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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts F e b r u a r y 13, 1989 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D.G. 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 $.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 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 SCALE 11973-100 140 120 RATIO Si MARCH 19721=100 140 FOREIGN CURRENCY PRICE OF U.S. DOLLAR BELGIAN FRANC 120 100 100 90 90 80 80 I 70 I I I I I 70 280 280 240 __ SWISS FRANC JAPANESE YEN - 240 200 200 180 180 160 160 140 140 120 I I 120 I 100 100 CANADIAN DOLLAR 90 80 90 U.K. POUND 80 70 70 60 60 50 I I I I I I I I I I I 50 200 200 180 GERMAN MARK DUTCH GUILDER 180 160 160 140 140 120 120 100 100 120 60 ITALIAN LIRA 100 90 50 FRENCH FRANC 45 80 40 70 35 60 30 50 25 1987 1989 1987 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 Ax/* - I I I i i LA A i I I I I I SWISS FRANC I I I I I I DUTCH GUILDER ' / v I JAPANESE YEN GERMAN MARK L L I " V ~ I I I I I I Ml.Mill.I I I I I I I ITALIAN LIRA FRENCH FRANC - 4 - 8 12 1987 1989 1987 1989 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. .LARS PER FINE OUNCE U.S. DOLLARS PER FINEOl 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 CHART 4 CALL MONEY RATES WEEKLY SERIES )ENT PER ANNUM PERCENT PER ANI 16 12 16 U.S. FEDERAL FUNDS - FRANCE 8 , v y r \ > V ^ r f 12 8 JAPAN 4 4 0 i i i I I I 11111111111 0 16 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 I PI I I I I I 0 1987 1989 1987 0 1989 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANN ENTPER 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 - 14 - 12 CANADIAN FINANCE CO. PAPER 12 10 10 8 - I 6 I I I I I 6 8 8 6 8 GERMAN INTERBANK RATE SWISS INTERBANK RATE 6 4 4 2 2 0 0 10 10 __ 8 NETHERLANDS INTERBANK RATE - 8 JAPANESE GENSAKI RATE 6 6 4 4 I 2 1987 1989 I I I I I 1987 iiliiliilii 1989 2 CHARTS EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY 14 14 OVERNIGHT 12 3-MONTH 12 10 10 8 8 6 6 4 4 14 14 12 7-DAY 6-MONTH 12 10 10 8 8 6 6 4 4 14 14 12 1-MONTH 1-YEAR 12 10 10 8 8 6 6 4 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 AN 14 14 12 12 10 10 3-MONTH FEDERAL FUNDS EURO-DOLLAR DEPOSITS DASHED LINE 8 8 6 6 OVERNIGHT 90-DAY CD'S DASHED LINE EURO-DOLLAR DEPOSITS 4 4 11 J_L 2 I I I 11111111111111111 2 2 2 DIFFERENTIAL DIFFERENTIAL 1 1 + + 0 0 11 1 1987 ENTIAL SCALE = 2 PERCENT ON RATE SCALE I 1989 I I 11111111111 1987 11111111111 1989 1 CHARTS INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY )ENT PER ANNUM PERCENT PER ANh 16 16 12 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 8 EURO-DOLLAR DEPOSITS 4 0 U.S. COMMERCIAL PAPER DASHED LINE I I I I I 4 DASHED LINE 1111111 n I m I n I i 111 > 1111 I I I I I I I iiliiliiIiiliiliiI 2 2 DIFFERENTIAL DIFFERENTIAL + + 0 2 0 I I I IIlllllI i l l i l l 11 h i I I I I I I ' I ' I I I I I I 11 I ' l l 11 I I 16 12 0 2 16 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 EURO-DOLLAR DEPOSITS 4 DASHED LINE 0 M i l l EURO DOLLAR DEPOSITS 4 DASHED LINE hi! IIllllll Hill IMill J M i l l lllllllI IIIIIlllllIII I 2 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 l l l l 1987 IllllllllI I 1989 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I I I I 1987 I iiliiliilii iiliiliiIi 1989 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANh U 'vt :ENT PER ANNUM 14 14 „ UNITED STATES 12 CANADA 12 V 10 10 8 8 i 6 i i i i 6 iiiiiiiihi i 14 14 FRANCE UNITED KINGDOM 12 12 Kv 10 - V 8 I II 6 I I 10 8 I I I 6 10 10 SWITZERLAND 8 - JAPAN — 6 6 4 2 — M i l l I I I I I I 4 2 10 10 NETHERLANDS 8 8 - MONTHLY GERMANY - 8 6 6 4 4 11 2 1987 1989 I I I I I 1987 I I IIIIIIIIII 1989 2 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 600 500 — - UNITED STATES 400 NETHERLANDS — #A / 300 200 - i 150 i i i i i 1111,111111 1111,111111 800 —1 JAPAN 600 - 500 - 400 - 300 - m / - Vv K\f - -J i 200 GERMANY i i i i I i I I LU 100 300 SWITZERLAND 250 FRANCE 200 150 - - — I 100 I I I I I 11111111111 600 500 —I — — UNITED KINGDOM CANADA 400 ' 300 200 I I I I/ I I 1987 / I 1989 1987 1989 SERIES CHART 1 . LAST VALUE PLOTTED DATE VALOE NAME SPOT EXCHANGE BATES AMD I N D I C E S WEEKLY AVERAGES, NOON BUYING BATES (U.S. GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC I T A L I A N LIRA SWEDISH KRONA INDICES, MARCH 1973 BASE RATES = CENTS) FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 8 8 8 6 8 0 8 8 8 8 53.38 0 . 77235 4 7 . 26 174.22 8 4 . 40 15- 69 62.84 2.54bo2 0.0730% 15. 71 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 8 8 8 8 8 0 8 8 8 150.16 202.24 135. 68 7 0.46 8 4 . 12 70. 68 202. 1o 100.35 4 1 . 52 8 6 8 8 8 8 ti 8 8 b 8 9 6 . 72 157. bO 213.67 134.75 6 6 . 01 8 0 . 68 6 5 . 96 200.00 9 7. t>3 3 7 . 74 6 6 . 86 o 8 8 8 8 8 8 8 - 1. 91 - 3 . 22 3 . 08 0 . 41 3 . 46 2 . 73 4 . ,78 - 2 . 47 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC I T A L I A N JuLRA WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , MAR 1973 = 100 L G - 1 0 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA CHART 2 . FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 3-MONTH FORIAED EXCHANGE RATES, PREMIUM On DISCOUNT CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN I T A L I A N LIRA FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. SEEI.ES UHA&I 3. GOLD P R I C E I N U.S. CHAM H. L A S T VALUE PLOTTED DATE VALUE NAME LONDON, AFTERNOON 1 1 X I N G DOLLARS PEE F I N E OUNCE CALL j. 8 3 9 0 . 11 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 8 8 8 8 8 8 8 8 8 1 2 . 82 1 0 . 85 5 . 8o 3 . 89 8.40 6.07 4 . t>7 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 8 8 8 8 8 8 8 8 8 9.27 b.07 4 . 21 1 1.48 1 2 . 90 5 . 63 8.95 6.53 7 . 83 FEB. FEB. FEB. FEB. FEB. FEB. 8 8 8 8 8 8 ti. 89 9.04 9 . 20 9.34 9.47 9 . 71 MONEY BATES U . S . FEDERAL FUNDS OVERNIGHT EURO-DOLLAR D E P O S I T S U. K. CANADA GERMANY JAPAN FNANCE NETHERLANDS SMXTZERLAND CHAhT FEB. 9 . 1v a. 89 3-MONTH I N T E R E S T RATES U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET GERMAN I N T E R B A N K LOAN JAPANESE G E N S A K I RATE C A N A D I A N F I N A N C E PAPER INTERBANK S T E E L I N G SWISS I N T E R B A N K LOAN FRENCH INTERBANK RATE NETHERLANDS I N T E R B A N K RATE WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE ( G - 1 0 COUNTRIES PLUS S W I T Z E R L A N D ) CHART B . EUBO-DOLLA8 DEPOSIT MATES: LONDON OVERNIGHT 7-DAY 1-MO NTH 3-MO NTH 6-MONTH 1-YEAR CHART 7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKEX RATES OVERNIGHT EURO-DOLLAR D E P O S I T S U . S . FEDERAL FUNDS DIFFERENTIAL FEB. FEB. FEB. 8 8 8 D . 89 9 . 10 - O . 21 3 - M O N T H EURO-DOLLAR D E P O S I T RATE U . S . 9 0 — D A I C D ' S , SECONDARY MARKET DIFFERENTIAL FEB. FEB. FEB. 8 8 8 9 . 34 9. 2 7 0 . 07 SERIES NAME CHART b . LAST VALUE PLOTTED DATE VALUE INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL FEB. FEB. FEB. 0 8 8 9 . 34 9. 58 - a . 24 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL FEB. FEB. FEB. 8 8 8 9 . 15 9 . 52 - 0 . 37 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL FEB. FEB. FEB. 8 8 8 9 . 34 9 . 19 0 . 15 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFER ENTIAL FEB. FEB. FEB. 8 8 8 9 . 34 9 . 15 0 . 19 FEB. FEB. FEB. FEB. FEB. FEB. DEC. FEB. 3 3 3 3 3 3 9.00 6.71 4 . 26 4.63 10.21 8. 97 6. 42 8.75 CHAB1 9 . LONG TERM COVERMEN! BOND YIELDS UNITED STATES GERM ANY JAPAN SWITZERLAND CA NADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM 3 U . S . CORPORATE AAA BONDS CHART 10. MA I 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 8 8 8 8 8 8 8 8 319.05 3 7 6 . 98 36b.08 244.74 213.83 3 2 7 . 53 4 5 9 . 25 Ob0.00 .<Qf GOv/'. FEDERAL RESERVE statistical release H.10(512) FEBRUARY 1 0 , 1989 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING FEBRUARY 1 0 , 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: COUNTRY MONETARY UNIT •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 COLLAR KRONE ESCUDO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND MEMO: tUNITED STATES DOLLAR FEB. 6 (CURRENCY UNITS PER DOLLAR) FEB. 8 FEB. 7 FEB. 9 FEB. 10 88.15 13.200 39.340 1.1832 3.7314 7.3100 4.3480 6.3940 1.8787 156.200 7.8010 15.2300 142.20 1370.25 129.65 2.7320 2.1220 61.230 6.7910 153.730 1.9320 2.4330 683.00 117.000 33.178 6.3820 1.5965 NA 25.490 173.27 88.74 13.132 39.100 1.1822 3.7314 7.2660 4.3125 6.3560 1.8678 155.740 7.8010 15.2000 143.00 1362.00 129.29 2.7300 2.1095 61.320 6.7550 153.500 1.9310 2.4330 683.00 116.200 33.178 6.3470 1.5865 NA 25.450 174.25 89.15 13.180 39.280 1.1850 3.7314 7.2990 4.3330 6.3725 1.8720 155.760 7.8010 15.2000 142.65 1367.00 129.60 2.7290 2.1145 61.500 6.7800 153.500 1.9260 2.4410 683.10 116.500 33.180 6.3700 1.5910 NA 25.430 174.33 88.80 13.079 38.940 1.1840 3.7314 7.2350 4.3070 6.3300 1.8596 154.980 7.7985 15.1900 143.45 1356.00 128.58 2.7290 2.1000 61.240 6.7330 152.400 1.9270 2.4350 682.40 115.700 33.180 6.3300 1.5795 27.670 25.420 175.48 88.55 13.090 38.990 1.1860 3.7314 7.2500 4.3060 6.3350 1.8615 155.000 7.7990 15.1900 143.15 1357.00 128.49 2.7290 2.1020 61.750 6.7310 152.280 1.9290 2.4500 681.50 115.750 33.178 6.3325 1.5825 27.670 25.360 175.43 96.95 96.47 96.70 96.06 96.13 •INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U . S . DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. HEIGHTS 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
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