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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts February 22, 1988 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEOER ALRESERVE SYSTEM Washington, D C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 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. 2. DAILY CERTIFIED SPOT EXCHANGE RATESH.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 CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1 9 7 3 = 1 0 0 RATIO SCALE MARCH 1 9 7 3 = 1 0 0 200 180 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 160 50 45 - 40 35 - 30 - - — - - 25 I I I I I I I I I I I i l l 11 h i l l i 20 ^ ITALIAN LIRA - 140 120 100 f*A/ - - i 80 m i 7 7 - > I 220 I 200 — 180 GERMAN MARK 160 I I JAPANESE Y E N / ~ _ . ^ r ^ J — - | 80 | | I I I 140 - r 160 - j 180 - 120 - 120 ZV / J^ - - - 220 200 — ~ — 140 100 I I — 100 11111111111 80 — 180 — — V x ^ - 140 120 — DUTCH GUILDER 160 — - - 100 CANADIAN DOLLAR — yy - 90 - | | | I I 80 - - 70 | | | | | | |6 0 | | | | I — 90 80 - 70 - 60 - 50 — - U.K. POUND — X FRENCH FRANC AfJ | | | I I I 111IIIIIIII 140 120 BELGIAN FRANC 100 SWISS FRANC 70 200 - - - - - - - - vV 60 50 240 — 90 80 /\ — r v y ^ 180 . — 160 - 140 - 120 11111111111 100 Ssf I I I I II I II ! III I 1986 I 1988 40 280 — I I I I 1986 I 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 CANADIAN DOLLAR AV r I I 1 1 1 I I 1 1 1 1 1 1 1 4I I I I JAPANESE YEN 12 F * .POUND X - SWISS FRANC Ur" I I ~ r I I I 1 1 1 1 I I 1 II I I I I I n i l 1 GERMAN MARK DUTCH GUILDER \ 111 1 1 4 1 4 ITALIAN LIRA FRENCH FRANC - 4 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. c U.S. DOLLARS PER FINE ' .LARS PER FINE OUNCE 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 280 280 1985 1986 1987 1988 CHART 4 CALL MONEY RATES WEEKLY SERIES r PER ANNUM PERCENT PER Ah 16 12 16 U. S. FEDERAL FUNDS FRANCE - 8 12 8 4 4 JAPAN 0 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 0 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AN NT PER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER - U. S. CD' S 14 8 - 6 10 WEIGHTED AVERAGE FOREIGN RATE 4 2 l u l 8 11111111 I I I ! I 6 I 16 14 12 14 „ U.K. INTERBANK STERLING FRENCH INTERBANK RATE - 12 12 10 10 8 8 I I I 11111111111 11111111111 10 8 6 10 NETHERLANDS INTERBANK RATE - GERMAN INTERBANK RATE 8 6 6 4 4 2 I I I I I I I I I I I I I I I I I 8 10 8 2 JAPANESE GENSAKIRATE SWISS INTERBANK RATE - 6 4 \ 4 2 6 I 1986 1988 i 1986 - 2 0 I 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY !NT PER ANNUM PERCENT PER At 14 14 OVERNIGHT 3-MONTH 12 ! 12 10 10 - 8 8 6 6 - 4 4 14 14 7-DAY 6-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 1-MONTH 1-YEAR 12 12 10 10 8 8 6 6 4 4 1986 1988 1986 1988 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY PERI . . PERCENT PER ANNUM PER ANNUM FEDERAL FUNDS 3-MONTH DASHED LINE E U R O - D O L L A R DEPOSITS OVERNIGHT 9 0 - D A Y CD* S E U R O - D O L L A R DEPOSITS D A S H E D LINE DIFFERENTIAL DIFFERENTIAL 1986 1 P E R C E N T ON D I F F E R E N T I A L S C A L E = 2 P E R C E N T ON RATE S C A L E 1988 1986 1988 CHART 8 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 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON EURO-DOLLAR DEPOSITS U. S. COMMERCIAL PAPER DASHED LINE DASHED LINE Mill DIFFERENTIAL 11 DIFFERENTIAL I IIHill 2 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE I IIIIiI DIFFERENTIAL DIFFERENTIAL I I 1986 1988 1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER M ENT PER ANNUM 16 16 14 UNITED STATES - CANADA 14 12 - 10 12 10 8 8 - 6 6 14 10 12 UNITED KINGDOM - JAPAN - 8 10 6 8 4 IIIII 6 I I I I I I I i I II 8 6 2 10 GERMANY SWITZERLAND 8 4 6 2 4 17 15 U. S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 5 MONTHLY 5 3 1986 1988 1986 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 400 UNITED STATES UNITED KINGDOM 300 - 200 100 650 650 550 450 - 350 - - - JAPAN / M / v 250 150 I I I I I I __ - /vvyM - - — - - FRANCE 450 A / l - I I I l | CANADA NETHERLANDS GERMANY 1988 1986 250 150 SWITZERLAND 1986 350 - J I 550 1988 SERIES SAME LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING BATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FBANC ITALIAN LIRA SWEDISH KBONA FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 17 17 17 17 17 17 17 17 17 17 58. 66 0.76801 52. 23 174.84 79.01 17.36 71.44 2. 80472 0.07961 16.45 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 17 17 17 17 17 17 17 17 17 165.01 20 1. 09 149.94 70.72 78. 75 78. 22 229. 83 110. 52 45.22 17 17 17 17 17 17 17 17 17 17 17 91.53 167. 49 202.24 143.14 63. 17 71.71 70..37 219.13 103. 24 39.49 67.06 FEB. 17 FEB. 17 FEB.,17 FEB- 17 FEB..17 FEB. 17 FEB. 17 FEB. 17 -1.76 -2.39 3.32 -1. )7 5. 07 2.63 2.57 -0-12 INDICES, MABCH 1973 BASE BATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN HARK JAPANESE YEN DUTCH GUILDER U. K. POUND CANADIAN DOLLAR FRENCH FBANC SWISS FRANC BELGIAN FRANC ITALIAN LISA SWEDISH KBONA FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. CHABT 2. 3-MONTH FORWARD EXCHANGE BATES, PREMIUM OB DISCOUNT CANADIAN DOLLAR OLK. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA SERIES NAME LAST 7ALUS PLOTTED DATE VALUE CHART J. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE FEB. 17 444.06 . CALL MONEY RATES U.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U. K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 17 17 17 17 17 17 17 17 17 6.65 6. 53 7.95 8.55 3.29 3.33 7.21 4.24 0. 13 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 17 17 17 17 17 17 17 17 17 6. 58 3.28 3.81 8. 54 9.29 1. 45 7.51 3.98 5.51 FEB. FEB. FEB. FEB. FEB. FEB. I? 17 17 17 17 17 6. 53 6.52 6.60 6.69 6.79 7. 11 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL FEB. 17 FEB. 17 FEB. 17 6.53 6.65 -0.12 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL FEB. 17 FEB. 17 FEB. 17 6.69 6.58 0.11 CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAM FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SHIXZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MO NTH J-MONTH 6-MONTH 1-YEAR CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES SERIES MASS LIST VALUE PLOTTED DATE VALUE CHAfiT 8. INTEREST ARBITRAGE, 3-flONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL FEB. 17 FEB. 17 FEB. 17 6. 69 6.84 -Q. 15 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL FEB. 17 FEB. 17 FEB. 17 6. 57 6.74 -0. 17 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL FEB. 17 FEB. 17 FEB. 17 6.69 6. 63 0.06 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL FEB. 17 FEB. 17 FEB. 17 6.69 6.54 0. 15 FEB. FEB. JAN. FEB. FEB. JAN. DEC. FEB. 8.18 5.67 4.09 4.08 9.52 9.99 6.30 9.24 CHART 9. LOB6 TERM GOVERMENT BOND YIELDS UNITED STATES GERMAN! JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM 12 12 29 5 5 29 12 U.S. CORPORATE A A A BONDS CHART 10. MAI 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 10 10 10 10 10 10 10 10 271.75 300.85 301.04 180.47 164.51 202.62 277.32 512.79 FEDERAL RESERVE statistical release H.10(512) FEBRUARY 19, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING FEBRUARY 19, 1988 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 •IRELAND 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 DOLLAR KRONE ESCUDO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND MEMO: SUNITED STATES DOLLAR FEB. 15 H 0 L I D A Y 0.25 (CURRENCY UNITS PER DOLLAR) FEB. 16 FEB. 17 FEB. 18 FEB. 19 71.40 12.010 35.740 1.2682 3.7314 6.5370 4.1450 5.7710 1.7081 136.600 7.7930 13.0900 155.80 1258.00 130.25 2.5920 1.9183 66.800 6.4710 139.800 2.0200 47.80 776.80 115.480 30.860 6.0980 1.4020 28.660 25.380 174.75 71.45 11.970 35.680 1.2656 3.7314 6.5250 4.1380 5.7640 1.7063 136.600 7.7910 13.0800 156.15 1257.00 130.30 2.5900 1.9165 66.930 6.4450 139.750 2.0190 48.05 775.10 115.050 30.865 6.0700 1.4027 28.660 25.380 174.80 71.53 11.964 35.780 1.2684 3.7314 6.5425 4.1425 5.7800 1.7105 136.200 7.7920 13.0700 155.50 1259.00 130.23 2.5890 1.9210 66.350 6.4550 139.450 2.0180 48.25 775.10 115.000 30.865 6.0825 1.4067 28.660 NA 174.35 71.85 11.985 35.740 1.2708 3.7314 6.5250 4.1425 5.7780 1.7075 , 136.300 7.7910 13.0700 156.00 1258.00 130.05 2.5910 1.9175 66.180 6.4425 139.550 2.0180 48.00 773.40 114.750 30.865 6.0750 1.3995 28.660 NA 174.90 91.67 91.58 91.77 91.65 SINDEX 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. *VALUE IS U.S. CENTS
@FedFRASER