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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
December 4,1989
DIVISION OF
INTERNATIONAL FINANCE
Prepared by the
FINANCIAL MARKETS
SECTION
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, QC. 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 S 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 >n 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 197c1=100
SCALE
11973=100
140
120
140
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
__
BELGIAN FRANC
120
100
100
90
90
80
80
70
70
1 1 1
280
280
240
JAPANESE YEN
SWISS FRANC
—
240
200
200
180
180
160
160
140
-
120
I
I
I
I
I
120
I
100
100
-
90
80
140
„
CANADIAN DOLLAR
90
U.K. POUND
80
70
70
60
60
50
50
200
180
200
__
DUTCH GUILDER
GERMAN MARK
180
160
160
140
V v
-
120
140
120
I
100
I
I
I
I
100
I
120
60
-
100
90
,
ITALIAN LIRA
50
FRENCH FRANC
45
80
S
K
40
70
35
60
30
50
I
1987
1989
I
I
i
i
1987
i
25
1989
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
CANADIAN DOLLAR
1A"
I
I
A x / 1 "^
I
11111111111
I
I
GERMAN MARK
I
I
I
I
I
I
I
I
I
I
I
I
JAPANESE YEN
I I|II|II|II
I
I
I
SWISS FRANC
I
I
I
I
I
I
DUTCH GUILDER
I
I ,
llhllllhl
FRENCH FRANC
I
I
I
I
I
I
I
ITALIAN LIRA
12
1987
1989
1987
1989
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.
LLARS PER FINE OUNCE
U.S. DOLLARS PER FINE 01
520
520
500
500
12.5 Kg BARS
AFTERNOON FIXING PRICE
480
480
460
460
440
440
420
420
400
400
380
380
360
360
340
340
320
320
300
300
1986
1987
1988
1989
CHART4
CALL MONEY RATES
WEEKLY SERIES
ENT PER ANNUM
PERCENT PER AW
16
16
12
U.S. FEDERAL FUNDS
12
FRANCE
"M
8
A
Aa
K.
rvAvWl
JAPAN
4
l l l l i
0
I
I
I
I
I
8
4
0
I
16
16
CANADA
12
12
GERMANY
8
8
4
4
0
0
16
20
UNITED KINGDOM
SWITZERLAND
16
12
12
8
8
4
4
NETHERLANDS
0
0
1987
1989
1987
1989
CHARTS
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AM
rENT PER ANNUM
12
12
FRENCH INTERBANK RATE
10
10
U.S. CD'S
8
8
6
6
WEIGHTED AVERAGE
FOREIGN RATE
4
4
2
2
16
16
14
-
U.K. INTERBANK STERLING
CANADIAN FINANCE CO.
PAPER
12
f
-
14
12
10
10
8
8
I
6
I
I
I
I
I
11 I I I I I I I I I
6
8
8
JAPANESE GENSAKI RATE
6
SWISS INTERBANK RATE
6
4
4
2
2
0
0
10
10
__
8
GERMAN INTERBANK RATE
6
j
f -
—
4
2
NETHERLANDS INTERBANK RATE
6
-
I
I
I
I
I
1987
I
I , I I I , l , I I 11
—
I
1989
8
I
I
I
I
1987
I
4
2
1989
CHART6
EURO-DOLLAR DEPOSIT RATES
LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
)ENT PER ANNUM
PERCENT PER ANI
14
14
12
3-MONTH
OVERNIGHT
12
10
10
8
8
6
6
4
4
14
14
12
6-MONTH
7-DAY
12
10
10
8
8
6
6
4
4
14
14
12
1-MONTH
1-YEAR
—
—
12
10
10
8
8
6
-
4
1
1987
1989
1
1
I
I
1987
I
6
4
1989
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
PERCENT PER ANNUM
14
14
12
12
10
10
3-MONTH
FEDERAL FUNDS
EURO-DOLLAR DEPOSITS
DASHED LINE
w
f*
VjbS
Y ^
OVERNIGHT
V
90-DAY CD'S
DASHED LINE
EURO-DOLLAR DEPOSITS
-
111111111
I I I I
-
1
1
1
1
1
1
11111111111
11111111111
DIFFERENTIAL
DIFFERENTIAL
+
0
L_J
I
!
I
I
I
I n 1 1 1 1 1 1 1 1 1 1 1 1 1 i i 11111
1987
1 PERCENT ON DIFFERENTIAL SCALE . 2 PERCENT ON RATE SCALE
1989
1
1
1
1
1
1987
1
1 1 1 1 1 1 1 1 11 1 11 1 1 1 1 1 1 1 1
1989
CHARTS
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM,
16
12
PERCENT PER ANNUM
16
COVERED LONDON
INTERBANK STERLING
CANADIAN-FINANCE
CO. PAPER. COVERED
EURODOLLAR DEPOSITS
U.S. COMMERCIAL PAPER
DASHED LINE
DASHED LINE
I
I I
I
I
11111111111111111111111 i l
I
I
I
I
I
I I
I
I n li i l n l i il i i l l ii n i l il
o
I
I I I I III I I I I I I I i l l I I I I I f l l
2
DIFFERENTIAL
DIFFERENTIAL
2
12
I
I
I
i i l i Hi ill i i i l i i h i l i i
16
16
12
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
DASHED LINE
I
I
I J
I
I
DASHED LINE
I ill I I III I I I I i l l I I I i l l I
III H i l l I III l l l l i l l H i l l
DIFFERENTIAL
I
I
I
I
DIFFERENTIAL
I
1987
I
11111 H i 111 i i l i l l i i l i i
1989
1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
I
I
I
I IIIIIIIII HlUllllll
1987
1989
o
CHART9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANI
:ENT PER ANNUM
14
14
_
UNITED STATES
12
CANADA
12
i A
10
s
y s / V * -v
\
10
V>-yA
8
8
1
6
1
1
1
1
1
6
14
14
v
FRANCE
UNITED KINGDOM
12
10
8
1
6
1
12
10
w
1
W
1
v
A
-
y
™
8
1
1
6
1
10
10
8
-
__
SWITZERLAND
JAPAN
-
6
6
4
-
1
2
1
1
4
2
10
10
NETHERLANDS
8
8
-
MONTHLY
GERMANY
-
8
6
6
4
4
i l l i
2
1987
1
1989
1
1
2
1987
1989
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
RATIO SCALE
1969=100
600
1969=100
600
500
500
UNITED STATES
400
NETHERLANDS
400
300
300
200
200
150
150
800
400
JAPAN
600
-
500
-
400
-
300
-J
200
GERMANY
m
J
-
/
* V /
Ax/
i
i
i
i
i
i
300
-
-
-
250
-
-
-
200
-
-
-
150
I,,In
100
111 M 111111
I
I
I
I
I
I
600
300
250
-
SWITZERLAND
FRANCE
500
200
400
150
300
lulu
100
200
600
600
500
500
UNITED KINGDOM
CANADA
400
400
300
300
200
200
1987
1989
1987
1989
SERIES
>:HAB? 1 .
SPOT
L A S T VALUE P L O T T E D
DATE
VALUE
NAME
EXCHANGE B A T E S AND I N D I C E S
WEEKLY A V E R A G E S ,
NOON BUYING B A T E S
(U.S.
CENTS)
GERMAN MARK
J A P A N E S E YEN
DUTCH G U I L D E R
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
S W I S S FRANC
B E L G I A N FBANC
ITALIAN LIBA
SWEDISH KRONA
INDICES,
HABCH 1 9 7 3
BASE B A T E S =
WEIGHTED AVEtiAGB EXCHANGE VALUE I N D I C E S ,
( G - 1 0 COUNTRIES P L U S SWITZERLAND)
U . S . DOLLAR
GERMAN MARK
J A P A N E S E YEN
DUTCH G U I L D E R
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
S W I S S FRANC
B E L G I A N FRANC
ITALIAN LIRA
S W E D I S H KRONA
3—MONTH FORWARD EXCHANGE B A T E S ,
CANADIAN DOLLAB
0 . K. POUND
68BHAM MARK
F R E N C H FBANC
S W I S S FBAMC
DUTCH G U I L D E R
J A P A N E S E YEN
ITALIAN LIBA
29
29
29
29
29
29
29
29
29
29
55.82
0.69776
49.48
156.26
85. 68
16.35
62.45
2.65734
0.07567
15.63
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
29
29
29
29
29
29
29
29
29
157.02
182.70
142.05
63.20
85.39
73.69
200.92
104.71
42.98
NOV. 2 9
NOV. 2 9
NOV. 2 9
NOV. 2 9
NOV. 2 9
NOV. 2 9
MOV. 2 9
NOV. 2 9
NOV. 2 9
HOT. 2 9
NOV. 2 9
96.86
166.48
190.94
141.70
58.62
8 2 . 10
69.19
199.78
102.26
39.22
66.58
100
GERMAN MABK
J A P A N E S E I EN
DUTCH G U I L D E R
U . K . POUND
CANADIAN DOLLAR
FBENCH FRANC
S W I S S FRANC
B E L G I A N FBANC
ITALIAN LIRA
CHART 2 .
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
MOV.
NOV.
NOV.
NOV.
HAS
1973
-
100
PREMIUM OB D I S C O U N T
MOW.
MOW.
MOW.
MOV.
MOW.
MOW.
MOW.
MOW.
29
29
29
29
29
29
29
29
-3.78
-6.411
0.23
-2.23
0.60
- a . 02
1.68
-4.47
SERIES
CHABT 3 .
GOLD P R I C E
U.S.
4.
IN
D O L L A R S PER
CALL
L A S T VALUE PLOTTED
DATE
VALUE
NAME
L O N D O N , AFTERNOON F I X I N G
F I N E OUNCE
EURO-DOLLAR
DEPOSIT RATES:
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
29
29
29
29
29
29
29
29
29
8. 51
8.28
14.80
12.00
7.26
6 . 12
10.15
8.19
6 . 88
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
29
29
29
29
29
29
29
29
22
8.25
8 . 13
5 . 75
12.32
15.06
7.63
10.55
8.36
9.61
NOV. 2 9
NOV. 2 9
NOV. 2 9
MOV. 2 9
NOV. 2 9
NOV. 2 9
8.28
8.28
8.31
8.25
8u 0 5
7 . 98
LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-HONTH
1-YEAR
CHART 7 .
4 1 2 . 19
3—MONTH I N T E R E S T R A T E S
U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET
GERMAN I N T E R B A N K LOAN
J A P A N E S E G E N S A K I RATE
CANADIAN F I N A N C E P A P E R
INTERBANK STERLING
S W I S S I N T E R B A N K LOAN
FRENCH I N T E R B A N K RATE
NETHERLANDS I N T E R B A N K R A T E
WEIGHTED AVERAGE F O R E I G N I N T E R E S T RATE
{ G - 1 0 C O U N T R I E S P L U S SWITZERLAND)
CHART 6 .
29
HONEY R A T E S
U . S . F E D E R A L FUNDS
OVERNIGHT EURO-DOLLAR D E P O S I T S
U.K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART 5 .
NOV.
S E L E C T E D E U R O - D O L L A R AMD U . S .
HONEY B A S K E T R A T E S
OVERNIGHT EURO-DOLLAR D E P O S I T S
U . S . . FEDERAL FUNDS
DIFFERENTIAL
NOV. 2 9
NOV. 2 9
NOV. 2 9
3 - M O N T H EURO-DOLLAR D E P O S I T
U . S . 9 0 - D A Y C D ' S , SECONDARY
DIFFERENTIAL
MOV.
IOV.
MOV.
BATE
MARKET
29
29
29
8.28
8.51
-0.23
8.25
8.25
0.0
L A S T VALUE P L O T T E D
DATE
VALUE
S E R I E S MAKE
CHABT 8 .
INTEREST
ARBITRAGE,
3-MOMTH FUNDS
EURO-DOLLAR D E P O S I T
INTERBANK S T E R L I N G ( L O N D O N ) ,
DIFFERENTIAL
U . S . COflflERCIAL PAPER
CANADIAN F I N A N C E P A P E R ,
DIFFERENTIAL
COVERED
COVERED
EURO-DOLLAR D E P O S I T
INTERBANK DM ( F R A N K F O R T ) ,
DIFFERENTIAL
COVERED
EURO-DOLLAR D E P O S I T
S 8 I S S I N T E R B A N K , COVERED
DIFFERENTIAL
CHART 9 .
29
29
29
8.25
8.41
-0.16
NOV.
NOV.
NOV.
29
29
29
8.21
8.43
-0.22
NOV.
NOV.
NOV.
29
29
29
8u25
8.37
-0.12
NOV.
NOV.
NOV.
29
29
29
8.25
6.24
0.01
NOV.
DEC.
NOV.
NOV.
MOV.
MOV.
AUG.
DEC.
24
1
17
24
24
24
7.83
7.68
5.71
5 . 52
9.67
9.62
7.03
9.70
LONG TERM COVERMENT BOND Y I E L D S
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
U N I T E D KINGDOM
U.S.
NOV.
NOV.
NOV.
1
CORPORATE
AAA BONDS
CHART 1 0 .
STOCK
HAY
INDICES
UNITED STATES
U N I T E D KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
9.33
MOV. 2 9
MOV. 2 9
MOV. 2 9
MOV. 29.
MOV. 2 9
MOV. 2 9
MOV. 2 9
MOV. 2 9
362.81
391.71
3 9 0 . 89
285.30
25*. 65
3 4 5 . 87
526.87
750.28
FEDERAL RESERVE statistical release
H.10(512)
DECEMBER
4 , 1989
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
DECEMBER
1 , 1989
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:
MONETARY
UNIT
NOV. 27
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
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
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
78.46
12.615
37.620
1.1675
3.7314
6.9600
4.2280
6.1140
1.7900
163.800
7.8110
17.0300
147.35
1321.00
143.40
2.7020
2.0188
58.800
6.8370
156.150
1.9540
2.6065
675.30
115.050
40.018
6.4040
1.6055
26.150
25.830
156.00
78.63
12.592
37.590
1.1678
3.7314
6.9475
4.2100
6.1030
1.7880
164.550
7.8155
16.9800
147.65
1319.50
143.72
2.7070
2.0170
58.850
6.8270
155.750
1.9570
2.6100
675.20
115.630
40.017
6.3950
1.5960
26.169
25.830
156.20
78.06
12.537
37.400
1.1660
3.7314
6.9150
4.2075
6.0820
1.7830
163.400
7.8145
16.9800
147.95
1315.00
142.65
2.7040
2.0119
58.900
6.8075
155.550
1.9520
2.6030
675.50
115.000
40.018
6.3800
1.5885
26.158
25.820
156.65
78.25
12.540
37.380
1.1633
3.7314
6.9175
4.1975
6.0650
1.7800
164.440
7.8165
16.9600
148.20
1312.00
142.91
2.7030
2.0084
58.950
6.8070
155.200
1.9455
2.6080
675.30
114.800
40.017
6.3800
1.5915
26.138
25.820
156.95
78.00
12.560
37.430
1.1663
3.7314
6.9290
4.2100
6.0865
1.7823
163.400
7.8155
16.9700
148.09
1312.50
143.10
2.7055
2.0108
58.950
6.8220
155.200
1.9500
2.6080
675.30
114.730
40.018
6.3850
1.5925
26.135
25.810
156.60
MEMO:
ttUNITED STATES
DOLLAR
96.87
96.79
96.44
96.32
96.41
COUNTRY
(CURRENCY UNITS PER DOLLAR)
NOV. 28
NOV. 29
NOV. 30
DEC.
1
1HNDEX 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.
*VALUE I S U . S . CENTS
@FedFRASER