Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 10, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

January 10,1994

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 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 $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
RATIO SCALE
MARCH 1973=100

RATIO SCALE
MARCH 1973=100

120

145
135
125
115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

105
95

BELGIAN FRANC

85

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

i

i

i

I

i

i

i

I

i

i

75
280
260
240
220
200

SWISS FRANC

JL_L_1

i

i

180

JAPANESE YEN

160
i

I

i

i

i

I

i

i

i

i

i

I

i

i

i

I

i

i

i

I

i

140

100
90
80
70

U.K. POUND

I

I

I

I

60

CANADIAN DOLLAR

I

I

I

I

I

I

I

I

I

I

i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

50

250
— I 230
210
190
170

DUTCH GUILDER

i

i

i

I

i

i

GERMAN MARK

i

I

i

i

i

I

i

i

i

i

i

i

I

i

i

i

I

i

150

i

i

l

i

i

i

130
65
55
45

35
ITALIAN LIRA

FRENCH FRANC

—

'

'




'

l

'

'
1992

« l

'

•

i

l

i

i
1994

'

•

» '

I

» » » I
1992

i

i

i

I

i

i
1994

»

25

CHART 2

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

2

PERCENT PER ANNUM

2

(

GERMAN MARK

U.K. POUND

+

0

i

i

i

l

i

» i

> '

i

i

I

i

i

i

1

CANADIAN DOLLAR

1

1

1

1

1 11

1

1

1

i

i

I

i

i

1I

i

i

i

1

I

1

I

JAPANESE YEN

/

/V

•

1

i

i

i

i

i

1

i

i

i

1

SWISS FRANC

1

1

1

1

1

1

1

I

I

1

DUTCH GUILDER

—

—

w>
—

—

i

i

i

1

i

i

i

1

i

i

i

1

i

i1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

ITALIAN LIRA

FRENCH FRANC

8
2
2
6
10
14

I

I




I

I

I
1992

I

I

I

I

I

I

i

i
1994

i

1

1

1

I

1

1

1

1992

I

1

1

I

I

I

I

'

1994

18

0
CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

0

U.S. DOLLARS PER FINE OUNCE
1 420

U.S. DOLLARS PER FINE OUNCE
420 i —

#

f

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380

380

S

s

360

360

340

340

320

320
1991




1992

1993

1994

CHART 4

CALL MONEY RATES
WEEKLY SERIES
DENT PER ANNUM

PERCENT PER AN

8

10

SWITZERLAND
8
U.S. FEDERAL FUNDS

6

6

4

4

JAPAN
2

•

2

1

1

I

1

1

1

1

i

•

» i

•

•

i

i

i

I

i

i

'

'

I

•

'

i

1 i

i

i

10

0
10

9

9

8

GERMANY

8
NETHERLANDS

7

7

6

5

6
1

1

1

I

1

1

1

1

I

1

•

I

'

i

i

'

'

•

I

'

'

'

I

'

'

•

i

•

•

•

16

14

nr.

FRANCE

5
14

12

12

CANADA

10

10

8

8

6

6

4

UNITED KINGDOM
4

•

•

•

I

•




I

•

I

•

'

I

I

I

I

I

» I

I

I

I

•

I

1 I

I

I

I

I

I

I

2

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
13

PERCENT PER ANNUM

12
WEIGHTED AVERAGE
FOREIGN RATE
CANADIAN FINANCE PAPER

U.S. CD'S

U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

JAPANESE CD RATE

FRENCH INTERBANK RATE

SWISS INTERBANK




GERMAN INTERBANK RATE

i
1992

1994

i

I

i

i
1992

i

I

i

i

i

I

i

i
1994

i

CHART 6

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

PERCENT PER ANh

OVERNIGHT

'

2
10

'

'

I

'

'

'

3-MONTH

I

'

'

'

I

'

'

1

1

'

l

7-DAY

8

•

1

•

I

1

•

i

I

i

'

i

6-MONTH

6

4

2
10

•

•

•

I

•

•

•

I

« •

•

» • _L_L

' ' ' > ' • • ' ' ' • ' ' ' '
1

1-YEAR

1-MONTH

8

6

4

2

'

'

'

I




'

•
1992

•

I

•

•

•

I

• J_L
1994

1

'

1

I

1

•
1992

1

I

1

'

•

'

I

l
1994

I

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

10

10

3-MONTH

OVERNIGHT
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUN

90-DAY CD'S

DASHED LINE

DASHED LINE

J

1

I

I

I

I

DIFFERENTIAL

I

I

I

I

'

I

'

l

l

DIFFERENTIAL
—

J

I




I

I

I

I
1992

I

I

I

I

I

I

—

1

L
1994

1

1

1

1

1
1992

1

1

1

1

i

I

1

1
1994

1

CHART 8

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

PERCENT PER ANNUM

8

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

x

EURO-DOLLAR DEPOSITS

DASHED LINE

'

i

i

I

—

U.S. COMMERCIAL P"APER
DASHED LINE

i

i

i

I

i

'

i

1 i

i

•

i

•

DIFFERENTIAL

i

I

'

'

•

I

i

i

I

I

I

I

I

1

l

l

l

1

l

l

l

l

l

i

i

DIFFERENTIAL
1

ff
l

l

l

1 I

I

I

I

'

i

I

1 i

i

i

I

I1

1

INTERBANK DM

EURO-DOLLAR DEPOSITS1

'

I

i

i

i

I




1

DASHED LINE

I

I

I

I

I

I

I

I

I

'

I

i

i

DIFFERENTIAL

1 I

1

EURO-DOLLAR C

DASHED LINE

I

1

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

I

1

i

i
1992

i

i

I

i

i

i

I

I

I

I

I

I

I

'

'

'

I

i

DIFFERENTIAL

I

i

i

i

I

' I
1994

'

I

i

i

I

i

i
1992

i

1994

I

1

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANN I

iCENT PER ANNUM

11

9
UNITED KINGDOM

UNITED STATES
8

9
7
6

7

5
4

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

I

I

I

I

I

I

I

I

I

I

1 I

'

5
10

11

FRANCE

CANADA
10

8

9
8

6

7

i

6
8

i

I

i

i

i

I

i

i

i

I

i

i

i

4
7

SWITZERLAND

JAPAN

7

6

6

5

5

4

4

3

3

i

'

'

I

•

i

i

I

'

'

i

l

i

i

i

2

10

10

NETHERLANDS

GERMANY

9

9

8

8

7

7

6

6

5

•

i

i

I




i

i
1992

i

I

i

i

i

l

i

'
1994

'

•

i

i

I

i

» » l
1992

'

'

•

l

i

'
1994

'

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220
UNITED STATES

210

— UNITED KINGDOM

190
170
150
130

'

i

i

l

i

i

i

I

i

i

» l

I

SWITZERLAND

I

I

I

I

I

I

I

I

I

I

I

i

ARAN

i

i

i

I

i

i

i

I

i

i

i

I

i

i

—

140

—

120

—

100

80

180

CANADA

GERMANY

165

140
150
120

135
120

100
105

80

i

i i I i i

i I i i i I i i i

I

I

I

I

I

'

I

I

I

I

I

I

I

I

210

195

FRANCE

180
165
150
135
120
105

I

I

I

I

I
1992




I

I

I

I

I

I

I

I
1994

I
1992

1994

8-Dec-93
Chart 1.

15-Dec-93 22-Dec-93 29-Dec-93 5-Jan-94

Spot Exchange Rates and Indices

Noon buying rates

(U.S. cents, weekly averages)

Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.7893
75.389
16.995
58.404
0.05902
0.92312
52.105
67.695
149.15

2.7983
75.183
17.110
58.552
0.05933
0.91584
52.276
68.293
149.01

2.8157
74.702
17.170
58.565
0.05965
0.90578
52.291
68.805
148.96

2.8278
75.262
17.251
58.749
0.05969
0.89932
52.446
69.317
150.18

2.7640
75.698
16.917
57.501
0.05862
0.88962
51.388
67.284
148.02

109 .91
75 .14
76 .58
164 .29
33 .88
241 .70
149 .58
217 .78
60 .32

110 .27
74 .93
77 .10
164 .71
34 .06
239 .80
150 .07
219 .71
60 .27

110 .95
74 .45
77 .37
164 .75
34 .24
237 .16
150 .12
221 .35
60 .25

111,.43
75..01
77,.74
165 .27
34 .26
235 .47
150 .56
223 .00
60 .74

108,.91
75 .45
76 .23
161 .76
33 .65
232 .93
147 .52
216 .46
59 .87

107 .58
70 .08
72 .25
174 .25
30 .04
252 .91
148 .74
49 .95
218 .47
55 .00
95 .65

107 .76
70 .44
72 .41
174 .34
29 .97
250 .14
148 .78
50 .59
219 .53
55 .33
95 .33

106..59
71..84
71,.84
172 ,
.47
29,.80
250..59
147,.53
50 .87
215 .66
55 .20
96 .84

-0.67
-3.20
-2.77
-5.23
1.24
-2.27
-0.92
-1.99

-0.76
-3.32
-2.91
-4.98
1.19
-2.41
-1.05
-2.23

-0.56
-3.16
-2.77
-4.91
1.25
-2.23
-0.93
-1.95

-0..50
-2 .94
.
-2..54
-4 .89
,
1,.26
-1 .98
-0 .75
-1 .97

377.52

384.73

387.10

385.53

392.94

2.92
2.89
4.18
6.66
6.10
2.36
5.86
4.25
5.38

2.94
2.88
4.33
6.58
5.97
2.44
5.78
4.15
6.40

2.99
2.88
3.90
6.55
6.04
2.36
5.79
4.38
6.15

2.99
2.92
3.63
6.45
6.09
2.37
5.83
4.28
5.31

3..00
2..98
3..88
6..50
6..10
2,.31
5,.76
4 .63
,
5 .44

Indices, March 1973 base rates = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

Weighted average exchange value indices, Mar. 1973=100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. dollar
Chart 2.

-0..61
-3,.09
-2 .69
-5 .32
1,.43
-2 .25
-0 .88
-1 .81

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

106 .85
70 .54
71 .95
174 .15
29 .86
255 .99
148 .66
49 .76
216 .74
55 .00
95 .62

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

106 .59
70 .82
71 .48
173 .81
29 .72
258 .53
148 .28
49 .95
214 .98
55 .11
95 .73

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




8 -Dec-93
Chart 5.

3-Month Interest Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
(G-10 Countries)
Chart 6.

3 .35
4 .15
6 .43
5 .98
2 .02
5 .58
4 .18
5 .21
5 .13

3 .26
4 .10
6 .38
5 .97
2 .05
5 .45
4 .01
5 .26
5 .09

3 .20
4 .06
6 .40
6 .02
2 .09
5 .52
4 .16
5 .39
5 .13

3 .24
4 .03
6 .34
6 .00
2 .09
5 .48
4 .02
5 .31
5 .04

3 .24
4 .02
6 .26
5 .79
2 .06
5 .24
3 .95
5 .30
4 .98

2 .89
3 .00
3 .38
3 .35
3 .41
3 .71

2 .88
3 .00
3 .24
3 .28
3 .36
3 .66

2 .88
2 .94
3 .10
3 .16
3 .33
3 .65

2 .92
3 .20
3 .14
3 .20
3 .36
3 .69

2 .98
3 .09
3 .13
3 .24
3 .38
3 .69

Euro-Dollar Deposit Rates

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

15 -Dec -93 22-Dec -93 29-Dec -93 5-Jan-94

Selected Euro-dollar & U.S. Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

2 .89
2 .92
-0 .03

2 .88
2 .94
-0 .06

2 .88
2 .99
-0 .11

2 .92
2 .99
-0 .07

2 .98
3 .00
-0 .02

3 .35
3 .35
0 .00

3 .28
3 .26
0 .02

3 .16
3 .20
-0 .04

3 .20
3 .24
-0 .03

3 .24
3 .24
0 .00

Euro-dollar deposit
Interbank sterling (London), covered
Differential

3 .35
3 .37
-0 .02

3 .28
3 .24
0 .03

3 .16
3 .13
0 .03

3 .20
3 .34
-0 .14

3 .24
3 .31
-0 .07

U.S. commercial paper
Canadian finance paper, covered
Differential

3 .43
3 .54
-0 .11

3 .36
3 .42
-0 .06

3 .31
3 .29
0 .02

3 .32
3 .47
-0 .15

3 .29
3 .52
-0 .23

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

3 .35
3 .25
0 .10

3 .28
3 .16
0 .11

3 .16
3 .07
0 .10

3 .20
3 .19
0 .01

3 .24
3 .21
0 .03

Euro-dollar deposit
Swiss interbank, covered
Differential

3 .35
3 .29
0 .06

3 .28
3 .09
0 .19

3 .16
3 .10
0 .06

3 .20
3 .08
0 .12

3 .24
3 .19
0 .04

6 .73
,
5 .79
5,.76
3 .28
,
4 .06
,
5 .74
6 .31
5 .77

6 .73
5 .74
5 .68
3 .24
4 .08
5 .73
6 .20
5 .81

6 .58
5 .65
5..63
.16
3.
4 .06
.
5 .65
,
6.. 14
.
5 .73

6 .64
5 .64
5 .57
3 .20
4 .04
5 .56
6 .16
5 .87

.82
140 ,
.57
168 ,
121..85
109 .
.82
145 .
.19
218 .
.42
191..54
187..77

140 ,
.86
NC
124 ,
.98
109 .
.67
149 .
.85
226 .07
194 ,
.76
189 ,
.77

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

Stock Indices

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

6 .75
5 .98
5 .85
3 .33
4 .09
5 .81
6 .45
5 .75
(Wednesday figures)
143
167
123
105
147
217
190
189

.55
.34
.21
.59
.84
.38
.42
.64

143 .
.63
NC
126 .
.35
108..08
151..31
227 .
.31
201..62
191..63

146 .66
NC
127 .90
110 .61
154 .62
233 .98
197 .54
190 .63

Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite



FEDERAL RESERVE statistical release
H.10(512)

January 10, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JANUARY 7, 1994

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
^IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
KNEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
XUNITED KINGDOM

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

MEMO:
(*UNITED STATES

DOLLAR

Jan. 3

(CURRENCY UNITS PER DOLLAR)
Jan. 6
Jan. 5
Jan. 4

Jan. 7

0.6840
12.254
36.320
1.3155
8.7217
6.8035
1.1120
5.8210
5.9280
1.7420
250.13
7.7260
31.440
1.4050
1706.75
112.50
2.6705
3.1080
1.9497
0.5620
7.54
176.7000
1.6130
3.40
810.40
143.420
49.3800
8.3840
1.491
26.626
25.580
1.4760

0.6845
12.217
36.120
1.3173
8.7217
6.7785
1.1167
5.7765
5.9050
1.7380
249.86
7.7250
31.440
1.4175
1697.75
112.75
2.6320
3.1200
1.9440
0.5620
7.52
176.7200
1.6115
3.41
811.30
143.620
49.5300
8.2460
1.488
N. A.
25.590
1.4840

0.6860
12.230
36.110
1.3180
8.7217
6.7650
1.1160
5.7795
5.9070
1.7410
250.49
7.7235
31.440
1.4270
1696.25
113.10
2.6267
3.1065
1.9473
0.5613
7.51
176.7600
1.6005
3.40
812.20
144.820
49.5200
8.2120
1.481
26.570
25.580
1.4870

0.6840
12.243
36.120
1.3215
8.7217
6.7710
1.1143
5.7720
5.9200
1.7425
250.63
7.7255
31.440
1.4230
1692.50
112.75
2.6308
3.1060
1.9492
0.5557
7.50
176.8300
1.5930
3.40
814.50
145.470
49.4500
8.2115
1.481
26.569
25.570
1.4855

0.6865
12.219
35.990
1.3235
8.7117
6.7350
1.1190
5.7545
5.8910
1.7317
248.89
7.7253
31.440
1.4300
1692.25
111.97
2.6290
3.1060
1.9372
0.5568
7.47
176.2500
1.5970
3.39
816.20
144.600
49.5900
8.1520
1.470
26.599
25.570
1.4900

97.01

96.72

96.75

96.78

96.35

*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 1202) 482-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.