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(516/517) Selected Interest 8f Exchange Rates Weekly Series of Charts December 19,1988 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 S< MARCH 19731-100 50 45 SCALE 11973-100 200 180 160 — FOREIGN CURRENCY PRICE OF U.S. DOLLAR - ITALIAN LIRA 40 140 35 120 30 100 - I 80 220 200 180 I I I I I 25 20 220 200 180 JAPANESE YEN 160 160 140 140 120 120 100 100 111111 80 I l l 80 180 180 160 160 DUTCH GU LDER 140 120 140 CANAD AN DOLLAR 120 100 90 100 90 80 80 70 70 60 60 90 80 U.K. POUND ^ \ y - 70 - FRENCH FRANC 90 80 X > 70 60 60 50 40 - < M I I I 1 1 1 1 1 40 1 280 140 120 100 90 50 240 BELGIAN FRANC SWISS FRANC 200 180 80 160 70 140 60 - I I III I III I I 50 1986 1988 1 1 1 1 1 1986 120 100 1 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 4 PERCENT PER ANNUM 8 CANADIAN DOLLAR JAPANESE YEN A I I I I I N / * s— I I I I I I I 4 12 U. K. POUND SWISS FRANC Lr- v X i i i i i A* i Z ^ X A X I I GEFWAN MARK I I I I I I - I I I I 111111111111 DUTCH GUILDER Illllllllll Illllllllll I I I I I I FRENCH FRANC 4 — 12 12 1986 1988 1986 1988 CHART3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE O U.S. OLLARS 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 i i I i i 280 1985 1986 1987 1988 280 • CHART4 CALL MONEY RATES WEEKLY SERIES NT PER ANNUM PERCENT PER AW 16 12 16 U.S. FEDERAL FUNDS 12 FRANCE 8 8 4 4 JAPAN 111 0 I I I 0 16 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM - SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 1 0 1986 1988 1986 4 0 ii 1988 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AW ENT PER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER - U.S. CD'S 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 - I 2 14 12 I I I I I I I I 8 6 14 U.K. INTERBANK STERLING FRENCH INTERBANK RATE 12 12 10 10 8 8 6 6 10 10 8 NETHERLANDS INTERBANK RATE GERMAN INTERBANK RATE 6 8 6 r^> 4 4 2 I I I I I I 11111111111 M I M I M I M 10 8 2 8 JAPANESE GENSAKI RATE - SWISS INTERBANK RATE - 6 4 \ / 4 I 2 6 1986 1988 I I I I 1986 - I 2 0 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER ANh 14 14 OVERNIGHT 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 4 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 PER ANNUM 12 10 FEDERAL FUNDS DASHED UNE 3-MONTH EURO-DOLLAR DEPOSITS OVERNIGHT EURO-DOLLAR DEPOSITS 90-DAY CD'S DASHED UNE 2 DIFFERENTIAL DIFFERENTIAL 1986 1 PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE 1988 1986 1988 CHART8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER ANN 16 12 16 INTERBANK STERLING COVERED LONDON 12 CANADIAN FINANCE CO. PAPER/COVERED 8 8 4 EURO DOLLAR DEPOSITS DASHED LINE 0 I 2 I I I I U.S. COMMERCIAL PAPER DASHED LINE I I i l l i il 11 In 11 i l i i i n 1111 I l DIFFERENTIAL I I ' l I l 4 1111111111111111111111110 2 DIFFERENTIAL + + 0 0 I 2 I I 111II111111 lllllllllll I I I I I I » I I " I I » I II I II I I I I I I I I I 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 4 EURO DOLLAR DEPOSITS DASHED LINE 0 I 2 I I I I EURO-DOLLAR DEPOSITS DASHED LINE I I I I I »I I I I I I II I 11 I I I I I I 11 I I I I I I 4 IIIIIIIIIIIIIIIIIIIIIIII 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 i i l l 1111 l i i l 11111 l u l l I 2 1986 1988 1 PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE I I I I I 1986 I I i l l I 1111lllll11 1988 2 CHART9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANI DENT PER ANNUM 16 16 14 - __ UNITED STATES : CANADA 14 12 12 10 10 8 - I 6 I I I I I 6 14 10 UNITED KINGDOM 12 - JAPAN - 10 N 1 1 1 I I I I I l l / - l 10 GERMANY SWITZERLAND 6 - 4 8 6 I I I I I I I I I I I I 4 10 14 FRANCE NETHERLANDS MONTHLY 8 - 6 12 10 4 2 4 2 8 2 8 6 8 6 8 - I I I I 1986 1988 I I I I 1986 I 8 6 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE RATIO SCALE 1969-100 1969-100 500 | — UNITED STATES UNITED KINGDOM FRANCE SWITZERLAND CANADA NETHERLANDS GERMANY LAST VALDB PLOTTED DATE VALUE S E R I E S NAME CHART 1 . SPOT EXCHANGE RATES AND I N D I C E S MEEKLY AVERAGES, NOON BUYING BATES ( 0 . S . GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA INDICES, DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 14 14 14 14 14 14 14 14 14 14 5 7 . 46 0. 8 1 4 8 3 5 0 . 91 183. 97 8 3 . 48 16. 82 6 8 . 21 2. 74080 0. 0 7 7 8 3 16. 54 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 14 14 14 14 14 14 14 14 14 161. 213. 146. 74. 83. 75. 219. 108. 4 4. 63 35 14 41 21 77 46 00 21 14 14 14 14 14 14 14 14 14 14 14 91. 162. 215. 138. 66. 75. 67. 208. 100. 38. 67. 20 83 41 85 61 86 70 34 47 42 23 14 14 14 14 14 14 14 14 -1. -3. 3. 0. 4. 3. 4. -3. 62 56 73 99 20 66 89 07 MARCH 1 9 7 3 BASE RATES = 1 0 0 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , ( G - 1 0 COUNTRIES PLUS SWITZERLAND) U. S . DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALFAN LIRA SWEDISH KRONA CHART 2 . CENTS) MAR 1 9 7 3 = 100 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. LAST VALUE PLOTTED DATE VALUE S E R I E S NAME CHART 3 . GOLD P R I C E IN LONDON, AFTERNOON F I X I N G U.S. CHART 4 . DOLLARS PER F I N E OUNCE DEC. 14 420.69 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 14 14 14 14 14 14 14 14 14 8.51 8.31 1 2 . 13 10.25 4 . 96 4 . 1b 7 . 84 5.40 3.92 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 14 14 14 14 14 14 14 14 14 9.27 5.34 4 . 16 1 1 . 18 1 3 . 16 4.90 8 . 16 5.57 7.35 DEC. DEC. DEC. DEC. DEC. DEC. 14 14 14 14 14 14 8.31 8 . 45 9.50 9.31 9.31 9.40 CALL MONEY RATES U . S . FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U. K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5 . 3-HONTH INTEREST RATES U . S . 90-DAY C D ' 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 - 1 0 COUNTRIES PLUS SWITZERLAND) CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-HONTH 6-MONTH 1-YEAR CHART 7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS DIFFERENTIAL DEC. DEC. DEC. 14 14 14 8 . 31 8. 51 - 0 . 20 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . 90-DAY C D ' S , SECONDARY MARKET DIFFERENTIAL DEC. 14 14 14 9 . 31 9 . 27 0 . 04 DEC. DEC. LAST VALUE PLOTTED DATE VALUE S E R I E S NAME CHAD! 8 . INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL DEC. DEC. DEC. 14 14 14 9.31 9.48 - 0 . 17 U . S . COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL DEC. DEC. DEC. 14 14 14 9.11 9.52 -0.41 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT) , DIFFERENTIAL DSC. DEC. DEC. 14 14 14 9.31 9 . 12 0 . 19 DEC. DEC. DEC. 14 14 14 9.31 9.15 0 . 17 DEC. DEC. 9 9 9.03 6.30 4 . 19 4 . 19 10.32 8.96 6.43 8 . 87 COVERED EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL . LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM Dec. DEC. 2 9 Dec. 2 DEC. SEPT. DEC. 2 9 I. CORPORATE AAA BONDS CHART 1 0 . BAY 9.33 STOCK I N D I C E S UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN DEC. 14 DEC. 14 DEC. 14 DEC. 14 DEC. 14 DEC. 14 DEC. 1 4 DEC. 14 293.27 313.11 325.85 228.25 197.04 294.26 3 9 7 . 16 610.31 FEDERAL RESERVE statistical release H. 10(512) DECEMBER 16, 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING DECEMBER 16, 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: — ! 1 , 1 ! I.ftl MONETARY UNIT DEC. 12 •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 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 85.73 12.255 36.500 1.1985 3.7314 6.7300 4.1175 5.9530 1.7425 145.000 7.8085 15.0500 153.60 1284.25 122.85 2.6870 1.9660 63.930 6.4650 144.500 1.9380 2.3530 687.50 113.470 33.015 6.0495 1.4662 28.210 25.110 184.20 84.71 12.301 36.640 1.1997 3.7314 6.7520 4.1315 5.9720 1.7473 145.700 7.8085 15.0900 153.10 1288.00 123.15 2.6880 1.9725 63.850 6.4915 144.750 1.9390 2.3670 687.60 113.720 33.015 6.0670 1.4710 28.190 25.130 182.80 MEMO: SUNITED STATES DOLLAR 91.24 91.55 COUNTRY (CURRENCY UNITS PER DOLLAR) DEC. 13 DEC. 14 DEC. 15 DEC. 16 85.47 12.230 36.450 1.2003 3.7314 6.7250 4.1100 5.9410 1.7377 144.700 7.8090 15.0400 154.00 1285.25 122.71 2.6880 1.9620 61.700 6.4800 144.300 1.9390 2.3530 687.70 112.950 33.020 6.0450 1.4654 28.190 25.140 182.95 85.38 12.315 36.570 1.2056 3.7314 6.7660 4.1380 5.9750 1.7485 144.650 7.8080 15.0300 153.00 1293.00 123.37 2.6890 1.9740 62.100 6.4980 145.200 1.9405 2.3610 687.40 113.500 33.020 6.0680 1.4725 28.180 25.140 182.78 84.65 12.411 37.020 1.2050 3.7314 6.8240 4.1640 6.0290 1.7660 145.250 7.8090 15.0600 152.10 1303.00 124.50 2.6930 1.9940 62.300 6.5470 146.800 1.9465 2.3700 687.50 114.050 33.025 6.1190 1.4895 28.170 25.140 181.10 91.22 91.66 92.45 tINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. WEIGHTS 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. WALUE I S U.S. CENTS
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