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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts August 24,1987 DIVISION OF Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 INTERNATIONAL FINANCE Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 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. 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 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 FOREIGN CURRENCY PRICE OF U.S. DOLLAR ITALIAN LIRA ^ - v V i i I i I I — ^ — /w/ JAPANESE YEN GERMAN MARK Z^\_/ -—y\^ Zj- I I I I I - 35 - 30 - 25 140 - 120 - 100 111111111II I illllIII II 80 140 — DUTCH GUILDER CANADIAN DOLLAR 120 j* — — I I I I I 90 - 80 - 70 11111111111 i i l l i h i l l i 60 90 80 — U.K. POUND - 100 - - I 20 - I 40 160 f I - —I 200 180 — f - 50 45 11111111111 III,,I,ill, — - FRENCH FRANC 70 — 60 50 I I I I I I I 40 240 120 ~~ 100 BELGIAN FRANC 7*^ — 90 I 80 - \ ~ — J SWISS FRANC Az///ZV^ 70 60 50 XV - I I I I I I 1985 I / > 200 — 180 — 160 - 140 - 120 i ill i h i l l i 1987 - I I I I I I 1985 I iihihihi 1987 100 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER At CENT PER ANNUM 4 JAPANESE YEN CANADIAN DOLLAR —J 0 \ — 4 I 8 4 I I I MIIIIMIO U. K. POUND SWISS FRANC + 0 4 8 8 GERMAN MARK DUTCH GUILDER 4 — + 0 4 I I iiliiliih. I . I I I I M I I I I 4 FRENCH FRANC ITALIAN LIRA 0 4 8 12 1985 1987 1985 1987 CHART 3 PRidE W GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE 4B0 480 460 460 440 440 12.5 Kg BARS AFTERNOON FIXING PRICE # 420 420 400 400 380 - 380 360 — 360 340 — 340 320 — 320 300 - 300 280 - 280 I I I I I I I I I I 260 1984 1985 1986 i i I i i I i i I n 1987 260 CHART 4 CALL MONEY RATES WEEKLY SERES PERCENT PER ANN r PER ANNUM 16 FRANCE U. S. FEDERAL FUNDS 12 - 8 4 V, JAPAN I 0 I I l I I 16 CANADA 12 8 GERMANY ^x/Www 4 0 16 UNITED KINGDOM SWITZERLAND 12 8 4 NETHERLANDS 0 1985 1987 1985 1987 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES ENT PER ANNUM PERCENT PER Ah 14 12 16 CANADIAN FINANCE CO. PAPER U.S. CD'S 14 10 - 8 6 10 WEIGHTED AVERAGE FOREIGN RATE 8 4 I I I I I I I I I I I I I I 6 16 14 U.K. INTERBANK STERLING FRENCH INTERBANK RATE 14 — 12 V/'V 8 I I I I I - 8 6 I 10 10 NETHERLANDS INTERBANK RATE - GERMAN INTERBANK RATE 6 8 6 4 - I 2 I I I I 4 2 I 10 8 12 10 10 8 12 8 SWISS INTERBANK RATE JAPANESE GENSAKIRATE / 6 v / v s . . 6 A . . \/Wvv 4 2 2 4 I 1985 1987 I I I I 1985 0 I 1987 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER Al 14 OVERNIGHT 3-MONTH 12 10 — 8 IZ" - 6 \J~ I 4 I I I IIIIIIIIII 14 7-DAY 6-MONTH 1-MONTH 1-YEAR 12 10 8 6 4 14 12 10 8 6 4 1985 1987 1985 1987 __ 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 16 16 14 14 90-DAY CD S FEDERAL FUNDS 12 12 DASHED LINE DASHED LINE 10 10 I OVERNIGHT 3-MONTH EURO-DOLLAR DEPOSITS E U R O - D O L L A R DEPOSITS 111 i l l 1 1 1 1 1 I 11111111111 I I I I I 11111 11111111111 4 2 DIFFERENTIAL DIFFERENTIAL - 1 0 I I I I I I I 1985 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I I I I I I I 111111111111 f 11111111111 1987 1985 I I I I I I I I I I I 1987 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY :NT PER ANNUM PERCENT PER Ah 18 14 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 10 6 EURO-DOLLAR DEPOSITS DASHED LINE U. S. COMMERCIAL PAPER DASHED LINE I I I 2 2 I DIFFERENTIAL I I I I I DIFFERENTIAL + 0 2 18 14 INTERBANK DM - COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 10 6 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 2 2 DIFFERENTIAL DIFFERENTIAL 0 1_L 2 1985 1987 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1985 1987 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER A h :NT PER ANNUM 16 — 16 CANADA UNITED STATES 14 - 14 12 12 10 10 8 - I I I 6 I I I 6 10 14 12 8 UNITED KINGDOM JAPAN - 8 6 10 x. 8 I I I 6 8 / I I I - 4 2 10 — GERMANY 6 SWITZERLAND 8 6 4 2 i I I I I I I 1 1 1 4 1 1 1 17 17 U. S. CORPORATE 15 MONTHLY FRANCE 15 Aaa BONOS 13 13 11 11 NETHERLANDS MONTHLY 9 9 7 7 5 I I I I I I I 1985 5 1987 1985 1987 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALL 1969=10i 500 500 400 400 y w 300 UNITED KINGDOM _ / UNITED STATES - 300 200 200 I I I I I I I I i ill i hill i100 I 650 - - 550 450 - 350 FRANCE 250 < M V M I i i 11111111111 150 250 „ 400 CANADA 300 - A . - 200 - 150 : - rVTT i i i iili.liilii 200 SWITZERLAND I I I I I I I .ilol.ilii Illllllllll 500 500 400 100 - - - - - - - - ^00 - 300 - 200 NETHERLANDS 300 200 100 - I I I I I 1985 I iiiiiiiihi 1987 GERMANY jrr I I l A/\ - I I I 1985 I I ,• I I , I I | I ! 1987 i o < £ LAST VALUE PLOTTED DATE VALUE SEfilES NAME CHART 1. SPOT EXCHANGE K A T E S AND INDICES MEEKLY AVERAGES, NOON BUYING BATES (U.S. CENTS) GERMAN MARK J A P A N E S E YEN DUTCH GUILDEfi U.K. POUND CANADIAN DOLLAR FRENCH FfiANC SWISS FfiANC BELGIAN FRANC ITALIAN LIRA SWEDISH KBONA AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 19 19 19 19 19 19 19 19 19 19 53. 62 0. 67355 47. 57 159.63 75. 14 16.05 64.65 2.58208 0.07402 15.36 AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 19 19 19 19 19 19 19 19 19 150. 85 176. 36 136. 57 64. 65 74. 89 72. 33 207. 98 101. 75 42. 05 19 19 19 19 19 19 19 19 19 19 19 99. 96 163. 44 188. 69 139. 51 61. To 73. 20 69. 66 212. 34 101. 80 39. 34 67. 13 19 19 19 19 19 19 19 19 -2. 27 -3. 02 2. 97 -1.56 3.23 1.61 3.03 -6.24 INDICES, MARCH 1973 BASE SATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FfiANC BELGIAN FfiANC ITALIAN LISA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAE 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KBONA AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. CHART 2. 3-MONTH FOBWARD EXCHANGE RATES, PREMIUM OK DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. SEBIES NAME LAST VALUE PLOTTED DATS VALUE CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLL A AS PEE FINE OUNCE AUG. 19 457.97 CHART 4. CALL NONET BATES AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 19 19 19 19 19 19 19 19 19 6.74 6.50 9.44 7.88 3. 75 3.19 7. 18 4. 89 AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 19 19 19 19 19 19 19 19 19 6.71 3.96 3.71 9.09 10.01 3. 63 7. 86 5.29 6. 25 AUG. AUG. AUG. AUG. AUG. AUG. 19 19 19 19 19 19 6. 50 6. 55 6.63 6.86 7.11 7. 53 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL AUG. 19 AUG. 19 AUG. 19 6. 50 6. 74 - 0 . 24 3-MONTH EURO-DOLLAR DEPOSIT BATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL AUG. 19 AUG. 19 AUG. 19 6. 86 6. 71 0 . 15 U.S. FEDBfiAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U.K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND 1.00 CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI BATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET R A T E S * SERIES NAME LIST VALOR PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL AUG. 19 AUG. 19 AUG. 19 6.86 6.92 -0.06 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL AUG. 19 AUG. 19 AUG. 19 6.68 6. 78 -0.10 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL AUG. 19 AUG. 19 AUG. 19 6.86 6.96 - 0 . 10 EURO-DOLLAR DEPOSIT SSISS INTERBANK, COVERED DIFFERENTIAL AUG. 19 AUG. 19 AUG. 19 6.86 6. 88 -0.02 14 14 31 24 31 14 8.68 6. 06 4. 78 4. 07 10.42 10. 59 6. 26 9. 49 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM AUG. AUG. JULY JULY JULY AUG. JUNE AUG. 14 U.S. CORPORATE AAA BONDS CHART 10. r 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMAN! SWITZERLAND NETHERLANDS FRANCE JAPAN HAI AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 12 12 12 12 12 12 12 12 357.22 390.28 406.57 285.43 228.38 335.82 408.63 561.08 %EDERAL RESERVE statistical release H.101512) VoOiGOv^ AUGUST 21, 1987 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING AUGUST 21, 1987 The Board of Governors of the Federal Reserve System Is advised that the Federal Reserve Bank of New York has certified tor customs purposes the following noon buying rates In New York City for cable transfers payable in foreign currencies: MONETARY UNIT AUG. 17 "AUSTRALIA AUSTRIA BELGIUM BRAZIL CANADA CHINA,P.R. DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA "IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH ZEALAND NORWAY PORTUGAL SINGAPORE "SOUTH AFRICA SOUTH KOREA SPAIN SRI LAMCA SWEDEN SWITZERLAND TAIWAN THAILAND "UNITED KINGDOM DOLLAR SCHILLING FRANC CRUZADO 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 71.08 13.200 38.980 NA 1.3311 3.7314 7.2210 4.5410 6.2730 1.8770 141.850 7.8107 13.0900 142.70 1358.00 149.92 2.5427 2.1155 59.030 6.8530 146.950 2.1060 47.40 812.20 127.330 29.648 6.5430 1.5576 30.160 26.010 159.08 MEMO: SUNITED STATES DOLLAR COUNTRY 100.56 1CURRENCY UNITS PER DOLLAR) AUG. 18 AUG. 19 AUG. 20 AUG. 21 71.61 12.970 38.320 NA 1.3317 3.7314 7.1020 4.4780 6.1610 1.8445 140.450 7.8095 13.0400 144.60 1337.25 146.07 2.5345 2.0785 59.420 6.7530 145.300 2.1035 48.20 812.20 125.500 29.648 6.4520 1.5270 30.150 25.960 161.70 70.93 12.950 38.270 NA 1.3308 3.7314 7.0900 4.4660 6.1500 1.8410 139.850 7.8080 13.0800 145.36 1333.50 145.10 2.5325 2.0752 59.900 6.7400 144.650 2.1035 48.40 811.80 124.960 29.693 6.4430 1.5265 30.150 25.880 161.50 70.88 12.870 38.030 NA 1.3271 3.7314 7.0550 4.4455 6.1080 1.8277 139.450 7.8085 13.0700 146.25 1326.00 144.15 2.5300 2.0600 60.150 6.7040 144.150 2.1130 48.25 811.60 124.000 29.723 6.4170 1.5145 30.150 25.820 162.20 71.23 12.872 37.770 NA 1.3250 3.7314 7.0150 4.4190 6.0810 1.8180 138.550 7.8070 13.0600 147.00 1316.75 142.75 2.5265 2.0495 60.480 6.6780 143.400 2.1045 48.75 811.50 122.100 29.758 6.3855 1.5047 30.140 25.840 162.90 98.90 98.70 98.11 97.56 •INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1975 = 100. HEIGHTS 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