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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
February 6,1989
DIVISION OF
INTERNATIONAL FINANCE
Prepared by the
FINANCIAL MARKETS
SECTION
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DC. 20581
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 O F FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIOS
MARCH 19711-100
SCALE
11973-100
140
120
140
FOREIGN CURRENCY
PRICE O F U.S. DOLLAR
BELGIAN FRANC
120
100
100
90
90
80
80
70
70
280
280
240
JAPANESE YEN
SWISS FRANC
200
-p
160
140
120
-
90
80
180
XJ^
160
140
I
100
:
200
%
180
240
I
I
i l l i H i l l ii
120
100
CANADIAN DOLLAR
90
U.K. POUND
80
70
70
60
60
50
50
200
200
180
GERMAN MARK
DUTCH GUILDER
180
160
160
140
140
120
120
100
100
120
60
__
=
100
90
FRENCH FRANC
ITALIAN LIRA
50
45
80
40
70
35
60
30
50
I
1987
1989
I
I
I
I
1987
I
25
1989
CHART2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
4
4
CANADIAN DOLLAR
U. K. POUND
AxZ"
V^"
I
I
I
t
i
i
i
/
\
/
I
I
I
A*
LV
— -
GERMAN MARK
I
I
I
I
I
JAPANESE YEN
I
I
I
SWISS FRANC
I
I
I
UIMIHIM
I
DUTCH GUILDER
/
v
~
I
I
I
I
I
I
Mil.I..Ill
I I I
FRENCH FRANC
I I I
lllllllllll
I.IMIMII,
ITALIAN LIRA
12
—
4
-
8
12
1987
1989
1987
1989
CHART3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.
LLARS PER FINE OUNCE
U S. DOLLARS PER FINE Ol
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 I
300
1986
1987
1988
I I I I I I I I I I I I
1989
300
CHART4
CALL MONEY RATES
WEEKLY SERIES
ENT PER ANNUM
PERCENT PER ANh
16
16
12
U.S. FEDERAL FUNDS
12
FRANCE
8
8
4
4
0
I
I
I
I
I
i
I
i
i
0
II
16
16
CANADA
12
12
GERMANY
8
8
4
4
0
I
I
I
I
I
0
I
20
16
UNITED KINGDOM
SWITZERLAND
16
12
12
8
8
J
4£
4
NETHERLANDS
0
1987
1989
1987
4
0
1989
CHART5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AW
ENT PER ANNUM
12
12
FRENCH INTERBANK RATE
10
10
U.S. CD'S
8
8
6
6
WEIGHTED AVERAGE
FOREIGN RATE
4
4
I
II
2
I
I
I
I
I
I
2
16
16
14
U.K. INTERBANK STERLING
-
14
-
12
CANADIAN FINANCE CO.
PAPER
12
10
10
8
-
6
I
I
I
I
I
8
6
I
8
8
GERMAN INTERBANK RATE
6
-
SWISS INTERBANK RATE
-
6
4
4
2
2
I
0
1 1 1
I
I
I
I
I
0
I
10
10
-
8
NETHERLANDS INTERBANK RATE
-
8
JAPANESE GENSAKI RATE
6
6
4
4
-
1
2
I
I
I
I
1987
1989
I
I
I
I
1987
1
2
1989
if
CHART 6
' (
EURO-DOLLAR DEPOSIT RATES
LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PEF lENT PER ANNUM
PERCENT PER ANf
14
12
14
OVERNIGHT
-
3-MONTH
—
12
10
10
8
8
6
6
I
4
I
I
I
I
I
4
14
12
14
7-DAY
6-MONTH
12
10
10
8
8
6
6
4
4
14
14
12
1-MONTH
1-YEAR
—
—
12
10
10
8
8
6
6
I
4
1987
1989
I
I
I
I
1987
I
4
1989
CHART7
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
-
10
-
12
-
10
3-MONTH
EURO-DOLLAR DEPOSITS
FEDERAL FUNDS
DASHED LINE
-
/
i JtTZr
V
OVERNIGHT
EURO-DOLLAR DEPOSITS
^
v
v
90-DAY CD'S
DASHED LINE
-
—
11111111111111111111111
I
I
I
I
I
I
11111111111
I l I l l 11 l I l I
2
2
DIFFERENTIAL
DIFFERENTIAL
+
0
J _ L
J
I
I
111111111111111111111111
1987
1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
1989
I
l
I
I
I
1987
I
I I I I I I I I I I I
11111111111
1989
/
CHART8
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
I
CANADIAN FINANCE
CO. PAPER, COVERED
EURO-DOLLAR DEPOSITS
DASHED LINE
U.S. COMMERCIAL PAPER
DASHED LINE
I
I
I
I
I
I
I »11 11 H 111 11 1 1 I I I H
I
I
I
I
I
I
I
11' I' 11 n I n 1111111111 n
I
I
I
16
12
I
I
I
I
i l
i
I
l
I
1111111 n I n 1111 m 1111 n I o
I
I
I11 I I I h i l l i h i l l H i l l u i
I
l
I I I I M I M I II I I I I I I I I I I I I I
II l u l l 1 1 i i
2
16
I
I
I
I
I
11 i l l l l l l l l l l l l l l l l l l l l l l
DIFFERENTIAL
1987
ii l i i l n l i i
1989
1 PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE
I
EURO-DOLLAR DEPOSITS
DASHED LINE
DIFFERENTIAL
I
I
SWISS INTERBANK (SF) COVERED
EURO-DOLLAR DEPOSITS
DASHED LINE
I
I
12
INTERBANK DM
COVERED FRANKFURT
0 I
I
DIFFERENTIAL
DIFFERENTIAL
2 I
12
INTERBANK STERLING
COVERED LONDON
I
I
JJJJJJLL.
I
1987
nliiliilii
1989
o
CHARTS
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANf
PEI SENT PER ANNUM
14
14
CANADA
UNITED STATES
12
-
10
10
8
-
I
6
I
I
I
I
I
nil Hilln
14
FRANCE
UNITED KINGDOM
12
12
-V/Kr
10
8
I
6
I
I
10
8
1 1 1
6
10
10
SWITZERLAND
8
-
JAPAN
-
1
6
4
I
J_L
2
I
I
V
i
i
x
8
6
A
4
i
2
10
10
NETHERLANDS
MONTHLY
-
GERMANY
-
6
8
6
4
2
8
6
14
8
12
-
I
I
I
I
I
1987
I
—
I
1989
I
I
I
I
1987
I
4
2
1989
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969-100
600
RATIO SCALE
1969-100
600
500
400
500
UNITED STATES
NETHERLANDS
400
300
300
200
200
150
150
800
400
JAPAN
GERMANY
600
300
500
250
400
200
300
150
200
100
300
250
600
SWITZERLAND
FRANCE
500
200
400
150
300
111 illii111
100
200
600
600
500
500
UNITED KINGDOM
CANADA
400
400
300
300
200
200
1987
1989
1987
1989
/
LAST VALUE PLOTTED
DATE
VALUE
S E R I E S NAME
CHART 1 .
SPOT EXCHANGE RATES AND I N D I C E S
MEEKLY AVERAGES,
NOON BUYING RATES
(U.S.
GERMAN HARK
JAPANESE YEN
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KfaONA
INDICES,
CENTS)
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
53.71
0.77301
47. 58
175.94
64.40
1 5 . 79
6 3 . 16
2. 56 564
0.07342
1 5 . 79
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
1 5 1 . 10
2 0 2 . 40
136. 56
7 1 . 16
84.12
7 1 . 17
2 0 3 . 18
1 0 1 . 10
41.71
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 L I S A
WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , BAR 1 9 7 3 = 100
I G - 1 0 COUNTRIES PLUS SWITZERLAND)
U. S . DOLLAR
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FitANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
CHART 2 .
9 6 . 20
157. 98
2 1 2 . 86
1 3 5 . 10
6 6 . 42
8 0 . 32
6 6 . 16
2 0 0 . 98
9 7 . 97
3 7 . 75
6 6 . 96
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
3-MONTH FORWARD EXCHANGE BATES, PREMIUM Ofi 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.
1
1
1
1
1
1
1
1
- 1 . 89
- 3 . 36
3. 21
0 . 45
3 . 46
2m 89
4. 74
- 2 . 44
LAST VALUE PLOTTED
DATE
VALUE
S E R I E S NAME
CHART 3 .
GOLD P R I C E I N LONDON, AFTERNOON F I X I N G
U. S .
CHART 4 .
DOLLARS PER F I N E OUNCE
FEB,
3.16
8. 93
12. 65
10.55
5.40
3.69
8.45
6.29
4.38
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
9.18
5 . 87
4.23
11. 44
12.97
5 . 55
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
8 . 93
8 . 99
9.14
9 . 26
9.39
9.64
8. 80
6. 26
7 . 72
EURO-DOLLAR DEPOSIT RATES: LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
CHART 7 .
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
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 .
397.36
CALL MONEY RATES
U . S . FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR DEPOSITS
U. K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART 5 .
1
SELECTED EURO-DOLLAR AND U . S .
MONEY MARKET RATES
OVERNIGHT EURO-DOLLAB DEPOSITS
U . S . FEDERAL FUNDS
DIFFERENTIAL
FEB.
FEB.
FEB.
3-MONTH EURO-DOLLAR DEPOSIT RATE
U . S . 90-DAY C D ' S , SECONDARY MARKET
DIFFERENTIAL
FEB.
FEB.
FEB.
1
1
1
1
1
1
8 . 93
9.16
•0.23
9.26
9.18
0.08
LAST VALUE PLOTTED
DATE
VALUE
SERIES NAHB
CHART 8 .
INTEREST AEBITRA6E, 3-MONTH FUNDS
BUBO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
FEB.
FEB.
FEB.
9.26
9.50
•0.24
U . S . COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
FEB.
FEB.
FEB.
9.06
9.50
•0.44
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFURT) ,
DIFFERENTIAL
FEB.
FEB.
FEB.
9 . 26
9.12
0.14
FEB.
FEB.
FEB.
9. 26
9.06
COVERED
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
CHART 9 .
LONG TERM GOVERMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNlTriD KINGDOM
U.S.
0.20
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
DEC.
JAN.
27
27
27
27
27
20
27
8.
6.
4.
4.
10.
8.
6.
8.
97
56
21
55
20
79
42
75
CORPORATE
AAA BONDS
CHART 1 0 .
9.33
STOCK I N D I C E S
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
MAY
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
1
1
1
1
1
1
1
1
317.72
366.14
360.57
236.01
214.01
317.32
451.80
64 8 . 3 3
FEDERAL RESERVE statistical release
H.10(512)
FEBRUARY
6 , 1989
FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING
FEBRUARY
5 , 1989
The Board of Governors of t h e Federal R e s e r v e System is advised that the Federal R e s e r v e Bank of New York h a s certified
for customs p u r p o s e s t h e following noon buying r a t e s in New York City for cabte t r a n s f e r s 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
*NEM ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
S R I 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;
•UNITED STATES
DOLLAR
JAN. 3 0
(CURRENCY UNITS PER DOLLAR)
JAN. 3 1
FEB.
1
FEB.
2
FEB.
3
8 8 . 17
13. 083
3 8 . 950
1 . 1810
3 . 7314
7 . 2310
4 . 2960
6 . 3200
1. 8590
154. 890
7 . 8010
1 5 . 1700
143. 75
1360. 75
129. 35
2 . 7340
2. 0990
6 0 . 680
6 . 7240
152. 600
1 . 9350
2. 4070
683. 30
115. 480
33. 188
6 . 3310
1. 5792
27. 700
25, 420
176. 18
8 8 . 74
13. 221
3 9 . 320
1. 1835
3 . 7314
7 . 2900
4 . 3240
6 . 3860
1. 8785
155. 400
7. 7985
1 5 . 1800
142. 50
1370. 00
130. 50
2 . 7300
2. 1205
6 0 . 150
6. 7645
153. 100
1. 9330
2. 4040
683. 40
116. 000
33. 185
6. 3600
1, 5997
27. 700
25. 410
175. 00
88. 85
13. 113
3 9 . 050
1 . 1894
3 . 7314
7 . 2600
4 . 3300
6 . 3480
1. 8640
155. 530
7. 8010
15. 2000
1 4 2 . 70
1367. 00
129. 60
2 . 7320
2 . 1050
60. 830
6 . 7500
153. 300
1. 9350
2. 4070
683. 50
118. 100
33. 167
6. 3400
1. 5840
27. 700
25. 450
175. 35
89. 05
13. 161
3 9 . 190
1. 1881
3 . 7314
7 . 2760
4 . 3170
6 . 3620
1 . 8690
155. 500
7 . 8020
1 5 . 1800
1 4 2 . 90
1366. 50
129. 15
2 . 7280
2. 1105
6 0 . 550
6 . 7700
153. 900
1 . 9310
2. 4230
6 8 3 . 60
118. 450
3 3 . 170
6, 3530
1. 5855
27. 690
25. 440
175. 08
87. 67
1 3 . 220
39. 430
1. 1858
3. 7314
7. 3200
4 . 3400
6, 3920
1, 8 7 9 5
156. 500
7. 8010
15, 1800
1 4 1 , 90
1375, 00
129, 65
2, 7 2 8 5
2 1225
6 1 ,. 4 0 0
6 .7950
1 5 3 900
1 .9325
2 .4390
682 .90
117 300
33 • 170
6 .3830
1 .5975
27 .680
25 .430
174 .15
96, 07
96. 89
96. 42
96. 5 1
96 . 9 6
•INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U . S . DOLLAR AGAINST CURRENCIES OF OTHER G - 1 0
COUNTRIES. MARCH 1 9 7 3 = 1 0 0 . HEIGHTS ARE 1 9 7 2 - 7 6 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES.
SERIES REVISED AS OF AUGUST 1 9 7 8 . FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U . S . DOLLAR: REVISION" ON PAGE 7 0 0 OF THE AUGUST
1 9 7 8 FEDERAL RESERVE BULLETIN.
*VALUE I S U . S . CENTS
@FedFRASER