Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : February 24, 1992

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Selected Interest &
Exchange Rates
Weekly Series of Charts

February 24,1992

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DiC. 20551




I.

Table of Contents

•

TABLES
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE

t

CHARTS

!

1. SPOT EXCHANGE RATE INDICES

I

2. 3-MONTH FORWARD EXCHANGE RATES
3. GOLD PRICE—LONDON
4. CALL MONEY RATES

1

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
• SCALE
H 1973=100

140
130

RATIO S
MARCH 197

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

120
110

100
BELGIAN FRANC

90
80
70
280
260
240
220

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SWISS FRANC
JAPANESE YEN

200
180
160
140
120

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100
90

CANADIAN DOLLAR

—

U.K. POUND

80
70
60

50
200

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180

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DUTCH GUILDER

160
140

GERMAN MARK

120

100

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120
110

100

ITALIAN LIRA

FRENCH FRANC

90
80
70
60
50




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1992

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1990

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1992

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CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
4

PERCENT PER ANNUM
4 (

U.K. POUND

CANADIAN DOLLAR

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1

1

1

1

12
8

JAPANESE YEN

GERMAN MARK

1

1

1

1

1

1

1

1

1 1

1

1

1

1

1

1

1 i

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i

DUTCH GUILDER

SWISS FRANC

V /

1

1

1

1

- vwx

1

1

1

ITALIAN LIRA

FRENCH FRANC




1

—

1
1990

1992

1

1

1

1

1 1
1990

1

1

i1 i

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i i
1992

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

460

460

440

440
12.5 Kg BARS
AFTERNOON FIXING PRICE

420

420

400

400

380

380

360

360

340

340

320

1989




1990

1991

1992

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
CENT PER ANNUM

PERCENT PER AN

16

12

FRANCE

U.S. FEDERAL FUNDS

8

JAPAN

4

0

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16

12

CANADA

GERMANY

8

4

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16

UNITED KINGDOM

12

SWITZERLAND

8

NETHERLANDS
4

0

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1990

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1992

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1990

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1992

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

2

WEIGHTED AVERAGE
FOREIGN RATE

10

8
SWISS INTERBANK RATE

6

U.S. CD'S

4

2

2

16
CANADIAN FINANCE CO.
PAPER
14

12

10
U.K. INTERBANK STERLING
8

6
2

6

10

8
GERMAN INTERBANK RATE

FRENCH INTERBANK RATE

6

4
12

4

10
JAPANESE CD RATE
8
NETHERLANDS INTERBANK RATE

6

4




1990

1992

1990

1992

4

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
CENT PER ANNUM

PERCENT PER AN

12

OVERNIGHT

10

3-MONTH

8

6

4

2

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12

7-DAY

10

6-MONTH

8

6

4

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2

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12

1-MONTH

10

1-YEAR

8

6

4

2

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1992

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

14

14

OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J

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i

DASHED LINE

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DIFFERENTIAL

L

J

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i

L

J

j

I




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1990

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DIFFERENTIAL

rW 1
Ai.NA /
'1 1, Wwv M 'Wv V

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1

n

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1992

J

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1990

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11

CHART 8

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

PERCENT PER ANNl

16

12
INTERBANK STERLING

CANADIAN FINANCE
CO. PAPER, COVERED

COVERED LONDON

8

EURO-DOLLAR DEPOSITS

4

U.S. COMMERCIAL PAPER

DASHED LINE

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DASHED LINE

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2
DIFFERENTIAL

DIFFERENTIAL

+

0

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2
16

YwV"W^,uv^v'niu/

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12
INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

EURO-DOLLAR DEPOSITS

4

EURO-DOLLAR DEPOSITS

DASHED LINE

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DASHED LINE

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DIFFERENTIAL
+

0

2

4 c

DIFFERENTIAL

w^-

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CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM

PERCENT PER ANN!

14

UNITED STATES

CANADA

12

10

8

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14

UNITED KINGDOM

FRANCE

12

10

8

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6
10

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SWITZERLAND

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JAPAN

8

6

4

2
12

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NETHERLANDS

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GERMANY

10

8

6

4

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i
1990

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1992

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1990

1992

CHART 10

STOCK INDICES
WEEKLY SERIES
1986:

200

'SCALE

RATIOS

100

198

UNITED STATES

175

.NETHERLANDS

150
125

100
75

50
400
350

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. JAPAN

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, GERMANY

300
250

200
150

100

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200
175

— SWITZERLAND

— FRANCE

150
125

100
75

50

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200
175

— CANADA

— UNITED KINGDOM

150
125

100
75

50

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1990

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1992

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SERIES
C h a r t 1.

22-Jan-92 29-Jan~92 5-Feb-92

S p o t Exchange R a t e s a n d I n d i c e s

Noon b u y i n g r a t e s

(U.S.

cents,

weekly averages)

Indices,

3.0415
85.538
18.372
62.630
0.08327
0.80159
55.612
70.391
179 . 5 4

3.0325
84.942
18.314
62.433
0.08302
0.79431
55.454
70.084
179.38

3.0708
84.758
18.560
63.246
0.08402
0.79095
56.165
70.792
181.44

2.9697
84.218
17.953
61.100
0.08143
0.78124
54.308
67.735
176.10

.85
.25
.79
.18
.80
.88
.65
.46
.62

119.49
84.66
82.53
175.63
47.66
207.98
159.20
225.47
72.55

121.01
84.48
83.63
177.92
48.23
207.10
161.24
227.75
73.38

117.02
83.94
80.90
171.88
46.74
204.55
155.91
217.91
71.23

107.66
74.37
71.54
172.31
39.63
201.12
146.44
67.40
206.48
62.27
87.15

108.30
73.65
72.06
173.55
39.84
198.62
147.35
67.75
207.13
62.58
86.39

107.00
74.90
71.17
170.98
39.45
200.79
145.54
67.06
202.48
62.04
88.84

.69
.76
.30
.43
.97
.31
.33
.21

-2.88
-5.87
-5.43
-7.54
-1.08
-5.51
-3.34
-6.25

-3.01
-5.96
-5.49
-7.71
-1.25
-5.57
-3.34
-6.19

-3.11
-5.74
-5.35
-7.57
-1.03
-5.37
-3.21
-5.90

357.19

355 . 1 4

355.36

356.00

354.15

3.87
3.89
7.13
9.78
9.40
5.48
9.18
6.88
10.59

4 .01
3 .96
6 .93
9 .98
9 .49
5 .57
9 .39
6 .88
10 . 7 3

4.17
4.01
7.10
10.03
9.64
5.58
9.50
6.88
10.55

3.93
3.96
7.15
9.98
9.56
5.66
9.43
6.68
10.38

4.20
4.50
7.20
9.84
9.55
5.59
9.31
6.38
10.55

3.0391
86.670
18.345
62.536
0.08307
0.79685
55.528
70.563
178.78

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
M a r c h 1973 b a s e r a t e s = 100

119.76
86.38
82.67
175.92
47.68
208.64
159.41
227.01
72.31

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound

Weighted a v e r a g e exchange v a l u e i n d i c e s , Mar.
107.64
75.81
71.49
172.17
39.55
201.30
146.28
67.24
207.43
61.88
86.89

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swedish krona
Swiss f r a n c
U . K . pound
U.S. d o l l a r
C h a r t 2.

3 - M o n t h F o r w a r d Exchange R a t e s ,

U.S.

Gold P r i c e i n

1973=100
107
74
71
172
39
202
146
67
206
62
86

.64
.68
.55
.31
.62
.47
.39
.35
.73
.12
.80

-2
-5
-5
-7
-0
-5
-3
-6

London, A f t e r n o o n F i x i n g

d o l l a r s per f i n e ounce

C h a r t 4.

119
85
82
176
47
209
159
226
72

Premium o r D i s c o u n t
-2.81
-5.68
-5.28
-7.39
-1.02
-5.29
-3.48
-6.24

Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
C h a r t 3.

12-Feb-92 19-Feb-92

C a l l Money R a t e s

U.S. f e d e r a l f u n d s
Overnight E u r o - d o l l a r
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




deposits

SERIES
Chart 5.

22-Jan~92 29-Jan-92 5-Feb-92

3-Month I n t e r e s t

Rates

U.S. 9 0 - d a y C D ' s , s e c o n d a r y 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
J a p a n e s e CD 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 r a t e
(G-10 C o u n t r i e s )
Chart 6.

4 .07
7 .16
9 .75
9 .44
5 ,18
9 .36
7..50
10,.56
8,.82

3. 89
4. 06
4, 08
4. 09
4,,11
4,.41
S e l e c t e d E u r o - d o l l a r & U.S.

Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Differential

deposits

Interest

Arbitrage,

Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential
U.S. c o m m e r c i a l paper
Canadian f i n a n c e paper,
Differential

covered

covered

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

10.

4.
7.
9.
9.
5.
9.
7.
10.
8.

07
52
95
54
22
55
23
28
93

3.
4.
4.
4.
4.
4.

96
05
05
09
14
45

4.
4.
4.
4.
4.
4.

01
04
04
05
11
50

3.
3.
3.
3.
3.
4.

96
94
93
93
99
33

4.
4.
4.
4.
4.
4.

50
05
03
04
15
51

3. 89
3. 87
0. 02

3 . 96
4 . 01
- 0 . 04

4 . 01
4 . 17
- 0 . 16

3. 96
3 . 93
0. 03

4 . 50
4 . 20
0. 30

4. 09
4. 07
0. 02

4 . 09
4 . 07
0 . 01

4 . 05
4 . 06
- 0 . 01

3 . 93
3. 94
- 0 . 01

4.,04
4. 07
- 0 . .03

4.,09
4.,16
- 0 . .07

4 . 09
4 . 18
- 0 . 09

4 . 05
4 . 15
- 0 . 10

3. 93
4,,06
- 0 , 13

4..04
4..23
- 0 . .19

4..08
4..30
- 0 . 22

4 . 08
4 . 34
- 0 . 26

4 . 09
4 . 31
- 0 . 22

4..00
4..20
- 0 . .20

4..12
4..36
- 0 . 23

4..09
4. 03
0..06

4 . 09
3 . 98
0 . 11

4 . 05
3 . 90
0 . 15

3 .93
3 .87
0 . 06

4..04
4.. 07
- 0 . .03

4..09
3..96
0. 13

4 . 09
3 . 91
0. 18

4 . 05
3 . 85
0. 20

3 .93
3 .80
0..13

4..04
3..96
0..08

8 . 33
8 . 37
7 . 89
5 . 37
6 . 18
8 . 35
9 . 48
7 . 22

8 . 37
8 . 41
7 . 90
5. 51
6 . 18
8 ..34
9.. 4 1
7 ..30

8
8
7
5
6
8
9
7

.29
.45
.87
.56
.04
.30
.35
.23

8 .45
8 .48
7 .89
5 .53
6 .12
8 .30
9 .35
7 .43

119
138
102
120
109
138
152
169

.83
.28
.39
.59
.79
.65
.32
.48

Long Term Government B e l l w e t h e r Bond Y i e l d s
1 0 - y e a r m a t u r i t y , where a v a i l a b l e

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

3. 94
7 . 26
9. 96
9. 49
5. 24
9..52
7 .,20
10. 41
8 . ,90

3 - M o n t h 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

Chart 9.

4 . 06
7 . 24
9 . 94
9 . 46
5 . 14
9 . 54
7 . 25
1 0 . 56
8 . 87

Money M a r k e t R a t e s

3-month E u r o - d o l l a r d e p o s i t
U.S. 90-day C D ' s , secondary market
Differential
Chart 8.

4 . 07
7 . 07
9 . 88
9 . 40
5 . 05
9 . 36
7 . 30
10. 55
8 . 78

E u r o - D o l l a r Deposit Rates

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

12-Feb-92 19-Feb-92

Stock

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

8,.14
8..36
7..88
5..44
6 .19
8 .34
9 .46
7 .09
Indices

(Wednesday f i g u r e s )
121
138
102
121
109
135
152
169

.26
.10
.54
.27
.79
.31
.13
.22

119.
140.
101.
119.
109.
135.
152.
166.

92
04
92
83
19
87
51
61

I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e ,
Tokyo SE C T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l



120
138
102
122
109
136
152
168

.16
.15
.85
.96
.41
..77
.91
,.25

118
140
103
114
110
138
153
166

.08
.24
.20
.98
.06
.47
.25
.03

CAC G e n e r a l , FAZ A k t i e n ,
T i m e s O r d i n a r y , NYSE C o m p o s i t e
(

.• oOL^ov

•

M

—

FEDERAL RESERVE statistical release
H.10(512 )

February 21, 1992

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

FEBRUARY 21, 1992

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
*1RELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
SOUTH KOREA
WON
SPAIN
PESETA
SRI LANKA
RUPEE
SWEDEN
KRONA
SWITZERLAND
FRANC
TAIWAN
DOLLAR
THAILAND
BAHT
•UNITED KINGDOM POUND
MEMO:
UNUNITED STATES

DOLLAR

Feb. 17

H
0
L
I
D
A
Y

(CURRENCY UNITS PER DOLLAR)
Feb. 18
Feb. 19
Feb. 20

Feb. 21

0.7541
11.596
33.910
1.1895
5.4837
6.3820
1.2418
4.5045
5.6090
1.6490
190.65
7.7640
25.910
1.6228
1236.00
128.00
2.5965
1.8547
0.5412
6.4530
141.95
1.6465
2.8320
769.90
103.18
N. A.
5.9785
1.4895
25.028
25.440
1.7510

0.7572
11.595
33.870
1.1879
5.4837
6.3870
1.2429
4.5095
5.6000
1.6465
190.15
7.7610
27.000
1.6215
1235.75
128.40
2.5945
1.8529
0.5412
6.4555
141.85
1.6445
2.8350
770.90
103.18
N. A.
5.9785
1.4888
25.065
25.480
1.7520

0.7558
11.595
33.860
1.1850
5.4837
6.3900
1.2440
4.5120
5.6005
1.6470
189.85
7.7635
26.550
1.6195
1235.00
128.65
2.5890
1.8534
0.5439
6.4560
141.75
1.6435
2.8360
771.00
103.23
42.878
5.9780
1.4895
25.075
25.510
1.7500

0.7534
11.615
33.930
1.1842
5.4837
6.4010
1.2400
4.5175
5.6065
1.6502
190.75
7.7630
26.400
1.6178
1238.75
128.72
2.5905
1.8570
0.5422
6.4655
141.90
1.6445
2.8450
772.00
103.48
42.868
5.9855
1.4940
25.061
25.520
1.7465

89.33

89.28

89.30

89.44

•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) 377-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PIBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.