Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : February 20, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

February 20, 1990

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
EXC HANG E 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 S 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 m ;i,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
110

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

RATIO SCALE
MARCH 1973=100

140
130
120
110

BELGIAN FRANC

100

100

90

90

80

80
•

70
280
260 —
240
220

'

I

i

i

•

I

i

i

i

I

i

i

i

I

I

l

I

I

'

i

i

I

i

i

i

70
280
260
240
220

JAPANESE YEN

SWISS FRANC

200

200

180

180
160

160

140

140
'

120
100

I

90

I

I

I

I

I

I

I

I

I

I

I

I

I

J_L

•

I

i

i

i

I

i

i

i

I

i

I

I

120
100

CANADIAN DOLLAR

U.K. POUND

90

:

80

70

80
70
60

60
'

50
200

'

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

GERMAN MARK

180

50
200
180

DUTCH GUILDER

160

160

140

140

120

120

100
120
110

J

I

I

I

I

I

I

I

I

I

I

I

I

I

•

i

i

I

i

i

i

I

'

i

i

l

i

'

i

ITALIAN LIRA

50

100
90 __

100
60
55
45

FRENCH FRANC

80

40

70

35

60

30

50

I




I

I

I I
1988

I

l

I

I

I

I

I I
1990

I

I

I

I

I

' I
1988

1

I

I

I

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
CANADIAN DOLLAR

4

U.K. POUND

/ \ y A \

1

I

I

I

1

1

1

I

1

1 1

I

1

1

1

GERMAN MARK

JAPANESE YEN

^ y v A A

1

1

1

1

1

1

1

1

1

1

1

1 1

1

1

i

SWISS FRANC

1

1

1

1

1

1

1

VVv

i

i

i




1

i

y ^

y

V

i i l i i i

r

^

/

K

"

I i i i

i

\

'V

i i i

DUTCH GUILDER

1

1

1

1

1

1

1

1

i i
1988

"

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FRENCH FRANC

12

v

ITALIAN LIRA
/ x

1

V\

i

\
i

1

1

1

1 1
1990

i

i

i i i i i
1988

i i i

i l i i i
1990

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.

>LLARS PER FINE OUNCE

U.S. DOLLARS PER FINE Oi

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

J




1
1987

1

1

1

1
1988

I

I

i

i
1989

i

I

i

i
1990

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

16

12

FRANCE

U.S. FEDERAL FUNDS

JAPAN

0
16

i

i

i

I

i

' •

i

' I

'

l

i

•

12

12
CANADA
GERMANY

i

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I

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I

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i

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I

i

i

I

i

I

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I

I

I

'

I

I

I

I

I

I

I

I

I o
20

SWITZERLAND

UNITED KINGDOM




16

12

l

NETHERLANDS

1988

1990

»
1988

'

i

I

i

i
1990

'

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

12

12
FRENCH INTERBANK RATE

10

10

W/Vy/-'

U.S. CD'S

WEIGHTED AVERAGE
FOREIGN RATE

'

—

•

'

'

'

'

I

'

•

'

'

I

i

'

i

I

»

i

i

I

i

i

i
16

14

U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

12
10

'

'

'

I

I

I

I

I

I

I

I

I

I

I

I
16

10 I

I

I

I

I

I

I

I

I

I

12

SWISS INTERBANK RATE

GERMAN INTERBANK RATE

I

I

I

I

I

'

I

I

i

i

i

I

•

•

'

I

'

•

•

0

10

10
NETHERLANDS INTERBANK RATE
JAPANESE GENSAKI RATE

I

I

I




I

I

' I
1988

I

I

I

I

l

I

I
1990

I

•

•

i

I

i

'
1988

1

'

1

1

1

'

1

1

1

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

I

i

i

i

l

i

'

i

i

i

i

I

i

7-DAY

12

i

i

I

'

i

i

I

i

'

4
14

6-MONTH

12

10

4
14

10

•

i

i

I

i

' »

I

i

'

i

I

i

i

i

I

I

I

I

1-MONTH

12

' '

I

I

'

I

I

I

I

I

1-YEAR

4
14

12

10

10

•

i

'




l

'

•
1988

'

l

'

'

i

I

'

'

1990

i

i

i

i

I

i

'
1988

'

l

'

i

i

l

» i
1990

i

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PEI SENT PER ANNUM

PERCENT PER ANNL

14

12

10

OVERNIGHT
EURO-DOLLAR DEPOSITS

3-MONTH
EURO DOLLAR DEPOSITS ,

8

6
FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

DASHED LINE

4

2
2

J

1

1

1

I

I

I

I

I

I

I

I

•

J

I

L

J

1

I

I

1

1

I

I

I

I

I

I

I

I

DIFFERENTIAL
DIFFERENTIAL

1

+
0

1

J

1

1




1

1

1
1988

I

I

I

I

I

I

I

•
1990

J

1

I

I

I

I
1988

1990

CHARTS

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

PERCENT PER ANNUM

16

16

12

COVERED LONDON

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

I

I

I

I

I

I

I

I

'

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

I

1

I

I

I

I

I I

I—I—I—I—I

1—I—I—I—I—I—I—1— 0
2

1—I

DIFFERENTIAL

DIFFERENTIAL
•4 A."

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

'

1

'

'

I

I

I

I

I

16

16

12

INTERBANK DM

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

I

I

I

I

1

1

1

1

I

1

1

I

'

'

I

'

I

I

I

I

a

I

I




I

I

I
1988

I

•

•

I

•

•

'

I

'

I

•

'

•

I

'

'

•

'

'

DIFFERENTIAL

DIFFERENTIAL

'

12

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

qI

2

I

I

'

I

I

I

I
1990

I

I

I

I

1

-~ a ^ . A '

I

•
1988

'

1990

I 0

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNl

[CENT PER ANNUM

14

14

CANADA

UNITED STATES
12

12

10

10

8

8

6

i

i

i

I

i

i

i

I

i

i

i

I

•

i

'

'

l

'

»

i

l

i

i

i

I

'

i

i

6
14

14

FRANCE

UNITED KINGDOM
12

12

10

10

8

8

6
10

•

'

'

l

i

i

i

I

i

'

i

I

i

•

i

i

i

l

i

'

i

I

i

i

i

l

i

6
10

JAPAN

SWITZERLAND
8

8

6

6

4

4

2
10

i

i

i

l

i

i

i

l

i

i

i

I

i

i

i

i

i

i

l

i

i

i

I

i

i

i

I

'

i

'

2
10

GERMANY

NETHERLANDS
MONTHLY

8

8

6

6

4

4

2

i

i

'




I

i

i
1988

i

I

i

i

i

I

i

i
1990

i

•

'

l

i

i
1988

i

l

i

i

i

I

i

i
1990

2

CHART 10

STOCK INDICES
WEEKLY SERIES
i SCALE
1986: 100

RATIOS
198

200
175 _

UNITED STATES

, NETHERLANDS

150
125
100

75

50
400
350

•

i

i

I

i

i

i

I

i

i

i

l

i

'

'

.JAPAN

i

i

i

l

i

i

i

l

i

•

'

I

'

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i

i

i

l

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i

i

I

i

i

'

I

I

I

I

i

I

I

I

I

I

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I

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l

i

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'

— GERMANY

300
250

200
150

100

i

i

i

l

i

i

i

l

<

'

i

l

i

i

i

i

i

i

200
175 __ SWITZERLAND

— FRANCE

150
125
100

75

50

i

i i I i

i i

i

i

i

i

i

i

I

I

I

200
175

— CANADA

UNITED KINGDOM

150
125
100

75

50

I

I

'




I

I

I
1988

I

I

'

I

I

I

•

I
1990

'

i

i

I

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i
1988

1990

SERIES
17-Jan-90
Chart

1.

Spot

Exchange

Noon b u y i n g

rates

(U.S.

cents,

base

rates

111
85
78
166
45
180
150
213
67
exchange v a l u e

indices,

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss f r a n c
U.K. pound
U.S. d o l l a r
Chart

2.

3-Month

U.S.
Chart

3.

Gold

Forward

dollars
4.

Price

per

Call

fine

Exchange

Mar.

Rates,

110 .50
84 .51
77 . 8 3
165 .11
4 5 . 25
179, 43
149. 53
212. 52
66. 61

London,

ounce

2.8570
83.309
17.575
59.757
0.08036
0.69112
53.002
66.873
169.22

Afternoon

111
83
78
166
45
181
151
215
67

.78
.77
.69
.86
.80
.94
.12
.43
.57

112.
83.
79.
168.
46.
180.
152.
216.
68.

105
77
71
171
39
, 182
145
66
206
60
92

.54
.40
.56
.60
.97
.66
.77
.78
.94
.69
.59

106
77
71
172
40
179
146
67
206
61
92

82
81
37
45
21
26
37
39
43

112
83
79
168
46
180
152
215
68

.58
.03
.20
.10
.13
.96
.16
.14
.44

.04
.05
.87
.58
.15
.82
.32
.09
.89
.22
.04

105
76
71
172
40
180
146
66
205
61
92

.96
.40
.81
.45
.14
.88
.32
.87
.96
.33
.21

1973=100

Premium o r
-3.73
-2.90
-0.03
-4.33
1.27
-0.64
-1.32
-6.61

in

2.8630
84.085
17.613
59.882
0.08050
0.68845
53.076
67.263
169.18

105
78
71
171
39
181
145
66
205
60
93

.13
.81
.30
.04
.79
.43
.34
.76
.72
.25
.52

Discount
- 3 . 67
- 2 . 70
0 . 05
- 4 . 25
1 . 30
- 0 . 58
- 1 . 26
- 6 . 47

- 3 .97
- 2 .55
0 .05
- 4 .36
1 .29
- 0 .49
- 1 ..47
- 6 , 31

- 4 . 03
- 2 . 50
0 . 18
- 4 . 43
1 . 28
- 0 . 47
- 1 . 31
- 6 . 39

413.42

411.41

417.12

420.31

417.00

8 .20
8 .09
12 . 0 5
10 . 3 3
7 ,. 6 7
6 . 42
8 .. 7 4
8 .. 8 8
1 4 ., 9 0

8 .23
8 .15
12 . 3 3
10 . 5 3
7 .. 7 7
6 .. 4 3
8 ., 1 7
8 . 88
14. 81

8.24
8.09
12.30
10.63
6.55
6.48
8.33
8.88
14.74

8.22
8.14
12.00
10.39
7.81
6.42
8.44
8.90
14.89

ND
8 .16
12 . 0 0
10 . 4 9
7 .81
6 .51
8 .72
8 .68
1 4 ,. 6 9

ND
ND
ND
ND
ND
ND
ND
- 6 . 38

Fixing

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




.42
.86
.51
.78
.65
.03
.96
.28
.07

105.29
79.59
71.46
171.72
39.88
180.72
145.77
66.94
205.05
6 0.26
92.72

Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound
Chart

2.8368
84.044
17.463
59.317
0.07978
0.69489
52.642
66.963
167.07

14-Feb-90

= 100

Belgian franc
Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound
Weighted average

2.8042
84.793
17.271
58.693
0.07883
0.68530
52.088
66.059
164.68

7-Feb~90

weekly averages)
2.8275
86.150
17.423
59.288
0.07952
0.68756
52.583
66.297
165.82

1973

March

31-Jan-90

R a t e s arid I n d i c e s

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound
Indices,

24-Jan-90

deposits

SERIES
a n - 90
Chart

5.

3-Month

Interest

o.

Euro-Dollar

7.

Selected

Deposit

8.

Interest

& U.S.

market

Arbitrage,

Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential
U.S. commercial paper
Canadian finance paper,
Differential

3-Month
covered

covered

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential
Chart

9.

Long Term Government

10.

Stock

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States




8 . 19
1 2 . 40
1 0 . 98
8 . 16
6 . 15
8 . 78
9 . 58
1 5 . 06
9 . 96

8.22
12.56
10.79
8.06
6.20
8.72
9.45
15.06
9.94

8.
12.
11.
8.
6.
9.
9.
15.
10.

21
81
08
34
21
03
45
08
14

8 . 09
8 . 09
8 . 15
8 . 15
8 . 16
8. 20

8.
8.
8.
8.
8.
8.

15
11
23
26
33
49

8 . 09
8 . 13
8 . 19
8 . 25
8. 31
8. 51

8.14
8.13
8.19
8.25
8.31
8.51

8.
8.
8.
8.
8.
8.

16
13
18
23
29
50

8 . 09
8 . 20
- 0 . 12

8 . 15
8 . 23
- 0 . 08

8 . 09
8 .. 2 4
- 0 .15

8.14
8.22
-0.09

8 . 16
ND
ND

8 . 15
8 , 11
0 .. 0 4

8 . 26
8 ,. 2 0
0 .. 0 6

8 .25
8 .19
0 . 06

8.25
8.22
0.03

8 .23
8 .21
0 .02

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 .23
8 . 46
- 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 .12
ND
ND

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
ND
ND

8 .15
8 .05
0 .10

8 .26
8 .11
0 .15

8 .25
8 .07
0 .18

8.25
8.11
0.14

8 .23
ND
ND

Rates

Bond Y i e l d s
9
10
7
6
6
9
8

Canada
France
Germany
Japan
Switzerland
U n i t e d Kingdom
United States
Chart

20
07
00
24
04
84
40
25
96

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

8.
12.
11.
8.
6.
8.
9.
15.
9.

Moneir M a r k e t

deposits

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

1 4 - F e b - 90

Rates

Euro-dollar

Overnight Euro-dollar
U.S. f e d e r a l funds
Differential

7-Feb-90

11
19
21
16
00
83
40
15
95

8.
12.
11.
8.
6.
8.
9.
15.
9.

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

3 1 - J a n - 90

Rates

U.S. 90-day CD's, secondary 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 gensaki 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 rate
(G-10 C o u n t r i e s )
Chart

24 - J a n - 90

IndicesCWednesday

.91
.05
.88
.60
.01
.82
.13

10
10
8
6
6
10
8

.03
.04
.00
.62
.09
.09
.30

ND
.26
.03
.58
.15
.09
.47

ND
10.27
8.15
6.61
6.18
10.20
8.51

123.45
143.01
113.97
207.00
105.08
131.85
144.62
133.43

125.94
143.70
118.34
207.97
103.78
134.75
141.68
135.49

10
8
6
6
10
8

8
6
10
8

ND
ND
.66
ND
.24
.23
.39

figures)
129.04
146.95
113.09
205.64
104.92
134.10
147.04
137.37

125.35
144.03
109.67
204.58
102.26
130.35
141.87
134.26

124.98
57.11
115.10
205.92
103.67
134.80
141.44
134.68

•yOt GOV-,-

FEDERAL RESERVE statistical release
''
H.10(512)

RES- .

February 20> 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

FEBRUARY 16, 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
*NEH ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM
MEMO:
••UNITED STATES

MONETARY
UNIT

Feb. 12

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

75.210
11.746
34.900
1.2024
4.7339
6.4545
3.9575
5.6810
1.6700
157.80
7.8120
16.990
158.65
1243.00
144.20
2.7055
1.8826
59.260
6.4495
147.28
1.8635
2.5390
691.70
108.10
40.018
6.1230
1.4958
26.120
25.710
169.50

DOLLAR

•VALUE IS U.S. CENTS




92.06

I CURRENCY UNITS PER DOLLAR)
Feb. 13
Feb. 14
Feb. 15
75.210
11.795
35.050
1.1999
4.7339
6.4800
3.9700
5.7040
1.6770
158.00
7.8115
16.980
157.85
1246.25
144.40
2.7055
1.8899
59.250
6.4700
147.75
1.8660
2.5390
691.60
108.42
40.018
6.1400
1.4970
26.121
25.720
169.05

92.30

74.570
11.775
34.970
1.2068
4.7339
6.4650
3.9800
5.6860
1.6723
157.80
7.8100
16.970
158.38
1242.00
144.27
2.7050
1.8850
58.150
6.4700
147.50
1.8635
2.5405
692.40
108.10
40.018
6.1300
1.4923
26.121
25.710
169.60

92.14

75 000
11 .840
35 .130
1 .2060
4 .7339
6 .4935
3 .9700
5 .7150
1 .6808
158 .80
7,.8095
16..970
158..08
1249..00
144. 40
2. 7005
1. 8948
58..500
6 . 4865
148. 20
1. 8650
2. 5475
692. 30
108. 60
40. 018
6 1400
1 4955
26 111
25 720
169 30

92.45

Feb. 16
75. 670

11.823

35. 040
1. 1990
4. 7339
6. 4820
3..9705
5..7060
1..6795
159 .40
7 .8100
16 .960
157 .95
1245 .50
144 .15
2 .7055
1 .8925
58 830
6 ,4805
147,.85
1,.8690
2, 5450
692. 80
108.40
40. 018
6. 1420
1. 4935
26. 118
25. 730
169. 55

92.27