Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : December 19, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

December 19,1994
Prepared by the
FINANCIAL MARKETS
SECTION




HNANCE
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 $30.00 per year or $.70 each in the United
States, its possessions, Canada, and Mexico.
Elsewhere. $35.00 per year or $.80 each. Address
requests to Publications Services Division of
Support 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 197

SCALE
H1973=100

120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

100
90
80

BELGIAN FRANC

70
60

•

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•

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•

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i

i

i

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290
270
250
230
210
190

JAPANESE YEN

SWISS FRANC
170
150

i

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» I

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85
75
65
U.K. POUND

55
45
200

i

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i

CANADIAN DOLLAR

i

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180
160
140
DUTCH GUILDER

120
100

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GERMAN MARK

» '

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i

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i

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1 I

I

105
95
85
75
65 —

55

ITALIAN LIRA

FRENCH FRANC

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1992

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1994

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1992

I

1994

CHART2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR H
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

2

2

U.K. POUND

JAPANESE YEN

CANADIAN DOLLAR

DUTCH GUILDER

SWISS FRANC

ITALIAN LIRA

FRENCH FRANC

•

•




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1992

I

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1994

i

1992

1994

#
CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340




1991

1992

1993

1994

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

SWITZERLAND

U.S. FEDERAL FUNDS

JAPAN

0

2
10

GERMANY
NETHERLANDS

4

4
16

14

FRANCE

12

CANADA

10

8

6
4

2



UNITED KINGDOM

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AN

:ENT PER ANNUM

12
WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER

8

6

4

2

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»

16

U.K. INTERBANK STERLING

13

10

NETHERLANDS INTERBANK RATE

7

I

4
9

I

I

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I

JAPANESE CD RATE

7

5
FRENCH INTERBANK RATE

3

1
10

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8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4
1

2

'

1

I




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1992

1

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1994

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1992

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1994

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
CENT PER ANNUM

10

OVERNIGHT

3-MONTH

8

6

4

2
10

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7-DAY

6-MONTH

8

6

4

i

2
10

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1-YEAR

1-MONTH

8

6

4

2

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1

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1992

1

» •

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1994

i
1992

w

w

#

9

w

s

* • "" «

4

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

10

8

6
3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4
FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

DASHED LINE

2
2

2

DIFFERENTIAL

1

+
0

1




1992

1994

4

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

8

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

i/\
EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

DASHED LINE

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l

DIFFERENTIAL

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I

I

DIFFERENTIAL

I yvv

INTERBANK DM

—

_U\ r.

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

I
DIFFERENTIAL

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DIFFERENTIAL
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1

1

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1

1992

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1

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1994

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1992

I

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1994

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1

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
=tCENT PER ANNUM

PERCENT PER ANN I

9

11
UNITED STATES

UNITED KINGDOM

8
9

7

6

7

5
4
11

5
10

FRANCE

CANADA
10

8

9
8

6
7

6

4

8

7
SWITZERLAND

JAPAN

7

6

6

5

5

4

4

3

3

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10

NETHERLANDS

i

2
10

GERMANY

9

9

8

8

7

7

6

6

5




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1

1992

1

1

1

1

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1

1

1994

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1992

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1994

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220

— UNITED KINGDOM

UNITED STATES

ARAN

SWITZERLAND

CANADA

GERMANY

165
150
135
120
105

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I

I

I

I

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I

I

90

160

— NETHERLANDS

FRANCE

I

145
130
115

,00

105

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1992

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1992

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1994

85

16-NOV-94 23-Nov-94 30-NOV-94 7-Dec-94
Chart 1.

14-Dec-94

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, weekly averages)
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

3.0874
72.161
18.464
63.526
0.06117
0.99743
56.715
74.967
156.18

3.1487
73.465
18.858
64.825
0.06319
1.01875
57.788
77.139
158.57

3.1272
72.999
18.738
64.371
0.06257
1.01736
57.419
76.078
157.06

3.1046
72.628
18.619
63.905
0.06186
1.01215
57.044
75.465
156.43

3.0881
72.741
18.509
63.541
0.06170
0.99884
56.733
75.224
156.19

124 .07
73 .22
84 .98
182 .36
36. 27
266. 74
165. 90
248. 17
64 .13

.23
123 .
.76
72 .
84..44
181,.08
35 .91
266 .38
164 .84
244 .75
63 .53

122 .34
72 .39
83 .90
179 .77
35 .51
265 .01
163 .76
242 .78
63 .27

121..69
.50
72 ,
83..41
178,.74
35,.41
261,.53
.87
162 ,
242 .01
63 .17

121.. 66
71..92
.21
83 .
178,.70
35,.11
261,.16
162 .82
241 .18
63 .17

112 .36
63 .98
74 .27
180 .82
29 .40
268. 89
153 .70
52 .60
226. 73
54 .55
89 .04

112 .19
64 .35
74 .10
180 .42
29 .44
266. 09
153 .44
52 .82
226. 89
54 .69
89 .48

112 .38
63. 93
74 .05
180. 77
29 .23
266. 22
153 .69
52 .78
226. 52
54 .80
89 .69

0..16
0..39
0..80
-2 .61
.
3..71
0..74
2 .07
,
-0,.01

0..18
0..48
0..81
-2 .57
.
3 .72
.
0..78
2 .12
,
-0,.05

0..20
0..71
0..98
-2 .29
.
3..96
0..95
2 .14
,
0 .00

-0..42
0..45
0,.84
-2 .69
.
4 .01
.
0..82
2 .06
,
-0 .07

385 .51

384 .66

383 .65

377 .86

378 .24

5 .22
4 .99
4 .86
5 .25
4 .86
2 .23
4 .88
3 .28
4 .58

5 .53
5 .44
5 .11
5 .25
4 .84
2 .20
4 .93
3 .25
4 .33

5 .85
5 .50
5 .22
5 .24
5 .18
2 .20
4 .94
3 .40
4 .35

5 .47
5 .43
5 .32
5 .25
5 .01
2 .22
5 .08
3 .63
4 .95

5 .47
5 .41
5 .46
5 .25
4 .99
2 .23
5 .13
3 .45
6 .23

Indices, March 1973 base rates = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

Weighted average exchange value indices, Mar. 1973=100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. dollar
Chart 2.

3-Month Forward Exchange Rat

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

112 .54
63 .94
74 .32
181. 16
29 .58
268. 72
153 .84
53 .53
227 .28
54 .45
88. 40

Premium or Discount
0..20
0..25
0..70
-2 .68
.
3 .63
,
0,.63
1,.93
-0 .23

Fixing
Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

112 .72
64 .01
74 .41
181. 52
29 .73
267. 52
154 .02
53 .53
229 .28
54 .70
87. 80

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




%
DV- 94 23 -Nov-94 30 -Nov-94 7 -Dec-94
Chart 5.

3-Month Interest Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
(G-10 Countries)
Chart 6.

5. 75
5. 79
5. 51
5. 11
2 .33
5 .17
3 .85
6. 01
5. 07

5. 87
5. 84
5. 48
5. 10
2 .33
5. 13
3 .81
5. 91
5. 06

5. 95
5. 88
5. 46
5. 11
2. 34
5. 15
3 .81
5. 95
5. 07

6. 26
6. 14
5. 52
5. 19
2 .34
5. 28
3 .94
6 .18
5. 16

6. 31
6. 78
5. 74
5. 34
2 .34
5. 41
4 .08
6. 31
5. 35

4 .99
5 .19
5. 31
,76
5.
6..04
6..66

5. 44
5. 44
5.,50
5.,88
6.,19
6..84

5. 50
,48
5.
.66
5.
5..91
6,.29
6..93

5. 43
5. 54
6.,03
6.,25
6..65
7.
.35

5. 41
5. 44
6. 03
6. 29
6. 79
.50
7.

Euro-Dollar Deposit Rates

Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.

14 -Dec-94

Selected Euro-dollar & U.S. Mone} Market Rates
4 .99
,
5 .22
-0 .23

5,.44
5 .53
-0 .09

5 .50
,
5 .85
-0 .35

5 .43
5 .47
-0 .04

5 .41
,
5 .47
-0 .06

5 .76
5 .75
0 .02

5 .88
5 .87
0 .00

5 .91
5 .95
-0 .03

6 .25
6 .26
-0 .01

6 .29
6 .31
-0 .02

Euro-dollar deposit
Interbank sterling (London), covered
Differential

5 .76
5 .78
-0 .02

5 .88
5 .90
-0 .03

5 .91
5 .90
0 .01

6 .25
6 .18
0 .08

6 .29
6 .24
0 .05

U.S. commercial paper
Canadian finance paper, covered
Differential

5 .78
5 .99
-0 .21

5 .88
6 .01
-0 .12

5 .96
6 .06
-0 .10

6 .22
6 .35
-0 .13

6 .29
6 .36
-0 .06

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

5 .76
5 .83
-0 .06

5 .88
5 .91
-0 .03

5 .91
5 .93
-0 .02

6 .25
6 .18
0 .07

6 .29
6 .18
0 .10

Euro-dollar deposit
Swiss interbank, covered
Differential

5 .76
5 .80
-0 .03

5 .88
5 .91
-0 .03

5 .91
5 .95
-0 .04

6 .25
6 .10
0 .15

6 .29
6 .16
0 .13

9.16
8.15
7.47
4.64
5.40
7.56
8.55
7.98

9 .11
.
7 .95
.
7 .33
,
4 .59
.
5,.29
7 .43
,
8 .45
7 .89

9 .04
.
7 .86
.
7 .32
,
4 .56
,
5 .25
7 .45
8 .54
7 .82

9 ,13
.
7 .98
.
7 .45
,
4 .52
.
5 .33
,
7 .60
8 .56
7 .81

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

9..15
8..16
7 .47
.
4 .64
.
5,.39
7 .54
8 .65
7 .95

Stock Indices (Wednesday figures)

135 ,
.96
136..41
.92
134 .
.02
139 .
152 .62
153 .
.23
.05
148 .
152..13
115 56
115,.18
115..02
.41
118 ,
115 .
.34
.97
114 ,
.64
113 ,
115,.35
147 ,
.97
148 .67
145 .53
.49
149 ,
213 .07
214 .00
211 .35
214 .27
179 .97
183 .51
180 .29
187 .64
181 .47
182 .61
180 .97
187 .25
Indices^in-order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec93, FAZ Aktien, Tokyo SB (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




135 .92
.40
149 ,
114 .21
.28
113 .
147 .
.86
213,. 6 7
177 ,
.87
182 .56
to SBF250

-voS^V/-

FEDERAL RESERVE statistical release
H.10(512)

December 16, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

DECEMBER 16, 1994

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
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM
MEMO:
"(UNITED STATES

MONETARY
UNIT

Dec. 12

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7740
11.077
32.360
1.3860
8.5160
6.1650
1.2124
4.8940
5.4120
1.5735
243.17
7.7394
31.373
1.5380
1636.25
100.04
2.5635
3.4500
1.7624
0.6352
6.8665
160.99
1.4666
3.7508
794.70
131.790
49.620
7.5415
1.3335
26.420
25.100
1.5637

0.7750
11.061
32.330
1.3872
8.5130
6.1635
1.2131
4.8925
5.4140
1.5710
242.94
7.7400
31.373
1.5370
1638.50
100.32
2.5643
3.4570
1.7595
0.6370
6.8635
161.08
1.4655
3.5640
795.80
132.180
49.500
7.5450
1.3305
26.400
25.100
1.5605

0.7755
11.060
32.340
1.3875
8.5101
6.1635
1.2128
4.9090
5.4170
1.5710
242.94
7.7405
31.370
1.5360
1637.00
100.30
2.5640
3.4540
1.7596
0.6385
6.8610
161.23
1.4675
3.5670
795.80
132.190
49.530
7.5720
1.3301
26.420
25.130
1.5612

0.7778
11.056
32.320
1.3875
8.5074
6.1575
1.2139
4.8870
5.4150
1.5705
242.93
7.7378
31.373
1.5370
1634.75
100.26
2.5644
3.4610
1.7592
0.6410
6.8535
161.26
1.4667
3.5750
796.00
132.060
49.490
7.5395
1.3262
26.360
25.120
1.5630

0.7750
11.070
32.350
1.3885
8.5035
6.1650
1.2128
4.8810
5.4200
1.5725
243.02
7.7385
31.375
1.5360
1638.50
100.28
2.5645
3.4630
1.7606
0.6390
6.8615
161.47
1.4650
3.5725
796.30
132.100
49.500
7.5475
1.3312
26.410
25.115
1.5630

89.64

89.66

89.67

89.60

89.69

DOLLAR

(CURRENCY UNITS PER DOLLAR)
Dec. 13
Dec. 14
Dec. 15

Dec. 16

"VALUE IS U.S. DOLLARS
**INDEX 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.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 482-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.