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(516/517)
Selected Interest 8f
Exchange Rates
Weekly Series of Charts
August 7,1989
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 R A T E S H.10 RELEASE
CHARTS
1. SPOT E X C H A N G E RATE I N D I C E S
2. 3 - M O N T H F O R W A R D E X C H A N G E RATES
3. G O L D P R I C E — L O N D O N
4. C A L L M O N E Y RATES
5. 3 - M O N T H INTEREST RATES
6. EURO-DOLLAR DEPOSIT RATES
7. S E L E C T E D EURO-DOLLAR A N D
U.S. M O N E Y M A R K E T RATES
8. INTEREST A R B I T R A G E : 3 - M O N T H F U N D S
9. L O N G - T E R M G O V E R N M E N T B O N D YIELDS
10. I N D U S T R I A L STOCK INDICES
SUBSCRIPTION RATES:
W e e k l y $24.00 per year or $.60 e a c h in the U n i t e d
States, its p o s s e s s i o n s , C a n a d a , a n d Mexico; 10 or
m o r e of t h e s a m e i s s u e t o o n e a d d r e s s , $22.50 per
year or $.55 each. Elsewhere, $30.00 per year or $.70
e a c h . A d d r e s s r e q u e s t s . t o P u b l i c a t i o n s Services.
D i v i s i o n of A d m i n i s t r a t i v e Services, a n d m a k e paym e n t r e m i t t a n c e p a y a b l e to t h e order of t h e B o a r d
of G o v e r n o r s of t h e Federal Reserve S y s t e m in a
f o r m c o l l e c t i b l e at par in U.S. C u r r e n c y .
CHART 1
S P O T EXCHANGE INDICES
DOLLAR PRICES O F FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO S
MARCH 197! 1=100
SCALE
11973=100
140
120
140
FOREIGN CURRENCY
PRICE O F U.S. DOLLAR
BELGIAN FRANC
120
100
100
90
90
80
80
I
70
I
I
I
I
I
70
280
280
240
JAPANESE YEN
SWISS FRANC
240
200
200
180
180
160
160
140
140
120
120
100
100
__
90
80
CANADIAN DOLLAR
90
U.K. POUND
80
70
70
60
60
50
I
I
I
I
I
I lull
I
50
200
200
180
GERMAN MARK
DUTCH GUILDER
180
160
160
140
140
120
120
100
100
120
60
-
100
90
ITALIAN LIRA
50
FRENCH FRANC
45
80
40
70
35
60
30
50
25
1987
1989
1987
1989
CHART2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
4
4
U. K. POUND
CANADIAN DOLLAR
/V
I
I
I
I
I
A .\
I
I
I
I
I
I
I
I
SWISS FRANC
"VI
I
-
I
JAPANESE YEN
GERMAN MARK
I
I
+
0
/
I
I
FRENCH FRANC
I
I
I
DUTCH GUILDER
V
I
I
I
I
I
I
I
ii l i i h i l i i
ITALIAN LIRA
-
-
12
4
8
12
1987
1989
1987
1989
CHART 3
PRICE O F GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.
LLARS PER FINE OUNCE
U.S. DOLLARS PER FINEOl
520
520
500
500
12.5 Kg BARS
480
480
AFTERNOON FIXING PRICE
460
460
440
440
420
420
400
400
380
380
360
360
340
340
320
320
300
300
1986
1987
1988
1989
CHART4
CALL MONEY RATES
WEEKLY SERIES
IENT PER ANNUM
PERCENT PER ANf UM
16
16
12
U.S. FEDERAL FUNDS
12
FRANCE
8
8
JAPAN
4
4
M
0
l
I
I
I
0
16
16
CANADA
12
12
GERMANY
8
8
4
0
4
I
I
I
I
I
0
20
16
UNITED KINGDOM
SWITZERLAND
16
12
12
8
8
4
4
NETHERLANDS
0
0
1987
1989
1987
1989
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
JENIFER ANNUM
PERCENT PER ANf
12
12
FRENCH INTERBANK RATE
10
10
U.S. CD'S
8
8
6
6
WEIGHTED AVERAGE
FOREIGN RATE
4
4
I
2
I
I
nli
2
16
14
16
-
U.K. INTERBANK STERLING
14
-
12
CANADIAN FINANCE CO.
PAPER
12
f
10
10
8
-
6
I
I
I
6
I I I
8
6
8
8
GERMAN INTERBANK RATE
-
SWISS INTERBANK RATE
j J
-
4
6
4
2
-
0
I
I
I
I
I
2
0
I
10
10
__
8
NETHERLANDS INTERBANK RATE
-
8
JAPANESE GENSAKI RATE
6
6
.
4
2
/
I I I
4
I
1987
1989
I
I
I
I
1987
2^
I
1989
CHART 6
EURO-DOLLAR DEPOSIT RATES
LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
DENT PER ANNUM
PERCENT PER ANI
14
12
14
OVERNIGHT
3-MONTH
—
—
12
10
10
8
8
6
6
I
4
I
I
I
I
I
4
14
12
14
7-DAY
6-MONTH
12
10
10
8
8
6
6
4
4
14
14
12
1-MONTH
1-YEAR
12
10
10
8
8
6
6
4
4
1987
1989
1987
1989
CHART7
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
-
-
10
-
8
-
6
—
10
12
4
3-MONTH
FEDERAL FUNDS
EURO-DOLLAR DEPOSITS
DASHED LINE
OVERNIGHT
90-DAY C D ' S
EURO-DOLLAR DEPOSITS
DASHED LINE
I
I
l
I
l
I
11111111111
I I I I I I I I
11111111111
I I I I I I I
2
2
DIFFERENTIAL
DIFFERENTIAL
"
i
i
i
i
i
i
i
111111111111111111111111
1987
1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
1989
'
I
if
I
I
I
I
1987
I
I I I I I I I I I I I
I I I I I I I I I I I
1989
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
iENT PER ANNUM
PERCENT PER ANh
16
12
16
12
CANADIAN FINANCE
CO. PAPER, COVERED
INTERBANK STERLING
COVERED LONDON
8
8
4
EURO DOLLAR DEPOSITS
U.S. COMMERCIAL PAPER
DASHED LINE
DASHED LINE
I
0
lii1111ii1111ii1111 i l l
4
JLLLL
III II1111
2
2
DIFFERENTIAL
DIFFERENTIAL
+
0
+
0
2
I I I II I II I I I
2
I I 111 l l l l l
16
12
0
16
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
8
8
4
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
0
I
1
1
I
II1 II1 I1 1 1 1 1 1 1 1 II1 IM IIII
I
1 1
I
1
1 1
1
4
III I I I I l l l l I
I I I I I I I0I I I
2
2
DIFFERENTIAL
DIFFERENTIAL
+
0
+
0
2
I IllllI IIII IlllllII III
1987
1989
1 PERCENT ON DIFFERENTIAL SCALE « 2 PERCENT ON RATE SCALE
I I I
I IIIIIIIIII
1987
I IIIII
1989
2
CHART9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
CENT PER ANNUM
PERCENT PER ANN
14
12
UNITED STATES
-
CANADA
-
10
8
8
I I I
6
I I I
Illllllllll
14
12
10
8
6
14
UNITED KINGDOM
FRANCE
, -
-
v w
I I I
12
10
—
I I I
I I I
I I I
8
6
10
8
6
10
SWITZERLAND
__
JAPAN
-
6
8
6.
4
-
2
I
I
I
I
I
I
4
2
10
10
NETHERLANDS
8
MONTHLY
GERMANY
8
6
6
4
4
2
J _ L
1937
1989
1987
2
1989
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969.100
RATIO SCALE
1969-100
UNITED STATES
NETHERLANDS
11llllll111
GERMANY
—
300
SWITZERLAND
250
FRANCE
200
-
150
J
-
I I I
100
I I I
IIIllllllII
till 1 llllll
I I I
600
500
-
CANADA
400
UNITED KINGDOM
—
y
300
200
—
-
I I I
I
I I
1987
1989
1987
1989
-
SERIES
CHART
1.
SPOT
WEEKLY
EXCHANGE
AVERAGES,
RATES
SOON
L A S T VALUE P L O T T E D
DATE
VAL0E
NAME
AND
BUYING
INDICES
RATES
{U.S.
CENTS)
GERMAN MARK
J A P A N E S E YEN
DUTCH G U I L D E R
U . K . POUND
CANADIAN DOLLAR
F R E N C H FRANC
SWISS FFANC
B E L G I A N FRANC
ITALIAN LIRA
S W E D I S H KRONA
INDICES,
M
APCH
1973
BASE
PATES
=
W 3 1 G H T E D AVER AGE EXCHANGE VALUE I N D I C E S ,
( 3 - 1 0 COUNTRIES PLUS SWITZERLAND)
HAS
1973
U.S.
DOLLAR
GERMAN MARK
J A P A N E S E YEN
DUTCH G U I L D E R
U.K.
POUND
CANADIAN DOLLAR
FRENCH FRANC
S W I S S FRANC
B E L G I A N FRANC
ITALIAN LIRA
S W E D I S H KRONA
2.
3-MONTH
FORWARD
C A N A D I A N DOLLAR
U. K . POUND
GERMAN MARK
F R E N C H FRANC
S W I S S FRANC
DUTCH G U I L D E R
J A P A N E S E YEN
I T A L I A N LIRA
5 3 . 54
0.72634
47. 46
1S5.75
84.76
1 5 . 81
6 2. 20
2. 5 5 6 8 5
0. 0 7 4 4 5
1 5 . 64
2
2
2
2
2
2
2
2
2
150.
190.
136.
67.
84.
71.
20 0 .
100.
42.
2
2
2
2
2
2
2
2
2
2
2
97.74
159.75
201.32
136. 57
6 3 . 05
81.78
6 7 . 16
2 0 0 . 42
98.90
3 8 . 84
6 7 . 15
100
GERMAN MARK
J A P A N E S E YEN
DUTCH G U I L D E R
U . K . P^UND
CANADIAN DOLLAR
FRENCH FRANC
S W I S S FRANC
BELGIAN FRANC
ITALIAN LIRA
CHART
2
2
2
2
2
2
2
2
2
2
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
'
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
=
100
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
EXCHANGE
PATES,
PREMIUM
08
62
18
25
04
48
24
12
75
29
DISCOUNT
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
2
2
2
2
2
2
2
2
-3.
-5.
1.
-0.
1.
1.
3.
-J.
53
10
64
42
58
43
32
73
SERIES
CHART
3.
GOLD
M.S.
CHART
4.
PPICE
DOLLARS
CALL
IN
LONDON,
FINE
5.
3-MONTH
FIXING
OUNCE
AUG.
6.
INTEREST
EURO-DOLLAR
SELECTED
DEPOSIT
EURO-DOLLAR
OVERNIGHT EURO-DOLLAR
U . S . FEDERAL FUNDS
DIFFERENTIAL
RATES:
8.95
8.75
13.90
12.45
6. 88
5. 14
9. 25
6 . 96
6.38
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
2
2
2
2
2
2
2
2
2
8.
6.
4.
12.
13.
6.
8.
7.
8.
2
2
2
2
2
2
8.75
8. 71
8.61
8.48
8.30
8 . 18
AUG.
AUG.
AUS.
2
2
2
8. 75
8. 95
- 0 . 2D
AUG.
AUG.
AUG.
2
2
2
8. 48
8. 43
0. 05
43
92
79
29
89
88
91
03
51
LONDON
AND U . S .
M3NEY
DEPOSITS
3-MONTH EURO-DOLLAR D E P O S I T
U . S . 9 0 - D A Y C D ' S , SECONDARY
DIFFERENTIAL
2
2
2
2
2
2
2
2
2
RATES
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
.
3 7 0 . 18
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
DEPOSITS
U.S.
9 0 - D A Y C D ' S , S E C O N D A R Y MARKET
GERMAN I N T E R B A N K LOAN
JAPANESE GENSAKI PATE
CANADIAN F I N A N C E PAPER
INTERBANK STERLING
S W I S S I N T E R B A N K LOAN
FRENCH I N T E R B A N K RATE
NETHERLANDS INTERBANK RATE
WEIGHTED AVERAGE F O R E I G N I N T E R E S T RATE
( G - 1 0 COUNTRIES PLUS SWITZERLAND)
CHART
2
BATES
U. S . . F E D E R A L F U N D S
OVERNIGHT EURO-DOLLAR
0 . K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART
AFTERNOON
AUG.
AUG.
AUG.
AUS.
AUG.
AUG.
HONEY
PER
L A S T VALUE P L O T T E D
DATE
VALDE
NAME
FATS
MARKET
MARKET
RATES
SERIES
CHART
3.
INTEREST
L A S T VALUE P L O T T E D
DATE
VALUE
NAME
ARBITRAGE,
3-MONTH
COVERED
COVERED
EURO-DOILAR DEPOSIT
I N T E R B A N K DM ( F R A N K F U E T ) ,
DIFFERENTIAL
COVERED
EURO-DOLLAR D E P O S I T
S W I S S I N T E R B A N K , COVERED
DIFFERENTIAL
.
LONG
TERM
GOVESMENT
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
N E T H E R L A N D S (MONTHLY)
U N I T E D KINGDOM
U.S.
10.
2
2
2
8.48
8 . 61
- 0 . 14
AUG.
AUG.
AUG.
2
2
2
8.57
8.65
-0.12
AUG .
AUG.
AUG.
2
2
2
8.48
8.59
- 0 . 12
2
2
2
8. 48
8.48
-0.01
JULY
JULY
JULY
JULY
JULY
JULY
APRIL
JULY
28
28
28
21
14
21
7. 97
6. 75
4.99
5 . 16
9.60
8. 99
7 . 09
9.10
YIELDS
28
CORPORATE
AAA
CHART
BOND
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
50R0-D0LLAR DEPOSIT
INTERBANK S T E R L I N G (LONDON),
DIFFERENTIAL
U . S . COMMERCIAL PAPER
CANADIAN F I N A N C E P A P E R ,
DIFFERENTIAL
FUNDS
BONDS
STOCK
MAY
INDICES
UNITED STATES
UNITED KIIGDOM
CA NAD A
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
9. 33
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
AUG.
2
2
2
2
2
2
2
2
36 3 . 12
422. 97
394.24
2 8 1 . 42
26 2. 76
4 5 7 . 28
5 0 9 . 06
69 8 . 2 3
FEDERAL RESERVE statistical release
H.10(512)
AUGUST
7,
1989
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
AUGUST
4,
1989
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:
MONETARY
UNIT
COUNTRY
•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
•NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
S R I LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
• U N I T E D KINGDOM
DOLLAR
SCHILLING
FRANC
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
MEMO:
S U N I T E D STATES
DOLLAR
JULY 3 1
(CURRENCY U N I T S PER DOLLAR)
AUG.
1
AUG.
2
AUG.
3
AUG.
4
75.63
13.140
39.050
1.1805
3.7314
7.2650
4.2110
6.3170
1.8658
161.860
7.8070
16.4400
142.60
1341.25
136.95
2.6610
2.1045
58.550
6.8550
156.250
1.9510
2.6490
670.10
117.100
35.117
6.3840
1.6065
25.655
25.760
166.60
76.11
13.120
39.050
1.1747
3.7314
7.2540
4.2100
6.3160
1.8651
161.400
7.8070
16.4600
142.70
1341.00
136.82
2.6640
2.1041
58.900
6.8550
156.450
1.9510
2.6500
670.00
117.250
35.268
6.3840
1.6075
25.700
25.690
165.45
76.94
13.035
38.800
1.1757
3.7314
7.2050
4.1920
6.2710
1.8515
160.220
7.8075
16.4300
143.75
1330.50
136.15
2.6645
2.0887
59.950
6.8220
155.180
1.9465
2.6280
669.90
116.100
35.518
6.3590
1.5922
25.732
25.660
166.28
76.61
13.131
39.020
1.1718
3.7314
7.2580
4.2205
6.3220
1.8663
160.620
7.8075
16.5000
142.85
1345.00
136.95
2.6645
2.1055
59.930
6.8570
156.450
1.9470
2.6550
670.00
117.000
35.768
6.3900
1.6073
25.740
25.690
164.15
76.49
13.347
39.750
1.1770
3.7314
7.3800
4.2850
6.4250
1.8970
163.700
7.8070
16.5700
140.20
1366.25
139.45
2.6670
2.1400
59.650
6.9600
158.950
1.9540
2.6815
670.15
119.000
NA
6.4770
1.6350
25.680
25.720
161.45
97.54
97.55
96.98
97.69
99.21
S I N D E X OF WEIGHTED AVERAGE EXCHANGE VALUE OF U . S . DOLLAR AGAINST CURRENCIES OF OTHER G - 1 0
COUNTRIES. MARCH 1 9 7 3 = 1 0 0 . HEIGHTS ARE 1 9 7 2 - 7 6 GLOBAL TRADE OF EACH
OF THE 1 0 COUNTRIES.
S E R I E S R E V I S E D AS OF AUGUST 1 9 7 8 . FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U . S . DOLLAR: R E V I S I O N " ON PAGE 7 0 0 OF THE AUGUST
1 9 7 8 FEDERAL RESERVE B U L L E T I N .
*VALUE I S
U.S.
CENTS
@FedFRASER