Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : February 21, 1995

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Selected Interest &
Exchange Rates
Weekly Series of Charts

February 21,1995

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 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. Ad^jess
requests to Publications Services Divisiorfc of
Support Services, and make payment remittance
payable to the order of the Board of Governors
of the Federal Reserve System in a form collect-, ,
ible 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 S
MARCH 197:

SCALE
r| 1973=100

115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

100

BELGIAN FRANC

85

70

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JAPANESE YEN
SWISS FRANC

250
230
210
190
170

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CANADIAN DOLLAR
U.K. POUND

70
60

50
200

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GERMAN MARK

DUTCH GUILDER

160
140
120
100

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ITALIAN LIRA

FRENCH FRANC

80

70

60

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1995

CHART 2

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

PERCENT PER ANNUM

U.K. POUND

GERMAN MARK

8

8
2

JAPANESE YEN

CANADIAN DOLLAR
+

0

2

4

2

6
4

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

2

+
0
2
4

6
2
+

0

2
4
6
8
10
12




1993

1995

1992

1994

18

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

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

1991




1992

1993

1994

1995

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
10

6

SWITZERLAND
U.S. FEDERAL FUNDS

JAPAN

NETHERLANDS

GERMANY

FRANCE

CANADA

UNITED KINGDOM




CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
10




PERCENT PER ANNUM

9
CANADIAN FINANCE PAPER
WEIGHTED AVERAGE
FOREIGN RATE

.S. CD'S

NETHERLANDS INTERBANK RATE

U.K. INTERBANK STERLING

JAPANESE CD RATE

FRENCH INTERBANK RATE

GERMAN INTERBANK RATE
SWISS INTERBANK

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
3

E DENT PER ANNUM

PERCENT PER AN

8

3-MONTH

OVERNIGHT
6

4

2
8

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6-MONTH

6

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1-YEAR

1-MONTH
6

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2

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1995

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

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

J

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DIFFERENTIAL




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DIFFERENTIAL
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1995

CHART 8

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

PERCENT PER ANNI

7
CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

6

COVERED LONDON

5

U.S. COMMERCIAL PAPER
DASHED

EURO-DOLLAR DEPOSITS
DASHED LINE

4

3
1

2

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DIFFERENTIAL

DIFFERENTIAL

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INTERBANK DM

6

COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

5
EURO-DOLLAR DEPOSITS
4

A

EURO-DOLLAR DEPOSITS

DASHED LINE

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DASHED LINE

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DIFFERENTIAL

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CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES

9

SCENT PER ANNUM

PERCENT PER ANNI

UNITED STATES

UNITED KINGDOM

8

7

6

5

10
CANADA

FRANCE

9

8

7

6
8
SWITZERLAND

JAPAN

7

6

5

'

4
9
NETHERLANDS

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GERMANY

8

7

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CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

220

UNITED KINGDOM

UNITED STATES
200 —

JAPAN

SWITZERLAND

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CANADA

GERMANY
140

160

120 —

140

100

120

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180

NETHERLANDS

FRANCE




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140

120

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

8-Feb-95

15-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

3.1683
70.536
18.896
65.321
0.06177
1.00981
58.242
77.716
156.93

3.2000
70.473
19.068
66.000
0.06270
1.00438
58.846
78.506
158.95

3.1984
70.728
19.027
65.965
0.06239
1.01035
58.837
78.256
158.70

3.1779
71.446
18.887
65.419
0.06199
1.00614
58.355
77.302
156.33

3.1966
71.349
19.002
65.819
0.06201
1.01309
58.708
77.902
156.01

124.85
70.30
85.15
183.75
35.46
264.40
167.20
250.02
63.47

126. 10
70. 24
85. 93
185. 66
35. 99
262. 98
168. 93
252 .56
64 .29

126 .03
70 .49
85 .74
185 .56
35 .81
264 .54
168 .91
251 .76
64 .19

125 .22
71 .21
85 .11
184 .03
35 .58
263 .44
167 .52
248 .69
63 .23

125 .96
71 .11
85 .63
185 .15
35 .60
265 .26
168 .54
250 .62
63 .10

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

114 .61
62 .07
75 .10
185 .00
29 .15
266 .06
156 .75
52 .83
231 .77
53 .77
87 .88

-1.88
0. 54
1. 28
-2.57
4. 05
1. 18
2. 29
-0.28

-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

-1 .63
0 .54
1 .21
-2 .41
3 .94
1 .16
2 .35
-0 .47

379.81

382. 17

377 .36

375 .03

376 .02

5.45
5.47
6.67
5.25
4.77
2.20
4.81
3.39
6.05

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

5 .99
5 .96
7 .60
5 .25
4 .86
2 .16
4 .90
3 .35
6 .08

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 , 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.

-1.54
0.35
1.14
-2.98
3.94
1.03
2.20
-0 .17

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

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

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.

114.03
61.57
74 .97
184.22
29.16
266.30
156.10
52.56
232.17
54.36
88.33

Call Money Rates

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




\

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

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

6 .17
8 .02
5 .60
5 .00
2 .29
5 .01
3 .79
6 .69
5 .26

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 .96
5 .83
5 .99
6 .15
6 .46
7 .08

Euro-Dollar Deposit Rates

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

15-Feb -95

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.

8-Feb-95

Selected Euro-dollar & U.S. Money Market Rates
5 .47
5 .45
0 .02

5 .36
5 .42
-0 .06

5 .58
5 .63
-0 .05

5 .90
5 .95
-0 .05

5 .96
5 .99
-0 .03

6 .14
6 .16
-0 .02

6 .23
6 .24
-0 .01

6 .20
6 .22
-0 .02

6 .18
6 .18
-0 .01

6 .15
6 .17
-0 .02

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

6 .14
6 .17
-0 .03

6 .23
6 .32
-0 .10

6 .20
6 .21
-0 .01

6 .18
6 .22
-0 .05

6 .15
6 .22
-0 .07

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

6 .12
6 .40
-0 .28

6 .22
6 .58
-0 .35

6 .24
6 .50
-0 .26

6 .17
6 .44
-0 .27

6 .16
6 .36
-0 .20

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

6 .14
6 .17
-0 .03

6 .23
6 .29
-0 .07

6 .20
6 .23
-0 .03

6 .18
6 .21
-0 .03

6 .15
6 .23
-0 .08

6 .14
6 .13
0 .01

6 .23
6 .24
-0 .01

6 .20
6 .14
0 .06

6 .18
6 .16
0 .02

6 .15
6 .16
-0 .01

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

8 .97
7 .98
7 .41
4 .57
5 .25
7 .56
8 .59
7 .55

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Swiss interbank, covered
Differential
Chart 9 .

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

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

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

Stock Indices (Wednesday figures)

133 .93
136 .77
Canada
138 .99
136 .84
141 .89
France
144 .39
140 .13
143 .87
Germany
114 .58
116 .40
116 .29
113 .96
107 .66
Japan
107 .83
110 .71
113 .38
151 .17
Netherlands
150 .14
148 .73
150 .14
214 .21
218 .31
Switzerland
216 .20
211 .57
177 .39
181 .37
174 .70
181 .40
United Kingdom
192 .36
188 .19
188 .17
187 .02
United States
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



137 .47
144 .47
119 .05
105 .61
151 .33
220 .59
181 .09
193 .48
to :
SBF:

vSSffi&i:

FEDERAL RESERVE statistical release
H.10(512)

i'rePlll
^jSEISF

February 21> 1995

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

FEBRUARY 17, 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:
MONETARY
UNIT

Feb. 13

^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

0.7442
10.704
31.320
1.4028
8.4555
5.9905
1.2405
4.6875
5.2655
1.5208
238.36
7.7312
31.373
1.5525
1614.25
98.66
2.5490
5.6000
1.7051
0.6335
6.6645
156.96
1.4524
3.5445
796.60
131.230
49.930
7.4270
1.2838
26.370
25.040
1.5635

0.7440
10.656
31.170
1.3995
8.4552
5.9610
1.2455
4.6735
5.2470
1.5140
237.54
7.7309
31.370
1.5505
1609.00
98.65
2.5517
5.7700
1.6973
0.6328
6.6365
156.29
1.4538
3.5450
796.30
130.030
49.980
7.3915
1.2782
26.380
25.040
1.5575

0.7470
10.639
31.130
1.4047
8.4551
5.9525
1.2467
4.6685
5.2460
1.5115
237.30
7.7317
31.375
1.5507
1609.25
98.52
2.5525
6.0300
1.6946
0.6343
6.6155
156.23
1.4562
3.5480
794.10
129.890
49.940
7.3815
1.2787
26.380
25.030
1.5605

0.7455
10.499
30.720
1.4100
8.4552
5.8855
1.2609
4.6420
5.1900
1.4915
234.54
7.7310
31.365
1.5670
1606.00
97.55
2.5520
6.0900
1.6724
0.6347
6.5455
154.27
1.4520
3.5430
794.40
129.090
49.310
7.3605
1.2590
26.370
25.010
1.5775

0.7375
10.479
30.670
1.4055
8.4552
5.8810
1.2623
4.6345
5.1740
1.4886
234.30
7.7305
31.370
1.5650
1611.00
97.48
2.5540
5.8200
1.6693
0.6395
6.5480
154.12
1.4540
3.5430
797.50
129.710
49.970
7.3560
1.2590
26.380
24.990
1.5765

MEMO:
^UNITED STATES

DOLLAR

87.91

87.69

87.63

86.82

86.72

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Feb. 14
Feb. 15
Feb. 16

Feb. 17

"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.