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(516/517)
" " A
F I L E tee,.'
OE CHICAGO
Selected Interest &
Exchange Rates
Weekly Series of Charts
February 25, 1985
Prepared by the
FINANCIAL MARKETS
SECTION
DIVISION OF
INTERNATIONAL FINANCE
BOARD OF GOVERNORS
FEDERAL RESERVE 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 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
CHART
1
SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO ; C A L E
RATIO
MARCH 1 9 7 3 = 1 0 0
MARCH 197
180
160
140
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
JAPANESE YEN
120
100
80
120
CANADIAN DOLLAR
SWISS FRANC
100
80
70
60
50
160
GERMAN MARK
140
DUTCH GUILDER
120
100
80
70
100
U X . POUND
FRENCH FRANC
80
-
70
60
50
40
I
I
I
I
I
I
I I I I I I I I I I I
120
100
BELGIAN FRANC
ITALIAN LIRA
80
70
60
50
1963
1965
1983
1985
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
6
24
CANADIAN DOLLAR
ITALIAN LIRA
-
-
-
I
I
I
I
I
I
I
I I I I I I I I I I I
24
12
-
A
-
U. K. POUND
\
I
I
DUTCH GUILDER
-
I
GERMAN MARK
SWISS F R A N C
I
I
I
I
I
I
—
I I I I I I I I I I I
0
16
FRENCH FRANC
12
JAPANESE YEN
|V
J
1983
1965
1963
1985
4
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. D
U.S. D O L L A R S PEP FINE <
. L A R S PER F I N E OUNCE
600
560
520
480
12.5 Kg BARS
A F T E R N O O N FIXING PRICE
440
400
360
320
280
I I I I I I I I I I I I I I I I I
240
1982
1983
1984
1985
CHART 4
CALL MONEY RATES
WEEKLY SERES
PERCENT PER A N N U M
PERCENT PER ANNUM
24
24
FRANCE
U. S. FEDERAL FUNDS
JAPAN
EURO-SWISS
FRANC
CANADA
20
16
16
U. K . 2-DAY LOCAL AUTHORITY
12
-
8
—
4
—
'
A.
i
-
'
—
-
GERMANY
—
-
—
EURO-DM
0
I
I
I
I
I
1983
I
I I I I I I I I I I I
I I I I I I II I I I
1985
l I I I I I I II I I
1983
I,III||||,|
1985
12
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER A W
T PER ANNUM
18
16
—
—
14
-
-
12
\
CANADIAN FINANCE CO.
PAPER
\
10
-
8
6
WEIGHTED AVERAGE
FOREIGN RATE
I I I I I I I II I I
M
4
11111111! 11
18
16
-
GERMAN INTERBANK RATE
14
UX. HTERBANK STERLING
12
10
I
8
I
I
I
I
11111111111
I
11
10
9
SWISS INTERBANK RATE
8
JAPANESE BANK
LOANS AND DISCOUNTS
7
6
I I I I II I I I I I
I IIIIII
5
1983
1985
1983
1985
CHART 6
EURO-DOLLAR DEPOSIT RATES
LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
ENT PER A N N U M
PERCENT PER AL
24
20
OVERNIGHT
3-MONTH
7-DAY
6-MONTH
1-MONTH
1-YEAR
16
12
8
4
24
20
16
12
8
4
24
20
16
12
8
4
1983
1985
1983
1985
CHART 7
SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES
DIFFERENTIAL: P L U S M , FAVORS BORROWING IN U. S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER A N N U M
PERCENT PER ANNUM
22
20
18
-
-
20
18
16
14
12
OVERNIGHT
EURO-DOLLAR DEPOSITS
-
U -
I
I
I
14
12
,
V
VV v
;
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11
3-MONTH
EURO-DOLLAR DEPOSITS
\
-
10
J _ 1
16
Mil
' \
FEDERAL FUNDS
DASHED LINE
i
|
V
10
v\
\
9 0 - D A Y CD' S
I
I
I
II I I I I I I I I I I
I I I I I I I I I I I
6
3
DIFFERENTIAL
DIFFERENTIAL
-
\
-
I
I
I
I
I
I
I I I I I I I I I I I
1983
1 PERCENT ON DIFFERENTIAL SCALE = 2 PFRCFNT ON RATE SCALE
I i I I I I II I I I
1985
I I I I I I I I I I I
1983
11111111111
1985
CHART
8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
•NT PER A N N U M
PERCENT PER AH
22
22
18
18
14
CANADIAN FINANCE
CO. PAPER, COVERED
EURO-DOLLAR DEPOSITS
DASHED LINE
14
10
10
INTERBANK STERLING
6
COVERED LONDON
6
U. S. COMMERCIAL PAPER
2
2
4
2
DIFFERENTIAL
DIFFERENTIAL
2
+
0
+
0
2
2
4
22
22
18
18
14
SWISS INTERBANK (SF) COVERED
MTERBANK DM
14
COVERED FRANKFURT
10
10
EURO-DOLLAR DEPOSITS
6
6
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
2
2
2
—
DIFFERENTIAL
DIFFERENTIAL
|
+
0
2
A-4
i
i
i
I
I
1983
I
uli i hili i
1985
PFRCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
1
1
-a.
1
1
A w-t
^
l
2
l
1983
II
.
A a
+
0
i .
I
2
1985
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER AN
IT PER ANNUM
JUM
19
19
CANADA
UNITED STATES
15
15
11
11
I
7
I
I
IIIIIIIIIIIIII
7
15
UNITED KINGDOM
9
—
—
SWITZERLAND
—
—
5
11
I I I II I I I I I I I
7
13
I
I
i l l 11 h i l l i
I
m 11111:11 i
1
13
MONTHLY
GERMANY
JAPAN
-
9
9
I
5
I
I
I
|
|
11111111111
5
22
22
U. S. CORPORATE
MONTHLY
18
-
-
FRANCE
18
Aaa BONDS
14
14
V
—
-
NETHERLANDS
MONTHLY
10
10
I
6
1983
1985
I
I I I I I I I I I I I
I
1983
1985
6
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERES
RATIO
196
RATIO
1969=
240
200
_
UNITED STATES
UNITED KINGDOMI
yV
180
-
160
140
120
—
ii
100
I
liliihi
I
I
I I II I II I II I
200
180
160
NETHERLANDS
FRANCE
—
140
120
100
90
-
80
I
70
I
I
I
I
I
180
160
MO
SWITZERLAND
-
Y.
-
120
110
100
90
80
-
I
70
I
I
I
I
I
320
CANADA
280
:
'
240
200
180
160
-
140
120
I
1963
1985
I
I
I
I
1963
I
1985
LAST VALUE PLOTTED
DATE
VAXOB
SERIES NAME
CHART 1. SPOT EXCHANGE RATES AND INDICES
WEEKLY AVERAGES, NOON BUYING RATES
(U.S. CENTS)
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U. K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
20
20
20
20
20
20
20
20
20
20
30. 29
0.38450
26.74
109.33
74.36
9.90
35.69
1.50673
0.04902
10.73
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
20
20
20
20
20
20
20
20
20
85.20
100. 67
76.76
44.22
74. 11
44.61
114.80
59.37
27. 84
20
20
20
20
20
20
20
20
20
20
20
158.34
127.25
151.07
110.96
60.57
106.92
60.86
167.22
84.53
37.27
67.32
20
20
20
20
20
20
20
20
-1. 33
-4. 47
2. 91
-2. 04
3. 21
1. 89
2. 56
- 5 . 34
INDICES, MARCH 1973 BASE RATES = 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, BAR
{G-10 COUNTRIES PLUS SWITZERLAND)
U.S. DOLLAR
GERMAN HARK
JAPANESE YEN
DUTCH GUILDER
U.K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
1973 =
100
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT
CANADIAN DOLLAR
U.K. POUND
GERMAN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
ITALIAN LIRA
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING
U.S. DOLLARS PER FINE OUNCE
FEB. 20
303.63
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
JAN.
FEB.
20
20
15
1
15
22
15
15
1
22
8. 57
8. 45
13. 88
10. 13
5. 60
5. 33
6. 19
10. 75
10. 30
1. 85
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
20
20
20
20
20
20
20
8. 65
6. 12
6. 33
10. 51
13. 78
5. 70
8. 99
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
20
20
20
20
20
20
8. 45
8. 54
8. 56
8. 95
9. 41
10. 04
OVERNIGHT EURO-COLLAR DEPOSITS
U.S. FEDERAL FUNDS
DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS
FEB. 20
FEB. 20
FEB. 20
8. 45
8. 57
- 0 . 12
3-MONTH EURO-DOLLAR DEPOSIT RATE
U.S. 90-DAY CD'S, SECONDARY MARKET
DIFFERENTIAL
FEB. 20
FEB. 20
FEB. 20
8. 95
8. 65
0. 30
CHART 4. CALL MONEY RATES
U.S. FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR DEPOSITS
U. K.
CANADA
GERMANY
EURO-DM
JAPAN
FRANCE
NETHERLANDS
EURO-SWISS FRANC
CHART 5. 3-MONTH INTEREST RATES
U.S. 90-DAY CD'S, SECONDARY MARKET
GERMAN INTERBANK LOAN
JAPANESE BANK LOANS 6 DISCOUNTS
CANADIAN FINANCE PAPER
INTERBANK STERLING
SWISS INTERBANK LOAN
WEIGHTED AVERAGE FOREIGN INTEREST RATE
£G-10 COUNTRIES PLUS SWITZERLAND)
CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON
OVERNIGHT
7-DAY
1-MONTH
3- MONTH
6-MONTH
1-YEAR
CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
FEB. 20
FEB. 20
FEB. 20
8. 95
9. 15
-0. 20
U.S. COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
FEB. 20
FEB. 20
FEB. 20
8. 52
9. 14
-0. 62
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFURT), COVERED
DIFFERENTIAL
FEB. 20
FEB. 20
FEB. 20
8. 95
9. 07
-0. 12
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
FEB. 20
FEB. 20
FEB. 20
8. 95
8. 96
- 0 . 01
FEB. 15
FEB.
1
DEC.
4
JAN.
FEB.
1
1
FEB.
DEC.
FEB. 15
1 1.37
7. 19
6. 36
4. 68
11. 38
12. 17
7. 72
10. 22
JAN.
NOV.
12.08
10.29
CHART 9. LONG TERM GCVERMEHT BOND YIELDS
UNITED STATES
GERMANY
JAPAN (MONTHLY)
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
U.S. CORPORATE
AAA BONDS
EURO-DOLLAR BONDS
CHART 10.
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
13
13
13
13
13
13
13
13
189.22
214.99
259.55
170.74
138.50
189.05
200. 14
245.04
FEDERAL RESERVE statistical release
FEEBUABY
K.10 (S12)
26,
1985
FOREIGN EXCHANGE RATES
FOB
THE
NEEK
ENDING
fBBBOABY
22,
1985
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
MONETAE!
DNIT
•A0SIRALIA
AUSTRIA
BELGIUM
BRAZIL
CANADA
CHINA,P.R.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HCNG KONG
INDIA
•IRELAND
ISRAEL
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
•NEW ZEALAND
NOBHAI
PHILIPPINES
PORTUGAL
SINGAPORE
•SCUTH AFRICA
SC0TH KOREA
SPAIN
SRI LANKA
S8EDEN
SWITZERLAND
TAINAN
THAILAND
•UNITED KINGDOM
VENEZUELA
DOLLAR
SCHILLING
FRANC
CRUZEIRO
DOLLAR
YUAN
KRONE
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
SHEKEL
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
PESO
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND
BOLIVAR
MEMO:
•UNITED
DOLLAB
STATES
FEB.
H
0
L
I
D
A
Y
18
.
ICOBBENCI OMITS
F E B . 19
67,70
23.300
66.630
3802.00
1.3469
2.8305
11.8550
6.8850
10.1380
3.3150
135.SCO
7.7970
12.9600
93.80
NA
2047.00
260.70
2.5600
233.0C00
3.7550
44.350
9.4900
NA
183.000
2.2650
51.20
839.00
182.700
26.633
9.3550
2.8110
39.270
28.000
109.29
NA
158.81
EBB DOLLAB)
FEB. 20
68.20
23.375
67.000
3802.00
1.3520
2.8305
11.9100
6.8890
10.1925
3.3370
136.000
7.7825
12.9800
93.40
NA
2061.00
261.30
2.5600
235.C000
3.7780
44.200
9.5200
NA
183.500
2.2600
5 0 . 10
639.00
183.750
26.633
9.3700
2.8230
NA
28.000
108.65
•A
159.63
FEB.
21
71.75
23.580
67.460
3875.00
1.3680
2.8305
12.0050
6.9400
10.2680
3.3562
136.250
7.8020
13.0100
92.65
NA
2086.00
261.80
2.5650
237.5000
3. 8 0 6 5
44.680
9.5575
NA
183.000
2.2650
49.40
841.00
184.900
26.633
9.4300
2.8280
NA
28.000
108.15
NA
160.69
FEE.
22
70.40
23.820
6 8 . 100
3875.00
1. 3 8 7 5
2.8418
12.1325
6.9975
10.3575
3.3880
138.500
7.8000
13.0700
91.75
NA
2110.CO
262.80
2.5710
245.0000
3.8380
44.300
9.6775
NA
185.000
2.2750
48.35
NA
1 8 7 . 150
26.633
9.4975
2.8580
NA
28.000
107.65
NA
162.04
•INDEX OF W E I G H T E D A V E B A G E E X C H A N G E V A L O E OF O.S. D O L L A B A G A I N S T C U R R E N C I E S OF CTBEB G-11
C C D H 1 B I E S . H A B C H 1973 = 100. W E I G H T S ABE 1 9 7 2 - 7 6 G L O B A L T B A D E O F B A C H
O F T H E 10 C C O H T B I E S .
S E B I E S B E V I S E D AS OF A O G O S T 1978. F O B D E S C B I P T I O * AID £AC1 D A T A , S E E " I N D E X OF THE
S E I G H T E D - A V E B A G E E X C H A N G E V A L O E OF THE O.S. D O L L A B : B E V I S I O W " ON PAGE 700 OF THE AOGOST
1578 F E D E B A L B E S E B V E B U L L E T I N .
•VALOE
IS O.S.
CENTS
@FedFRASER