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(516/517)
Selected Interest 8?
Exchange Rates
Weekly Series of Charts
December 21,1992
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 $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 SCALE
MARCH 1973-100
140
130 I—
1 2 o I—
RATIO SCALE
MARCH 1973=100
140
130
120
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
110
110
100
100
BELGIAN FRANC
90
90
80
—
1
1
'
l
i
i
i
l
i
» » l
i
i
i
i
i
i
I
i
i
i
I
i
80
70
280
SWISS FRANC
260
240
JAPANESE YEN
220
200
180
160
» '
90
i
I
•
•
1
I
i
» •
I
1
140
100
90
U.K. POUND
80
80
70
70
CANADIAN DOLLAR
60
•
—
1
» I
1
1
» I
1
1
i
i
•
» » '
'
'
I
» » •
I
—
» i
i
I
'
i
DUTCH GUILDER
GERMAN MARK
ITALIAN LIRA
FRENCH FRANC
1
» » i
1
»
1990
1
I
i
'
» i
i
i
1992
'
1990
1992
i
60
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM {+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
=*CENT PER ANNUM
PERCENT PER ANN I
4
4
CANADIAN DOLLAR
U.K. POUND
+
+
0
0
4
4
8
8
12
12
i
16
8
i
'
I
i
i
i
1 i
i
» I
i
i
i
I
I
I
I
'
I
I
I
I
I
I
I
I
I
I
16
8
GERMAN MARK
JAPANESE YEN
4
4
+
0
+
4
4
8
8
12
8
0
•
1
•
'
1
'
1
I
1
1
»
I
'
1
1
i
i
i
I
i
i
i
I
i
i
i
I
i
i
i
12
8
DUTCH GUILDER
4
—
+
+
0
0
4
—
8
12
4
4
8
1
•
1
I
1
'
1
I
1
1
» I
1
1
1
i
i
i
1
i i i
1
1
1
1
1
i
i
i
4
12
4
FRENCH FRANC
ITALIAN LIRA
+
+
0
0
4
4
8
8
12
12
16
'
1
'
1
1
1
1990
•
1
1
'
'
I
'
» »
1992
1
1
1
1
1
1
1990
1
1
M
i l l
1
i
i If
1992
16
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
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
320
l
1
1989
1
1
I
I
1990
I
I
I
I
1991
I
I
I
i
1992
i
320
CHART4
CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
PERCENT PER ANNUM
16
16
FRANCE
U.S. FEDERAL FUNDS
JAPAN
GERMANY
NETHERLANDS
UNITED KINGDOM
CANADA
SWITZERLAND
1990
1992
1990
1992
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
12
PERCENT PER ANNUM
15
WEIGHTED AVERAGE
FOREIGN RATE
U.S. CD'S
CANADIAN FINANCE PAPER
U.K. INTERBANK STERLING
NETHERLANDS INTERBANK RATE
JAPANESE CD RATE
FRENCH INTERBANK RATE
SWISS INTERBANK
4
'
1
'
I
'
'
1990
'
I
'
'
GERMAN INTERBANK RATE
'
I
'
'
1992
'
1990
1992
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
12
12
•
•
•
I
i
OVERNIGHT
3-MONTH
7-DAY
6-MONTH
1-MONTH
1-YEAR
» i
1990
l
» » i
i
•
•
1992
i
1990
1992
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
14
14
12
12
OVERNIGHT
3-MONTH
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
10
10
8 —
FEDERAL FUNDS
90-DAY CD'S
DASHED LINE
DASHED LINE
—
4 —
J
I
I
I
I
I
I
I
I
I
I
I
I
L_L
J—I—I
DIFFERENTIAL
I
I
I
I
I
I
1990
I
I
I
I
I
I
I
L
1992
I
I
I
I
I
I
I
I
I
I
L
I
I
1990
I
I
I
I
I
I
I
1992
I
DIFFERENTIAL
—
J
I
I
I
I
I
I
6
CHART8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
16 |
— i
16
12
INTERBANK STERLING
COVERED LONDON
CANADIAN FINANCE
CO. PAPER, COVERED
EURO-DOLLAR DEPOSITS
U.S. COMMERCIAL PAPER
8
4
DASHED LINE
DASHED LINE
0
2
2
DIFFERENTIAL
•\pw^vAAyuuiv
DIFFERENTIAL
w
2
2
16
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
8
4
DASHED LINE
DASHED LINE
0
0
2
DIFFERENTIAL
1990
1992
1990
1992
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNL
SCENT PER ANNUM
10
13
UNITED STATES
UNITED
KINGDOM
9
12
8
11
7
10
6
9
5
8
12
12
CANADA
FRANCE
11
11
10
10
9
9
8
8
7
I
I
I
I
I
I
I
I
I
I
I
I
I
lWl
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
8
SWITZERLAND
7
8
JAPAN
7
7
6
6
5
5
4
10
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
» I
» I
I
» I
I
I
I
» I
I
I
I
4
10
GERMANY
NETHERLANDS
9
9
8
8
7
7
6
•
'
'
I
I
» I
1990
I
» •
'
I
I
'
1992
'
I
I
I
I
I
I
1990
I
I
I
I
I
I
I
1992
6
CHART 10
STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986.100
RATIO SCALE
1986=100
200
200
UNITED KINGDOM
JAPAN
i
165
i
i
l
i
i
i
l
GERMANY
i
i
i
l
i
i
i
SWITZERLAND
FRANCE
165
150
150
135
135
120
120
105
105
90
150
1
1
1
I
1
1
1
I
1
1
1
l
'
i
i
i i i I i i i I i i i I i i i
135
CANADA
90
150
135
NETHERLANDS
120
120
105
105
90
75
90
•
1
1
I
1
1
1990
1
I
1
1
1
I
1
1
'
1992
I
I
I
I
I
I
1990
I
I
I
I
I
I
I
I
1992
I
75
SERIES
18-Nov-92 25-Nov-92 2 - D e c - 9 2
C h a r t 1.
(U.S.
c e n t s , weekly averages)
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
Indices,
Weighted average exchange v a l u e i n d i c e
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swedish krona
Swiss f r a n c
U . K . pound
U.S. d o l l a r
3.0624
77.839
18.527
63.037
0.07168
0.80381
56.041
70.362
152.65
3.0866
78.375
18.646
63.504
0.07210
0.80372
56.520
70.967
157.50
3.0932
78.385
18.645
63.696
0.07155
0.80846
56.642
71.089
156.47
120 . 6 3
78 . 5 1
84 . 1 2
177 .09
42 .30
210 .56
160 .63
223 .50
61 .72
120 . 1 2
77 .77
83 . 4 0
176 .47
41 . 6 3
211 .16
160 .08
224 . 2 1
6 1 .60
120 .68
77 .58
83 .49
177 . 3 3
41 . 1 4
210 .46
160 .88
226 .37
61 .74
121 . 6 3
78 . 1 2
84 . 0 2
178 . 6 4
41 . 3 9
210 . 4 4
162 .26
228 . 3 1
63 . 7 0
121 .89
78 . 1 3
84 . 0 2
179 .18
41 .07
211 .68
162 . 6 1
228 .70
63 .29
112 .49
70 . 0 5
75 .09
181 . 0 5
35 . 0 1
2 1 1 .19
153 . 2 1
59 . 2 2
214 .19
53 .97
90 .73
112 . 5 7
70 . 0 3
75 . 0 2
181 . 1 0
34 .96
209 . 4 9
153 . 4 4
59 . 2 3
214 . 5 1
55 . 4 3
89 . 9 1
112 . 8 1
70 . 0 2
75 . 0 1
181 . 7 3
34 .67
210 . 8 3
153 .77
59 . 02
214 .86
55 . 0 2
89 .89
- 4 .56
- 6 .30
- 4 .89
- 1 0 .56
0 .14
- 4 . .84
- 2 .71
- 3 , 23
- 4 .07
- 6 .97
- 5 .03
- 1 0 .01
0 23
- 4 , 94
- 2 . 63
- 3 , 29
- 3 .95
-6 .92
- 5 .14
- 1 0 .25
0 .09
- 5 .02
- 2 .65
- 3 .28
334.46
334. 61
3 3 4 . 65
334 .84
2.97
2.94
6.78
9.30
8.75
3.88
8.76
6.45
7.13
3 . 10
2 . 84
7 . 80
9 . 50
8 . 72
3 . 83
8 . 62
5 . 90
6 . 63
3 . 37
2 . 88
7 . 98
9 . 74
8 . 85
3 . 83
8 . 68
6 . 08
6 . 35
Mar.
1973=100
111 . 9 5
70 . 2 3
75 . 0 0
180 . 0 1
35 . 4 5
211 . 9 9
152 .40
60 . 2 2
212 . 1 2
53 . 8 3
90 . 7 4
3 - M o n t h F o r w a r d E x c h a n g e R a t e s , Premium o r D i s c o u n t
Gold P r i c e i n
-3.57
-5.68
-5.22
-10.09
-0.14
-5.13
-3.16
-3.44
Call
.99
.62
.49
.98
.11
.15
.76
.48
3 3 5 . 24
Money R a t e s
U.S. f e d e r a l f u n d s
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
-3
-7
-5
-9
-0
-5
-2
-3
London, A f t e r n o o n F i x i n g
d o l l a r s per f i n e ounce
Chart 4.
3.0483
78.026
18.509
62.731
0.07253
0.80648
55.760
69.694
152.29
111.61
70.41
75.13
179.25
35.79
209.65
151.82
66.88
209.89
53.53
89.93
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound
U.S.
3.0613
78.766
18.667
62.952
0.07368
0.80419
55.955
69.472
152.59
M a r c h 1973 b a s e r a t e s = 100
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
Chart 3.
16-Dec-92
S p o t Exchange R a t e s a n d I n d i c e s
Noon b u y i n g r a t e s
Chart 2.
9-Dec-92
2.
2.
8.
9.
8.
3.
8.
5.
6.
94
86
65
85
87
81
75
48
65
2 . 93
2 . 86
7 . 75
9 . 91
8 . 90
3 . 83
8 . 59
5 . 45
7 . 05
SERIES
Chart 5.
18-Nov-92 25-Nov-92 2-Dec-92
3-Month I n t e r e s t
deposits
Interest Arbitrage,
Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential
U.S. commercial paper
Canadian f i n a n c e paper,
Differential
.75
.49
.29
.85
.78
.73
,.45
,.24
,12
3.60
8.14
10.18
8.92
3.71
8.72
6.19
7.05
8.02
3 .50
8 .02
10 .79
8 .96
3 .77
8 .62
6 .13
7 .09
8 .06
2.94
3.01
3.13
3.74
3.74
3.99
2.84
2.99
3.08
3.76
3.79
4.04
2
2
4
3
3
4
.88
.98
.08
.84
.84
.17
2 .86
2 .93
3 .84
3 .63
3 .68
4 .00
2 .86
2 .89
3 .55
3 .50
3 .58
3 .99
2.94
2.97
-0.04
2.84
3.10
-0.26
2 .88
3 .37
- 0 ,.50
2 .86
2 .94
- 0 .08
2 .86
2 .93
- 0 , .07
3.74
3.63
0.11
3.76
3.66
0.11
3 .84
3 .75
0..10
3 .63
3 .60
0 .02
3. 50
3. 50
0. 00
3 .74
3 .60
0 .14
3 .76
3 .84
- 0 .07
3 .84
3 .89
- 0 .04
3 .63
3 .71
- 0 .08
3, 50
3. 55
- 0 . .05
3 .71
3 .89
- 0 .18
3 .76
4 .00
- 0 .23
3 .86
4 .33
- 0 .47
3 .78
4 .11
- 0 .33
3 .70
3 .95
- 0 , 25
3.74
3.51
0.23
3.76
3.83
-0.07
3.84
3.71
0.14
3.63
3.66
-0.04
3.50
3.34
0.16
3.74
3.52
0.22
3.76
3.68
0.08
84
78
07
3.63
3.50
0.12
3.50
3.32
0.18
7 .92
8 .24
7 .36
4 .73
5 .62
7 .45
8 .30
6 .80
3 - M o n t h Funds
covered
covered
Euro-dollar deposit
I n t e r b a n k DM ( F r a n k f u r t ) ,
Differential
covered
Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential
Long Term G o v e r n m e n t B e l l w e t h e r Bond Y i e l d s
1 0 - y e a r m a t u r i t y , where a v a i l a b l e
Canada
France
Germany
Japan
Switzerland
Netherlands
U n i t e d Kingdom
United States
Zhart 10.
3
8
10
8
3
8
6
7
8
S e l e c t e d E u r o - d o l l a r & U . S . Money M a r k e t R a t e s
3-month E u r o - d o l l a r d e p o s i t
U.S. 90-day CD's, secondary market
Differential
Chart 9.
3.66
8.66
9.73
8.83
3.75
8.61
6.44
7.13
8.07
E u r o - D o l l a r Deposit Rates
Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Differential
Chart 8.
.63
.52
.34
.85
.76
.72
.73
.10
.95
3
7
9
8
3
8
6
7
7
Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.
16-Dec-92
Rates
U.S. 90-day CD's, s e c o n d a r y market
Canadian f i n a n c e paper
French i n t e r b a n k r a t e
German i n t e r b a n k r a t e
J a p a n e s e CD r a t e
Netherlands interbank rate
Swiss i n t e r b a n k r a t e
U.K. i n t e r b a n k s t e r l i n g
Weighted average f o r e i g n i n t e r e s t r a t e
(G-10 C o u n t r i e s )
Chart 6.
9-Dec-92
Stock I n d i c e s
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States
8
8
7
4
5
7
8
6
.00
.08
.34
.73
.94
.52
.39
.83
8
8
7
4
5
7
8
6
.01
.18
.29
.73
.94
.46
.51
.83
7
8
7
4
5
7
8
6
.97
.29
.34
.72
.93
.50
.48
.94
7
8
7
4
5
7
8
6
.85
.27
.35
.71
.81
.49
.30
.80
107
129
91
96
105
147
156
171
.69
.90
.18
.12
.01
.43
.11
.19
108
127
89
97
104
147
157
173
.65
.11
.76
.86
.64
.11
.74
.59
108
129
90
98
105
150
162
174
.81
.64
.82
.93
.39
.86
.54
.04
109
128
89
99
107
154
160
176
.48
.75
.00
.28
.24
.95
.97
.02
(Wednesday f i g u r e s )
109
126
86
99
105
157
161
174
.84
.62
.94
.61
.72
.04
.50
.42
I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e , CAC G e n e r a l , FAZ A k t i e n ,
T o k y o SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l T i m e s O r d i n a r y , NYSE C o m p o s i t e
FEDERAL RESERVE statistical release
December 21, 1992
H.10(512)
FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING
DECEMBER 18, 1992
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
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
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
ECU
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:
h k j n i t e d STATES
DOLLAR
Dec. 14
(CURRENCY UNITS PER DOLLAR)
Dec. 16
Dec. 17
Dec. 15
Dec. 18
0.6875
11.062
32.300
1.2746
5.8596
6.0450
1.2503
5.0790
5.3510
1.5695
208.10
7.7405
29.060
1.6852
1394.50
123.85
2.5572
1.7649
0.5155
6.7470
140.23
1.6400
3.0098
793.30
111.80
44.600
6.7600
1.4085
25.465
25.470
1.5650
0.6881
11.030
32.330
1.2772
5.9007
6.0400
1.2512
5.0910
5.3580
1.5675
207.50
7.7400
29.000
1.6820
1399.50
124.10
2.5850
1.7625
0.5144
6.7340
140.40
1.6400
3.0090
794.10
111.65
44.600
6.7680
1.4100
25.469
25.480
1.5665
0.6888
10.938
32.010
1.2787
N. A.
5.9930
1.2587
5.0920
5.3155
1.5550
. 206.50
7.7400
29.000
1.6960
1398.00
122.90
2.5755
1.7489
0.5180
6.6590
139.30
1.6390
3.0040
793.60
110.85
44.630
6.8100
1.3970
25.467
25.480
1.5772
0.6894
10.978
32.100
1.2748
5.9007
6.0250
1.2527
5.1450
5.3330
1.5615
207.85
7.7342
28.980
1.6905
1405.00
123.10
2.5775
1.7563
0.5188
6.6850
139.68
1.6375
2.9950
792.40
111.24
44.630
6.9475
1.4015
25.465
25.450
1.5740
0.6916
11.023
32.220
1.2756
5.8646
6.0570
1.2469
5.1700
5.3450
1.5665
209.00
7.7363
29.000
1.6845
1407.75
123.28
2.5820
1.7610
0.5171
6.7420
140.10
1.6405
3.0100
792.40
111.50
44.650
6.9400
1.4115
25.467
25.445
1.5660
89.83
89.89
89.33
89.64
89.88
*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. HEIGHTS 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.
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