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( 5 1 6 /5 1 7 ) B ecau se o f d eclin es in the number o f subscribers to this document and the increasing availability o f m uch official data on the Internet, w e w ill end the publication o f “S elected Interest & Exchange R ates” w ith the issue dated January 5, 2004. W e w ill continue to provide data on exchange rates through our H .10 statistical release, w hich is available at w w w .federalreserve.gov/releases/hlO . Information about subscriptions is available from Publications F ulfillm ent, 2 0 2 -452-3245. Selected Interest & Exchange Rates W e e k l y Series o f C h a r t s December 22,2003 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table o f Contents TABLES 1. L A T E S T F IG U R E S P L O T T E D 2. D A IL Y C E R T IF IE D S P O T EXCHANGE RATES CHARTS 1. N O M IN A L C U R R E N C Y E X C H A N G E VALUES 2. 3 -M O N T H F O R W A R D E X C H A N G E RATES 3. PR IC E O F G O L D IN L O N D O N 4. O V E R N IG H T F U N D IN G R A T E S A N D O F F IC IA L IN T E R E S T R A T E S 5. 3 -M O N T H IN T E R E S T R A T E S 6. L O N G -T E R M G O V E R N M E N T B O N D Y IE L D S 7. S T O C K IN D E X E S Chart 1 Nominal Currency Exchange Values Dollar prices of foreign currencies and weighted average values of U.S. dollar (Average for week ending Wednesday, ratio scale, March 1973 = 100) 180 Foreign currency price of U.S. dollar " (Major currencii 160 140 120 100 290 Canadian dollar Japanese yen 260 230 200 2000 170 260 U.K. pound Swiss franc 220 180 140 70 Australian dollar Swedish krona 60 50 40 30 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) Averages for week ending Wednesday, percent per annum) 2000 2001 2002 2003 Chart 3 Price of Gold in London (Averages for week ending Wednesday) 420 .S. dollars per fine ounce U.S. dollars per fine ounce 420 400 400 380 380 360 360 340 340 320 320 300 300 280 280 260 260 240 240 Chart 4 Interbank Funding Rates and Official Interest Rates (Averages for week ending Wednesday, percent per annum) **First observation: 1/9/2003 the minimum bid rate and weighted average rate are shown. Switzerland Chart 5 3-Month Interest Rates (Averages for week ending Wednesday, percent per annum) 7 7 — Euro-area interbank U.S. CD 5 3 Weighted average foreign rate 1 6 Canadian finance paper Japanese yen 4 2 0 2000 6 U.K. interbank sterling Swiss interbank 4 2 0 6 Australian bank bill Swedish treasury bill 4 2 2003 0 Chart 6 Long-Term Government Bond Yields (Averages for week ending Wednesday, percent per annum) 8 United States Germany 6 4 Weighted average foreign rate 2 0 8 Canada 6 4 2 0 8 United Kingdom France 6 4 2 0 8 Switzerland 6 4 2 0 Chart 7 Stock Indexes (Averages for week ending Wednesday, ratio scale, December 29, 2000 = 100) 150 125 100 75 50 25 150 125 100 75 50 25 150 125 100 75 50 25 150 125 100 75 50 25 19-Nov-03 26-Nov-03 3-Dec-03 Chart 1. 10-Dec-03 17-Dec-03 Nominal Currency Exchange Values Noon buying rates (U.S. cents, weekly averages) Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound 71.8420 76.639 0.92097 118.00 13.1603 75.665 169.17 72.1280 76.381 0.91562 118.56 13.1994 76.497 170.14 72.9425 76.947 0.91718 120.32 13.3465 77.396 172.42 73.7840 76.563 0.92783 121.79 13.6033 78.565 173.36 74.1060 75.775 0.92851 122.89 13.6461 79.155 174.97 50.85 76.38 241.14 169.72 58.28 243.42 68.42 51.05 76.13 239.74 170.52 58.45 246.10 68.82 51.63 76.69 240.15 173.06 59.10 248.99 69.74 52.22 76.31 242.94 175.17 60.24 252.75 70.12 52.45 75.52 243.11 176.76 60.43 254.65 70.77 -4.19 -1.65 -1.03 1.20 0.94 -2.78 -4.21 -1.63 -1.02 1.19 0.91 -2.77 -4.24 -1.67 -1.01 1.19 0.92 -2.78 -4.28 -1.61 -1.01 1.21 0.94 -2.81 393.89 399.44 405.71 406.99 Indexes, March 1973 base rates = 100 Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound Chart 2. 3-Month Forward Exchange Rates, Premium or Discount Australian dollar Canadian dollar Euro Japanese yen Swiss franc U .K . pound Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. -4.23 -1.69 -1.03 1.22 0.96 -2.81 394.97 Interbank Funding Rates and Official Interest Rates United States Target federal funds rate Effective federal funds Primary credit rate (Discount rate) Canada Bank rate Call money Lower bound Euro area Marginal lending rate Eonia Repo rate Overnight deposit rate Japan Call money Discount rate Switzerland* Upper bound Libor rate Lower bound United Kingdom Call money Repo rate 1.00 0.99 2.00 1.00 0.99 2.00 1.00 1.00 2.00 1.00 0.98 2.00 1.00 1.00 2.00 3.00 2.76 2.50 3.00 2.77 2.50 3.00 2.76 2.50 3.00 2.75 2.50 3.00 2.75 2.50 3.00 1.94 2.00 1.00 3.00 1.84 2.00 1.00 3.00 2.06 2.00 1.00 3.00 2.04 2.00 1.00 3.00 2.01 2.00 1.00 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 0.75 0.25 0.00 0.75 0.25 0.00 0.75 0.27 0.00 0.75 0.27 0.00 0.75 0.26 0.00 3.59 3.75 3.80 3.75 3.80 3.75 3.79 3.75 3.47 3.75 19-Nov-03 26-Nov-03 3-Dec-03 Chart 5. 10-Dec-03 17-Dec-03 3 -Month Interest Rates 1.11 1.11 1.11 1.10 U.S. 90-day CD's, secondary market 5.42 5.45 5.36 5.34 Australian bank bill 2.71 2.72 2.78 2.71 Canadian finance paper 2.16 2.16 2.15 2.15 Euro-area interbank 0.08 0.08 0.08 0.08 Japanese CD 2.78 2.80 2.85 2.82 Swedish treasury bill 0.20 0.18 0.18 0.18 Swiss interbank 3.92 3.91 3.90 3.89 U.K. interbank sterling 1.91 Weighted average foreign interest rate 1.93 1.91 1.91 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 6. Long Term Government Bellwether Bond Yields 10-year maturity, where available 4.82 4.86 4.77 4.85 Canada 4.47 4.37 4.39 4.39 France 4.37 4.46 4.38 4.36 Germany 4.58 4.48 4.48 4.50 Italy 1.37 1.39 1.33 1.32 Japan 2.81 2.70 2.75 2.73 Switzerland 5.04 4.95 4.96 5.01 United Kingdom 4.22 4.38 4.30 4.20 United States 4.25 4.25 4.23 4.31 Weighted average foreign interest rate (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 7. 1, 10 5 47 2 68 2 15 0 08 2 79 0 20 3 93 1 90 4 .73 4 32 4 .32 4 .45 1 .34 2 .62 4 .83 4 .25 4 .18 Stock Indexes (Wednesday figures) Canada France Germany Euro area Italy Japan Switzerland United Kingdom United States 87.32 60.69 56.97 59.47 64.19 74.26 66.78 50.26 86.15 87.99 62.12 59.27 59.41 65.71 78.06 68.05 50.51 86.34 89.10 63.49 59.86 60.67 66.89 79.15 69.82 50.56 88.20 88.29 62.23 59.54 60.79 66.25 76.39 68.61 49.50 88.37 Indices (in order, rebased to December 29, 2000) are Toronto Composite, SBF250, FAZ Aktien, DJ Euro Stoxx Index, Banca Italiana General, Tokyo SE (Topix), Swiss Performance Index, Financial Times Ordinary, NYSE Composite 90 .00 62 .74 60 .02 60 .92 66 .44 77 .12 68 .80 49 .28 89 .17
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