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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
December 16, 1985
Prepared by the
FINANCIAL MARKETS
SECTION
DIVISION OF
INTERNATIONAL FINANCE
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551
Table of Contents
TABLES
SUBSCRIPTION RATES:
1. LATEST FIGURES PLOTTED
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
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.
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
CHART 1
SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1 9 7 3 = 1 0 0
RATIO SCALE
MARCH 1973=100
180
160
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
JAPANESE YEN
CANADIAN DOLLAR
SWISS FRANC
160
DUTCH GUILDER
—
140
120
100
™ i
i
i
-
I
I
I
80
70
100
FRENCH FRANC
80
70
60
SO
l
120
I
I
I
I
—
BELGIAN FRANC
100
-
80
-
70
-
60
-
50
I
V
a
X
I
x
/\l
A /
I
I
l
I
I
1983
ITALIAN LIRA
I
llllllllll,
~
-
iiliiliilii
1985
1983
1985
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
6
24
CANADIAN DOLLAR
-
-
ITALIAN LIRA
-
-
-
I
I
I
I
I
I
11111111111
I
I
I
I
I
I
24
I
12
-
A
U. K. POUND
—
DUTCH GUILDER
—
| ||
I
I
6
I
-
/
SWISS FRANC
\
I
I
I
I
I
-
0
I
16
FRENCH FRANC
-
12
-
8
-
4
JAPANESE YEN
0
1983
1985
1983
1985
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
600 —
U.S. DOLLARS PER FINE OUNCE
600
560
560
520
520
480
480
12.5 Kg BARS
AFTERNOON FIXING PRICE
440
440
400
400
360
360
320
320
280
—
280
240
1982
240
1983
1984
1985
CHART 4
CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
PERCENT PER ANNUM
24
24
20
-
16
-
12
-
8
-
4
-
0
FRANCE
-
U. S. FEDERAL FUNDS
\
-
-
I
l
l
I
I
I
I I I I I I I I I I I
JAPAN
I l l l l l l l l l l
SWITZERLAND
CANADA
GERMANY
NETHERLANDS
i. i l l
1983
1985
1983
1985
0
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AN
NT PER ANNUM
16
18
14
16
12
1
\
~
CANADIAN FINANCE CO.
PAPER
14
12
10
8
-
\J V
^
-
10
WEIGHTED AVERAGE
FOREIGN RATE
6
I 1
I
lull III
8
12
16
14
GERMAN INTERBANK RATE
U.K. INTERBANK STERLING
-
10
8
12
10
6
—
8
1 1 1 1 1 1 I I I I4I
18
12
10
16
NETHERLANDS INTERBANK RATE
FRENCH INTERBANK RATE
14
8
\
~
6
12
10
4
-
i l l ii h i l l i
8
2
10
9
L-\
8
-
SWISS INTERBANK RATE
8
JAPANESE GENSAKI RATE
6
7
6
-
y
v v i *a
4
/
1 1 1 1 1 1 1 1I I 1 1!1i1 1 1 1 1 1
5
1983
1985
1983
1985
2
CHART 6
EURO-DOLLAR DEPOSIT RATES
LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
24
24
-
-
20
—
3-MONTH
-
16
OVERNIGHT
12
I I I I I II II I I
6-MONTH
7-DAY
1-YEAR
1-MONTH
1983
1985
1983
1985
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
20
20
3-MONTH
FEDERAL FUNDS
EURO-DOLLAR DEPOSITS
DASHED LINE
vv
9 0 - D A Y CD' S
OVERNIGHT
E U R O - D O L L A R DEPOSITS
1 1 I 1 1 1 1 I II 1 1 I 1 I I 1 I I 1 M
1 111I 11111I I
—
DIFFERENTIAL
DIFFERENTIAL
-
-
I
IiiIi iIii1 iiIiiIiiIiiIi i
1983
1 P E R C E N T ON D I F F E R E N T I A L
S C A L E = 2 P E R C E N T ON R A T E S C A L E
1985
-
/JI/YXAA
I
I
I
I
I
1983
I
11111111111
11111111111
1985
4
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: P L U S H , INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANN!
T PER ANNUM
22
18
18
CANADIAN FINANCE
CO. PAPER, COVERED
EURO-DOLLAR DEPOSITS
14
14
DASHED LINE
10
10
INTERBANK STERLING
6
COVERED LONDON
6
U. S. COMMERCIAL PAPER
II I I
2
2
2
4
2
+
DIFFERENTIAL
DIFFERENTIAL
0
- S y - ^
2
+
0
11111111111
2
4
22
22
18
18
14
14
SWISS INTERBANK (SF) COVERED
INTERBANK DM
COVERED FRANKFURT
10
10
EURO-DOLLAR DEPOSITS
6
6
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
2
2
2
2
DIFFERENTIAL
DIFFERENTIAL
+
0
+
0
l
2
1983
1985
1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E
I
I
l
I
1983
I
I I I I I I II I II 2
1985
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER AH
!NT PER ANNUM
19
UNITED STATES
CANADA
-V/vy |
-
15
11
7
9
UNITED KINGDOM
SWITZERLAND
-
-
5
-
I
I
I
I
I
I
1
13
MONTHLY
-
JAPAN
GERMANY
9
-
5
22
U . S . CORPORATE
MONTHLY
18
FRANCE
Aaa BONDS
14
NETHERLANDS
MONTHLY
10
6
1983
1985
1983
1985
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100
RATIO SCALE
1969=100
260
—
220
IUNITED STATES
—
—
UNITED KINGDOM
180
—
140
-
A
(W
i ri I II
100
yV
-
—
-
-
111
I II I II
300
260
-
220
-
f-
180
NETHERLANDS
140
-
100
-
A
V V
/
-
GERMANY
-
y
-
80
ILL II HILL I
1 1 1
260
220
-
180
-
A/\A/'
FRANCE
140
J \ f
-
\Z
—
-
100
—
I
80
I I
Ii
I I I
11I
111
I I I I I I I
I1 1I1 1I1 1
320
—
280
-
240
-
CANADA
r*
JAPAN
200
—
160
-
120
SWITZERLAND
M
-
J**
—
-
-
1 1 1
I
I I
1983
| | | | |11111111111
||||||
1985
1983
1985
LAST VALUE PLOTTED
DATE
VALUE
SERIES NAME
CHART 1. SPOT EXCHANGE BATES AND INDICES
MEEKLY AVERAGES, NOON BUYING BATES
(U.S. CENTS)
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
0. K. POUND
CANADIAN DOLLAR
FREHCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
S W E D I S H KBONA
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
11
11
11
11
11
11
11
11
11
11
39. 49
0. 49145
35. 07
145.31
71. 65
12. 94
47. 32
1. 93900
0. 05794
12. 98
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
11
11
11
11
11
11
11
11
11
111.08
128.68
100. 68
58.77
71.41
58. 32
152.23
76.41
32.92
11
11
11
11
11
11
11
11
11
11
11
126. 33
141.31
162. 96
122. 63
68. 14
84. 82
67. 29
186. 18
91. 42
36. 86
68. 24
11
11
11
11
11
11
11
11
-1. 09
-3.39
3.35
-3.04
4.07
2. 25
0.24
-8. 41
INDICES, MARCH 1973 BASE BATES = 100
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U. K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100
{G-10 COUNTRIES PLUS SWITZERLAND)
U.S. .DOLLAB
GERMAN 8ARK
JAPANESE TEN
DUTCH GUILDER
U.K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KBONA
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT
CANADIAN DOLLAR
U.K. POUND
GE&MAN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
ITALIAN LIRA
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
SSBIES SAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 3. GOLD PRICE IS LONDON, AFTERNOON FIXING
U.S. DOLLARS PER FINE OUNCE
DEC. It
319.00
4. CALL MONEY RATES
C8ABT 4
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
11
11
11
11
11
11
11
11
11
8. 03
7.96
11.56
8. 92
4.56
8.25
8.92
5.73
0.92
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
11
11
11
11
11
11
11
11
11
7. 90
4.80
7.43
9.23
11.60
4.02
8.81
5.81
7.84
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
11
11
11
11
11
11
7.96
8. 11
8.20
8.09
8.09
8.25
OVERNIGHT EURO-DOLLAR DEPOSITS
U.S. FEDERAL FUNDS
DIFFERENTIAL
DEC. 11
DEC. 11
DEC. 11
7.96
8.03
-0. 07
3-MONTH EURO-DOLLAR DEPOSIT RATE
U.S. 90-DAY CD'S, SECONDARY MARKET
DIFFERENTIAL
DEC. 11
DEC. 11
DEC. 11
8.09
7. 90
0.19
U.S. FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR DEPOSITS
U.K.
CANADA
GERMANY
JAPAN
PRANCE
NETHERLANDS
SWITZERLAND
CHART 5- 3-MONTH INTEREST BATES
U.S. 90—DAY CD'S, SECONDARY MARKET
GERMAN INTERBANK LOAN
JAPANESE GBNSAKI BATE
CANADIAN FINANCE PAPER
INTERBANK STEALING
SWISS INTERBANK LOAN
FRENCH INTERBANK BATE
NETHERLANDS INTERBANK RATE
WEIGHTED AVERAGE FOREIGN INTEREST RATE
(G-10 COUNTRIES PLUS SWITZERLAND)
CHART 6. EURO-DOLLAR DEPOSIT SATES: LONDON
OVEBNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAB
CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
S E M E S SAME
LASS VALUE PLOTTED
DATE
VALUE
CHABT 8. INTEREST ARBITRAGE, 3-MONTH FUNDS
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
DEC. 11
DEC. 11
DEC. 11
8. 09
8- 11
-0. 02
U.S. COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
DEC. 11
DEC. 11
DEC- 11
7. 82
8. 11
-0.29
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFORT), COVERED
DIFFERENTIAL
DEC. 11
DEC. 11
DEC. 11
8. 09
8. 19
- 0 . 10
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
DEC. 11
DEC. 11
DEC. 11
8. 09
8. 14
-0. 05
DEC. 6
DEC. 6
JAN.
NOV. 15
NOV. 29
NOV. 29
OCT.
DEC. 6
9. 65
6. 52
6. 29
4. 64
10.34
11.21
7. 03
9. 91
NOV.
10.55
CHART 9. LONG TEBM GGVEEMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN (MONTHLY)
SWITZERLAND
CANADA
FRANCE
NETHEfiLAHDS (MONTHLY)
UNITED KINGDOM
U.S. CORPORATE
AAA BONDS
CHART 10-
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
4
4
4
4
4
4
4
4
209.96
245.31
285.64
251.43
178.95
257.63
246.93
267.22
•*0******
FEDERAL RESERVE statistical release
H.10 (512)
DKCEFLBEB 13, 1985
FOREIGN EXCHANGE RATES
FOB THE WEEK ENDING
DECEMBER 13, 1985
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:
COUNTBY
MONETARY
UNIT
•AUSTRALIA
AUSTRIA
BELGIUM
BRAZIL
CANADA
CHINA,P.B.
DENMARK
FINLAND
FRANCE
GERMAN!
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHEBLANDS
•NEW ZEALAND
NOBWAI
POBTUGAL
SINGAPOBE
•SOUTH AFBICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM
DOLLAR
SCHILLING
FRANC
CRUZEIRO
DOLLAR
YUAN
KRONE
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
BUPEE
POUND
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
BAND
WON
PESETA
BUPEE
KBONA
FRANC
DOLLAR
BAHT
POUND
MEMO:
•UNITED STATES
DOLLAR
DEC.
9
[CUBBBNCY UNITS P2B DOLL AH]
DEC. 10
DEC. 11
67.86
17.810
51.580
9600.00
1.3985
3.2095
9.1715
5.4995
7.7280
2.5350
150.500
7.8065
12.1900
121.88
1725.00
203.50
2.4250
NA
2.8540
56.500
7.6515
160.700
2.1240
37.50
892.80
156.150
27.435
7.6990
2.1165
39.900
26.740
145.75
67.85
17.880
51.710
9705.00
1.3980
3.2095
9.1965
5.5240
7.7535
2.5400
151.050
7.8065
12.2000
121.60
1726.00
203.60
2.4300
NA
2.8625
56.300
7.6975
161.800
2.1280
37.20
893.30
156.750
27.425
7.7230
2.1205
39.870
26.740
143.50
126.37
126.78
68. 40
17.890
51.900
9755.00
1.3922
3.2095
9.2195
5.5380
7.7600
2.5430
151.500
7.8065
12.2000
121.33
1733.00
203.90
2.4325
NA
2.8645
54.950
7.7460
163.200
2.1270
37.25
893.80
157.200
27.423
7. 7550
2.1290
39.880
26.780
141.50
127.13
DEC. 12
DEC. 13
68.47
17.690
51.250
9805.00
1.3893
3.2095
9.1180
5.4820
7.6900
2.5150
150.600
7.8070
12.ITIUO
122.70
1718.00
202.05
2.4285
NA
2.8330
53.550
7.6720
161.000
2.1210
37.80
894.30
156.350
27.423
7.6930
2.1035
39.900
26.760
143.95
68. 53
17.720
51.540
9855.00
1.3905
3.2095
9.1460
5.5050
7.7115
2.5220
150.600
7.8065
12.17U0
122.19
1722.00
202.80
2.4305
NA
2.8405
52.100
7.6850
161.500
2. 1245
37.50
893.90
ISO.400
27.413
7.7070
2.1065
39.890
26.730
143.65
125.84
126.18
•INDEX OP WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAB AGA2IST CUBBBMCIES OF OTHEB 6-10
COOMT8IES. EABCH 1973 = 100. WEIGHTS ABB 1972-76 GLOBAL IBAOS OF EACH OF THE 10 COUNTRIES.
SEBIES REVISED AS OF AUGUST 1978. FOB DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHIED-AVEBAGE EXCHANGE VALUE OF THE U.S. DOLLABI BEVISION" ON PAGE 700 OF THE AUGUST
1978 FEDBRAL BESEBYB BULLETIN.
*VALUE IS U.S. CENTS
@FedFRASER