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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts February 12,1990 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DuC. 20551 Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES— H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 3-MONTH FORWARD EXCHANGE RATES GOLD PRICE—LONDON CALL MONEY RATES 3-MONTH INTEREST RATES EURO-DOLLAR DEPOSIT RATES SELECTED EURO DOLLAR AND U S. MONEY MARKET RATES INTEREST ARBITRAGE: 3-MONTH FUNDS 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 $.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 m 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=100 140 130 120 RATIO SCALE MARCH 1973=100 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 140 130 120 BELGIAN FRANC 110 110 100 100 90 90 80 80 ' 70 280 260 — 240 220 i ' 1 l ' ' I » » i I i i i • ' ' SWISS FRANC I ' ' ' I ' ' I I I I 70 280 260 240 220 JAPANESE YEN 200 200 180 180 160 160 140 120 100 140 i i i 90 I ' ' ' l ' i ' i J_L • i ' __ U.K. POUND ' l ' • 1 I • 1 i I i ' • CANADIAN DOLLAR 90 80 80 70 70 60 50 200 60 I I I 180 I ' I ' I • • I I I I I ' ' ' I • • • I • • • I I I I GERMAN MARK DUTCH GUILDER 160 140 140 120 120 ' ' ' I ' ' • I ' ' • I ' • _L_L 110 I ' ' ' I ' • • ' I I I 50 FRENCH FRANC 90 100 60 55 ITALIAN LIRA 100 45 80 40 70 35 60 50 50 200 180 160 100 120 120 100 30 1 1 1 I 1 1 1 1988 I 1 1 I I ' I • 1990 i i t 1988 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 CANADIAN DOLLAR I I » I I U.K. POUND I I I I I I I I I GERMAN MARK 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 I I I JAPANESE YEN i i I i i i I i i I I I I I I I I I I I I I I SWISS FRANC I I I I I ITALIAN LIRA FRENCH FRANC 1988 I 1990 1988 1990 CHARTS PRICE OF GOLD IN LONDON A V E R A G E S FOR W E E K ENDING W E D N E S D A Y U.S. DOLLARS PER FINE Ol U.S.I DLLARS PER FINE OUNCE 520 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 460 440 420 400 380 360 340 320 1987 1988 1989 1990 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 — U.S. FEDERAL FUNDS 12 FRANCE JAPAN 0 16 i i ' I i i i I i i i l i i i i i i I i i i I i i i I i J - J - l O 16 12 12 CANADA GERMANY i i l i ' i l i ' i I i i i i I i i i I i i i I i i 0 20 SWITZERLAND UNITED KINGDOM i 16 12 NETHERLANDS i 1988 1990 1988 i I i i i I i ' 1990 i CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES >ENT PER ANNUM PERCENT PER AN 12 FRENCH INTERBANK RATE 10 U.S. CD'S 8 6 WEIGHTED AVERAGE FOREIGN RATE 4 i 2 16 14 i i I i i i I ' i i I i i i I I U.K. INTERBANK STERLING I I I I I I I I I I I I I i i I i ' i I I ' CANADIAN FINANCE CO. PAPER 12 10 8 i 6 i i I i i i I ' ' i I i i i i i i I i i i I i 10 8 — GERMAN INTERBANK RATE — SWISS INTERBANK RATE 6 4 2 i i i I i i i I i i i I i i • 10 NETHERLANDS INTERBANK RATE 8 JAPANESE GENSAKI RATE 6 4 2 i ' i I i i i 1988 I i i i I i i ' 1990 I 1988 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 12 10 10 ' 4 14 i i I i i i l ' ' ' l i i i I I I 1 I 7-DAY 12 I I I » I I 1 I I I 6-MONTH 12 10 4 14 4 14 10 i i i I i i ' I i i i I i i i I I I 1-MONTH 12 I I I I ' ' » I I !__L 1-YEAR 4 14 12 10 10 ' ' • I • • 1988 ' I • • • I • • 1990 • i i i I i i i 1988 l i i i I i i 1990 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 10 OVERNIGHT EURO-DOLLAR DEPOSITS 10 3-MONTH EURO-DOLLAR DEPOSITS FEDERAL FUNDS 90-DAY CD'S DASHED LINE J — l — I — I l DASHED LINE l I I i i i I i J—I I L_L DIFFERENTIAL DIFFERENTIAL I I I J 1988 1 1 1 ' ' I ' " ' 1990 J — I — I — I 1988 i I i i 1990 CHARTS INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY (CENT PER ANNUM PERCENT PER ANNL 16 16 12 12 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 8 8 0 U.S. COMMERCIAL PAPER EURO-DOLLAR DEPOSITS 4 — DASHED LINE i i i I i i i I i i i I i i i 4 DASHED LINE j_ i i I i i i I i i i I i i i DIFFERENTIAL DIFFERENTIAL + + p.nrifr 0 2 16 I I 12 I I I I I I I I I I I I I I 0 I INTERBANK DM I I I I I I I I I I I I 8 8 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 4 i i i I i i 4 DASHED LINE DASHED LINE i I i i i I i i i 1 1 1 I i i i I ' i i I i i i 0 2 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 2 16 12 SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 0 0 2 2 I I I I I I 1988 I I I I I I I I 1990 I I I I I I I 1988 I I I I I I I 1990 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNl {CENT PER ANNUM 14 CANADA UNITED STATES 12 10 8 6 14 i i i I i i i I i i i I i i i I I » I » 1 » I 1 I 1 I I I » I » i i I i i ' I i » » l i » i l i i i l i ' i I I I I I I I I I I FRANCE UNITED KINGDOM 12 10 8 6 10 I I I I « ' ' I ' ' • I ' I ' • « » JAPAN SWITZERLAND 8 6 4 2 I I I I I I I I I I I I I I I • » i 10 GERMANY NETHERLANDS MONTHLY 8 6 4 2 ' i i I » i 1988 i I i i i 1 > i 1990 » I I I I I 1988 1990 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 200 175 200 UNITED STATES — NETHERLANDS 175 150 150 125 125 100 100 75 75 50 400 350 i i i I i i i I i i i l i i i • i I i i i I i i i I i i i 50 200 . JAPAN — GERMANY 175 300 150 250 125 200 100 150 75 100 i i i I i i i I i i i l ' i ' i i i i i i i I i i i I i i i 200 50 200 175 — SWITZERLAND FRANCE 175 150 150 125 125 100 100 75 75 50 i i i I i i i I i i i I i i i i I i i i I i i i 1 i i i 200 50 200 175 — CANADA UNITED KINGDOM 175 150 150 125 125 100 100 75 75 50 i ' i I i < i 1988 l i i i I i i i 1990 » i i 1 ' i i 1988 I i i ' I i i i 1990 50 SERIES 10-Jan-90 17-Jan-90 24-Jan-90 31-Jan-90 7-Feb-90 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, 2.8377 86.180 17.462 59.561 0.07947 0.69279 52.775 65.428 164.70 2.8275 86.150 17.423 59.288 0.07952 0.68756 52.583 66.297 165.82 2.8042 84.793 17.271 58.693 0.07883 0.68530 52.088 66.059 164.68 2.8368 84.044 17.463 59.317 0.07978 0.69489 52.642 66.963 167.07 2.8630 84.085 17.613 59.882 0.08050 0.68845 53.076 67.263 169.18 111 . 8 2 85 . 8 9 78 .69 167 . 5 5 45 . 6 2 181 . 3 9 151 . 5 1 210 . 4 9 66 . 6 2 111 . 4 2 85 .86 78 . 5 1 166 .78 45 . 6 5 180 . 0 3 150 .96 213 .28 67 .07 110 .50 84 . 5 1 77 .83 165 . 1 1 45 .25 179,.43 149..53 2 1 2 , .52 6 6 ., 6 1 111 . 7 8 83 .77 78 . 6 9 166 .86 45 . 8 0 181 . 9 4 151 . 1 2 215 . 4 3 67 .57 112 .82 83 . 8 1 79 .37 168 .45 46..21 180,,26 152..37 216. 39 6 8 . 43 105 . 1 3 78 . 8 1 71 .30 171 . 0 4 39 .79 181 . 4 3 145 . 3 4 66 .76 205 . 7 2 60 . 2 5 93 . 5 2 105 77 71 171 39 182 145 66 206 60 92 106 77 71 172 40 179 146 67 206 61 92 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 , Mar. 1973=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 Swedish k r o n a Swiss f r a n c U . K . pound U.S. d o l l a r 105.56 79.52 71.55 172.43 39.80 182.03 146.15 66.81 202.05 59.73 92.59 Chart 2. 'remium o r D i s c o u n t 3 - M o n t h F o r w a r d Exchange R a t e s 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 -3.71 -3.16 -0.06 -4.33 1.41 -0.59 -1.01 -6.36 105 .29 79 .59 71 .46 171 . 7 2 39 .88 180 . 7 2 145 .77 66 . 9 4 205 . 0 5 60 .26 92.72 - 3 .73 - 2 .90 - 0 .03 - 4 .33 1 .27 - 0 .64 - 1 .32 -6 .61 - 3 .67 - 2 .70 0 .05 - 4 .25 1 .30 - 0 .58 - 1 .26 - 6 .47 .54 .40 .56 .60 .97 . 66 .77 .78 .94 .69 .59 .04 .05 .87 .58 .15 .82 .32 .09 .89 .22 .04 - 3 .97 - 2 .55 0 .05 - 4 .36 1..29 - 0 . .49 - 1 . .47 - 6 ,. 3 1 - 4 .03 - 2 .50 0,.18 - 4 , .43 1. 28 - 0 . 47 - 1 . 31 - 6 . 39 417 ,.12 420. 31 ixing d o l l a r s per f i n e ounce Chart 4. 403.73 413 . 4 2 411 i—i U.S. 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 Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom deposits 8.22 8.18 12.13 10.76 7.70 6.49 8.60 9.18 14.91 8 8 12 10 7 6 8 8 14 .20 .09 .05 .33 .67 .42 .74 .88 .90 8 8 12 10 7 6 8 8 14 .23 .15 .33 .53 .77 .43 .17 .88 .81 8. 8. 12. 10. 6. 6. 8, 8. 14. 24 09 30 63 55 48 33 88 74 8. 8. 12. 10. 7. 6. 8. 8. 14. 22 14 00 39 81 42 44 90 89 SERIES Jan - 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 Japanese g e n s a k i 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 CG-10 C o u n t r i e s ) Chart 6. Euro-Dollar 8 .15 12 .27 11 . 4 5 8 .28 5 .94 8 .84 9 .13 15 .06 9 .97 8 8 8 8 8 8 S e l e c t e d E u r o - d o l l a r & U.S. Overnight Euro-dollar U.S. f e d e r a l f u n d s Differential 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 p a p e r , Differential covered covered Euro-dollar deposit Swiss i n t e r b a n k , c o v e r e d Differential 8.15 8.11 8.23 8.26 8.33 8.49 8 .22 12 .56 10 .79 8 .06 6 .20 8 .72 9 .45 15 .06 9 .94 .18 .20 .23 .23 .20 .19 8 8 8 8 8 8 .09 .13 .19 .25 .31 .51 8 .14 8 .13 8 .19 8 .25 8 .31 8 .51 8. 18 8 . 22 - 0 . 04 8.09 8.20 -0.12 8.15 8.23 -0.08 8 . 09 8. 24 - 0 . 15 8 .14 8 .22 - 0 .09 8 . 23 8 . 15 0. 08 8.15 8.11 0.04 8.26 8.20 0.06 8 . 25 8 . 19 0. 06 8 .25 8, 22 0..03 8 . 23 8 . 47 - 0 . 24 8.15 8.29 -0.14 8.26 8.53 -0.27 8 . 25 8 . 52 - 0 . 27 8 . 25 8 . 43 - 0 . 18 8 . 09 8 . 45 - 0 . 23 8.04 8.35 -0.20 8.12 8.28 -0.02 8 . 13 8 . 30 - 0 . 05 8 . 15 8 . 40 - 0 . 15 8 . 23 8 . 22 0 . 01 8.15 8.13 0.02 8.26 8.29 -0.03 8 . 25 8 . 21 0 . 04 8 . 25 8 . 24 0 . 01 8 . 23 8 . 09 0 . 13 8.15 8.05 0.10 8.26 8.11 0.15 8 . 25 8 . 07 0 . 18 8 . 25 8 . 11 0 . 14 ND 10.05 7.88 6.60 10.05 9.82 8.13 ND 10.04 8.00 6.62 10.04 10.09 8.30 ND 1 0 . 26 8 . 03 ND 1 0 . 26 1 0 . 09 8 . 47 ND 1 0 . 27 8 . 15 ND 10. 27 1 0 . 20 8 . 51 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. 8.09 8.09 8.15 8.15 8.16 8.20 8 .19 12 .40 10 .98 8 .16 6 .15 8 .78 9 .58 15 .06 9 .96 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. 8.20 12.07 11.00 8.24 6.04 8.84 9.40 15.25 9.96 Mone y 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 Differential Chart 8. 8.11 12.19 11.21 8.16 6.00 8.83 9.40 15.15 9.95 Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 1 7 - J a n - 9 0 2 4 - J a n - 9 0 3 1 - J a n - 9 0 7 - F e b - 90 9. 9. 7. 6. 9. 9. 8. 85 68 85 20 68 61 01 Stock I n d i c e s Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom United States 131 . 3 5 149 . 5 1 114 .86 211 .26 108 .77 137 . 3 3 150 . 2 3 141 . 2 3 129. 146. 113. 205. 104. 134. 147. 137. 04 95 09 64 92 10 04 37 Toronto Composite, 125 144 109 204 102 130 141 134 .35 .03 .67 .58 .26 .35 .87 .26 123 143 113 207 105 131 144 133 CAC G e n e r a l , .45 .01 .97 .00 .08 .85 .62 .43 125. 94 144. 99 120. 70 2 0 9 . 16 105. 24 135. 45 142. 41 135. 49 1 FAZ A k t i e n , NYSE C o m p o s i t e •oOLGO^-.. FEDERAL RESERVE statistical release H.10(512) February 12> 1990 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING FEBRUARY 9, 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 ^AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA ^IRELAND ITALY JAPAN MALAYSIA NETHERLANDS XNEM ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND *UNITED KINGDOM MEMO: **UNITED STATES MONETARY UNIT 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 DOLLAR Feb. 5 ' 1CURRENCY UNITS PER DOLLAR ) Feb. 8 Feb. 7 Feb. 6 Feb. 9 76.550 11. 770 34. 890 1. 1899 4. 7339 6. 4600 3. 9610 5. 6700 1. 6697 157. 45 7. 8110 16. 950 158. 65 1239. 50 145 .39 2,,7000 1 .8840 59, 980 6 .4580 146 .90 1 .8660 2 .5400 690 .80 107 .93 40 .018 6 .1160 1 .4802 26 .105 25 .740 169 .50 76. 650 11. 690 34. 670 1. 1879 4. 7339 6. 4550 3. 9350 5. 6435 1. 6580 156. 10 7. 8110 16. 950 159. 62 1235,.00 145,,13 2,.7010 1,.8706 60 .100 6 .4450 146 .40 1 .8570 2 .5370 690 .70 107 .55 40 .018 6 .0800 1 .4769 26 .083 25 .710 170 .20 75. 750 11. 665 34. 690 1. 1935 4. 7339 6. 4125 3. 9300 5. 6350 1. 6550 156. 10 7. 8115 16. 950 160.,00 1234,.50 145,.47 2.,7060 1 .8682 59 .360 6 .4300 146 .70 1 .8595 2 .5320 690 .50 107 .53 40 .018 6 .0600 1 .4815 26 .088 25 .710 169 .90 75.450 11. 785 35. 020 1. 1971 4. 7339 6. 4675 3. 9650 5. 6860 1. 6730 157. 00 7. 8120 16. 960 158. 50 1244. 00 145. 40 2,.9060 1..8870 59..150 6..4730 147 .80 1 .8630 2 .5460 691 .00 108 .53 40 .018 6 .1250 1 .4948 26 .119 25 .730 168 .70 74. 930 11. 808 35. 070 1. 1956 4. 7339 6. 4790 3. 9785 5. 6930 1. 6750 158. 05 7. 8110 16. 960 158. 20 1246. 50 145. 20 2,.7055 1..8891 59..300 6,.4715 147 .95 1 .8645 2 .5475 6 .92 108 . 65 40 .018 6 .1385 1 .4970 26 .130 25 .730 169 .25 91 .99 91 .56 91 .59 92 .26 92 .28 *VALUE IS U.S. CENTS **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.