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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts January 11, 1999 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION W ashington, D.C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE 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 Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. CHARTS 1. NOMINAL CURRENCY EXCHANGE VALUES 2. 3-MONTH FORWARD EXCHANGE RATES 3. PRICE OF GOLD IN LONDON 4. OVERNIGHT FUNDING RATES AND OFFICIAL INTEREST RATES 5. 3-MONTH INTEREST RATES 6. LONG-TERM GOVERNMENT BOND YIELDS 7. STOCK INDEXES Note; With this issue, a number o f changes have been made to the charts. These changes are largely in response to the introduction o f the euro and to accompanying changes in the structure o f the financial markets in Europe. In addition, some charts were revised to show information on a wider array o f countries and interest rates, and three charts that appeared in previous issues (on eurodollar deposit rates, eurodollar and U .S . money market rates, and interest arbitrage) have been deleted. W eighted-average exchange value indexes for currencies other than the U .S. dollar (formerly shown in Chart 1) has also been deleted. Chart 1 Nominal Currency Exchange Values Dollar prices of foreign currencies and weighted average value of U.S. dollar (Averages for week ending Wednesday, ratio scale, March 1973 = 100) Chart 2 3-Month Forward Exchange Rates co ro -» ■ lo + +O I 4^ oi o) -si co ro — » • lo + Premiun (+) or (-) (Average for week ending Wednesday, percent per annum) Chart 3 Price of Gold in London (Averages for week ending Wednesday) u.s U.S. dollars per fine oi dollars per fine ounce 420 420 12.5 Kg Bars Afternoon fixing price 400 400 380 380 360 360 340 340 320 320 300 300 280 280 260 1994 1995 1996 1997 1998 1999 260 Chart 4 Overnight Funding Rates and Official Interest Rates (Averages for week ending Wednesday, percent per annum) United States Germany/Euro Area Canada Japan United Kingdom Chart 5 3-Month Interest Rates (Averages for week ending Wednesday, percent per annum) 7 German/euro-area interbank U.S. CD 5 Weighted average foreign rate 3 1 6 Canadian finance paper Japanese CD 4 2 0 6 U.K. interbank sterling Swiss interbank 4 2 0 9 Australian bank bill Swedish treasury bill 7 5 3 1- 11-99 Chart 6 Long-Term Government Bond Yields (Averages for week ending Wednesday, percent per annum) 8 United States Germany 6 4 Weighted average foreign rate 2 0 8 Canada 6 4 2 0 United Kingdom 8 France 6 4 2 0 8 Switzerland 6 4 2 0 1-11-99 Chart 7 Stock Indexes (Averages for week ending Wednesday, ratio scale, December 30,1994 = 100) 1996 1997 1998 1999 'December 29,1994 = 100 9-Dec-98 Chart 1. 16-Dec-98 23-Dec-98 30-Dec-98 6-Jan-99 Nominal Currency Exchange Values Noon buying rates (U.S. cents, weekly averages) Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound 61.8880 64.991 0.83979 116.83 12.3700 73.106 165.82 62.0580 64.892 0.86012 118.11 12.4383 74.756 168.02 61.7420 64.592 0.86067 117.05 12.4213 73.657 167.79 61.0575 64.462 0.86503 116.59 12.3420 72.841 167.42 62.0175 65.613 0.89059 117.36 12.4887 72.799 165.81 43.80 64.78 219.89 168.04 54.78 235.19 67.07 43.92 64.68 225.21 169.88 55.08 240.50 67.96 43.70 64.38 225.35 168.35 55.01 236.97 67.87 43.21 64.25 226.49 167.68 54.66 234.34 67.72 43.89 65.40 233.19 168.80 55.31 234.21 67.06 0.44 0.26 ND 5.04 3.87 -1.07 0.44 0.28 ND 5.03 3.78 -1.01 0.40 0.25 ND 5.07 3.73 -0.95 0.32 0.12 1.82 4.86 3.69 -0.99 292.55 289.51 287.35 287.16 Indexes, March 1973 base rates = 100 Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound Chart 2. 3-Month Forward Exchange Rates, Premium or Discount Australian dollar Canadian dollar Euro Japanese yen Swiss franc U .K . pound Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 0.51 0.27 ND 5.05 3.78 -1.26 293.86 Overnight Funding Rates and Official Interest Rates United States Federal funds Discount rate Canada Bank rate Call money Lower bound Euro area Marginal lending rate Eonia Repo rate Overnight deposit rate Japan Call money Discount rate Switzerland Lombard rate Call money Discount rate United Kingdom Call money Repo rate 4.68 4.50 4.97 4.50 4.69 4.50 4.48 4.50 4.30 4.50 5.25 4.98 4.75 5.25 5.11 4.75 5.25 5.04 4.75 5.25 5.07 4.75 5.25 4.99 4.75 ND ND 3.00 ND ND ND 3.00 ND ND ND 3.00 ND ND ND 3.00 ND 3.25 3.40 3.00 2.75 0.25 0.50 0.25 0.50 0.26 0.50 0.26 0.50 0.23 0.50 3.00 0.94 1.00 2.50 0.28 1.00 3.50 0.61 1.00 4.25 0.50 1.00 3.00 0.74 1.00 6.96 6.75 5.90 6.25 5.85 6.25 5.78 6.25 4.94 6.25 9-Dec-98 Chart 5. 16-Dec-98 23-Dec-98 30-Dec-98 6-Jan-99 3 -Month Interest Rates U.S. 90-day CD's, secondary market 5.13 5.14 5.16 5.15 Australian bank bill 4.77 4.82 4.80 4.80 Canadian finance paper 5.21 5.24 5.23 5.26 Euro-area interbank ND ND ND ND Japanese CD 0.53 0.53 0.54 0.58 Swedish treasury bill 3.59 3.58 3.57 3.56 Swiss interbank 1.30 1.40 1.47 1.40 U.K. interbank sterling 6.24 6.41 6.46 6.31 Weighted average foreign interest rate 3.37 3.39 3.35 3.38 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 6 . Long Term Government Bellwether Bond Yields 10-year maturity, where available Canada 4.84 4.88 4.85 4.99 France 3.94 3.86 3.92 3.89 Germany 3.82 3.89 3.88 3.90 Italy 4.09 3.99 3.99 4.02 Japan 1.27 1.84 1.10 1.53 2.34 Switzerland 2.31 2.28 2.41 4.46 United Kingdom 4.59 4.40 4.46 4.58 United States 4.61 4.66 4.75 Weighted average foreign interest rate 3.52 3.52 3.64 3.75 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 7. 4.94 4.71 5.28 3.26 0.65 3.51 1.26 6.09 3.36 Stock Indexes Canada France Germany Euro area* Italy Japan Switzerland** United Kingdom United States 4.93 3.80 3.79 3.93 1.90 2.64 4.31 4.70 3.72 (Wednesday figures) 152.04 191.78 189.45 219.04 216.76 73.17 249.91 143.96 229.05 149.13 188.56 190.69 216.74 216.97 70.13 251.64 143.29 224.31 153.01 196.46 198.64 225.22 227.85 69.43 260.22 150.58 234.70 152.60 199.90 203.19 234.17 235.10 69.72 260.62 150.42 236.82 161.51 215.68 216.62 249.76 248.19 67.91 277.13 155.43 243.49 Indices (in order, rebased to December 30, 1994, **December 29, 1994) are Toronto Composite, SBF250, FAZ Aktien, *Dow Jones EURO stock index, Banca Italiana General, Tokyo SE (Topix), Swiss Performance Index, Financial Times Ordinary, NYSE Composite
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