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(516/517)
n
o
t
N?
Selected Interest &
Exchange Rates
a t
Weekly Series of Charts
A
i
December 1 7 , 1 9 8 4
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
W e e k l y $ 1 5 . 0 0 p e r y e a r o r $ . 4 0 e a c h in t h e U n i t e d
2. DAILY CERTIFIED SPOT
EXCHANGE RATES-H.10 RELEASE
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 , $ 1 3 . 5 0 p e r
year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0
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 S e r v i c e s , Divi-
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
a INTEREST ARBITRAGE: 3-MONTH FUNDS
9. LONG-TERM GOVERNMENT BOND YIELDS
10. INDUSTRIAL STOCK INDICES
s i o n of A d m i n i s t r a t i v e S e r v i c e s , a n d m a k e p a y m e n t
remittance
payable
to
the
order
of
the
Board
of
G o v e r n o r s of t h e F e d e r a l R e s e r v e S y s t e m in a f o r m
c o l l e c t i b l e a t p a r in U . S . C u r r e n c y .
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 1 9 7 3 = 1 0 0
160
—
160
„
FOREIGN CURRENCY
PRICE OF U.S. D O L L A R ™ ^
140
120
JAPANESE YEN
^
j
-
140
-
120
-
100
ul iihilli
80
S
-
—
100
I
80
I
I
I
I
IIIIIIIIIII
I
~ i
11111111111
1 1 1
1 1
120
SWISS FRANC
CANADIAN DOLLAR
100
80
'
70
I
I
I
I
I
l l l l Ml i l l I
I
IIIIIIIIIII
160
160
-
140
120
—
GERMAN MARK
|
-
—
X\
V
-
100
80
DUTCH GUILDER
^ l
120
'
100
;
I
I
I
I
"
I
i
l
l
l
l
X
>
^
x
J
y
x
-
140
-
120
100
-
80
I
-
FRENCH FRANC
U.K. POUND
80
70
— ^
W
-A
—
I
y\
60
—
50
I
I
l
I
l
l
MIMIMII.
I ' l l Ml ill I
120
—
—
140
V
100
-
80
-
70
-
60
-
BELGIAN FRANC
V
v
70
—
60
—
50
—
V.
V
/
.
ITALIAN LIRA
-
40
50
yv-x
—
—
I
I
I
l
l
1982
l
111 i l l i i 1 1 1
1111 I 1 1 1 1 1 1
1984
-
35
30
—
I
I
I
I
I
1982
I
25
iilliIiilli
1984
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNU*|
PERCENT PER ANNUM
24
6
V
V/
I
-
ITALIAN LIRA
-
CANADIAN DOLLAR
I
I
+
0
w-V—
I
I
11111111111
I
I
I
I
K
IJ. K. POUND
A/U J
I
11II1111111
I
I
I
Hill IIIIIII
24
-
IDUTCH GUILDER
0
6
I
9
I
I
11111111111
I
IIIIIIIIIII
I
I
I
I
I
II
I I 11 l l l l I N i l I l l l l 11
15
12
A
SWISS FRANC
-
-
GERMAN MARK
A h f\
-
-
I
I
I
I
I
I
i i l i l l ill11
I
I
I
I
I
I
FRENCH FRANC
JAPANESE YEN
1982
1984
1982
1984
9
•
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
U.S. DOLLARS PER FINE OUNCE
600
600
550
— 550
-
12.5 Kg BARS
AFTERNOON FIXING PRICE
500
-
450
-
500
-
450
400
400
350
-
300
-
— 350
-
I
250
1981
1982
I
I
I
I
250
I
1983
300
1984
CHART 4
CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
PERCENT PER ANNUM
24
28
X
n
—
20
-
16
FRANCE
-
U. S . FEDERAL FUNDS
12
zr
- V
JAPAN
-
I
I
I
I
I
-
8
-
4
0
i i h i l n l n
I
24
CANADA
20
EURO-SWISS
FRANC
16
12
ilnlii
20
-
U. K. 2-DAY LOCAL AUTHORITY
1
GERMANY
-
16
-
12
8
—
1EURO-DM
1
1982
1984
1
1
1
1
1982
^
1
11111111111
—
4
i ill i h i l t i
0
1984
•
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
:NT PER ANNUM
PERCENT PER Ah
22
24
18
20
U.S.
CD'S
CANADIAN FINANCE CO
PAPER
14
16
10
12
WEIGHTED AVERAGE
FOREIGN RATE
6
8
20
16
16
U K INTERBANK STERLING
12
GERMAN INTERBANK RATE
12
8
8
4
11
12
SWISS INTERBANK RATE
8
9
JAPANESE BANK
LOANS AND DISCOUNTS
7
4
5
0
1982
1984
1982
1984
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM I
PERCENT PER ANNUM
24
OVERNIGHT
3-MONTH
7-DAY
6-MONTH
1-MONTH
1-YEAR
1982
1984
1982
1984
CHAR
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
26
26
22
-
FEDERAL F U N D S
18
14
-
10
-
3-MONTH
EURO-DOLLAR DEPOSITS
OVERNIGHT
EURO-DOLLAR DEPOSITS
9 0 - D A Y CD S
1111
1111111
II
1_L
-
22
-
18
-
14
-
1(0
I I I I I I I I
iDIFFERENTIAL
y in '
-
|
.
DIFFERENTIAL
i
i
1982
*
i
-
^ N r y v J k ,
+
0
1 1 1 1 1 1 1 1 1 1 1
11111
111
1984
I i i
i
i
i
1 1 1 1 1 1 1 1 1 1 1
1962
II
I I I I I I I I I
1984
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM 1
PERCENT PER ANNUM
28
28
EURO-DOLLAR DEPOSITS
20
-
DASHED LINE
20
CANADIAN FINANCE
CO. PAPER, COVERED
12
INTERBANK STERLING
COVERED LONDON
U. S. COMMERCIAL PAPER
II
—
-
DIFFERENTIAL
DIFFERENTIAL
0
y v v ,
f
"
2
m
/ V
W v f
1 J
i
/ V
1
I IIIIIIIIII iiiuiiiiii
28
28
-
SWISS INTERBANK (SF) COVERED
20
INTERBANK DM
20
COVERED FRANKFURT
~\l
-
1
Y\
12
L M
-
12
i
EURO-DOLLAR D E P O S I T S ^
EURO-DOLLAR DEPOSITS
DASHED LINE
-
—DASHED LINE
1
1
1
1
1
1
I IIIIIIIIII I IIIIIIIIII
4
2
DIFFERENTIAL
DIFFERENTIAL
V
i
i
1982
i
I IIIIIIIIII
1984
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 RATE S C A L E
i
i
i
vx
i kV
X/W^
> Z VAy
N /^ VW
1
1
1982
1
1111 i 111111
1984
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
PERCENT PER ANNUM
19
19
CANADA
UNITED STATES
15
11
-
—
x
-
r*
UNITED KINGDOM
SWITZERLAND
-
V
11
I
7
13
I
ill u h i l l i
I
I
I
IIIIIII
IlllllllI II
13
MONTHLY
—
Ay^V
iGERMANY
JAPAN
-
—
5
22
1
I
U.S.
I
III II l u l u
I
111111111111
I
I
I
I
I
I
MONTHLY
CORPORATE
—
FRANCE
18
Aaa BONDS
-
14
10
NETHERLANDS
MONTHLY
I
I
I
I
I
1982
I
IIIIIIIIIII
1984
1982
1984
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO S
1969=H
RATIO SC
1969=
KLE
240
200
-
UNITED STATES
JAPAN
—
160
120
I
I
I
I
I
i i l n l n l i i
i i l n l n l i i
I
210
170
FRANCE
UNITED KINGDOM
J
-
130
90
l
70
l
I
190
150
-
GERMANY
SWITZERLAND
110
I
70
I
I
I
I
I
I I IIIIIIIII
I I I I I I I I I II
180
CANADA
NETHERLANDS
-
140
-
100
80
60
-
I
I
I
I
I
1982
I
i i l n l n l i i
I
1984
I
I
I
I
1982
I
Illllllllll
1984
SERIES
CHART 1 .
LAST VALUE PLOTTED
DATE
VALUE
NAME
S P O T EXCHANGE RATES AND I N D I C E S
WEEKLY AVERAGES,
NOON BUYING RATES
(U.S.
CENTS)
GERMAN MARK
J A P A N E S E YEN
DUTCH GUILDER
O . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
INDICES,
MARCH 1 9 7 3
DEC. 1 2
DEC. 12
DEC. 12
DEC. 1 2
DEC. 1 2
DEC. 12
DEC. 1 2
DEC. 1 2
DEC. 1 2
DEC. 12
BASE RATES =
100
GERMAN MARK
J A P A N E S E YEN
DUTCH GUILDER
U. K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S ,
( G - 1 0 COUNTRIES PLUS SWITZERLAND)
U . S . DOLLAR
GERMAN MARK
J A P A N E S E YEN
DUTCH GUILDER
O . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
S W I S S FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
CHART 2 .
3-MONTH FORWARD EXCHANGE R A T E S ,
CANADIAN DOLLAR
U . K . POUND
GERMAN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
J A P A N E S E YEN
ITALIAN LIRA
32.44
0.40485
28.74
120.22
7 5 . 72
10.58
39.28
1.61168
0.05257
11.36
MAR 1 9 7 3 =
12
12
12
12
12
12
12
12
12
91.24
106.00
82.52
48.63
7 5 . 47
47.69
126.37
63.51
2 9 . 86
12
12
12
12
12
12
12
12
12
12
12
1 4 8 . 32
129.88
151.09
113.46
63.54
103.14
61.90
175. 05
85.96
38.02
67.73
12
12
12
12
12
12
12
12
- 1 . 23
-0.29
3 . 55
-1.55
4.24
3.27
3 . 11
-5.58
100
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
PREMIUM OR DISCOUNT
:OUNT
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
LAST VALUE PLOTTED
DATE
VALUE
S E R I E S NAME
CHART 3 .
GOLD P B I C B I N LONDON, AFTERNOON F I X I N G
U.S.
CHART 4 .
DOLLARS PER F I N E OUNCE
DEC.
8.70
8.64
9.38
11.96
5.55
5.47
6. 56
10.63
10.30
1.02
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
12
12
12
12
12
12
12
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
12
12
12
12
12
12
8.64
8.75
8.99
9.21
9.63
10.29
8.92
5.82
6.31
10.61
9.66
5.00
8. 39
EURO-DOLLAR D E P O S I T R A T E S : LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
CHART 7 .
DEC. 12
DEC. 12
DEC. 14
NOV. 1 6
DEC. 14
DEC. 14
DEC. 1 4
DEC. 14
JAN.
1
DEC. 14
3-MONTH I N T E R E S T RATES
U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET
GERMAN INTERBANK LOAN
J A P A N E S E BANK LOANS 6 DISCOUNTS
CANADIAN FINANCE PAPER
INTERBANK S T E R L I N G
S W I S S INTERBANK LOAN
WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE
{ G - 1 0 COUNTRIES PLUS SWITZERLAND)
CHART 6 .
327.05
CALL MONEY RATES
U . S . FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR D E P O S I T S
U. K.
CANADA
GERMANY
EURC-DM
JAPAN
FRANCE
NETHERLANDS
E U R O - S W I S S FRANC
CHART 5 .
12
SELECTED EURO-DOLLAR AND U . S .
MONEY MARKET RATES
OVERNIGHT EURO-DOLLAR D E P O S I T S
U . S . FEDERAL FUNDS
D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS
DEC.
DEC.
DEC.
12
12
12
8.64
8. 70
- 0 . 06
3-MONTH EURO-DOLLAR D E P O S I T RATE
U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET
DIFFERENTIAL
DEC.
DEC.
DEC.
12
12
12
9.21
8.92
0 . 29
LAST VALUE PLOTTED
DATE
VALUE
S E R I E S NAME
CHART 8 .
INTEREST
ARBITRAGE,
3-MONTH 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 ) , COVERED
DIFFERENTIAL
DEC.
DEC.
DEC.
12
12
12
9. 21
9. 37
- 0 . 16
U . S . COMMERCIAL PAPER
CANADIAN FINANCE P A P E R ,
DIFFERENT!AT
DEC.
DEC.
DEC.
12
12
12
8. 74
9. 35
- 0 . 61
EURO-DOLLAR D E P O S I T
INTERBANK DM ( F R A N K F U R T ) , COVERED
DIFFERENTIAL
DEC.
DEC.
DEC.
12
12
12
9 ., 2 1
9. 42
- 0 . 21
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
DEC.
DEC.
DEC.
12
12
12
9 . 21
9. 30
- 0 . 08
DEC.
7
NOV. 3 0
OCT.
NOV. 2 3
NOV. 3 0
SEPT. 28
AUG.
DEC.
7
11.58
7.03
6.61
4.78
11.81
12.62
8.50
9.71
CHART 9 .
COVERED
LONG TERM GOVERMENT BOND Y I E L D S
UNITED STATES
GERMANY
JAPAN (MONTHLY)
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
CORPORATE
AAA BONDS
EURO-DOLLAR BONDS
CHART 1 0 .
NOV.
NOV.
12.29
10.29
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.
5
5
5
5
5
5
5
5
167.48
2 0 1 . 14
233.63
162.22
128.51
1 7 0 . 19
183.64
233.98
@FedFRASER