Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 14, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

January 14,1991

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DC. 20551




f

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 INDIES




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 SCALE
MARCH 1973=100

RATIO SCALE
MARCH 1973= 100

140

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

i

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BELGIAN FRANC

—

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•

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SWISS FRANC

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JAPANESE YEN

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CANADIAN DOLLAR

U.K. POUND

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GERMAN MARK
DUTCH GUILDER

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ITALIAN LIRA
FRENCH FRANC

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1989

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1991

1

1

1

I

1

1

1

1989

l

1

»

1

I

1

1

1

1991

CHART 2

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

PERCENT PER ANNUM

4

CANADIAN DOLLAR

I

1 1 I

4

U.K. POUND

1 1 1 I

1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1

1

GERMAN MARK

JAPANESE YEN

—

1
SWISS FRANC

1 1 1 1 1 1 1 1 1 1 1 1 1 1

DUTCH GUILDER

w
1
FRENCH FRANC

-

1 1 1 1 1 1 1 1 1 1 1 1 1 1

ITALIAN LIRA

8 —

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1989

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1991

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
520

I S. DOLLARS PER FINE OUNCE
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

I
1988




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1989

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1990

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1991

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PE CENT PER ANNUM

PERCENT PER ANh

16

12

FRANCE

U.S. FEDERAL FUNDS

8

JAPAN
4

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GERMANY

8

CANADA

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16

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1

UNITED KINGDOM

12

SWITZERLAND
1

8
NETHERLANDS
4

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CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANh

ENTPER ANNUM

12
U.S. CD'S

10
8
SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

6
4

2
16

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14
12
CANADIAN FINANCE CO
PAPER

U.K. INTERBANK STERLING
10

8

6
10

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GERMAN INTERBANK RATE
8

6
FRENCH INTERBANK RATE

4
2

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10

8 —

JAPANESE CD RATE

6
NETHERLANDS INTERBANK RATE

4
2

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1989

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1

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1

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1

1991

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1989

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1991

CHART 6

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

PERCENT PER ANNUM

14

14
OVERNIGHT

12

3-MONTH

12

10

10

' ' ' I ' ' ' I ' ' ' I ' ' '

4
14

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7-DAY

12

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6-MONTH

12

10

4
14

4
14

10

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1

1-MONTH

12

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1

1

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4
14

1-YEAR

12

10

10

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1991

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1989

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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

14

14

12

12

OVERNIGHT

EURO DOLLAR DEPOSITS

3-MONTH
EURO-DOLLAR DEPOSITS

10

10

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

DASHED LINE

—

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—

DIFFERENTIAL
DIFFERENTIAL

—

—

. . . -JV

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1




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1
1989

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CHARTS

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

CENT PER ANNUM

16

16

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

12

COVERED LONDON

12

8

8
U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

4

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DIFFERENTIAL

DIFFERENTIAL
+

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2
16

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INTERBANK DM

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SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

— 12

8

8
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

4

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DIFFERENTIAL

DIFFERENTIAL
+

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2
16

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+

iz-'vy.

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1989

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1991

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2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
14 f

PERCENT PER ANNUM

UNITED STATES

14

CANADA

12

12

10

10

'

'

I

'

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14
UNITED KINGDOM

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FRANCE

12

12

10

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SWITZERLAND

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NETHERLANDS

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1989

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GERMANY

MONTHLY

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JAPAN

10

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1

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1

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1991

'

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1

1989

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« • •
1991

6
10

2
10

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SC>

GALE

1986=

3

2

200
175

. NETHERLANDS

, UNITED STATES

1
1

150

1

125

1

100
75

50
400
350

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— GERMANY

- JAPAN

300
250
200
150

100
200

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175 — SWITZERLAND

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UNITED KINGDOM

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1991

SERIES
5-Dec-90
S p o t Exchange R a t e s a n d I n d i c e s

Chart 1.

Noon b u y i n g r a t e s ( U . S .

cents, weekly averages)

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese y e n
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
Indices,

Weighted a v e r a g e exchange v a l u e i n d i c e s .
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese y e n
Netherlands g u i l d e r
Swedish k r o n a
Swiss f r a n c
U . K . pound
U.S. d o l l a r

3.2567
86.307
19.811
67.430
0.08927
0.75110
59.767
78.679
193.54

3.1736
86.218
19.282
65.511
0.08703
0.73727
58.073
76.606
188.58

3.2150
86.201
19.541
66.519
0.08824
0.73814
58.951
78.065
191.98

126.80
85.58
88.73
187.15
50.82
195.83
169.29
250.83
78.13

128.38
85.96
89.69
190.08
51.45
198.60
171.94
254.14
78.58

128.33
86.02
89.27
189.69
51.24
196.66
171.58
253.12
78.28

125.06
85.93
86.89
184.29
49.96
193.04
166.72
246.45
76.27

126.69
85.92
88.06
187.12
50.65
193.27
169.24
251.15
77.65

111 .14
72 .37
74 .59
179 .86
40 .99
180,.40
151. 82
6 7 . ,30
222. 93
6 4 . 71
8 2 . 70

110 .28
73 .75
73 .88
177 .63
40 .69
180 .38
150 .16
67 .04
221 .05
64. 18
8 4 . 67

110 .72
73 . 0 1
74 . 2 2
178 .93
40 .89
178 .77
151 . 10
67. 24
223. 25
6 4 . 79
8 3 . 69

Mar.
110.49
72.48
74.62
178.34
40.90
180.84
150.68
67.25
222.31
65.03
83.38

1973=100
110.86
72.10
74.74
179.70
41.04
181.81
151.71
67.30
223.21
64.78
82.41

-3.64
-1.84
-1.04
-4.14
-0.04
-0.94
-0.63
-5.03

-4.02
-2.41
-1.57
-4.46
-0.44
-1.65
-1.04
-5.49

- 3 .80
- 2 .53
- 1 .68
- 4 , .85
- 0 . 23
- 1 . 77
- 1 . 29
- 5 . 76

.46
.24
.66
.41
0 . .16
- 1 . 62
- 1 . 28
- 5 . 58

.46
.63
.80
.56
- 0 . .37
- 1 . 76
- 1 . 27
- 5 . 78

381.18

371.57

375.56

383.73

386.70

7.60
7.55
12.23
9.94
8.61
8.01
8.71
7 .38
14.14

7.25
7.30
12.23
9.39
8.39
8.09
8.99
7.58
14.38

7.29
7.30
12.05
9.80
8.38
8.08
9.17
7.88
14.40

7.16
7.29
11.71
9.52
8.13
8.21
9.08
7.88
14.04

7.17
8.75
11.31
9.65
8.41
8.15
9.27
7.88
14.22

-3
-2
-1
-4

Gold P r i c e i n London, A f t e r n o o n F i x i n g

U . S . d o l l a r s p e r f i n e ounce
Chart 4.

3.2580
86.246
19.903
67.569
0.08963
0.75848
59.893
78.996
194.27

3 Month F o r w a r d Exchange R a t e s , Premium o r D i s c o u n t

Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese y e n
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
Chart 3.

3.2180
85.868
19.690
66.527
0.08853
0.74794
58.969
77.966
193.16

March 1973 b a s e r a t e s - 100

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese y e n
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound

Chart 2.

12-Dec-90 19-Dec-90 26-Dec-90 2 - J a n - 9 1

C a l l Money R a t e s

U.S. f e d e r a l f u n d s
Overnight E u r o - d o l l a r deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




-3
-2
-1
-4

SERIES
c-90
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
CG-10 Countries)
Chart 6.

8. 18
12, 25
9. 96
9. 13
8. 39
9. 01
8. 63
13. 51
10. 34

7. 63
12. 10
10. 03
9. 11
8. 33
9. 25
8. 58
13. 53
10. 37

7. 69
11. 91
10. 23
9. 18
8. 23
9. 31
8. 70
13. 93
10. 47

8. 01
11. 78
10. 40
9. 28
8. 20
9. 37
8. 83
13. 90
10. 53

7.75
11.66
10.06
9.21
8.19
9.33
8.50
13.94
10.43

7 .55
7 .69
8. 63
8. 19
8. 04
7 .90

7 .30
7 .35
8. 00
7 .69
7 .58
7. 55

7 .30
7 .30
8. 13
7 .74
7 .56
7 .49

7 .29
10. 17
9. 00
8. 19
7 .81
7 .63

8.75
9.19
7.89
7.67
7.52
7.47

Euro-Dollar Deposit Rates

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

12-Dec-90 19 -Dec-90 26 -Dec-90 2 -Jan-91

Selected Euro-dollar & U.S. Mone^' Market Rates
7 .55
7 ,60
-0. 05

7 .30
7 .25
0. 05

7 .30
7 .29
0 .01

7 .29
7. 16
0. 13

8.75
7.17
1.58

8 .19
.
8 .18
0 .01

7 .69
7 .63
0..06

7 .74
7 .69
.
.
0 .05

8. 19
8 .01
0 .18
.

7.67
7.75
-0.08

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

8 .19
8 .31
-0 .12

7 .69
7 .85
-0 .16

7 .74
7 .97
-0 .23

8 .19
8 .12
0 .06

7.67
7.96
-0.28

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

8 .07
8 .50
-0 .42

7 .60
7 .95
-0 .36

7 .63
8 .00
-0 .37

7 .93
8 .21
-0 .29

7.81
8.10
-0.29

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

8 .19
8 .07
0 .12

7 .69
7 .50
0 .19

7 .74
7 .46
0 .28

8 .19
7 .58
0 .61

7.67
7.37
0.30

Euro-dollar deposit
Swiss interbank, covered
Differential

8 .19
7 .98
0 .21

7 .69
7 .52
0 .17

7 .74
7 .38
0 .36

8 .19
7 .53
0 .66

7.67
7.20
0.47

10 .56
10 .61
8 .99
7 .28
6 .61
10 .43
8 .23

10 .20
10 .53
8 .93
7 .17
6 .62
10 .25
8 .01

10 .39
10 .33
8 .87
7 .00
6 .63
10 .21
8 .01

10 .51
10 .42
9 .02
7 .07
6 .61
10 .31
8 .13

ND
ND
9.10
ND
6.68
10.39
8.08

108, 39
121..53
.47
97 .
134..56
90 .92
113 .98
131 .29
132 .51

108. 43
118. 28
94..14
.73
137 .
.52
91 ,
112 .35
132 .44
132 .58

107 .94
114..25
91..85
130 .80
91 .79
110 .98
130 .26
132 .76

107.95
112.65
88.48
131.11
91.14
110.41
128.46
131.32

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

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

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

.52
107 .
120 .66
94 .50
123 .94
91 .57
111 .96
131 .09
132 .40

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



.•^o^cow.;-

FEDERAL RESERVE statistical release
H. 1 0 ( 5 1 2 )

J a n u a r y 1 4 , 1991

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JANUARY 1 1 , 1991

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
*AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
•EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM
MEMO:
**UNITED STATES

MONETARY
UNIT

Jan. 7

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
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

0.7775
10.785
31.610
1.1533
5.2352
5.9080
1.3430
3.6790
5.2005
1.5333
161.25
7.7985
18.170
1.7450
1152.25
136.70
2.7210
1.7293
0.5920
5.9935
137.00
1.7580
2.5750
719.50
97.13
40.248
5.7200
1.2921
27.120
25.270
1.9050

DOLLAR

84.76

(CURRENCY UNITS PER DOLLAR)
Jan. 8
Jan. 9
J a n . 10
0.7785
10.768
31.560
1.1515
5.2352
5.9015
1.3452
3.6880
5.1995
1.5313
161.00
7.7995
18.220
0.0175
1150.20
136.45
2.7255
1.7Z*0)
i V850
13>.10
1.7600
2.5705
719.90
V6.90
40.238
5.7115
1.2880
27.140
25.320
1.9060
84.65

0.7728
10.647
31.190
1.1559
5.2352
5.8285
1.3620
3.6500
5.1360
1.5141
159.00
i
7.7995
18.200
1.7625
1138.00
134.05
2.7240
1.7072
0.5906
5.9165
135.60
1.7595
2.5700
720.20
95.50
N.A.
5.6525
1.2732
27.165
25.320
1.9258
83.74

0.7733
10.775
31.580
1.1526
5.2352
5.8980
1.3470
3.6890
5.2000
1.5322
161.20
7.7680
18.240
1.7445
1152.50
134.60
2.7230
1.7273
0.5905
5.9885
137.50
1.7575
2.5920
720.30
96.65
N.A.
5.7085
1.2885
27.180
25.310
1.9050
84.53

J a n . 11
0.7728
10.778
31.610
1.1530
5.2352
5.9020
1.3457
3.6825
5.2020
1.5330
161.65
7.8000
18.290
1.7455
1153.50
134.25
2.7248
1.7283
0.5937
5.9900
137.75
1.7590
2.5830
718.10
96.45
40.228
5.7000
1.2800
27.177
N.A.
1.9070
84.50

•VALUE I S U . S . DOLLARS

?!™HTED"AVERAGE

EXCHANGE
VALUE OF THE U . S . DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST
1978 FEDERAL RESERVE BULLETIN.

THIS RELEASE I S NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL C 202 I 3 7 7 - 1 9 8 6 .