Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : August 29, 1994

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Selected Interest 6f
Exchange Rates
Weekly Series of Charts

August 29, 1994

DIVISION O F
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION




BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DlC. 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
RATIO SCALE
MARCH 1973=100

120
110
100

RATIO SCALE
MARCH 1973=100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

145
135
125
115

90

105

80

95

BELGIAN FRANC

70

85

•

I

•

I

'

•

'

» •

» •

'

•

•

•

•

'

•

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i

'

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•

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•

'

'

1

I

1

1

1

i
1992

1

1

i

1

•

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•

I

i

1

1

GERMAN MARK
1

I

1

1

1

i

1

1

1

'

'

l

1

1

1

I

1

•

ITALIAN LIRA

FRENCH FRANC
i

« I

CANADIAN DOLLAR

DUTCH GUILDER
1

'

•

U.K. POUND
i

'

JAPANESE YEN

SWISS FRANC
'

'

i

i

i

i

i

i

i

i
1994

•
1992

1994

CHART 2

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

PERCENT PER ANNUM

2

2

U.K. POUND

•

i

i

I

i

i

'i

i

I

i

i

JAPANESE YEN

CANADIAN DOLLAR

rr
A

i

2
+
0

i

i

1 i

i

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I

i

i

i

I

i

1

i

1 1 I

1 1 1 1

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

i

i

i

1 1

1 1

2

2
4

6

6

10

8
14

10
12

'

•

'




l

» '
1992

•

I

i

'

i

l

i

i
1994

i

•

i

i

I

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1992

i

I

'

'

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I

i

i
1994

i

18

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

320

J

I
1991




L

_J
1992

L

J

1
1993

L_

I

I

l
1994

l

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

10

8
SWITZERLAND

U.S. FEDERAL FUNDS

6 —

4 —

JAPAN

'

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1

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1

1

1

1

l

1

1

'

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0
10

GERMANY
NETHERLANDS
—

•

'




i

» i

•

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» •

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•

'

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i

'

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I

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I

» '

FRANCE

CANADA

UNITED KINGDOM

'

I

•

i

•

6

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANI JUM

ENT PER ANNUM

13

12
WEIGHTED AVERAGE
FOREIGN RATE

10

11
CANADIAN FINANCE PAPER

8

9

6

7

4

5

2
16

i

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'

U.K. INTERBANK STERLING

13

9

7

10

NETHERLANDS INTERBANK RATE

7

i

4
9

i

I

i

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I

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I

i

i

i

i

i

» I

i

i

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I

i

5

i

i

I

i

•

JAPANESE CD RATE

7

i

3
13

11

9

5
FRENCH INTERBANK RATE

7

3

1
10

3
11

i

i

'

I

i

» i

I

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i

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i

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i

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i

I

i V I

5
12

10

8

6

8

SWISS INTERBANK
GERMAN INTERBANK RATE

6

4

2

'

i

i




I

i

i
1992

i

I

'

i

'

I

i

i
1994

i
1992

1994

4

CHART 6

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

PERCENT PER ANNUM

10

10




3-MONTH

OVERNIGHT

7-DAY

6-MONTH

1-YEAR

1-MONTH

1992

1994

1992

1994

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS B O R R O W I N G IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

10

10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

90-DAY CD'S

FEDERAL FUN

DASHED LINE

DASHED LINE

I

r
J_l




I

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I

I

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L

DIFFERENTIAL

DIFFERENTIAL

Aa

vA

L

J

I
1992

L

I

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I

I

I

I
1994

J

nrti ft

i

i _ l

•4*

i

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1992

i

L

J

I
1994

L

CHART 8

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

PERCENT PER ANNUM

8

8

V l

INTERBANK STERLING

CANADIAN FINANCE
CO. PAPER. COVERED

COVERED LONDON

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEFfOSITS
DASHED LINE

DASHED LINE

'

i

i

I

i

'

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I

i

i

i

I

i

i

I

DIFFERENTIAL

DIFFERENTIAL

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

•

EURO-DOLLAR DEP

EURO-DOLLAR DEPOSITS
DASHED LINE

DASHED LINE

i

i

'

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DIFFERENTIAL

DIFFERENTIAL
A,Aaa^ma._

1

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1992

I

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1994

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1992

l

l

l

l

.

i

1994

l

1

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
1 11

PERCENT PER ANNUM

9

i

UNITED KINGDOM

UNITED STATES
8
7 —
6

—

5 —
i

4

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> »

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5
10

11

FRANCE

CANADA
10
9 —
8

—

7 —
'

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JAPAN

SWITZERLAND

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2
10

NETHERLANDS

1

1

1




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GERMANY

1

1992

1

I

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1994

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1992

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1994

i

CHART 10

STOCK INDICES
WEEKLY SERIES
RATH SCALE

1986.
220

RATIO S
198i

100

UNITED STATES

200

UNITED KINGDOM

180

160
140

120
1

»

1

I

1

I

I

I

'

1

I

I

I

»

'

250

SWITZERLAND

225

ARAN

200
175
150
125

100
160

'

I

»

L

I

I

1

I

I

1

1

I

1

»

1

GERMANY

CANADA

140

120

100

80
210
195

i

i

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I. i

i

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l

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I

i

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„ FRANCE

i

i

i

l

i

i

i

I

i

i

i

I

i

i

i

n - NETHERLANDS

180
165
150
135
120
105

I

I

I




I

I I
1992

I

I

I

I

I

I

I I
1994

•

1

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1

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1992

1

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•

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'

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I

'

1994

'

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

10-Aug-94 17-Aug-94 24-Aug-94

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, weekly averages)

#

r

w

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

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

3.1467
72.648
18.935
64.912
0.06366
1.01534
57.821
77.156
155.04

120.78
72.27
83.21
177.58
36.31
265.95
161.52
239.51
61.94

121 .00
71 .90
83 .37
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

124.00
72.41
85.33
182.60
36.54
265.85
165.99
248.22
62.71

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

113.08
63.49
75.05
182.61
30.08
267.61
154.71
51.18
230.20
53.58
88.21

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

-0.83
-0.69
-0.18
-3.71
2.60
-0.18
0.50
-0.72

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

-0 .55
-0.67
-0.02
-4.00
2.75
-0.01
0.64
-0.47

386.41

382 .68

378.07

377 .18

382.06

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

Indices, March 1973 base rates = 100

'

m
w

•

*
w

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.

Ia
1 W

#

4
w
*

Chart 4.

-1.19
-0.73
-0.20
-3.56
2 .70
-0.14
0.46
-0.48

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce

1

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

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.

111.57
64.29
74.09
179.49
30.32
271.80
152.44
51.06
224.99
53.65
89.73

Call Money Rates

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




4.66
4.60
4.98
5.25
4.79
2.05
4 . 87
3.75
4.55

rui--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 .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 .88
5 .68
5 .52
4 .90
2 .29
,
4 .87
4 .18
,
5 .39
5 .00

4,
,14
4,,19
4.
,38
4.
,70
5.,13
5.
.65

4.20
4.19
4.38
4.71
5.11
5.61

4.23
4.23
4.41
4 .71
5.11
5.64

4.33
4 .41
4.58
4 .81
5.23
5.71

4 .60
4 .65
4 .69
4 .88
5,.19
5..68

Euro-Dollar Deposit Rates

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

10-Aug-94 17-Aug-94 24-Aug -94

Selected Euro-dollar & U.S. Mone]r Market Rates

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

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.
,60
4 .66
-0. 06

4 .70
4 .69
0. 01

4.71
4.68
0.03

4 .71
4.75
-0.04

4.81
4.82
-0.01

4. 88
4 .88
-0.,01

4 .70
4 .67
0. 03

4.71
4.65
0.06

4 .71
4.78
-0.07

4.81
4.84
-0.03

4 .88
4 .92
-0.04

4 .72
4 .91
-0.19

4.72
4.86
-0.15

4.77
4.84
-0.07

4.87
5.04
-0.16

4. 91
5. 13
-0.22

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

4 .70
4. 65
0. 05

4.71
4.66
0.05

4.71
4.71
0.00

4.81
4.82
-0.00

4. 88
4. 88
-0.00

Euro-dollar deposit
Swiss interbank, covered
Differential

4 .70
4. 64
0. 06

4.71
4.69
0.02

4.71
4.70
0.02

4.81
4.84
-0.03

4. 88
4. 82
0. 06

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

8 .86
7 .89
7 .27
4 .54
5 .33
7 .30
8 .68
7 .27

3-month Euro-dollar deposit
U.S. 90»day CD's, secondary market
Differential
Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

Long Term Government Bellwether Bond Yields
10-year maturity, where available

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

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

Stock Indices (Wednesday figures)
.)

Canada
137 .76
140 .17
140 .13
140 .14
France
161 .08
165 .18
162 .82
159 .90
Germany
121 .42
123 .60
122 .18
122 .77
Japan
122 .18
125 .02
125 .64
125 .81
Netherlands
147 .21
152 .20
150 .84
150 .14
Switzerland
208 .47
215 .85
217 .27
218 .36
United Kingdom
185 .89
191 .12
192 .27
193 .77
United States
183 .67
187 .15
186 .87
188 .49
Indices (in order, rebased to 1986 = 100)
»•
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



142 .09
157 .06
120 .41
123 .91
149 .27
215 .23
194 .54
190 .11
to SBF250

-if

FEDERAL RESERVE statistical release
H.10(512)

August 29, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

AUGUST 26, 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
*AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*MEW 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
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND
DOLLAR

Aug. 22

(CURRENCY UNITS PER DOLLAR)
Aug. 25
Aug. 24
Aug. 23

Aug. 26

0.7352
10.770
31.550
1.3755
8.5974
6.0580
1.2419
5.0155
5.2470
1.5305
232.40
7.7270
31.368
1.5340
1562.50
98.01
2.5515
3.3300
1.7187
0.5990
6.7345
157.23
1.5015
3.5765
807.50
128.280
49.300
7.5515
1.2890
26.380
25.000
1.5510

0.7355
10.831
31.750
1.3775
8.5958
6.0895
1.2360
5.0435
5.2760
1.5391
233.66
7.7280
31.368
1.5295
1568.00
98.40
2.5510
3.3370
1.7283
0.6000
6.7685
157.98
1.5023
3.5815
807.20
128.710
49,150
7.6175
1.2980
26.345
24.980
1.5535

0.7405
10.863
31.890
1.3746
8.5935
6.1260
1.2318
5.0660
5.2940
1.5462
234.78
7.7283
31.378
1.5340
1570.00
98.62
2.5475
3.3480
1.7340
0.6025
6.7985
158.30
1.5015
3.5810
806.80
128.860
49.150
7.6435
1.3020
26.325
24.965
1.5535

0.7442
10.887
31.900
1.3730
8.5908
6.1335
1.2312
5.0600
5.3010
1.5470
235.06
7.7282
31.373
1.5300
1569.25
99.71
2.5465
3.3580
1.7373
0.6030
6.8005
158.26
1.5010
3.5825
805.70
129.000
49.250
7.6170
1.3065
26.220
24.990
1.5535

0.7445
11.029
32.310
1.3700
8.2875
6.2065
1.2152
5.1050
5.3670
1.5670
238.11
7.7283
31.373
1.5150
1591.50
100.40
2.5483
3.3670
1.7597
0.6035
6.8835
160.16
1.5010
3.5900
805.40
130.700
49.180
7.7220
1.3237
26.270
25.025
1.5355

87.75

88.11

88.33

88.48

89.43

•VALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = let. 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.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.