

7

6

5

4
10

10

NETHERLANDS

GERMANY

9

8

7

6

1990




1992

1990

1992

6

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
200

RATIO SCALE
1986=100
200
UNITED STATES

UNITED KINGDOM

JAPAN

SWITZERLAND

FRANCE

GERMANY

NETHERLANDS

CANADA

1

1990




1992

1

1990

1

l

•

» •

i

1

1

1992

1

l

1

1

21 -Jul-93 28-Jul-93 4-Aug-93
Chart 1.

11-Aug-93 18-Aug-93

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, weekly averages)
Belgian franc
Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.8267
78.178
17.102
58.413
0.06275
0.92345
51.872
66.343
149.66

2.8076
78.023
17.038
58.165
0.06234
0.93939
51.714
65.993
149.80

2.7436
77.663
16.783
58.096
0.06230
0.95255
51.627
66.164
149.32

2.7523
77.349
16.734
58.575
0.06204
0.95791
52.041
66.127
148.72

2.7688
76.053
16.691
58.853
0.06206
0.98121
52.272
66.262
148.12

111.39
77.92
77.07
164.32
36.02
241.79
148.92
213.43
60.53

110.63
77.76
76.78
163.62
35.78
245.96
148.46
212.31
60.59

108.11
77.41
75.63
163.43
35.76
249.41
148.21
212.86
60.39

108.45
77.09
75.41
164.78
35.61
250.81
149.40
212.74
60.15

109.11
75.80
75.21
165.56
35.62
256.91
150.06
213.17
59.91

104.06
72.64
70.00
171.43
31.29
265.91
145.85
51.23
208.64
54.80
94.98

104.20
72.17
69.63
172.74
31.09
267.03
146.81
51.96
208.12
54.45
94.75

104.65
70.73
69.28
173.33
31.04
273.74
147.21
51.38
208.16
54.10
94.53

-0.95
-5.83
-3.74
-6.42
0.07
-3.25
-1.49
-2.74

-0.89
-5.23
-3.52
-5.99
0.06
-3.08
-1.48
-2.64

-0.86
-5.16
-3.39
-6.08
0.08
-2.93
-1.46
-2.66

-1.56
-4.94
-3.40
-6.04
0.26
-3.31
-1.53
-2.67

392.80

391.54

401.55

381.04

372.36

3.09
3.01
4.10
7.41
7.09
3.21
6.75
4.68
5.85

3.03
2.95
3.85
9.68
6.99
3.21
6.66
4.60
5.73

3.10
3.04
3.98
14.38
6.71
3.23
6.55
4.73
5.65

2.98
2.93
3.78
9.85
6.66
3.20
6.61
4.68
5.90

3.06
2.99
4.15
9.00
6.67
3.09
6.62
5.00
5.63

Indices, March 1973 base rates = 1 0 0
Belgian franc
Canadian d o l l a r
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 d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. d o l l a r
Chart 2.

-1.11
-4.60
-3.98
-6.17
0.04
-3.42
-1.53
-2.81

Gold Price i n London, Afternoon Fixing

U.S. d o l l a r s per f i n e ounce
Chart 4.

106.35
72.81
71.00
171.19
31.23
261.11
145.75
51.44
207.59
54.86
94.69

3-Month Forward Exchange Rates, Premium or Discount

Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

107.02
72.91
71.23
171.90
31.43
255.93
146.10
51.95
208.55
54.75
94.60

Call Money Rates

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




21 -Jul-93 28-Jul-93 4-Aug-93
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 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 rate
(G-10 Countries)
Chart 6.

3.14
4.41
7.43
7.09
3.23
6.49
4.56
5.91
6.03

3.18
4.35
8.66
6.95
3.20
6.43
4.56
5.93
6.18

3.16
4.24
7.72
6.73
3.20
6.22
4.56
5.78
5.96

3.16
4.14
8.01
6.49
3.22
6.12
4.54
5.79
5.97

3.13
4.74
7.68
6.44
3.00
6.39
4.58
5.81
5.98

3.01
3.00
3.01
3.14
3.33
3.58

2.95
3.00
3.05
3.19
3.43
3.74

3.04
3.05
3.06
3.19
3.39
3.68

2.93
3.00
3.06
3.14
3.38
3.61

2.99
3.00
3.06
3.13
3.34
3.53

Euro-Dollar Deposit Rates

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

11-Aug-93 18-Aug-93

Selected Euro-dollar & U.S.

Market Rates

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

3.01
3.09
-0.07

2.95
3.03
-0.08

3. 04
3. 10
-0. 06

2.93
2.98
-0.05

2.99
3.06
-0.07

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

3.14
3.14
-0.01

3.19
3.18
0.01

3. 19
3. 16
0. 03

3.14
3.16
-0.02

3.13
3.13
-0.01

3.14
3.06
0.08

3.19
3.14
0.04

3..19
3.,10
0..09

3.14
3.09
0.05

3.13
3.10
0.02

3.17
3.29
-0.11

3.22
3.40
-0.18

3..22
3..34
-0..11

3.21
3.28
-0.06

3.18
3.16

Euro-dollar deposit
Interbank DM ( F r a n k f u r t ) , covered
Differential

3.14
3.04
0.10

3.19
3.15
0.04

3 .19
3 .15
0 .03

3.14
3.05
0.09

3.13
2.99
0.14

Euro-dollar deposit
Swiss interbank, covered
Differential

3.14
3.01
0.12

3.19
3.06
0.13

3 .19
3 .06
0 .12

3.14
3.06
0.08

3.13
3.03
0.09

7.13
6.72
6.53
4.38
4.47
6.39
7.43
5.74

7.28
6.75
6.54
4.35
4.50
6.39
7.49
5.92

7.09
6.51
6.51
4.32
4.49
6.32
7.30
5.84

7.01
6.38
6.38
4.28
4.48
6.20
7.06
5.82

7.00
6.32
6.35
4.21
4.47
6.21
6.92
5.71

128.80
148.76
105.64
123.73
123.83
176.10
172.24
182.02

130.74
151.15
106.66
122.67
127.30
181.83
176.71
182.21

132.91
158.03
108.65
126.40
128.98
183.23
180.79
183.00

133.83
160.99
108.71
127.05
130.77
183.58
184.58
183.78

135.20
161.25
111.45
126.72
133.75
188.33
186.67
185.89

Chart 8.

Interest A r b i t r a g e , 3-Month

Euro-dollar deposit
Interbank s t e r l i n g (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

Long Term Government Bellwether Bond Yields
10-year m a t u r i t y , where a v a i l a b l e

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

0.02

Stock

ices (Wednesday f i

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

Indices ( i n order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite



•S'&ZK-

FEDERAL RESERVE statistical release
August 23> 1993

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

AUGUST 20, 1993

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
*EURO COMMUNITY
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
ECU
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

Aug. 16

(CURRENCY UNITS PER DOLLAR)
Aug. 18
Aug. 19
Aug. 17

Aug. 20

0.6795
11.865
36.030
1.3152
5.7963
6.9825
1.1265
5.8210
5.9790
1.6870
239.00
7.7530
31.630
1.3801
1607.00
101.10
2.5508
1.8998
0.5530
7.3580
173.70
1.6070
3.3700
812.40
139.80
48.810
8.0450
1.4975
26.959
25.180
1.4840

0.6732
11.942
35.720
1.3143
5.7963
6.9730
1.1235
5.8450
5.9665
1.6965
236.10
7.7528
31.630
1.3815
1606.00
101.55
2.5510
1.9096
0.5540
7.3640
174.00
1.6077
3.3475
813.60
140.15
48.790
8.0490
1.5065
26.954
25.150
1.4885

0.6747
11.823
35.570
1.3200
5.7963
6.9025
1.1335
5.7950
5.9110
1.6835
236.25
7.7515
31.630
1.3975
1601.50
101.60
2.5475
1.8936
0.5550
7.3080
172.50
1.6060
3.3500
813.60
138.95
48.790
7.9025
1.4895
26.955
25.150
1.5112

0.6747
11.877
35.340
1.3185
5.7963
6.8990
1.1320
5.7950
5.8865
1.6863
236.20
7.7460
31.630
1.3975
1599.50
103.95
2.5485
1.8975
0.5550
7.3120
171.10
1.6095
3.3650
813.10
136.65
48.790
7.9700
1.4850
26.954
25.130
1.5050

0.6771
11.820
35.330
1.3200
5.7963
6.8475
1.1390
5.7700
5.8340
1.6785
235.90
7.7505
31.630
1.4050
1586.00
104.85
2.5540
1.8885
0.5535
7.2730
170.40
1.6137
3.3600
813.80
135.35
48.790
7.9800
1.4770
26.955
25.220
1.5120

94.11

94.21

93.60

93.90

93.64

*VALUE 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.
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