Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : December 31, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

December 31,1990

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 INDIES




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 UNE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973=100

140
130 L _
1 20 L _

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

RATIO SCALE
MARCH 1873-100

140
130
120
110

BELGIAN FRANC

110

100

100

90

90

80

80
70
280
260
240
220

i

i

i

1

1

i

1

1

l

'

i

I

i

'

•

'

i

i

—

SWISS FRANC

I

»

1

•

1

1

1

'

1

i

•

•

70
280
260
240
220
200

JAPANESE YEN

200

180

180

160

160

140

140
120
100

I

I

I

90

I

I

I

I

I

I

1

I

J—L

I

•

'

'

I

'

» '

I

'

'

'

I

'

» '

120
100

CANADIAN DOLLAR

U.K. POUND

90
80

80

70

70

60

60
50
200

•

»

i

i

1

i

1

i

«

1

1

I

»

»

'

»

»

1

I

I

*

1

1

'

1

1

1

1

1

50
200

GERMAN MARK

180 —

180

DUTCH GUILDER

160

160

140

140

120

120

100
120
110

•

1

1

I

1

I

1

1

1

I

I

I

I

I

'

I

I

I

»

I

I

1

I

I

I

I

I

I

I

ITALIAN LIRA

50

100

45

FRENCH FRANC

90

100
60
55

80

40

70

35

60

30

50

1

I

» >




I

1

1988

1

'

1

•

'

1

•

' '
1990

I

I

I

'

' '
1988

I

'

i

'

I

i

' I
1990

25

CHART 2

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

PERCENT PER ANNUM

4

4
U.K. POUND

>

I

»

I

I

I

I

1

I

I

I

I

1 1

I

I

I

I

I

I

I

GERMAN MARK

JAPANESE YEN

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA




'
1968

1990

•

•

l

1

I

» «
1988

I

I

I

i

I

1

I

'

I

l

I

i

I

i '
1990

I

CHART3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
520

U.S. DOLLARS PER FINE OUNCE
520 r —

500

-

12.5 Kg BARS

AFTERNOON FIXING PRICE

480 —

460

440 —

420

400 — 1

380

360 —

340 —

320




320
1987

1988

1989

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16

12

PERCENT PER ANNUM
16

FRANCE

U.S. FEDERAL FUNDS

JAPAN

0

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

16

12

12
CANADA
GERMANY

i

i

i

I

i

i

i

l

1

i

i

I

i

i

i

i

i

i

l

i

i

i

I

i

i

i

I

i

i

i

0
20

UNITED KINGDOM




SWITZERLAND
16

12

i

NETHERLANDS

1988

1990

» » I
1988

'

» •

I

'

» »
1990

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES

PERC

PERCENT PER ANh

=NT PER ANNUM

12
SWISS INTERBANK RATE

—

10

U.S. CD S

8
6
WEIGHTED AVERAGE
FOREIGN RATE

4

2
16

14

U.K. INTERBANK STERLING

CANADIAN FINANCE CO
PAPER

12
10
8
6
10
—

GERMAN INTERBANK RATE

8

FRENCH INTERBANK RATE

6

4

2
10
NETHERLANDS INTERBANK RATE

8
JAPANESE CD RATE

6

4

2

i

i

i




I

i

i
1988

i

I

i

i

i

I

i

i
1990

i

'

I

'

I

'

'
1988

» I

'

'

•

I

I

»
1990

CHART 6

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

PERCENT PER ANNUM

14

14

OVERNIGHT

12

3-MONTH

10

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

14

7-DAY

12

6-MONTH

12

10

4
14

10

'

i

1

I

1

'

i

l

1

»

'

1

l

»

i

'

i

'

I

1-MONTH

12

»

»

i

1

'

i

»

I

'

'

i

1-YEAR

4
14

12

10

10

i

i

i

I




i

i i
1988

I

i

i

i

I

i

i i
1990

»

»

•

i

•

• •
1988

I

'

«

1

1

»

1

1990

1

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
14

;ENTPER ANNUM

PERCENT PER ANNU

14

12

12

10

OVERNIGHT

10

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

8

8

6

6
FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

DASHED LINE

4

4

J I I I I I L

2

J I I L

2

J—I

DIFFERENTIAL

I I I I I I I I I I I 1__L
DIFFERENTIAL

1

1

+

+

0

1

2
2

0

J




I

I

I

I

I
1988

I

I

I

I

I

I

I

I
1990

I

J

I

I

I

I

I
1988

1

I

'

1

1

1 '

I
1990

I

1

CHARTS

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

PERCENT PER ANNUM
16 r —

12

16

COVERED LONDON

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER
DASHED LINE

DASHED LINE

•

» i

l

i

i

i

I

i

i

i

I

i

i

•

i

» I

VV1*

I

' V v-y/wv

I

12

I

I

I

1 I

I

I I I

I

I I

I

I

I

INTERBANK DM

I

1

'

1

1

1

1 I

1

I

I

I

I

I

I

I

I

I

I

I

I

I

I

DASHED LINE

I

I

I

I

I

'

'

'

I

i

i

i

I

i

i

i

I

i

I

I

I

1 I

i

i

DIFFERENTIAL

DIFFERENTIAL

xJlJV. /L/^W

I

I

'




I

I

I '
1988

I

'

'

I

I

'

I I
1990

I

I

I

I

1

I I
1988

I

2
16

12

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

I

1

SWISS INTERBANK (SF) COVERED

DASHED LINE

I

1

'

v

COVERED FRANKFURT

I

I

DIFFERENTIAL

DIFFERENTIAL

2
16

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

I I
1990

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNl M
14

RCENT PER ANNUM

14

CANADA

UNITED STATES
12

12

10

10

8

8

6
14

«

'

1

l

» i

» l

i

i

i

1 '

i

i

»

1

1

I

» '

» l

'

i

» I

1

1

1

6
14

FRANCE

UNITED KINGDOM
12

12

10

10

8

8

6
10

1

'

1

I

» i

'

I

1

1

» l

i

«

1

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

6
10

JAPAN

SWITZERLAND
8

8

6

6

4

4

2
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

I

2
10

GERMANY

NETHERLANDS
MONTHLY

8

8

6

6

4

4

2

'

» » I




i

i i
1988

I

i

i

i

1 i i
»
1990

i

i

1

l

i

i i
1988

I

» '

i

I

i

> i
1990

2

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
175

„

L _ UNITED STATES

— GERMANY

JAPAN

FRANCE

— SWITZERLAND

UNITED KINGDOM

CANADA




NETHERLANDS

1988

1990

1988

1990

SERIES
28-Nov-90 5-Dec-90
C h a r t 1.

Spot Exchange R a t e s and I n d i c e s

Noon b u y i n g r a t e s ( U . S .

cents, 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,

3.2603
86.059
19.959
67.310
0.08968
0.77782
59.663
79.141
197.02

3.2180
85.868
19.690
66.527
0.08853
0.74794
58.969
77.966
193.16

3.2580
86.246
19.903
67.569
0.08963
0.75848
59.893
78.996
194.27

3.2567
86.307
19.811
67.430
6.08927
1.75110
59.767
78.679
193.54

3.1736
86.218
19.282
65.511
0.08703
0.73727
58.073
76.606
188.58

128 .47
85 .77
89 . 9 4
189 . 3 5
51 . 4 8
203 .66
171 . 2 8
254 . 6 1
79 . 6 9

126 . 8 0
85 . 5 8
88 . 7 3
187 . 1 5
50 . 8 2
195 . 8 3
169 . 2 9
250 . 8 3
78 . 1 3

128 . 3 8
85 .96
89 . 6 9
190 . 0 8
51 .45
198 . 6 0
171 . 9 4
254 . 1 4
78 .58

128 . 3 3
86 . 0 2
89 .27
189 . 6 9
51 .24
196 .66
171 . 5 8
253 . 1 2
78 . 2 8

125 .06
85 . 9 3
86 . 8 9
184 . 2 9
49 .96
193 . 0 4
166 . 7 2
246 . 4 5
76 .27

110.86
72.10
74.74
179.70
41.04
181.81
151.71
67.30
223.21
64.78
82.41

111 . 1 4
72 .37
74 . 5 9
179 .86
40 . 9 9
180 .40
151 . 8 2
67 .30
222 .93
64 . 7 1
82 .70

110.28
73.75
73.88
177.63
40.69
180.38
150.16
67.04
221.05
64.18
84.67

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
Weighted average exchange v a l u e i n d i c e s ,
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
Chart 2

12-Dec-90 19-Dec-90 26-Dec-90

3 - M o n t h F o r w a r d Exchange Rate

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

Mar.
110.54
71.66
74.69
178.13
40.92
186.28
150.52
67.24
222.83
65.54
82.04

1973=100
110.49
72.48
74.62
178.34
40.90
180.84
150.68
67.25
222.31
65.03
83.38

Premium o r D i s c o u n t
-3.84
-1.70
-0.78
-4.32
-0.06
-0.76
-0.61
-4.99

-3.64
-1.84
-1.04
-4.14
-0.04
-0.94
-0.63
-5.03

-4.02
-2.41
-1.57
-4.46
-0.44
-1.65
-1.04
-5.49

383.86

381.18

7.56
7.64
12.53
9.50
7.85
8.00
8.37
7.38
14.23

7.60
7.55
12.23
9.94
8.61
8.01
8.71
7.38
14.14

-3
-2
-1.
-4.
-0.
-1.
-1.
-5.

80
53
68
85
23
77
29
76

-3.46
-2.24
-1.66
-4.41
0.16
-1.62
-1.28
-5.58

371.57

3 7 5 . 56

383.73

7.25

7 . 29
7 . 30
1 2 . 05
9 . 80
8 . 38
8 . 08
9 . 17
7 . 88
1 4 . 40

7.16
7.29
11.71
9.52
8.13
8.21
9.08
7.88
14.04

Fixing
U.S.

d o l l a r s per f i n e ounce

Chart 4.

C a l l 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




7.39

12.23
9.39
8.39
8.09
8.99
7.58
14.38

SERIES
lov- 90 5 - D e c - 9 0
Chart 5.

3-Month I n t e r e s t

Rates

U.S. 90-day C D ' 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.

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 p a p e r ,
Differential

7.69
11.91
10.23
9.18
8.23
9.31
8.70
13.93
10.47

64
70
80
14
95
86

7.55
7.69
8.63
8.19
8.04
7.90

7 . 30
7 . 35
8 . 00
7 . 69
7 . 58
7 . 55

7.30
7.30
8.13
7.74
7.56
7.49

8 . 01
1 1 . 78
1 0 . 40
9 . 28
8 . 20
9 . 37
8 . 83
1 3 . 90
1 0 . 53

7.
10.
9.
8.
7.
7.

29
17
00
19
81
63

7 . 64
7 . 56
0. 08

7.55
7.60
-0.05

7 . 30
7 . 25
0. 05

7.30
7.29
0.01

7 . 29
7 . 16
0. 13

8 . 14
8 , 11
0. 03

8.19
8.18
0.01

7 . 69
7 . 63
0 . 06

7.74
7.69
0.05

8 . 19
8 . 01
0. 18

8 .14
8 .22
- 0 .09

8.19
8.31
-0.12

7 . 69
7 , 85
- 0 . 16

7.74
7.97
-0.23

8..19
8 .12
0 .06

7 .97
8 .25
- 0 .29

8.07
8.50
-0.42

7 ..60
7 . 95
- 0 . .36

7.63
8.00
-0.37

7 .93
8..21
- 0 . 29

8 .14
8 .04
0 .10

8.19
8.07
0.12

7 ..69
7 ..50
0 .19

7.74
7.46
0.28

8. 19
7..58
0 .61

8 .14
7 .87
0 .26

8.19
7.98
0.21

7 .69
7 .52
0 .17

7.74
7.38
0.36

8 .19
7 .53
0 .66

10 .70
10 . 6 1
8 .97
7 .43
6 .58
10 .58
8 .28

10.56
10.61
8.99
7.28
6.61
10.43
8.23

ND
10 . 5 3
8 .93
ND
6 .62
10 . 2 5
8 .01

ND
10.33
8.87
ND
6.63
10.21
8.01

ND
10 .42
9 .02
ND
6 .61
10 .33
8 .13

.80
.00
.65
.35
.65
.43
.82
.85

107 . 5 2
120 .66
94 . 5 0
123 . 9 4
91 .57
111 .96
131 . 0 9
132 . 4 0

108 . 4 3
118 .28
94 . 1 4
137 . 7 3
91 . 5 2
112 . 3 5
132 . 4 4
132 .58

ND
ND
ND
130 .80
ND
ND
ND
132 .76

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 Bond Y i e l d s

Canada
France
Germany
Japan
Switzerland
U n i t e d Kingdom
United States
C h a r t 10.

7 . 63
1 2 . 10
1 0 . 03
9 . 11
8 . 33
9 . 25
8 . 58
1 3 . 53
1 0 . 37

S e l e c t e d E u r o - d o l l a r & U . S . Mones ' 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. 9 0 - d a y C D ' s , s e c o n d a r y market
Differential

Chart 9.

8.18
12.25
9.96
9.13
8.39
9.01
8.63
13.51
10.34

7.
7.
7.
8.
7.
7.

Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Differential

Chart 8.

8 . 11
1 2 . 21
9 . 80
8 . 84
8 . 39
8 . 80
8 . 50
1 3 . 38
1 0 . 19

E u r o - D o l l a r Deposit Rates

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

1 2 - D e c - 90 1 9 - D e c - 9 0 2 6 - D e c - 90

Stock I n d i c e s

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States

(Wednesday f i g u r e s )
104
113
92
128
90
108
130
127

108.
121.
97.
134.
90.
113.
131.
132.

39
53
47
56
92
98
29
51

I n d i c e s ( i n o r d e r , r e b a s e d t o 1 9 8 6 = 1 0 0 ) 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
•;^ir£sV
H.10(512)

December 31, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

DECEMBER 28, 1990

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
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEN 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:
HKJNITED STATES

DOLLAR

Dec. 24

(CURRENCY UNITS PER DOLLAR)
Dec. 27
Dec. 25
Dec. 26

0.7740
10.875
31.830
1.1604
5.2352
5.9360
1.3285
3.7190
5.2480
1.5455
159.80
7.8045
18.200
1.7200
1161.00
136.05
2.7065
1.7431
0.5855
6.0320
136.75
1.7435
2.6050
719.20
98.94
40.238
5.7770
1.3160
N.A.
25.280
1.8670

0.7740
10.770
31.600
1.1600
5.2352
5.8940
1.3400
3.6865
5.2010
1.5320
159.75
7.8055
N.A.
1.7380
1152.50
136.05
2.7193
1.7283
0.5860
6.0020
136.10
1.7550
2.5740
719.90
98.00
40.238
5.7265
1.3070
27.140
25.280
1.8850

0.7675
10.768
31.850
1.1612
5.2352
5.9100
1.3401
3.6890
5.2035
1.5300
160.00
7.8050
N.A.
1.7375
1154.00
136.45
2.7290
1.7283
0.5850
6.0030
136.85
1.7545
2.5850
720.40
97.83
40.238
5.7330
1.3060
27.113
25.380
1.8870

0.7700
10.540
30.930
1.1612
5.2352
5.7840
1.3700
3.6120
5.0960
1.4970
159.00
7.8010
18.120
1.7755
1130.00
135.12
2.7155
1.6888
0.5855
5.8725
134.05
1.7435
2.5450
719.80
95.80
40.238
5.6320
1.2795
27.129
25.310
1.9210

84.88

84.94

83.44

85.44

H
0
L
I
D
A
Y

Dec. 28

•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 NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL 1202) 377-1986.