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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts February 27,1989 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 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 $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 $.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 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 RATIO S< MARCH 197'1=100 140 SCALE 11973*100 140 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 120 __ BELGIAN FRANC 120 100 100 IX 90 80 Jtr 70 I 90 80 I I I I 70 I 280 280 JAPANESE YEN SWISS FRANC 240 — 240 200 200 180 180 160 160 140 140 I 120 I I I I 120 I 100 100 CANADIAN DOLLAR 90 90 U.K. POUND 80 80 70 70 60 60 50 I I I I I I I 50 200 180 200 GERMAN MARK DUTCH GUILDER 180 160 160 140 140 120 120 100 100 120 60 ITALIAN LIRA 100 90 50 FRENCH FRANC 45 80 40 70 35 60 30 50 25 1987 1989 1987 1989 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 A x / " I I I i i i ^ — v / A .) \ v V- Illllllllll Illllllllll 1 1 1 GERMAN MARK I I I JAPANESE YEN v / X V " X " v I x ^ / \ I I y v / V i i i iihihiln I I SWISS FRANC I I I I I Illllllllll DUTCH GUILDER v~ I I V I I I iiiiiiiihi iiiiiiniii FRENCH FRANC I I I I I I ITALIAN LIRA 12 1987 1989 1987 1989 CHARTS PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. LLARS PER FINE OUNCE U.S. DOLLARS PER FINE O 520 520 500 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 480 460 460 440 440 420 420 400 400 380 380 360 360 340 340 320 320 I I I I I I I I I I 300 1986 1987 1988 300 1989 CHART4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANI JENIFER ANNUM 16 16 12 U.S. FEDERAL FUNDS 12 FRANCE 8 8 JAPAN 4 11 0 I I I I I 4 0 I 16 16 CANADA 12 12 GERMANY 8 8 4 4 0 M L L 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 4 NETHERLANDS LLfl 1111111 0 1987 1989 1987 0 1989 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANh ENTPER ANNUM 12 12 FRENCH INTERBANK RATE 10 10 U.S. CD'S 8 8 6 6 WEIGHTED AVERAGE FOREIGN RATE 4 4 I lLll 2 I I I I I M I I M I I I I II 2 16 16 14 U.K. INTERBANK STERLING — 14 — 12 CANADIAN FINANCE CO. PAPER 12 10 10 8 8 6 I I I I I I iiliiliilii 8 6 6 8 GERMAN INTERBANK RATE SWISS INTERBANK RATE - 6 4 4 2 2 I 0 I I I I Illllllllll I 10 0 10 - 8 NETHERLANDS INTERBANK RATE - 8 JAPANESE GENSAKI RATE 6 6 4 4 I 2 1987 1989 I I I I 1987 I Illllllllll 2 1989 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANI SENT PER ANNUM 14 14 12 3-MONTH OVERNIGHT 12 10 10 8 8 6 6 4 4 14 14 12 6-MONTH 7-DAY 12 10 10 8 8 6 6 4 4 14 14 12 1-MONTH 1-YEAR 10 12 - J - 10 8 8 6 6 I 4 1987 1989 I I I I 1987 I i i l l i h i l i i ii l u l u l i i 1989 4 CHART? 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 12 12 10 EURO-DOLLAR DEPOSITS DASHED OVERNIGHT 90-DAY CD'S EURO-DOLLAR DEPOSITS 2 I I I 10 3-MONTH FUNDS DASHED LINE 11111111111111111111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i 111111 I 2 2 2 DIFFERENTIAL DIFFERENTIAL I I I I I I I I II I I I I I I I I I I I I 1987 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I 1989 I I I I 1987 I 11111111111 11111111111 1989 CHART8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY SENT PER ANNUM PERCENT PER ANh 16 16 12 12 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 8 8 4 EURO DOLLAR DEPOSITS DASHED LINE 0 L_LL U.S. COMMERCIAL PAPER DASHED LINE 11111!nliilnilil11inl l l l I l I 4 I I I I l l l l l I I I ill ill II I 2 2 DIFFERENTIAL DIFFERENTIAL + 0 + 0 I I IIllllI II 2 I I I I I 11 I I I I I I I i l l i l l I I I! 16 2 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 EURO-DOLLAR DEPOSITS DASHED LINE 4 0 I I EURO-DOLLAR DEPOSITS DASHED LINE llll llllll Mill Illlll Nil L i 4 iilnliiliiliiliilii 2 0 2 DIFFERENTIAL DIFFERENTIAL + 0 2 0 + 0 I, I I I I I 1987 I llll111lllll1111lllll111 1989 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I l l l l l 1987 n i l 11 N i l I i l u l u 11 1989 2 CHART9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANh >ENT PER ANNUM 14 14 12 „ UNITED STATES CANADA 12 \ 10 , zA/s y W f • " \j 10 8 8 6 I I I I I I I I I 6 I 14 14 12 v UNITED KINGDOM - 10 8 FRANCE I 6 I I 12 10 8 I I 6 I 10 10 8 __ SWITZERLAND JAPAN - 6 6 4 2 - I I I I I I I I I I I 10 NETHERLANDS - MONTHLY GERMANY - 8 6 6 4 2 4 2 10 8 8 - JL± I i n 1987 1989 I I I I 1987 I 4 2 1989 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969*100 RATIO SCALE 1969.100 600 500 - - UNITED STATES 400 / 300 200 - - 150 NETHERLANDS — - I I I I I || | | | | | | | | | I 400 800 GERMANY JAPAN 600 500 A - 400 — 300 - / 200 / - V v A\ f i i i i i i ^ - — 200 - - - 150 111,1111111 I I I I I I M11,1,1111 FRANCE 200 150 I I I I UNITED KINGDOM CANADA 300 - 1987 1989 250 - - I - - SWITZERLAND I 300 - 300 250 - 1987 1989 100 LAST VALUE PLOTTED DATE VALt SERIES NAME CHAfiT 1 . SPOT EXCHANGE BATES AND INDICES WEEKLY AVERAGES, NOON BOXING BATES ( U . S . GERMAN MARK JAPANESE YEN DUTCH GUILDER U. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FBAMC BELGIAN FRANC ITALIAN XIRA SWEDISH KBONA CENTS) FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 22 22 22 22 22 22 22 22 22 22 54. 0. 48. 176. 84. 15. 63. 2. 0. 15. 37 79122 16 19 01 96 88 59219 07417 86 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 22 22 22 22 22 22 22 22 22 152. 20 7 . 138. 71. 83. 71. 20 5 . 102. 42. 94 17 24 26 73 92 51 15 13 22 22 22 22 22 22 22 22 22 22 22 9 5. 25 1 5 8 . 80 2 1 6 . 58 1 3 5 . 72 6 5. 95 7 9 . 25 6 6 . 35 2 0 1 . 72 9 8. 22 3 7 . 84 6 6 . 69 I N D I C E S , MARCH 1 9 7 3 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, ( G - 1 0 COONTRIES PLUS SWITZERLAND) U . S . DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA CHART 2 . MAR 1 9 7 3 = 100 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 3-MONTH FORWARD EXCHANGE BATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIBA FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 22 22 22 22 22 22 22 22 -1. -2. 3. 0. 3. 2. 5. -2. 91 98 01 46 82 77 10 16 LAST VALUE PLOTTED DATE VALUE SERIES SAME CHART 3 . GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. CHART 4 . DOLLARS PER FINE OUNCE F E B . 22 383.46 CALL HONEY 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. 22 22 22 22 22 22 22 22 22 9 . 39 9 . 15 12.64 1 0 . 95 5.94 3.91 8 . 75 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 22 22 22 22 22 22 22 22 22 9.55 6.49 4.21 11.74 12.95 5.65 9.11 6.80 8.03 FEB. FEB. FEB. FEB. FEB. FEB. 22 22 22 22 22 22 9.15 9.25 9.41 9.68 9.86 1 0 . 13 OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS DIFFERENTIAL FEB. 2 2 F E B . 22 FEB. 22 9 . 15 9 . 39 - 0 . 24 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . 90-DAY C D ' S , SECONDARY MARKET DIFFERENTIAL F E B . 22 FEB. 2 2 F E B . 22 9. 68 9 . 55 0 . 13 CHART 5 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7 . 4. 88 3-MONTH INTEREST RATES U . S . 90-DAY C D ' S , SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE ( G - 1 0 COUNTRIES PLUS SWITZERLAND) CHART 6 . 6. 02 SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES SERIES SAME CHART 8 . LAST VALUE PL TIED DATE VALUE INTEREST AfiBITBAGE, 3-HONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFEfiENTIAL FEB. 2 2 FEB. 22 FEB. 2 2 9.68 9.87 -0.20 U . S . COHHERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL FEB. 2 2 FEB. 2 2 FEB. 22 9.41 9.78 -0.37 BUBO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT) , COVERED DIFFERENTIAL FEB. 2 2 FEB. 22 FEB. 22 9.68 9 . 55 0 . 13 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL FEB. 2 2 FEB. 22 FEB. 22 9.68 9.52 0 . 16 17 17 17 17 17 17 9.21 6 . 87 4.47 4.68 10.39 9.23 6.42 8.67 CHART 9 . LONG TERM COVERHENT BOND YIELDS UNITED STATES GESMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM FEB. FEB. FEB. FEB. FEB. FEB. DEC, FEB. 17 U . S . CORPORATE AAA BONDS CHART 1 0 . HAY 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 15 15 15 15 15 15 15 15 314.00 368.78 357.53 239.94 217.02 316.60 445.56 654.47 FEDERAL RESERVE statistical release H.10(512) FEBRUARY 2 4 , 1989 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING FEBRUARY 2 4 , 1989 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 *1RELAND 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. 20 H 0 L I D A Y 0.25 (CURRENCY UNITS PER DOLLAR) FEB. 22 FEB. 2 1 FEB. 23 FEB. 24 81.03 12.971 38.630 1.1899 3.7314 7.1760 4.2950 6.2750 1.8420 154.300 7.8035 15.2900 144.80 1351.00 126.75 2.7335 2.0795 61.380 6.7050 151.400 1.9270 2.4770 678.20 114.900 33.070 6.3210 1.5690 27.720 25.370 175.02 82.03 12.919 38.520 1.1958 3.7314 7.1580 4.2830 6.2600 1.8360 154.200 7.8010 15.3500 144.91 1350.00 126.58 2.7310 2.0730 61.400 6.6900 151.750 1.9270 2.4875 678.30 115.250 33.050 6.3005 1.5685 27.760 25.370 175.05 82.75 12.825 38.210 1.1958 3.7314 7.0990 4.2700 6.2170 1.8215 153.100 7.8010 15.3000 146.55 1342.50 126.20 2.7290 2.0535 62.650 6.6750 150.550 1.9270 2.4780 677.30 114.300 33.030 6.2800 1.5540 27.760 25.350 176.00 82.37 12.855 38.250 1.1987 3.7314 7.1185 4.2770 6.2090 1.8240 153.650 7.8000 15.3000 145.75 1348.00 126.32 2.7310 2.0620 62.480 6.6850 150.950 1.9290 2.4880 677.30 114.550 33.025 6.2850 1.5570 27.780 25.340 175.30 95.46 95.33 94.77 94.94 tINDEX 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 I S U . S . CENTS
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