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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts February 17, 1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND 8. INTEREST ARBITRAGE: 3-MONTH 9. LONG-TERM GOVERNMENT 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 Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. CHART 1 SPO T EXCHANG E INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND W EIGHTED AVERAG E VALUES (THIN LINE) AVERAG ES FOR W EEK ENDING W EDNESDAY RATIO SC SCALE MARCH 1973a \ 1973=100 130 120 110 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 100 90 160 150 140 130 120 80 110 70 100 60 330 310 290 270 250 i i i l i i i l i i i I 380 350 320 290 260 SWISS FRANC 230 230 200 210 190 105 95 85 75 65 90 i i i I i i i I i i i I i 170 110 U.K. POUND 100 90 80 70 55 60 45 50 35 I I I I I I I I I I I I I I I 40 195 185 175 165 210 155 170 145 160 135 150 125 140 120 100 70 60 50 40 90 30 110 80 200 190 180 20 70 60 10 CHART 2 3-M ONTH FO RW ARD EXCHANGE RATES PREMIUM e AVERAGES FOR W EEK 1 NDIN(j W EDNESDAY PERCENT PER ANNUM 4 PERCENT PER ANNUM 1 GERMAN MARK + O I 2 T- + O I CM CM COCO Tj- CO I I I 1 1 I I I 1 I I I I I I CM CO T- ^ + O I T- CM CM O c o in Tt CM CO + O I CM T- + O I 2 T- CM 4 0 CM 2 + O I 4 6 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR W EEK ENDING W EDN ESD AY u.s. U.S. DOLLARS PER FINE Ol ►OLLARS PER FINE OUNCE 420 420 12.5 Kg BARS AFTERNOON FIXING PRICE 400 400 380 380 360 360 340 340 320 320 300 300 280 1993 280 1995 1997 CHART 4 CALL M ONEY RATES W EEKLY SERIES PERCENT PER ANNUM c r> O CO -si ro PERCENT PER ANNUM cn ID ^ Tt CM CD con > co CO CHART 5 3-M O N TH INTEREST RATES W EEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM r t co cj \ -iCsJ CD o m CHART 6 EURO -DO LLAR DEPOSIT RATES, LONDON AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM >ERCENT PER ANNUM 8 8 OVERNIGHT 6 6 4 4 2 1 I 1 1 I I 1 1 I I I 1 1 I I 8 2 8 7-DAY 6 6 4 4 2 I I 1 I I I I 1 I I I 1 I I I 2 8 8 1-MONTH 6 6 4 4 2 i i i I i i i I i i i I i i i 1995 1997 2 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 ----- . -V I 1995 1997 +o I IO + DIFFERENTIAL I I 1995 I I i i 1 1 i i i 1997 1 i i i CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 7 INTERBANK STERLING COVERED LONDON EURO-DOLLAR DEPOSITS DASHED LINE 4 — i i i I i i i I i i i I i i i DIFFERENTIAL + O I 2 S " ' I I I I I I I I I I I I i— h - 1' I I I 7 CD INTERBANK DM COVERED FRANKFURT ID EURO-DO LLAR DEPOSITS DASHED LINE ^ CO 3 — + O I C\J T - i i i l i i i l i i i I i i i 1995 1997 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNUM in co Ol Ol O) -si 00 CD O) PERCENT PER ANNUM CHART 10 STOCK INDICES W EEKLY SERIES RATIO SCALE End-1994=100 RATIO SCALE End-1994=100 1995 1997 14-Jan-98 21-Jan-98 28-Jan-98 4-Feb-98 Chart 1. ll-Feb-98 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 2.6620 69.807 16.413 54.950 0.05586 0.75760 48.759 67.722 162.29 2.6436 69.491 16.294 54.551 0.05549 0.77586 48.422 66.944 162.93 2.6984 68.800 16.624 55.712 0.05649 0.79252 49.421 68.631 165.23 2.6652 68.766 16.419 54.994 0.05574 0.79507 48.809 68.027 164.22 2.6793 69.750 16.510 55.324 0.05601 0.80796 49.068 68.528 163.82 104.90 69.58 73.96 154.58 32.06 198.36 139.98 217.87 65.64 104.17 69.26 73.42 153.46 31.85 203.15 139.01 215.37 65.90 106.33 68.57 74.91 156.72 32.43 207.51 141.88 220.80 66.83 105.02 68.54 73.99 154.70 31.99 208.18 140.12 218.85 66.42 105.58 69.52 74.40 155.63 32.15 211.55 '140.87 220.46 66.26 106.17 66.24 72.07 170.15 29.26 225.23 144.60 54.31 224.74 63.74 99.37 105.55 66.69 71.62 168.90 29.05 227.76 143.73 53.82 224.27 63.79 100.24 105.56 67.34 71.65 169.06 29.05 230.57 143.75 53.47 224.77 63.26 99.58 0.98 2.00 2.03 -0.45 5.17 2.15 4.21 -1.87 1.09 2.02 2.05 -0.51 5.17 2.17 4.31 -1.83 0.71 2.01 2.04 -0.54 5.16 2.17 4.37 -1.83 0.67 2.03 2.07 -0.51 5.08 2.18 4.41 -1.79 280.25 287.83 297.29 301.07 299.23 5.43 5.43 4.27 3.31 3.35 0.42 3.27 0.91 7.11 5.52 5.44 4.23 3.31 3.32 0.43 3.19 1.20 7.26 5.54 5.46 4.26 3.31 3.25 0.44 3.25 1.04 7.54 5.54 5.54 4.72 3.31 3.52 0.45 3.28 0.91 7.13 5.45 5.37 4.70 3.31 3.34 0.41 3.27 0.91 7.51 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 , Weighted average exchange value indices: March 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. 1.00 2.00 2.04 -0.37 5.17 2.14 4.31 -1.80 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 105.35 67.91 71.51 168.54 29.11 223.18 143.48 54.37 222.04 63.68 101.04 3-Month Forward Exchange Rates, Premium or Discount Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U . . pound K Chart 3. 106.01 68.16 72.01 169.80 29.29 217.05 144.38 54.47 224.45 63.33 100.91 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 14-Jan-98 21-Jan-98 28-Jan-98 4-Feb-98 Chart 5. 3-Month Interest Rates 5.51 4.69 3.48 3.49 0.75 3.39 1.36 7.52 3.87 5.52 4.54 3.48 3.49 0.75 3.38 1.19 7.50 3.86 5.52 4.96 3.47 3.47 0.82 3.39 1.11 7.44 3.89 5.54 5.02 3.45 3.46 0.85 3.35 1.06 7.45 3.90 5.44 5.49 5.51 5.52 5.52 5.56 5.46 5.49 5.49 5.50 5.51 5.56 5.54 5.50 5.50 5.51 5.51 5.57 5.37 5.46 5.49 5.52 5.52 5.71 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 5.52 4.68 3.49 3.52 0.77 3.40 1.25 7.44 3.87 5.43 5.47 5.49 5.49 5.54 5.54 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. ll-Feb-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.43 5.43 0.01 5.44 5.52 -0.08 5.46 5.54 -0.08 5.54 5.54 -0.00 5.37 5.45 -0.08 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 5.49 5.52 0.02 5.52 5.51 0.01 5.50 5.52 -0.02 5.51 5.52 -0.01 5.52 5.54 -0.01 Euro-dollar deposit Interbank sterling (London), covered Differential 5..49 5..61 0 .12 5 .52 5 .61 -0.. 09 5..50 5 .64 -0 .14 5..51 5 .58 -0 .06 5.. 52 5 .63 -0..10 U.S. commercial paper Canadian finance paper, covered Differential 5 .41 5..69 0 .28 5..41 5 .68 -0..26 5 .43 5..65 -0..22 5 .45 5 ..68 -0..24 5 .43 5..70 -0..26 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5..49 5.. 57 0 .08 5.. 52 5..54 -0..02 5 .50 5 .56 -0 .06 5 .51 5 ,53 . -0 ,02 . 5..52 5..55 -0..03 Euro-dollar deposit Swiss interbank, covered Differential 5 ,49 . 5 .57 0 ,08 . 5 52 ,. 5 ,59 . -0 ,07 . 5 ..50 5 ,51 . -0 ,01 . 5 .51 , 5 ,49 . 0 ,02 . 5 .52 . 5 ,48 . 0 ,04 . 5.36 5.07 5.06 1.75 3.00 5.05 6.05 5.53 5.34 5.13 5.11 1.84 2.97 5.08 6.08 5.66 5.42 5.11 5.07 1.84 2.87 5.07 6.07 5.56 5.44 5.13 5.09 1.81 2.82 5.08 6.06 5.61 160.50 163.89 186.06 81.47 229.86 241.00 144.56 208.65 164.82 167.45 188.47 83.40 236.47 249.40 146.10 211.50 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. 5.32 5.10 5.08 1.66 3.05 5.05 6.03 5.43 Stock Indices (Wednesday figures) Canada 150.73 154.13 159.75 France 152.99 156.46 160.29 Germany 174.54 177.46 180.73 Japan 73.70 79.85 82.99 Netherlands 222.73 228.67 228.42 Switzerland* 222.13 229.79 233.78 United Kingdom 138.46 140.01 141.31 United States 199.79 202.40 202.93 Indices (in order, rebased to 1986=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index*, Financial Times Ordinary, NYSE Composite *New Series
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