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(5 1 6 /5 1 7 ) B ecau se o f d eclin es in the num ber o f subscribers to th is docum ent and the increasing availab ility o f m uch o ffic ia l data on the Internet, w e w ill end the pub lication o f “S elected Interest & E xchange R ates” w ith the issu e dated January 5 ,2 0 0 4 . W e w ill continue to provide data on exchange rates through our H .10 statistical relea se, w h ich is available at w w w .fed eralreserve.gov/releases/h lO . Inform ation about subscriptions is available from P ub lications F u lfillm en t, 2 0 2 -4 5 2 -3 2 4 5 . Selected Interest & Exchange Rates W e e k l y Series o f C h a r t s December 8,2003 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION W ashington, D.C. 20551 Table o f Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS 1. NOMINAL CURRENCY EXCHANGE VALUES 2. 3-MONTH FORWARD EXCHANGE RATES 3. PRICE OF GOLD IN LONDON 4. OVERNIGHT FUNDING RATES AND OFFICIAL INTEREST RATES 5. 3-MONTH INTEREST RATES 6. LONG-TERM GOVERNMENT BOND YIELDS 7. STOCK INDEXES 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 160 140 120 100 290 Canadian dollar Japanese yen 260 230 200 170 260 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) Chart 3 Price of Gold in London (Averages for week ending Wednesday) 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) " F irs t observation: 1/9/2003 the minimum bid rate and weighted average rate are shown. Japan 0.75 0.50 0.25 0.00 Chart 5 3-Month Interest Rates (Averages for week ending Wednesday, percent per annum) 7 Euro-area interbank U.S. CD 5 3 Weighted average foreign rate 1 6 Canadian finance paper Japanese yen 4 2 0 6 U.K. interbank sterling Swiss interbank 4 2 0 6 Australian bank bill Swedish treasury bill 4 2 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 2000 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 5-Nov-03 Chart 1. 12-Nov-03 19-Nov-03 26-Nov-03 3-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 70.5100 75.510 0.91068 115.45 12.7660 74.100 168.70 71.2850 75.889 0.91755 115.21 12.8327 73.389 167.27 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 49.90 75.26 238.45 166.06 56.53 238.39 68.23 50.45 75.64 240.24 165.71 56.83 236.10 67.65 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 -4.19 -1.72 -1.04 1.25 0.95 -2.80 -4.23 -1.69 -1.03 1.22 0.96 -2.81 -4.19 -1.65 -1.03 1.20 0.94 -2.78 -4.21 -1.63 -1.02 1.19 0.91 -2.77 384.04 394.97 393.89 399.44 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. -3.97 -1.64 -1.05 1.23 0.95 -2.80 382.53 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 1.01 2.00 1.00 0.99 2.00 1.00 0.99 2.00 1.00 0.99 2.00 1.00 1.00 2.00 3.00 2.75 2.50 3.00 2.75 2.50 3.00 2.76 2.50 3.00 2.77 2.50 3.00 2.76 2.50 3.00 2.06 2.00 1.00 3.00 2.05 2.00 1.00 3.00 1.94 2.00 1.00 3.00 1.84 2.00 1.00 3.00 2.06 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 0.26 0.00 0.75 0.25 0.00 0.75 0.25 0.00 0.75 0.27 0.00 3.18 3.50 3.50 3.75 3.59 3.75 3.80 3.75 3.80 3.75 5 -Nov-03 Chart 5. 12-Nov-03 19-Nov-03 26-Nov-03 3-Dec-03 3-Month Interest Rates U .S . 90-day C D ’s, secondary market 1.10 1.12 1.11 1.11 Australian bank bill 5.22 5.36 5.34 5.33 Canadian finance paper 2.73 2.80 2.71 2.78 2.17 Euro-area interbank 2.16 2.16 2.15 Japanese CD 0.08 0.08 0.08 0.08 Swedish treasury bill 2.85 2.86 2.82 2.85 Swiss interbank 0.17 0.18 0.18 0.18 U.K. interbank sterling 3.88 3.90 3.90 3.89 Weighted average foreign interest rate 1.85 1.88 1.87 1.85 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 6. Long Term Government Bellwether Bond Yields 10-year maturity, where available 4.77 Canada 4.89 5.00 4.86 4.37 4.39 France 4.38 4.49 4.37 Germany 4.36 4.48 4.36 4.48 4.59 4.48 4.48 Italy 1.47 1.47 1.32 1.33 Japan 2.73 Switzerland 2.73 2.81 2.75 5.07 5.01 4.96 United Kingdom 5.05 4.47 4.20 4.22 4.36 United States 4.27 4.12 4.14 Weighted average foreign interest rate 4.19 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 7. 1.11 5.42 2.71 2.16 0.08 2.78 0.20 3.91 1.85 4.85 4.47 4.46 4.58 1.39 2.81 5.04 4.38 4.20 Stock Indexes (Wednesday figures) Canada France Germany Euro area Italy Japan Switzerland United Kingdom United States 88.07 61.60 58.57 59.42 63.95 82.83 66.98 51.20 85.95 87.28 61.89 58.49 60.01 64.45 78.38 67.82 52.04 86.06 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 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 89.10 63.49 59.86 60.67 66.89 79.15 69.82 50.56 88.20
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