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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts December 12,1988 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 G " . ' C K I N D n . c S SUBSCRIPTION RATES: Weekly $24.00 per year or $.60 e a c h in t h e United S t a t e s , 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 e a c h . 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, Division of Administrative 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 Board of Governors of t h e Federal Reserve S y s t e m 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 1973-100 200 180 RATIO SCALE MARCH 1973® 100 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 160 ITALIAN LIRA : 140 120 100 - I 80 I I I I I I I I IIIIII _ 220 200 180 — — - - p=r JAPANESE Y E N ^ ^ — — GERMAN M A R K ^ v / ^ 160 140 - 120 - 100 - V v ^ y\l v f l 80 - - - - — 160 - 140 - 120 - 100 lllllliilii 80 f p - I 1 1 I iiiiiinin I l l ; M i l l II 1 1 1 1 1 1 iiiiiinin — 180 160 - — 140 - — CANADIAN DOLLAR 120 100 90 - 80 - , — I I I I - — liilnliiliil I - U.K. POUND - 120 — 100 90 — 80 — 70 jS ^ — / ^ V ~ ^ I 140 — v\yw I I v DUTCH G U I L D E R ^ x s ^ a ^ V ^ — V-v 70 60 180 — 160 — - —Xyx__ I I I I I FRENCH FRANC | | IIIIIIIII | |||||||||| S Xwx. — - - 1 1 120 1 1 — M/ — 70 - 50 SS) 60 - — - — /v - I I I I I 1986 280 — 240 — 200 180 - 160 - 140 — 120 SWISS FRANC 90 - - 40 — BELGIAN FRANC 80 60 — - 90 80 - 1 — 100 50 1 60 70 ^ 140 220 200 180 I 1 1988 1 1 1 1 1986 1 100 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 JAPANESE YEN CANADIAN DOLLAR V / I N I I / V < — ^ V V I I I I I I I I 4 I 12 U. K. POUND A, Ur^A/ I I I i i i iilllllllli SWISS FRANC I I GERMAN MARK I I I I I I - I DUTCH GUILDER MIMIMIM I I I I I I FRENCH FRANC 4 — 8 - 12 1986 1988 1986 1988 CHARTS PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. PER FINE OUNCE U.S. DOLLARS PER FINE 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 280 280 1985 1986 1987 1988 CHART4 CALL MONEY RATES WEEKLY SERIES IT PER ANNUM PERCENT PER AW 16 12 16 U.S. FEDERAL FUNDS 12 FRANCE 8 8 4 4 JAPAN I 0 I I I I I 0 16 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UN TED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 0 0 1986 1988 1986 1988 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PEf PERCENT PER ANIS ENTPER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER - U.S. CD'S 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 2 12 - I I 14 I I Illllllllll I I I I I I I 8 6 14 U.K. INTERBANK STERLING FRENCH INTERBANK RATE 12 - 12 10 10 8 8 6 I I I I I I I Illllllllll I I I I 6 I 10 10 8 NETHERLANDS INTERBANK RATE GERMAN INTERBANK RATE - 6 6 \ 4 I 2 I I I I ^ - I 4 2 10 8 8 8 JAPANESE GENSAKI RATE - SWISS INTERBANK RATE - 6 4 \/ 4 I 2 6 1986 1988 I I I I 1986 - 2 0 I 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY :ENT PER ANNUM PERCENT PER ANI 14 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 7-DAY 12 12 10 10 8 8 6 6 I I II I II I I I I 4 I I I I I I I I 4 14 14 1-MONTH 1-YEAR 12 12 10 10 8 8 6 6 4 4 1986 1988 1986 1988 CHART7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+),FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PERANI fENT PER ANNUM 14 14 12 12 10 10 FEDERAL FUNDS DASHED UNE 3-MONTH EURO-DOLLAR DEPOSITS 8 8 6 6 OVERNIGHT EURO-DOLLAR DEPOSITS 90-DAY CD'S DASHED UNE 4 4 1111111111111111111111 2 I I 11111111111111111 I 2 2 2 DIFFERENTIAL DIFFERENTIAL 1 - + ' 0 IIIIIIIIIIIIIIIIIIIII 1 1986 I PERCENT ON DIFFERENTIAL SCALE » 2 PERCENT ON RATE SCALE 1988 ' v yv^ I I v —, I I I 1986 I 1 — v y ' y + M 1 111 11 11 i I I 1 I 1 1 1 1 1 I I1 0 1988 CHART8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY ENTPER ANNUM PERCENT PER AW 16 12 16 INTERBANK STERLING COVERED LONDON 12 CANADIAN FINANCE CO. PAPER, COVERED 8 8 EURO DOLLAR DEPOSITS 4 DASHED LINE I 0 2 U.S. COMMERCIAL PAPER U I DASHED LINE I " I " I " I " I " 111 i 111 n I DIFFERENTIAL I 4 l u l l I I ' l l I l l l l l l H i l l II 2 DIFFERENTIAL + + 0 0 iilliIiilii 2 iili'liilii iiiiii nlii hili i 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 4 0 2 16 16 12 0 8 EURO-DOLLAR DEPOSITS DASHED LINE ] _ 1 I I I 11 I i i 111 I i i 111 I i i 1111 i i I I EURO-DOLLAR DEPOSITS DASHED LINE 4 I 0 I I I I I l u l l H i i l l l l l l l l H i l l II 2 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 ill n i l ill i l i i l i H i l l 2 1986 1988 I PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE Mini 1986 I i l l 1111 1988 2 CHART9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES 1ENT PER ANNUM PERCENT PER ANI 16 16 UNITED STATES 14 CANADA - 12 12 10 10 8 I I I I I I 6 14 10 UNITED KINGDOM JAPAN 6 8 Nv I I I I I I I I I I I *SJ* - I 10 GERMANY SWITZERLAND 8 4 6 2 4 10 — 14 - 12 FRANCE NETHERLANDS 8 4 2 8 6 8 - 10 6 8 — 6 12 14 MONTHLY 6 10 4 - 2 I 1986 1988 I I I I 1986 I 8 6 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE RATIO SCALE 1969-tdd 1969-100 500 500 - 400 UNITED STATES 300 — 200 - 650 — 550 - - 1 1 1 - 1 1 y - 1 1 1 i i h i h i i n n i l H i l l II 1 1 1 1 1 ..I..h.1.. FRANCE - I / JVJ J 1 1 500 1 I I I 650 - 550 - 450 - 350 - 250 . . . I I 200 100 — - 250 150 1 — - / - 400 300 1 / - /VA/va JAPAN J ^ 1 — 450 350 i /A,VA a — — i - UNITED KINGDOM 1 i 100 J\/\ a 150 SWITZERLAND v\- 400 — CANADA 300 I 200 500 400 300 V — l y 100 1 1 1 I M ,,I,,I nlllllllll 1 1 1 M I I I II I III II — | NETHERLANDS " 200 l — J h / W r GERMANY v n 300 f I 400 - I 1986 I — iihilnlii 1988 - I I I I I 1986 200 100 I 1988 SERIES CHART 1. SPOT L A S T VALUE P L O T T E D DATE VALUE NAME EXCHANGE &A-XES AND I N D I C E S WEEKLY a V E R A G E S , NOON BUYING HATES (U.S. CENTS) GEaMAN 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 BELGIAN FxvANC ITALIAN LIRA SWEDISH KRONA INDICES, MARCH 19 7 3 EASE RATES = W a I G K T E J AVERAGE EXCHANGE VALUE I N D I C E S , ( G - 1 0 C O U N T R I E S P L U S SWITZERLAND) 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 BELGIAN FRANC ITALIAN LIRA SWEDISH KaONA j - M O N T H FORWARD EACrtANG*. R A T E S , CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC S W I S S FRANC DUTCH GUILDER J A P A N E S E YEN ITALIAN LIRA 57.61 0. 81995 51.06 1 * 5 . 7U 84.03 16.87 68.6% 2.74936 0.07797 1o. 58 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC, 162.05 214.69 146.59 7 5 . 11 8 3 . 75 76.00 100 oit-.flAN MARK J A P A N E S E YEN DUTCH G U I L D E t i U . K . POUND CANADIAN DOLLAR TRENCH FRANC S w I S S FRANC BELGIAN FRANC ITALIAN L I S A Ciittki' DEC. DEC. DEC. DEC. DEC. DEC, DEC, DEC. DEC, DEC, MAR 1973 = 22 1. 00 1 0 8 . 34 4 4 . 29 100 DEC, DEC, DEC, DEC, DEC. DEC. DEC. DEC. DEC, DEC. DEC, 9 0 . 79 1o2. 66 216.07 138.78 67.04 7 6 . 10 6 7. 66 209.09 100.43 38.34 6 7 . 18 PREMIUM OK D I S C O U N T DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. - 1. 66 -3.64 4.06 1.06 4 . 41 3.81 4.88 - 2 . 6o SERIC.3 .HART J . GOLD U.S. :HART 4 . PRICE DOLLARS CALL IN PES L A S T VALUE; P L O T T E D DATE VALUE NAME LONDON, tINE AFTERNOON FIXING OUNCE DEC. 3-MONTH I N T E R E S T EURO-DOLLAR DEPOSIT RATES: SELECTED EURO-DOLLAR O V a a N l G H T EURO-DOLLAR U . S . F E D E R A L FUNDS DIFFERENTIAL AND U . S . DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 9. 22 5.06 4 . 16 1 t . 14 DEC. DEC. DEC. DEC. DEC. DEC. 8 . 39 8.48 9. 45 9 . 20 9.20 9.29 13. 16 4.55 B. 0 5 5.37 7 . 18 MONEY MARKET R A T E S DEPOSITS 3-MO NTH E U R O - D O L L A R D E P O S I T U . S . > 0 - D A Y C D ' S , SECONDARY DIFFERENTIAL 8 . 59 8.39 12.75 10.41 4.85 3.8J 7.69 5.29 3.86 LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH b-MONTH 1-YEAR CHART 7 . DEC. DEC, DEC, DEC. DEC. DEC. DEC. DEC. DEC. RATES U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET GERMAN I N T E R B A N K LOAN J A P A N E S E GENSAKI RATE CANADIAN F I N A N C E P A P E R INTERdANK STERLING S W I S S I N T E R B A N K LOAN FRENCH INTERBANK R A T E NETHERLANDS I N T E R B A N K RATE WEIGHTED AVERAGE F O R E I G N I N T E R E S T R A T E ( G - 1 0 COUNTRIES PLUS SWITZERLAND) JHAitT b . 425.67 MONEY G A T E S U . S . F E D E R A L FUNDS OVERNIGHT EURO-DOLLAR D E P O S I T S U. K . CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND JHART 5 . 7 RATE MARKET DEC. DEC. DEC. 7 7 7 8 . 39 8. 59 - 0 . 20 DEC. DEC. DEC. 7 7 7 9 . 20 9 . 22 - 0 . 02 SERIES CHART d . L A S T VALUE PLOTTED DATE VALUE NAME INTEREST A R o I l S A t i t i , 3 - M O NTH FUNDS EURO-DOLLAR D E P O S I T INTERBANK S T E R L I N G ( L O N D O N ) , DIFFERENTIAL U . S . COMMERCIAL PAPER CANADIAN F I N A N C E P A P E R , DIFFERENTIAL COVERED COVERED EURO-DOLLAR D E P O S I T INTERBANK DM ( F R A N K F U R 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 CHART 9 . 10. DEC. DEC. DEC. 9.09 9 . 44 -0.35 DEC. DEC. DEC. 9.20 9 . 17 0.03 DEC. DEC. DEC. 9.20 9.01 0 . 19 DEC. DEC. NOV. NOV. NOV. DEC. SEPT. DEC. 2 2 30 25 30 2 2 9.11 6 . 19 4 . 19 4 . 19 1 0 . 32 8.96 6.43 8 . 83 CORPORATE AAA BONDS CHART 9.20 9.41 -0.20 LONG TERM GOVERMENT BOND Y I E L D S UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM U.S. DEC. DEC. DEC. MAY 9.33 STOCK I N D I C E S UNITED S T A T E S UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 7 7 7 7 7 7 7 7 29 6 . 17 319.01 329. 23 231.34 196.27 296.30 3 9 2 . 13 610.56 FEDERAL RESERVE statistical release H.10(512) DECEMBER 1 2 , 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING DECEMBER 9, 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 *1RELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEM ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA 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 ESCUDO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND MEMO: tUNITED STATES DOLLAR DEC. 5 (CURRENCY UNITS PER DOLLAR) DEC. 7 DEC. 6 DEC. 8 DEC. 9 87.86 12.128 36.130 1.1858 3.7314 6.6550 4.0770 5.8885 1.7240 143.500 7.8010 14.9500 155.45 1274.90 121.50 2.6750 1.9450 65.530 6.4360 142.950 1.9410 2.2640 688.70 112.370 32.982 6.0010 1.4450 28.180 25.190 187.00 88.15 12.193 36.300 1.1896 3.7314 6.6780 4.0850 5.9175 1.7326 143.650 7.7960 14.9700 154.70 1278.75 121.75 2.6790 1.9553 65.520 6.4470 143.750 1.9430 2.2780 688.10 112.900 32.985 6.0150 1.4523 28.190 25.070 186.54 86.40 12.395 36.890 1.2005 3.7314 6.8000 4.1425 6.0070 1.7600 147.250 7.7990 15.0900 151.25 1299.00 123.50 2.6860 1.9855 64.430 6.5500 145.900 1.9470 2.3600 688.20 115.000 32.995 6.0900 1.4790 28.200 25.090 184.10 82.75 12.270 36.520 1.1936 3.7314 6.7270 4.1470 5.9445 1.7415 144.750 7.8015 15.0000 153.40 1286.50 122.57 2.6820 1.9645 64.600 6.4800 144.400 1.9420 2.3420 688.30 113.000 33.015 6.0480 1.4660 28.200 25.150 185.00 86.77 12.186 36.320 1.1972 3.7314 6.6875 4.1010 5.9250 1.7335 144.800 7.8070 15.0500 154.45 1280.50 122.35 2.6845 1.9570 64.400 6.4530 143.700 1.9410 2.3440 687.80 112.520 33.018 6.0250 1.4612 28.210 25.110 184.90 90.25 90.59 91.91 91.12 90.87 SINDEX 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 . WEIGHTS ARE 1 9 7 2 - 7 6 GLOBAL TRADE OF EACH OF THE 1 0 COUNTRIES. SERIES REVISED 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: REVISION" ON PAGE 7 0 0 OF THE AUGUST 1 9 7 8 FEDERAL RESERVE BULLETIN. •VALUE I S U . S . CENTS
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