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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts August 6, 1990 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DC. 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 INDIES 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 1973=100 RATIO SCALE MARCH 1973=100 140 130 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 120 140 130 BELGIAN FRANC 120 110 110 100 100 90 90 80 — 80 70 280 260 r— 240 220 • ' i I » » i l i i i I i ' i i ' ' I i i i I I I I I l 70 280 260 240 220 JAPANESE YEN SWISS FRANC 200 200 180 180 160 160 140 140 120 100 I I 90 I I I I I I I I I I I I I I I I I I I I I I I I I I I I CANADIAN DOLLAR U.K. POUND 120 100 90 80 80 70 70 60 60 I 50 200 I I I I I I I I I I I I I I I I ' I I I ' I I I I I I GERMAN MARK 180 50 200 180 DUTCH GUILDER 160 160 140 140 120 120 100 1 i 1 l ' i i l i i i I i i 120 110 1 i 1 — 1 1 i I « 1 1 l i 1 i 50 FRENCH FRANC 45 / 80 A 70 - 40 |A / 35 30 60 50 100 60 55 ITALIAN LIRA 100 90 — » I I I I I I I I 1988 I I, I I. I I I I 1990 1 1 i I i 1 1988 » I 1 « 1 l 1 1 1 1990 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 4 CANADIAN DOLLAR i i i I i i U.K. POUND i I i i i I i i i i i i I i i GERMAN MARK JAPANESE YEN SWISS FRANC DUTCH GUILDER FRENCH FRANC ITALAN LIRA 1988 1990 1988 i I i i i I i i 1990 i CHART3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OL INCE 520 U.S.C DLLARS PER FINE OUNCE 520 500 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 480 460 460 440 440 420 420 400 400 380 380 360 360 340 340 320 1987 1988 1989 1990 320 CHART 4 CALL MONEY RATES WEEKLY SERIES CENT PER ANNUM PERCENT PER AN 16 16 12 12 FRANCE U.S. FEDERAL FUNDS 8 8 JAPAN 4 4 i 0 16 • » I • 1 i I « i i l i i i i » » I i i ' I ' i i 1 i » i 12 0 16 12 CANADA GERMANY 8 8 4 0 16 4 i ' i l » i i i » 1 1 i 1 I UNITED KINGDOM I I 1 ' I I 1 1 I 1 1 ' 0 20 SWITZERLAND 16 12 12 8 8 4 4 NETHERLANDS 0 i i i I ' » ' 1988 I ' • i I i i 1990 i I 1988 ' I ' I ' I 1990 0 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANNIUM 10 •NT PER ANNUM 12 — 10 8 SWISS INTERBANK RATE U.S. CD'S 6 8 4 6 WEIGHTED AVERAGE FOREIGN RATE 4 2 i i I i i ' ' I 2 ' i ' I i i i i i i I i i i I i i i I i i i 0 16 16 14 14 U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER 12 12 10 10 8 8 6 10 • I ' I I I I I I I 1 1 I I 1 i I I i ' ' I i i ' I i i ' 6 12 FRENCH INTERBANK RATE GERMAN INTERBANK RATE 8 10 6 8 4 6 ' 2 10 I I ' ' » I I I I I ' I 1 I » I I I ' 1 I 1 ' ' 1 I 1 1 4 10 NETHERLANDS INTERBANK RATE 8 8 JAPANESE CD RATE 6 6 4 • ' i I » 1 1988 1 I 1 ' 1 I ' ' 1 1990 ' I I I » 1 I 1988 1 I I I I I I 1990 I 2 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM PERCENT PER AN 14 14 OVERNIGHT 12 3-MONTH 12 10 10 8 8 6 6 4 14 i » i I » 1 » 1 1 1 i l i i i i » ' I « 7-DAY 12 1 1 i 1 1 1 i • 4 14 6-MONTH 12 10 10 8 8 6 6 i 4 14 ' I 1 1 1 l 1 1 1 • I « • i i i I 1-MONTH 12 i ' » I 1 1 i l » • 1 1-YEAR 12 10 10 8 8 6 4 4 14 6 i i i l • i • 1988 I « • i I i » i 1990 I ' I I I I 1988 ' I ' ' I I I I I 1990 4 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 14 14 12 12 10 OVERNIGHT 10 3-MONTH EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS FEDERAL FUNDS 90-DAY CD'S DASHED LINE J—I—I—I—I DASHED LINE L—I I I I I I i i i J—i—I—i DIFFERENTIAL J i i I i i 1988 i I i i I i i LJ_ 1 1 1 1 1 I I I I I J I DIFFERENTIAL i i J l__L 1990 J 1988 I I I 1990 L CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNU! ;ENT PER ANNUM 16 16 12 — INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 8 EURO-DOLLAR DEPOSITS 4 I 0 I I I I I U.S. COMMERCIAL PAPER — DASHED LINE I I I I I I 4 DASHED LINE I I I I I ' I ' ' I I ' ' I 0 2 2 DIFFERENTIAL DIFFERENTIAL i + 0 2 I I + 0 I I ' 1 1 I 1 1 1 I • I i ' i i I i i i I i i i l i i 2 16 16 12 INTERBANK DM 12 SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 8 8 EURO-DOLLAR DEPOSITS 4 0 ' ' ' 1 ' I » I I EURO-DOLLAR DEPOSITS I I 1 ' I I 4 DASHED LINE — DASHED LINE I I I I I 1 ' 1 « 1 1 1 I » 1 0 2 2 DIFFERENTIAL DIFFERENTIAL + 0 1 \ 1 I I 1 1988 1 I » 1 1 I 1 ' 1990 I I » I I I 1988 1 i I I I I I I 1990 I 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNUM 14 PERCENT PER ANNUM j UNITED STATES 14 CANADA 12 12 10 10 1 1 » 1 I 1 1 ' 1 1 • I I I I I i i I i i i I , , i I , , 14 UNITED KINGDOM 14 FRANCE 12 12 10 10 ' ' ' > 1 1 1 I 1 1 1 I 1 I » i i i I i i i i i » i i i 10 SWITZERLAND • i i I i i i JAPAN i i I i i i i i i i ' 1 ' I ' 1 » > 1 1 i I i i 2 10 10 NETHERLANDS GERMANY MONTHLY 4 — i t i I i i 1988 i I i i i I i i 1990 ' i 1 I 1 1 1988 » I 1 1 » i i i 6 10 i 1990 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 200 200 — NETHERLANDS 175 L_ UNITED STATES 175 150 150 125 125 100 100 75 75 50 400 » » • > » « i l i i i I i i » • » i i i i » I i i i l ' i i 50 200 .GERMANY 350 — JAPAN 175 300 150 250 125 200 100 150 75 100 200 175 > I I I I I I I I I I I I I I I I 1 I I I I I 1 I I I -I I I 50 200 .FRANCE . SWITZERLAND 175 150 150 125 125 100 100 75 75 50 I I I I I I I I I I I I I I I » i i i » i i I i i i > i i » 50 200 200 — UNITED KINGDOM 175 — CANADA 175 150 150 125 125 100 100 75 75 50 ' « • I I I I 1988 1 I I I 1 I I 1990 » ' i I ' • 1988 1 ' » ' 1 I ' • 1990 ' 50 SERIES 4-J ul-9 9 Chart 1. ll-Jul-90 18-Jul-99 25-Jul~99 l-Aug-99 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 Indices, March 1973 base rates Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 2.9317 85.825 17.933 60.207 0.08205 0.65792 53.475 71.080 175.68 2.9464 86.170 18.054 60.611 0.08269 0.66627 53.801 71 465 179.72 2.9426 86.425 18.083 60.654 0.08279 0.67587 53.808 71.123 180.80 2.9765 86.564 18.295 61.345 0.08379 0.67322 54.441 71.900 181.72 3.0278 86.765 18.594 62.292 0.08510 0.67427 55.270 73.373 184.12 115.52 85.54 80.81 169.37 47 .99 172.27 153.51 228.67 71.06 116 .10 85 .88 81 .36 170 .50 47 .46 174 .45 154 .45 229 .91 72 .69 115 .95 86 .14 81 .49 170 .62 47 .52 176 .96 154 .47 228 .81 73 .13 117 .29 86 .28 82 .44 172 .57 48 .99 176 .27 156 .29 231 .31 73 .50 119 .31 86 .48 83 .79 175 .23 48 .85 176 .54 158 .67 236 .95 74 .47 107 .14 77 .87 72 .57 171 .60 49 .61 172 .70 145 .71 67 .35 215 .19 64 .61 90 .91 197 77 73 172 40 170 146 67 216 64 89 .76 .51 .93 .79 .87 .89 .69 .50 .26 .54 .33 198 .61 76 .91 73 .57 173 .89 41 .13 169 .26 147 .47 67 .58 218 .66 64 .79 88 .25 -5 .29 -1 .88 -9 .19 -2 .99 9 .55 9..91 -9..79 -6 .52 . -5 .24 -1..83 -9 . .17 -3. 17 9. 38 -9 .14 -9. 89 -6. 66 -5 .14 -1 .86 . -9 .39 , -3. 26 9, 22 -9 ,36 -9 .99 -6 .76 100 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. -5.06 -1.73 0.07 -2.87 0.67 -0.01 -0.74 -6.30 -5 .15 -1 .73 . 9 .92 ~2,.82 9..74 9 . 99 -9..84 -6 .49 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 107 .58 77 .84 72 .65 171 .98 40 .66 170 .44 146 .08 67 .46 216 .81 64 .36 90 ,30 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. 107.82 78,10 72.68 172.07 40.63 169.40 146.25 67.47 217.20 63.26 91.12 357.28 357, 88 359. 68 366 .17 369. 15 8.33 8.21 13.34 10.10 7.98 7.36 7.28 8.38 14.88 8. 28 8. 25 13. 88 9. 99 8. 94 7. 29 7. 61 8. 38 14. 99 8. 14 8. 98 13. 78 19. 91 8. 91 7 .38 7. 74 8. 38 14. 85 8. 95 7. 94 13. 79 9. 86 7. 96 7 .41 7. 77 7. 88 14. 99 8. 93 7. 88 13. 38 9. 79 7. 95 7. 41 8. 93 7. 88 14. 86 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 4-Jul-90 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-l0 Countries) Chart 6. 8 .25 13 .73 9 .98 8 .16 7 .62 8 .18 8 .83 14 .91 9 .93 8 .25 13 .69 9 .96 8 .17 7 .62 8 .11 8 .95 14 .92 9 .92 8 .12 13 .64 10 .03 8 .24 7 .67 8 .14 8 .75 14 .91 9 .95 8 .00 13 .51 9 .81 8 .15 7 .70 8 .16 8 .75 14 .94 9 .90 7 .93 13 .40 9 .81 8 .17 7 .78 8 .24 8 .75 14 .95 9 .94 8 .21 8 .20 8 .19 8 .21 8 .26 8 .33 8 .25 8 .21 8 .23 8 .23 8 .28 8 .39 8 .08 8 .09 8 .09 8 .11 8 .16 8 .25 7 .94 7 .95 8 .00 8 .01 8 .04 8 .15 7 .88 7 .91 7 .94 7 .91 7 .90 7 .99 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. ll-Jul-90 18-Jul-90 25-Jul-90 l-Aug-90 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 8 .21 8 .33 -0 .12 8 .25 8 .28 -0 .03 8 .08 8 .14 -0 .06 7 .94 8 .05 -0 .11 7 .88 8 .03 -0 .16 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 8 .21 8 .25 -0 .03 8 .23 8 .25 -0 .03 8 .11 8 .12 -0 .00 8 .01 8 .00 0 .01 7 .91 7 .93 -0 .02 Euro-dollar deposit Interbank sterling (London), covered Differential 8 .21 8 .37 -0 .16 8 .23 8 .28 -0 .05 8 .11 8 .15 -0 .03 8 .01 8 .02 -0 .01 7 .91 7 .94 -0 .02 U.S. commercial paper Canadian finance paper, covered Differential 8 .16 8 .49 -0 .34 8 .14 8 .36 -0 .22 8 .01 8 .26 -0 .25 7 .90 8 .10 -0 .20 7 .82 8 .09 -0 .27 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 8 .21 8 .23 -0 .01 8 .23 8 .19 0 .04 8 .11 8 .13 -0 .02 8 .01 7 .98 0 .03 7 .91 7 .86 0 .05 8 .21 8 .06 0 .15 8 .23 8 .09 0 .14 8 .11 7 .95 0 .17 8 .01 7 .84 0 .17 7 .91 7 .74 0 .17 10 .74 10 .16 8 .82 7 .06 6 .17 10 .67 8 .43 10 .81 10 .11 8 .79 7 .07 6 .17 10 .85 8 .53 10 .82 10 .22 8 .71 7 .07 6 .06 10 .78 8 .47 10 .77 10 .05 8 .64 7 .29 6 .04 10 .74 8 .50 ND ND 8 .66 ND 6 .08 10 .73 8 .38 119 .14 149 .59 121 .87 178 .71 107 .13 148 .31 145 .94 144 .53 118 .12 144 .57 120 .67 177 .82 106 .48 148 .50 145 .68 144 .90 Chart 8. Interest Arbitrage, 3-Month Funds Euro-dollar deposit Swiss interbank, covered Differential Chart 9. Long Term Government Bond Yields Canada France Germany Japan Switzerland United Kingdom United States Chart 10. Stock Indices (Wednesday figures) Canada France Germany Japan Netherlands Switzerland United Kingdom United States 119 148 124 181 109 145 147 146 .33 .03 .54 .31 .24 .50 .46 .17 118 147 122 174 108 142 144 143 .45 .03 .46 .47 .70 .88 .75 .42 118 .94 144 .85 121 .20 169 .89 107 .94 141 .58 143 .75 142 .89 Indices (in 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 FEDERAL RESERVE statistical release August 6, 1990 H.101512) FOREIGN EXCHANGE RATES FOR THE MEEK ENDING AUGUST 5, 1990 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified lor customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies: f CURRENCY UNITS PER M)LLAR ) Aug. 2 Jul. 31 Aug. 1 MONETARY UNIT Jul. 30 •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK •EURO COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA •IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH 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 GUILDER DOLLAR KRONE ESCUDO DOLLAR RAND WON PESETA RUPEE KRQNA FRANC DOLLAR BAHT POUND 0.7916 11.335 33.100 1.1523 4.7339 6.1390 1.2855 3.7775 5.3900 1.6092 158.00 7.7645 17.350 1.6650 1178.20 148.20 2.7015 1.8143 0.5910 6.2080 142.00 1.8120 2.5967 718.10 98.85 40.018 5.8700 1.3650 27.180 25.670 1.8438 0.7938 11.170 32.680 1.1530 4.7339 6.0500 1.3019 3.7370 5.3220 1.5875 157.80 7.7645 17.350 1.6888 1162.30 146.13 2.6970 1.7892 0.5918 6.1465 140.20 1.8070 2.5845 717.90 97.70 40.018 5.8130 1.3477 27.187 25.640 1.8600 0.7940 11.210 32.750 1.1535 4.7339 6.0810 1.2977 3.7475 5.3355 1.5925 156.65 7.7650 17.370 1.6830 1165.80 147.25 2.6925 1.7941 0.5940 6.1640 140.48 1.8060 2.5950 716.90 97.92 N.A. 5.8285 1.3555 27.185 25.590 1.8550 0.7859 11.228 32.820 1.1523 4.7339 6.0850 1.2954 3.7690 5.3430 1.5950 156.75 7.7670 17.380 1.6787 1167.25 149.60 2.7010 1.7967 0.5890 6.1675 140.50 1.8085 2.5850 716.30 98.15 40.018 5.8390 1.3565 27.193 25.610 1.8492 0.7850 11.200 32.740 1.1515 4.7339 6.0675 1.2985 3.7480 5.3370 1.5925 156.55 7.7670 17.350 1.6865 1164.25 149.90 2.7005 1.7938 0.5936 6.1615 140.15 1.8090 2.5710 716.20 97.78 40.018 5.8355 1.3510 27.285 25.680 1.8565 MEMO: ((•UNITED STATES DOLLAR 88.35 87.34 87.64 87.94 87.81 COUNTRY Aug. 3 "VALUE IS U.S. DOLLARS ••INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER 6-10 COUNTRIES. MARCH 1975 = 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 HON AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.
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