Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : December 9, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

December 9,1991

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

RATIO SCALE
MARCH 1973=100

140

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

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CANADIAN DOLLAR

U.K. POUND

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—

SWISS FRANC

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BELGIAN FRANC

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GERMAN MARK
DUTCH GUILDER

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ITALIAN LIRA
FRENCH FRANC

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CHART 2

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

4

PERCENT PER ANNUM

4

(

CANADIAN DOLLAR

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U.K. POUND

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GERMAN MARK

SWISS FRANC

DUTCH GUILDER

I
FRENCH FRANC

12

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ITALIAN LIRA

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CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.

520

OLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE O

500

12.5 Kg BARS

AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

320

1988




1989

1990

1991

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16

PERCENT PER ANNUM

16

12

—

U.S. FEDERAL FUNDS

12

FRANCE

JAPAN

0

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16

16

12

12

CANADA

GERMANY

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UNITED KINGDOM

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SWITZERLAND

NETHERLANDS

1989

1991

1989

1991

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CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PEF :ENT PER ANNUM

PERCENT PER AN

12
U.S. CD'S
10

8
6

SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

4
2
16

14

12
U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

10

8
6
10
GERMAN INTERBANK RATE

8
6
FRENCH INTERBANK RATE

4
2
10

8

JAPANESE CD RATE

6
NETHERLANDS INTERBANK RATE

4
2




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1991

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CHART 6

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

PERCENT PER ANNUM

OVERNIGHT

3-MONTH

4
14

12

4

7-DAY

6-MONTH

10

8

6

4
14

12

4

1-MONTH

1-YEAR

10

8

6

4




1989

1991

4

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

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

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DIFFERENTIAL

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1989

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DIFFERENTIAL

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MA|A AA.U AI.R

1

1

1

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1991

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CHART 8

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

PERCENT PER ANNI

16

16

INTERBANK STERLING
12

CANADIAN FINANCE
CO.PAPER, COVERED

—

COVERED LONDON

12

8

8
EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

DASHED LINE

4

0
2

4

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INTERBANK DM

12

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8
EURO-DOLLAR DEPOSITS

EURO DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

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DIFFERENTIAL

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16

__ 12

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DIFFERENTIAL

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CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PI RCENT PER ANNUM

PERCENT PER ANNL

14

14
UNITED STATES

CANADA

12

12

10

10

8

6
14

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FRANCE

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10

SWITZERLAND

JAPAN

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NETHERLANDS

GERMANY

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CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200

175 — UNITED STATES

— NETHERLANDS

175

150

150

125

125

100

100

75

75

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GERMANY

SWITZERLAND

FRANCE

CANADA

UNITED KINGDOM

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SERIES
6-Nov-91
C h a r t 1.

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

(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,

M a r c h 1973 b a s e r a t e s

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 - M o n t h F o r w a r d Exchange R a t e s ,

U.S.

Gold P r i c e i n

Call

3.0027
88.412
18.109
61.884
0.08199
0.77049
54.907
69.766
178.53

116 .06
88 .85
79 .96
170 .60
46 ..46
201..57
154,.49
221 . 55
71 . 29

116 . 8 4
88 .39
80 . 5 4
171 . 8 2
46 .59
201 .49
155 . 5 4
222 .09
71 .70

118 . 3 2
88 .12
8 1 .60
174 .09
47 ,.06
201 ..74
157. .63
224 .45
7 2 . .21

120
87
82
176
47
202
159
227
72

.10
.64
.82
.66
.68
.89
.95
.64
.47

118 .36
87 .85
81 .58
174 .05
47 .07
201 .75
157 .56
225..07
71..65

107 . 2 3
78 .16
71 .13
171 . 7 4
39 . 3 5
195 . 7 1
145 . 8 4
66 .79
206 .80
62 .36
87 . 8 2

108 . 0 3
77 . 0 4
71 .68
173 . 1 4
39 .57
195 . 2 1
146 . 8 9
67 . 1 2
208 . 1 3
62 .06
86 . 9 4

107 .38
77 .98
7 1 .19
171 . 9 1
39 . 4 1
195 .93
145 . 9 4
66 .70
207 . 6 1
61 .89
87 .93

.57
.55
.43
.43
. 19
.45
.97
.34

- 2 .53
- 4 .85
- 4 .55
- 6 ..83
- 1 . .22
- 4 . .55
- 3 . 26
- 5 . .53

- 2 .51
- 4 .93
- 4 . .63
- 7 ..36
- 1 . 14
- 4 . 69
- 3 . 26
- 5 . 59

354. 72

3 5 9 . 54

366 . 94

365. 77

4 . 74
4 . 79
8 . 66
9 . 51
8 . 99
6 . 42
9 . 01
6 . 88
1 0 . 33

4 . 89
4 . 78
7 . 43
9 . 68
8 . 95
6 . 28
9 . 02
6 . 90
1 0 . 39

Mar.

3.0479
87.932
18.378
62.801
0.08307
0.77488
55.717
70.759
179.17

3.0037
88.143
18.104
61.872
0.08201
0.77052
54.885
69.961
177.14

1973=100
106
79
70
170
39
196
144
66
206
62
88

.60
.01
.65
.49
.23
.97
.86
.42
.04
.36
.60

Premium o r D i s c o u n t
- 2 .54
- 4 .16
- 4 .37
- 5 .89
- 1 .02
- 4 .36
- 3 .15
- 5 . .17

-2
-4
-4
-6
-1
-4
-3
-5

.62
.33
.35
.15
.08
.38
.02
.19

-2
-4
-4
-6
-1
-4
-2
-5

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

C h a r t 4.

2.9652
88.681
17.872
61.077
0.08117
0.76955
54.180
69.032
177.27

106 . 2 2
79 . 7 3
70 . 3 3
169 .70
39 . 2 4
197 .78
144 . 3 1
66 .27
206 . 2 2
62 .19
88 .97

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
C h a r t 3.

2.9453
89.141
17.744
60.644
0.08094
0.76984
53.813
68.867
176.27
= 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 2.

13-Nov-91 20-Nov-91 27-Nov-91 4-Dec-91

356, 52

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




5.
4.
8.
8.
8.
6.
9.
7.
10.

05
86
70
99
73
55
05
18
44

4.
4.
7.
9.
8.
6.
8.
6.
10.

68
78
03
81
99
22
99
88
33

4.
4.
7.
9.
9.
6.
9.
6.
10.

78
84
28
74
14
24
28
48
39

SERIES
Chart 5.

6-Nov-91

3-Month I n t e r e s t

Rates
5 .05
7 .91
9 .18
9 .35
6 .22
9 .33
8 .13
10 .39
8 .96

U.S. 90-day CD's, secondary 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-l0 Countries)
Chart 6.

Euro-Dollar

4 .86
5 . 00
4 .98
5 .09
5 .06
5 .21
Selected Euro-dollar

Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Di f f e r e n t i a 1

& U.S.

Interest

deposits

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

covered

covered

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differentia1

10.

4 .84
7 .60
9 .75
9 .38
6 .16
9 .41
7 .90
10 .59
9 .12

.79
.80
.83
.95
.95
.11

4 .78
4 .78
4 .78
4 .95
4 .95
5 . 08

4 .78
4 .74
4 .70
4 .90
4 .84
4 .96

4 .84
4 .76
5 .14
4 .86
4 .78
4 .88

4
4
4
4
4
5

4 .86
5 . 05
- 0 .19

4 .79
4 .74
0 .05

4 .78
4 .89
- 0 .11

4 .78
4 .68
0 .09

4 .84
4 .78
0 .07

5 . 09
5 . 05
0 . 04

4 .95
4 .96
- 0 .00

4 .95
4 .94
0.. 01

4 .90
4 .87
0 .03

4 .86
4 .84
0 .03

5 . 09
5 .08
0 .00

4 .95
5 . 04
- 0 . 09

4 .95
4 .91
0 . 04

4 .90
4 .88
0 .02

4 . 86
4 .85
0 . 01

5 . 08
5 .32
- 0 .24

4 .97
5 .09
- 0 .12

4 .99
5 .11
- 0 .12

4 .94
5 .13
- 0 .20

4 .91
5 .05
- 0 .14

5 .09
4 .88
0 ,21

4 .95
4 .86
0 .09

4 .95
4 .77
0..18

4 .90
4 .68
0 .22

4 .86
4 .64
0 .22

5,.09
4 ,91
0..18

4 .95
4 .77
0..18

4..95
4..75
0..20

4 .90
4 .53
0 .37

4 .86
4 .57
0..29

8..71
8. 8 1
8. 36
5. 98
6 ,.79
8..79
9..74
7..50

8 . .55
8 . .76
8 . .25
5..97
6 ..73
8 . .72
9,.64
7 ..41

8 . 48
8 . 77
8 . 22
5. 94
6 . 60
8 . 71
9. 65
7 . 35

8 ..72
8..93
8..27
5 .97
6 ..64
8,.76
9. 89
7 . 42

8 . 53
8 . 96
8 . 31
5. 89
6 . 65
8 . 82
9. 89
7 . 29

67
60
48
02
61
16
26
27

119. 87
137 . 08
9 9 . 57
138. 95
1 0 8 . 05
1 3 4 . 45
1 5 1 . 78
161 . 27

114. 64
132. 65
97 . 75
132. 37
104. 36
128. 19
1 4 5 . 18
1 5 3 . 07

114. 22
130. 26
96 . 01
130. 70
103. 98
126. 56
142. 72
154. 47

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
Chart

4 .87
7 .71
9 .66
9 .33
6 .21
9 .35
7 .85
10 .56
9 .06

3 - M o n t h Funds

covered

Euro-dollar deposit
I n t e r b a n k DM ( F r a n k f u r t ) ,
Differential

Chart 9.

4 .94
7 .73
9 .44
9 .30
6 .23
9 .29
7 .78
10 .39
8 .96

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, s e c o n d a r y market
Differentia1
Chart 8.

4 .96
7 .76
9 .23
9 .31
6 .23
9 .30
7 .85
10 .36
8 .95

D e p o s i t Rates

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

13-Nov-91 20-Nov-91 27-Nov-91 4-Dec-91

Stock

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

Indices

(Wednesday f i g u r e s )
117.
135.
97.
141.
105.
132.
151.
158.

116.
133.
98.
133.
105.
130.
147.
153.

87
51
60
30
45
48
27
96

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 ,
Tokyo 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
H.10(512)

December 9> 1991

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

DECEMBER 6, 1991

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

Dec. 2

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH 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

0.7840
11.330
33.140
1.1335
5.4115
6.2590
1.2642
4.3560
5.4950
1.6085
183.45
7.7630
25.780
1.6560
1213.50
129.95
2.7510
1.8135
0.5627
6.3370
143.08
1.6580
2.7925
759.00
102.65
N.A.
5.8980
1.4235
25.775
25.480
1.7760

0.7855
11.363
33.250
1.1342
5.4115
6.2775
1.2612
4.3660
5.5185
1.6143
184.15
7.7655
25.800
1.6515
1218.50
129.55
2.7520
1.8199
0.5619
6.3530
143.75
1.6635
2.7925
758.90
103.08
N.A.
5.9085
1.4290
25.825
25.490
1.7715

0.7851
11.360
33.280
1.1354
5.4115
6.2840
1.2610
4.3740
5.5230
1.6153
184.25
7.7675
25.790
1.6500
1219.75
129.55
2.7498
1.8206
0.5623
6.3645
143.55
1.6600
2.7860
758.70
103.28
42.518
5.9200
1.4290
25.778
25.470
1.7725

0.7818
11.175
32.760
1.1370
5.4115
6.1860
• 1.2797
4.3100
5.4370
1.5903
181.55
7.7870
25.810
1.6783
1201.25
128.77
2.7480
1.7925
0.5618
6.2660
141.05
1.6580
2.7720
759.10
101.78
N.A.
5.8240
1.4080
25.770
N.A.
1.7915

0.7784
11.074
32.400
1.1368
5.4115
6.1160
1.2915
4.2650
5.3770
1.5725
179.85
7.7755
25.860
1.6950
1190.75
128.20
2.7400
1.7724
0.5600
6.1975
139.85
1.6520
2.7580
759.60
100.78
42.518
5.7610
1.3897
25.773
25.420
1.8100

MEMO:
^UNITED STATES

DOLLAR

87.64

87.84

87.89

86.83

86.05

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Dec. 3
Dec. 4
Dec. 5

Dec. 6

•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. 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.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.
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.