Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : February 13, 1995

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

February 13,1995

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

SCALE
H1973=100

115

150

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

140

BELGIAN FRANC

100

130
120

85

110
100

70

i

i

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l

i

'

'

l

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l

i

'

i

270

i

i

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I

i

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I

i

i

i

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i

i

i

280

— JAPANESE YEN
SWISS FRANC

250

90
300

260

230

240

210

220

190

200

170

i

< i

l

i

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l

i

'

i

I

i

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I

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80

i

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I

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i

85

CANADIAN DOLLAR
U.K. POUND

70

75

60

50
200

180

65

i

'

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l

i

180

i

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I

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'

•

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»

215

GERMAN MARK

DUTCH GUILDER

55

195

160

175

140

155

i

120

l

i

'

'

l

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l

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i

'

i

'

l

i

'

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l

'

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I

» i

i

100
90

135
55

ITALIAN LIRA

FRENCH FRANC

45

80
35
70

60

i

i




i

I

i

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1993

i

I

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1995

i

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1993

'

l

•

'

» I

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1995

'

25

CHART 2

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

PERCENT PER ANNUM

2

2 ,

U.K. POUND

CANADIAN DOLLAR

JAPANESE YEN

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA




I
1993

1995

1992

i

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i

I

•

•
1994

•

l

•

'

'

CHART 3

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 OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

320

—

340

J — i — I
1991




i

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1992

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1993

i

J

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1994

I
1995

L

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

SWITZERLAND
U.S. FEDERAL FUNDS

JAPAN

0

2
10

8
NETHERLANDS
6
GERMANY
4

4

2
16

14

FRANCE

12
CANADA

10

8

6

4

UNITED KINGDOM

2




1993

1995

1993

1995

3

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
3

PERCENT PER ANh

ER( ENT PER ANNUM

9

10
CANADIAN FINANCE PAPER
WEIGHTED AVERAGE
FOREIGN RATE

8

7

6
5
4

2
12

S CD'S

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3
11

NETHERLANDS INTERBANK RATE

9

10
U.K. INTERBANK STERLING

8

7

6

5

4

'

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I

I

I

I

1

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7

1

3
13

11

5

FRENCH INTERBANK RATE

JAPANESE CD RATE

9
3

1

7

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5

10

12

8

10

GERMAN INTERBANK RATE
SWISS INTERBANK

6

8

4

6

2

'

•

•




I

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1993

i

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1995

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1993

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1995

4

CHART 6

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

=>ER ENT PER ANNUM

8

8

3-MONTH

OVERNIGHT

6

6

4

4

2
8

•

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7-DAY

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2
8

6-MONTH

6

6

4

4

2
8

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2
8

1-YEAR

1-MONTH

6

6

4

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2

•

•

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•

•

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•

•

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•

#

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

7

7

3-MONTH

EURO-DOLLAR DEPOSITS

OVERNIGHT

EURO-DOLLAR

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

J

L

•

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•

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•

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•—I—I—I—I—I—L

DIFFERENTIAL

DIFFERENTIAL

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1993

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1

1
1995

1

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1993

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1

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1995

i

CHARTS

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

DENT PER ANNUM

7

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

6

COVERED LONDON

5

U.S. COMMERCIAL PAPER

&

f

v

'

v

DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

4

3
i

2

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DIFFERENTIAL

DIFFERENTIAL
+

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7
INTERBANK DM

6

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

5
EURO-DOLLAR DEPOSITS

4

J\

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

\

3

2
1

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1995

DIFFERENTIAL

DIFFERENTIAL
+

0

1

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1993

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1995

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1993

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

UNITED KINGDOM

UNITED STATES

6

5
10

FRANCE

CANADA
9

8

7

5

6
8
JAPAN

SWITZERLAND
7

6

5

4
9

2
NETHERLANDS

GERMANY

8

7

6

5




1993

1995

1993

1995

CHART 10

STOCK INDICES
WEEKLY SERIES
1986=

SCALE

RATIO S
198

100

220
UNITED STATES

UNITED KINGDOM

200

180

160

140
250

i

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SWITZERLAND

i

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I

I

I

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1 I

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l

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JAPAN

225
200
175

150

125

i

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'

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l

i

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i

I

I

I

160
GERMANY

CANADA

140

120

100

» i

80
190
FRANCE

I

NETHERLANDS

170

150

130

110

I

I

I




I

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1993

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1995

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1993

'

1995

11-Jan-95 18-Jan-95 25-Jan-95 l-Feb-95
Chart 1.

8-Feb-95

Spot Exchange Rates and Indices

Noon buying rates

(U.S. cents, weekly averages)

Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

3 .1388
71.088
18.730
64.660
0.06152
0.99412
57.658
77.122
155 .81

3.1683
70.536
18.896
65.321
0.06177
1.00981
58.242
77.716
156 .93

123 .69
70 .85
84 .40
181 .89
35 .31
260 .29
165 .52
248 .11
63 .02

124 .85
70 .30
85 .15
183 .75
35 .46
264 .40
167 .20
250 .02
63 .47

3.2000
70.473
19 J 368
66.000
0.06270
1.00438
58 J346
78.506
158 .95

3.1984
70.'728
19 .<027
65.!965
0.06239
1.01035
58 .1837
78.256
158 .70

3.1779
71.446
18.887
65.419
0.06199
1.00614
58.355
77.302
156.33

Indices, March 1973 base rates == 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

.03
.49
.74
.56
.81
.54
.91
.76
.19

125.22
71.21
85.11
184.03
35.58
263.44
167.52
248.69
63.23

114 .48
61 .37
75 .07
185 .12
29 .29
264 .75
156 .84
52 .38
232 .45
54 .69
87 .69

114.29
62.37
74.86
184.37
29.24
264.97
156.28
52.64
230.70
54.08
88.24

-1 .70
0 .49
1 .22
-2 .46
3 .95
1 .15
2 .27
-0 .41

-1.57
0.55
1.19
-2.36
3 .95
1.14
2.32
-0.48

382 .17

377 .36

375.03

5 .42
5 .36
7 .02
5 .25
4 .75
2 .18
4 .74
3 .61
5 .58

5 .63
5 .58
7 .21
5 .25
5 .20
2 .18
4 .86
3 .63
4 .38

5.95
5.90
7.61
5.25
4 .86
2.17
4.85
3.20
6.20

126
70
85
185
35
262
168
252
64

.10
.24
.93
. 66
.99
.98
.93
.56
.29

126
70
85
185
35
264
168
251
64

Weighted average exchange value indices,, Mar. 1973 = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. dollar
Chart 2.

114 .53
61 .13
75 .25
185 .23
29 .45
262 .99
156 .86
52 .38
233 .21
54 .78
87 .68

-0 .56
0 .39
1 .28
-2 .70
4 .02
1 .15
2 .26
-0 . 11

-1 .54
0 .35
1 .14
-2 .98
3 .94
1 .03
2 .20
-0 .17

-1 .88
0 .54
1 .28
-2 .57
4 . 05
1 .18
2 .29
-0 .28

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

114 .03
61 .57
74 .97
184 .22
29 .16
266 .30
156 .10
52 .56
232 .17
54 .36
88 .33

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

113 .64
62 .50
74 .74
183 .33
29 .22
263 .46
155 .43
52 .69
231 .80
54 .30
89 .02

374 .52

379 . 81

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




5 .53
5 .54
5 .62
5 .25
4 .84
2 .20
5 .13
3 .55
5 .70

5 .45
5 .47
6 .67
5 .25
4 .77
2 .20
4 .81
3 .39
6 .05

r

#
11- Jan- 95 18 - Jan-95 25 -Jan -95 1-Feb-95
Chart 5.

3-Month Interest Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
(G-10 Countries)
Chart 6.

6. 28
7.
,10
5.,85
5.,10
2.
,34
5.,12
4.
,04
6.,45
5.,30

6. 16
7. 97
5. 80
5. 01
2 .31
5. 07
3 .90
6. 34
5. 32

6 .24
8 .49
5 .65
5 .00
2 .29
5 .09
3 .93
6 .61
5 .33

6 .22
8 .24
5 .65
5 .00
2 .27
5 .04
3 .85
6 .63
5 .29

6 .18
8 .05
5 .61
5 .00
2 .28
5 .02
3 .81
6 .71
5 .27

,54
5.
5.
,59
,78
5.
6.,30
6.,80
7.
,59

5. 47
5 .48
5 .69
6. 14
6. 60
7 .35

5 .36
5 .54
5 .89
6 .23
6 .68
7 .39

5 .58
5 .85
5 .98
6 .20
6 .59
7 .20

5 .90
5 .94
6 .01
6 .18
6 .50
7 .09

5 .36
5 .42
-0 .06

5 .58
5 .63
-0 .05

5 .90
5 .95
-0 .05

Euro-Dollar Deposit Rates

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

8-Feb-!95

Selected Euro-dollar & U.S. Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

.54
5.
5.
,53
0 . ,01

5 . 47
5 .45
0 . 02

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

,30
6.
6..28
0 .,02

6 .14
6 .16
-0 . 02

6 .23
6 .24
-0 . 01

6 .20
6 .22
-0 .02

6 .18
6 .18
-0 .01

Euro-dollar deposit
Interbank sterling (London), covered
Differential

6 .30
.
6 .33
.
-0..03

6 .14
6 .17
-0 . 03

6 .23
6 .32
-0 .10

6 .20
6 .21
-0 .01

6 .18
6 .22
-0 .05

U.S. commercial paper
Canadian finance paper, covered
Differential

6..24
6..53
-0..29

6. 12
6. 40
-0. 28

6 .22
6 .58
-0 .35

6 .24
6 .50
-0 .26

6 .17
6 .44
-0 .27

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

6 .30
.
6 .39
.
-0 .
.09

6 .14
6. 17
-0 . 03

6 .23
6 .29
-0 .07

6 .20
6 .23
-0 .03

6 .18
6 .21
-0 .03

Euro-dollar deposit
Swiss interbank, covered
Differential

6..30
6..32
-0..02

6 .14
6 .13
0 . 01

6 .23
6 .24
-0 .01

6 .20
6 . 14
0 .06

6 .18
6 .16
0 .02

9 .43
8. 21
7 .54
4 .58
5 .29
7 .71
8. 68
7 .73

9 .54
8 .20
7 .55
4 .62
5 .32
7 .72
8 .74
7 .81

9 .30
8 .12
7 .44
4 .60
5 .29
7 .61
8 .64
7 .67

9 .02
8 .02
7 .41
4 .60
5 .26
7 .57
8 .53
7 .55

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

Stock Indices

9.
,29
8.,33
7.
,68
4.
.62
5.
.35
.82
7.
8..73
7.
.85
(Wednesday figures)

Canada
.52
138. 99
139 .
136 .84
133 .93
France
144 .
.82
144 .39
140 . 13
141 .89
Germany
116 .29
115 .
,43
113 .96
114 .58
Japan
113 .38
107 .83
110 „71
116..08
Netherlands
150 .14
149 .
148 .73
150 .14
.65
Switzerland
216 .
216. 20
211 .57
214 .21
.15
United Kingdom
182 .
181.,40
.43
174 .70
177 .39
United States
185..05
188.,17
187 .02
188 .19
Indices (in order, rebased to 1986=100) arei Toronto Composite, CAC General spliced
at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



136 .77
143 .87
116 .40
107 „ 66
151 .17
218 .31
181 .37
192 .36
to iSBF250

FEDERAL RESERVE statistical release
February 13, 1995

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

FEBRUARY 10, 1995

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
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
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
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

MEMO:
"(•UNITED STATES

DOLLAR

Feb. 6

(CURRENCY UNITS PER DOLLAR)
Feb. 9
Feb. 8
Feb. 7

Feb. 10

0.7511
10.771
31.500
1.3985
8.4580
6.0265
1.2330
4.7400
5.2990
1.5305
239.21
7.7306
31.370
1.5470
1613.00
99.30
2.5536
5.3800
1.7157
0.6315
6.6990
158.15
1.4621
3.5495
794.70
132.720
49.960
7.4460
1.2948
26.290
25.070
1.5600

0.7464
10.812
31.620
1.3955
8.4575
6.0430
1.2299
4.7545
5.3120
1.5362
240.18
7.7304
31.373
1.5420
1618.25
99.42
2.5523
5.3500
1.7220
0.6311
6.7190
158.42
1.4620
3.5510
795.20
132.480
50.000
7.4780
1.3015
26.290
25.080
1.5570

0.7441
10.786
31.540
1.3950
8.4570
6.0315
1.2319
4.7430
5.3000
1.5325
239.48
7.7312
31.368
1.5415
1616.25
98.98
2.5501
5.3700
1.7179
0.6302
6.7075
158.00
1.4561
3.5540
793.00
132.040
50.020
7.4710
1.2968
26.310
25.080
1.5523

0.7440
10.755
31.460
1.3988
8.4564
6.0175
1.2347
4.7305
5.2885
1.5282
239.02
7.7310
31.375
1.5510
1618.00
98.85
2.5484
5.5500
1.7130
0.6327
6.6885
157.38
1.4541
3.5520
793.40
131.480
50.020
7.4630
1.2930
26.290
25.070
1.5565

0.7452
10.715
31.340
1.4020
8.4560
5.9955
1.2401
4.6915
5.2660
1.5222
238.48
7.7324
31.375
1.5512
1612.50
98.86
2.5485
5.6500
1.7068
0.6342
6.6640
156.96
1.4526
3.5500
793.90
131.040
49.870
7.4100
1.2847
26.330
25.060
1.5627

88.28

88.50

88.35

88.21

87.95

"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) 482-1986.
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.