The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
February 1,1988
DIVISION OF
Prepared by the
FINANCIAL MARKETS
SECTION
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551
<
INTERNATIONAL FINANCE
Table of Contents
TABLES
SUBSCRIPTION RATES:
1. LATEST FIGURES PLOTTED
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
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.
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
CHART 1
SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO S C A L E
MARCH 1 9 7 3 = 1 0 0
RATIO S C A L E
MARCH 1 9 7 3 == 100
200
180 -
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
160
-
ITALIAN LIRA
—
140
—
—
-
120
-
100
-
80
I
I
I
I
I
I
I
M
I
U
M
I
M
fiI 11111111
I.I
220
200
I
v
I
/
>v V
I
i
1
1
1
Illllllllll
—
__
-
35
-
30
-
25
-
—
180
-
160
—
140
-
120
-
100
Illllllllll
80
j
-
c*
-
Vi i
I
I
I
Illllllllll
Illllllllll
1
1
1
1
1
1
Illllllllll
DUTCH GUILDER
CANADIAN DOLLAR
I I II
90
80
U K POUND
II
II
FRENCH FRANC
—
V
70
60
50
40
— Ar
1
I
I
1
I
l
niiiiiiiii
BELGIAN FRANC
SWISS FRANC
-
I
1986
1988
I
I
I
I
1986
I
20
220
200
—
GERMAN MARK
120
80
40
JAPANESE YEN^w.
140
100
-
Illllllllll
180
160
—
50
45
11111111L11
1988
H
CHART ?
3-MONTH FORWARD EXCHANGE RATES
PREMIUM ( • ) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
P E R C E N T PER A N N U M
8
4
JAPANESE YEN
CANADIAN DOLLAR
/V
I
I
I
I
I
k
k
"
I
/
X
I
v
\ y
I
I
r
\
I
/
I
I I|II|II|II
I
4
12
U. K. POUND
„
l\T"v%
i
i
i
I
I
SWISS FRANC
-
L
Z
I
I
I
I
I
I
lull
0
8
DUTCH GUILDER
GERMAN MARK
I
I
I
I
I
M
I
i
l
l
iilii!
FRENCH FRANC
-
8
12
1986
1988
1986
1988
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. C L L A R S PER F I N E OUNCE
U.S. D O L L A R S PER F I N E OUNCE
520
520
500
500
480
480
460
460
12.5 Kg BARS
AFTERNOON F I X I N G PRICE
440
440
420
420
400
400
380
380
360
360
340
340
320
320
300
300
280
I
1985
1986
I
I
I I
1987
I
I
I
I
I
I
I I
I I I
1988
I I I J
280
CHART 4
CALL MONEY RATES
WEEKLY SERES
PERCENT PER A N N U M
PERCENT PER ANNUM
U. S. FEDERAL FUNDS
FRANCE
JAPAN
16
16
CANADA
20
16
UNITED KINGDOM
SWITZERLAND
12
e
4
NETHERLANDS
0
1988
1986
1988
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AH
NT PER ANNUM
16
12
10
CANADIAN FINANCE CO.
PAPER
U.S. CD'S
14
8
-
10
6
WEIGHTED AVERAGE
FOREIGN RATE
4
-
III I
2
I
I
I
I
I
14
-
U.K. INTERBANK STERLING
FRENCH INTERBANK RATE
-
>
10
I
8
I
I
I
I
-
8
6
I
10
10
-
GERMAN INTERBANK RATE
NETHERLANDS INTERBANK RATE
-
8
6
6
X
4
2
I
I
I
I
I
-
4
2
I
8
10
8
12
10
12
8
8
6
I
16
14
12
JAPANESE GENSAKI RATE
SWISS INTERBANK RATE
6
6
4
4
2
2
0
1986
1988
1986
1988
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER A N N U M
OVERNIGHT
3-MONTH
7-DAY
6-MONTH
1-MONTH
1-YEAR
14
12
10
8
6
4
14
14
12
10
8
6
4
1986
1988
1986
1988
CHART 7
SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES
DIFFERENTIAL: PLUS<+>, FAVORS BORROWING IN U. S.
AVERAGES FOR WEEK ENDING WEDNESDAY
P E R C E N T PER AL
:NT PER A N N U M
14
14
12
12
10
10
FEDERAL FUNDS
3-MONTH
DASHED LINE
EURO-DOLLAR DEPOSITS
8
8
6
6
OVERNIGHT
90-DAY CD' S
EURO-DOLLAR DEPOSITS
DASHED LINE
4
4
I I I I I I I I I I I I I I I
2
I
I
I
1
1
1
I I I I I I I I I I I I I I I I I I I I I I I
2
2
2
DIFFERENTIAL
DIFFERENTIAL
1
1
+
0
0
I
i
'1
1986
PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
1988
i
i
i
i
1986
i
I I I I I I I I I I I
I I I I I I I I I I I
1988
1
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
16
12
16
INTERBANK STERLING
CANADIAN FINANCE
CO. PAPER, COVERED
COVERED LONDON
-
A1 k
UL V\
^
EURO-DOLLAR DEPOSITS
/
\
f
12
—
\
U. S. COMMERCIAL PAPER
D A S H E D LINE
D A S H E D LINE
—
II
III I
III
II
DIFFERENTIAL
III
lllllllllll
DIFFERENTIAL
2
2
16
16
12
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
D A S H E D LINE
D A S H E D LINE
I
1_L
I I" I I I I I
I
1988
1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
I
I
I
I
DIFFERENTIAL
DIFFERENTIAL
1986
I
I
I
1986
1988
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER AL
:NT PER ANNUM
16
16
14
-
UNITED STATES
CANADA
14
—
12
12
10
10
8
8
I
6
I
I
I
I
I
6
10
14
12 „
UNITED KINGDOM
8
10
6
8
4
6
I
I
I
I
I
I
lid
11 h i l l I I I I
I
I
I
I
2
8
6
10
SWITZERLAND
8
4
6
2
4
17
15
U. S. CORPORATE
MONTHLY
15
13
IFRANCE
-
13
A M BONDS
11
-
11
9
9
7
INETHERLANDS
-
5
MONTHLY
I
5
7
-
1986
1988
I
I
M
I
i
l
1986
1 1 i i i i 1 1 1 1 1 111 11 I I 11
1988
I I
3
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
ME
1969=1
RATIO SCALE
1969=100
)
500
400
UNITED STATES
UNITED KINGDOM
300
200
100
650
550
FRANCE
450
350
250
150
500
SWITZERLAND
/
-
400
200
CANADA
M
300
200
I
I
I
I
I
150
I
500
400
-
400
300
-
300
200
-
200
100
100
1986
1988
1986
1988
SEBIES SAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 1. SPOT EXCHANGE BATES AND INDICES
WEEKLY AVERAGES, MOON BUYING BATES (U.S. CENTS)
GERMAN MARK
JAPANESE YEN
DUTCH GUILDEB
U.K. POUND
CANADIAN DOLLAR
FRENCH PBANC
SBISS FRANC
BELGIAN PBANC
ITALIAN LISA
SWEDISH KBONA
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
27
27
27
27
27
27
27
27
27
27
59.78
0.78332
53.20
178.08
78. 10
17.73
73.62
2.86174
0.08125
16. 62
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAM.
JAN.
JAM.
27
27
27
27
27
27
27
27
27
168.15
205. 10
152.74
72. 03
77.84
79.91
236. 86
112.77
46.15
27
27
27
27
27
27
27
27
27
27
27
90. 02
168.64
203.74
143. 97
63.54
6 9. 83
71.01
222. 99
104.01
39.80
66. 85
27
27
27
27
27
27
27
27
-1. 53
-1.63
3.71
-1. 16
* 5. 19
2.91
2. 92
-3.63
INDICES, MABCH 1973 BASE BATES = 100
GEBHAN MASK
JAPANESE YEN
DUTCH GUILDEB
U.K. POUND
CANADIAN DOLLAB
FBENCH PBANC
SI ISS FRANC
BELGIAN PBANC
ITALIAN LIBA
WEIGHTED AVEBAGE EXCHANGE VALUE INDICES, MAB 1973 = 100
(G-10 COUNTRIES PLUS SMITSBBLAND)
U.S. DOLLAB
GEBHAN H1BK
JAPANESE YEN
DUTCH GUILDEB
U. K. POUND
CANADIAN DOLLAB
FBENCH PBANC
SBISS PBANC
BELGIAN PBANC
ITALIAN LIBA
SWEDISH KBORA
JAM.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAM.
JAM.
JAN.
JAN.
CHABT 2. 3-MONTH POBMABD EXCHANGE BATES, PBEMIUM OB DISCOUNT
CANADIAN DOLLAB
U.K. POUND
GEBMAM MARK
FBENCH PBANC
SWISS PBANC
DUTCH GUILDEB
JAPANESE YEN
ITALIAN LIBA
JAN.
JAN.
JAN.
JAN.
JAM.
JAN.
JAM.
JAN.
SEBIES HAHE
LAST VALUE PLOTTED
DATE
VALUE
CHART 3. GOLD PRICE I* LONDON, AFTERNOON FIXING
U.S. DOLLARS PER FINE OUNCE
JAN. 27
472.88
CHART 4. CALL MONET BATES
U.S. FEDERAL FUNDS
OVERNIGHT EURO—DOLLAR DEPOSITS
U.K.
CANADA
GBR* ANY
JAPAN
FRANCE
NETHERLANDS
SfflXZEBLAND
6.66
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
27
27
27
27
27
27
27
27
27
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
27
27
27
27
27
27
27
27
27
6.83
3.35
3. 85
JAN.
JAN.
JAN.
JAN.
JAM.
JAN.
27
27
27
27
27
27
6.65
6.69
6.85
7.02
7.19
7.55
6. 65
8. 20
8. 50
3.01
3.49
7.38
3.75
0. 13
CHART 5. 3-MONTH INTEREST RATES
U.S. 90—DAI CD'S, SECONDARY MARKET
GERMAN INTERBANK LOAN
JAPANESE GBNSAKI BATE
CANADIAN FINANCE PAPER
INTEBBANK STEELING
S1ISS INTERBANK LOAN
FRENCH INTERBANK RATE
NETHERLANDS INTERBANK RATE
WEIGHTED AVERAGE FOREIGN INTEREST RATE
{G-10 COUNTRIES PLCS SWITZERLAND)
8.68
8.74
1.65
7.94
4. 09
5. 59
CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON
OVERNIGHT
7-DAY
1-110NTH
3-MONTH
6-MONTH
1-YEAR
CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
OVERNIGHT EURO-DOLLAR DEPOSITS
0. S. FEDERAL FUNDS
DIFFERENTIAL
JAN. 27
JAN. 27
JAN. 27
6.65
j6. 66
-0.01
3-MONTH EURO-DOLLAR DEPOSIT RATE
U.S. 90-DAY CD'S* SECONDARY MARKET
DIFFERENTIAL
JAN. 27
JAM. 27
JAN. 27
' 7.02
.6.83
(%. 19
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 8. INTEREST ARBITRAGE, 3-MONTH PONDS
BUBO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
JAN. 27
JAN. 27
JAN. 27
7.02
7. 07
•0.05
0. S. COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
JAN. 27
JAN. 27
JAN. 27
7. 12
•0. 46
EURO-DOLLAR DEPOSIT
INTERBANK DE (FRANKFURT), COVERED
DIFFERENTIAL
JAN. 27
JAN. 27
JAN. 27
7. 02
7.09
•0. 07
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
JAN. 27
JAN. 27
JAN. 27
7.02
JAN. 22
JAN.,22
JAN. 15
JAN. 8
JAN. 15
JAN. 15
NOV.
JAN. 22
8.57
5.91
4.19
4.08
10.03
10.57
6.37
9.14
6.66
6. 86
0. 16
CHART 9 . L O N G TERN GOVERMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
U.S. CORPORATE
AAA BONDS
CHART 10.
9.33
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
MAX
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
20
20
20
20
20
20
20
20
257.24
309.82
309.27
174.43
158.71
197.93
265.14
481.33
FEDERAL RESERVE statistical release
H.10(512)
JANUARY 29, 1988
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
JANUARY 29, 1988
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,PR.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
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
MEMO:
•UNITED STATES
DOLLAR
JAN. 25
(CURRENCY UNITS PER DOLLAR)
JAN. 27
JAN. 26
JAN. 28
JAN. 29
71.52
11.795
35.020
1.2802
3.7314
6.4430
4.0810
5.6560
1.6775
133.800
7.7970
13.0500
158.40
1234.00
127.78
2.5565
1.8850
66.800
6.3880
137.150
2.0262
50.35
788.20
113.560
30.837
6.0290
1.3616
28.260
25.260
177.20
71.39
11.782
34.970
1.2805
3.7314
6.4400
4.0780
5.6510
1.6765
133.850
7.7970
13.0400
158.45
1232.00
127.88
2.5575
1.8830
67.050
6.3800
137.150
2.0230
50.25
788.30
113.700
30.842
6.0320
1.3605
28.650
25.270
177.40
71.36
11.755
34.940
1.2789
3.7314
6.4100
4.0700
5.6330
1.6712
133.900
7.8060
13.0500
159.10
1232.25
127.60
2.5580
1.8770
67.020
6.3600
136.900
2.0220
50.30
787.50
113.380
30.837
6.0150
1.3615
28.660
25.270
177.98
71.38
11.727
34.850
1.2768
3.7314
6.4000
4.0625
5.6180
1.6670
133.150
7.8005
13.0500
159.50
1231.00
127.17
2.5560
1.8725
66.950
6.3600
136.650
2.0190
50.45
786.30
113.250
30.837
6.0050
1.3565
28.660
25.240
178.20
70.80
11.800
35.040
1.2760
3.7314
6.4300
4.0800
5.6550
1.6785
133.850
7.7750
13.0800
158.40
1236.50
127.75
2.5500
1.8850
65.950
6.3825
137.450
2.0225
50.20
785.10
113.760
30.840
6.0320
1.3673
28.660
25.250
176.91
90.24
90.18
89.98
89.77
90.27
SINDEX 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 IS U.S. CENTS
@FedFRASER