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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts August 8,1988 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 INDICES 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 S C A L E MARCH 1 9 7 7 - I O O 200 160 140 SO FOREIGN CURRENCY PRICE OF U.S. DOLLAR 180 ITALIAN LIRA - - 40 A A ~ y - v 35 120 — 100 180 160 30 25 — — — — „ GERMAN MARK - 100 - / v ^ vv 80 • v n L I I " NIL,I,III, JAPANESE YEN/ /T^J^T ^ w» — - 140 120 I I I IMTMIIIIII I I I 80 220 200 45 - — - - j r — i i i i i iii, hiii i iiliiliilii i i i i i i iiiiiiiiiii — 20 220 200 — 180 - 160 - 140 - 120 - 100 I ill I hill; 80 DUTCH GUILDER CANADIAN DOLLAR 90 80 - UK. POUND 70 - f y V w ^ ^ V - — I 140 — 120 - I I BELGIAN FRANC — 90 v \ / V - 60 I I i i i I I 1988 - 60 - 50 280 - y - - v v v , z V ~~ y 240 y SWISS FRANC — - I I I I I I I II ill I IIIlull , 1986 70 I I I I I | I I | I II I| lI II I l I I 40 n /A/ v\/ I - — - 80 - - I I I I I I I 111 I IIII I IIII 11 — 100 50 ^ - 40 70 90 80 S - 60 50 FRENCH FRANC — i i i i i 1986 i — 200 - 180 - 160 - 140 — 120 I I I I I I I II II II II I I I I100 I I I 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR H AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER AN NT PER ANNUM 8 4 JAPANESE YEN CANADIAN DOLLAR 5 - A . , YVV/ 0 4 8 4 I I I I I I I I lliil I I I I I 4 liiniiiiii 12 4 a K. POUND SWISS FRANC 0 8 4 4 8 0 8 8 DUTCH GUILDER GERMAN MARK 4 4 5 0 I 4 I I I 4 I I 4 4 FRENCH FRANC 5 0 4 4 8 8 12 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. c U.S. DOLLARS PER FINE ( LLARS PER FINE OUNCE 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 i i i i i i i i i i i I i i r' i i i i i i i 280 1985 1986 1987 1988 280 CHART 4 CALL MONEY RATES WEEKLY SERIES T PER ANNUM PERCENT PER M 16 12 16 U. S. FEDERAL FUNDS 12 FRANCE 8 - 4 JAPAN 0 k \ A L A A/ I I Vv I I I v v x ^ — y - 8 4 0 I 16 16 CANADA 12 8 MUM 4 ^.A GERMANY 12 . 8 4 4 0 I I I I I 0 I 16 20 SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 0 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AN NT PER A N N U M T6 12 10 CANADIAN FINANCE CO. PAPER - U.S. CD'S 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 8 I 2 14 I I I I I 6 14 UK. INTERBANK STERLING FRENCH INTERBANK RATE 12 - 12 10 10 8 \/V I 6 I I I I - I 8 6 10 10 8 12 NETHERLANDS INTERBANK RATE GERMAN INTERBANK RATE - 8 6 6 4 4 I 2 I I I I 2 I 8 10 8 JAPANESE GENSAKI RATE __ SWISS INTERBANK RATE - 6 6 4 4 2 I 2 1986 1988 I I I I 1986 I ill 11hili i 1988 0 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER AL 14 14 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 7-DAY 6-MONTH 12 12 10 — 10 8 8 ! 6 6 I 4 I I I I I i i l l Mi i l l i 4 14 14 1-MONTH 1-YEAR 12 12 10 10 8 8 6 6 II II II 4 1986 1988 4 1986 1988 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 A N N U M PERCENT PER A N N U M 14 14 12 12 10 10 FEDERAL FUNDS 3-MONTH DASHED LINE E U R O - D O L L A R DEPOSITS OVERNIGHT 90-DAY CD* S E U R O - D O L L A R DEPOSITS DASHED LINE I I I 11111111111111111111111 I I 11111111111111111111111 I 2 2 DIFFERENTIAL DIFFERENTIAL - J\ f\ A ZX JtA 1 ^ W V A / v ^ \ n I I I I w s I « r I J 0 v / I 1986 1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE SCALE I III II I I I I I ! I I II I I I I I I I I I I II 1988 1986 I IIIIIIIIII 1988 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL; PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER Ah 16 12 16 INTERBANK STERLING CANADIAN FINANCE CO. PAPER, C O V E R E D COVERED LONDON - 1 8 EURO-DOLLAR DEPOSITS 4 DASHED LINE 0 I I I I I liiliiliiliiliiliiliiln S3 ™~ DASHED LINE 1 1 1 4 1 1 1 111 u I u 111 11111111111 2 DIFFERENTIAL 0 1 1 l i t ! 1 1 1 1 1 I n l i i l i t 111 I IIII IIIIII I I IIIIII II 2 12 INTERBANK D M COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 0 2 2 16 16 4 0 2 DIFFERENTIAL 0 12 8 U. S. COMMERCIAL PAPER — I 1 12 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE I I I I I I n l i i hi lii l u l u h i l l i I I I I I 4 I I 0 2 DIFFERENTIAL DIFFERENTIAL + 0 0 I 2 I 1986 I I 111 ILL I I I 111 M I I I I I . I 111 1988 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I l l I I I I I II I i l l I I I I I I I 1986 1988 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER AL ENT PER ANNUM 16 16 14 CANADA UNITED STATES 14 y 12 10 12 XAVX - 8 8 I 6 I I I I I 6 10 14 12 10 UNITED KINGDOM 8 10 6 8 4 6 2 8 10 6 GERMANY SWITZERLAND 8 4 6 2 4 17 15 U. S. C O R P O R A T E . MONTHLY FRANCE 15 13 13 Aaa B O N D S 11 11 9 9 7 NETHERLANDS 7 I 5 5 MONTHLY 1986 1988 I I I 1986 3 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1966=100 500 500 400 400 UNITED STATES yA UNITED KINGDOM 300 - 200 650 I I I I 100 I — 550 - 450 __ 350 - — /VrWvv JAPAN j 650 - i r — - I l l 150 I I I uli Mill u - lllllllllll r - y v — 550 - 450 v l - 350 - 250 lllllllllll 150 /A j - 1 1 1 1 1 1 — 500 - FRANCE - 250 400 200 - I 300 SWITZERLAND 250 / — 200 — 150 CANADA 300 200 - V I I I I I I I lllllllllll lllllllllll I I I I I MIMIMIM — 500 400 NETHERLANDS 300 r y W - r~ V> w « s / 200 100 I l l l I I 1986 - - I 1988 1986 1988 SERIES NAME LAST VALUE PLOTTB1 DATE VALUE CHART 1. SPOT EXCHANGE SATES AND INDICES MEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GSiiMAN SAUK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KB ON A AUG. AUG. AUG. AUG. , AUG. AUG. . AUG. ' AUG. AUG. AUG. 3 3 3 3 3 3 3 3 3 3 53.37 0. 7529 47.28 171.31 82.93 15.93 64.10 2.5502 0.0723 15.56 3 3 3 3 3 3 3 3 3 150.14 197. 15 135.73 69. 39 82.53 71.34 206.23 100. 49 41.10 3 3 3 3 3 3 3 3 3 3 3 97.34 158.53 208. 85 135.54 65. 16 79.50 67.03 206. 04 98.30 37.54 66.57 3 3 3 3 3 3 3 3 -1.25 -2. 48 3. 17 0. 87 4.51 3.04 3.74 -2.52 INDICES, MARCH 1973 BASE BATES = 100 GERMAN HARK JAPANESE YEN DUTCH GUILDER U. K. POOND CANADIAN DOJIAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA AUG. AUG. AUG. AUG. iUG. A0G. AUG. AUG. AUG. WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 tG-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. AOG. AUG. AUG. AUG. AUG. AOG. AUG. AUG. AUG. AUG. CHART 2. J-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POOND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. SERIES NAME LAST VALUE PLOTTED DATE VALOE CHART 3. GOLD PHICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PEB FINS OUNCE AUG. 3 434.20 AUG. AOG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 3 3 3 3 3 3 3 3 3 7. 94 7.60 9. 85 9.09 4.64 3. 76 7.Q3 5.04 1.63 AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 3 3 3 3 3 3 3 3 3 8.10 5.22 3.87 9.59 10.76 3. 63 7. 34 5.26 6. 70 AUG. , AUG. AUG. AUG. AUG. AUG. 3 3 3 3 3 3 7. 60 7. 79 7.99 8.25 8.51 8. 74 CHART 4. CALL MONEY HATES U.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS O.K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE 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. MONET MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL AUG. AUG. AUG. 3 3 3 7. 60 7.84 -0.24 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL AUG. AUG. AUG. 3 3 3 8.25 8. 10 0. 15 SERIES NAME LASI VALUE PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL AUG. AUG. AUG. 3 3 3 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL AUG. AUG. AUG. 3 3 3 8.00 8.31 -0.31 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT) , COVERED DIFFERENTIAL AUG. AUG. AUG. 3 3 3 8.25 8. 43 -0. 18 EURO-DOLLAR DEPOSIT S1ISS INTERBANK, COVERED DIFFERENTIAL AUG. AUG. AUG. 3 3 3 8.25 8.18 0.07 JOLT JULY JULY JOLT JUL! JUL! JUNE JULY 29 29 29 22 29 29 9.12 6.52 4.60 4.28 10.42 9.21 6.30 9.18 8. 25 8.22 0.03 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM 29 U.S. CORPORATE AAA BONDS CHART 10. MAY 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN AOG. AUG. AOG. AUG. AOG. AUG. AUG. AUG. 3 3 3 3 3 3 3 3 290.66 330.22 332. 20 211.34 182.74 284. 89 360. 94 595.41 FEDERAL RESERVE statistical release H.10(512) AUGUST 8, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING AUGUST 5, 1988 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 MONETARY UNIT •AUSTRALIA AUSTRIA BELGIUM 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 DOLLAR YUAN KRONE MARKKA FRANC D. MARK DRACHMA DOLLAR RUPEE POUND LIRA YEN RINGGIT GUILDER DOLLAR KRONE ESCUOO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND MEMO: SUNITED STATES DOLLAR AUG. 1 (CURRENCY UNITS PER DOLLAR) AUG. 2 AUG. 3 AUG. 4 AUG. 5 80.30 13.185 39.300 1.2077 3.7314 7.1320 4.4370 6.3270 1.8767 150.300 7.8060 14.1800 143.40 1384.75 132.80 2.6400 2.1205 66.200 6.8055 152.400 2.0455 2.4535 726.70 123.520 32.087 6.4380 1.5620 28.680 25.560 171.30 80.30 13.179 39.280 1.2065 3.7314 7.1320 4.4380 6.3250 1.8763 150.500 7.8070 14.1600 143.45 1384.00 132.92 2.6380 2.1180 66.180 6.8050 152.250 2.0470 2.4550 726.30 123.400 32.072 6.4465 1.5625 28.680 25.530 171.00 80.41 13.185 39.220 1.2030 3.7314 7.1300 4.4400 6.3210 1.8755 150.130 7.8065 14.1700 143.25 1383.00 132.87 2.6390 2.1170 66.450 6.8000 152.250 2.0475 2.4630 726.00 123.350 32.122 6.4440 1.5625 28.680 25.550 171.05 80.45 13.208 39.350 1.2030 3.7314 7.1550 4.4475 6.3410 1.8805 150.500 7.8060 14.1700 143.15 1387.00 133.02 2.6400 2.1230 66.450 6.8130 152.400 2.0480 2.4640 726.10 123.620 32.117 6.4480 1.5684 28.680 25.550 170.90 80.30 13.300 39.660 1.2055 3.7314 7.1990 4.4715 6.3810 1.8932 151.700 7.8080 14.1900 142.30 1395.75 133.68 2.6420 2.1380 66.300 6.8525 153.200 2.0490 2.4725 726.20 124.320 32.152 6.4710 1.5810 28.680 25.560 169.28 97.47 97.47 97.40 97.63 98.23 •INDEX OF HEMKTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. M U C H 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
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