Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 19, 1988

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Selected Interest &
Exchange Rates
Weekly Series of Charts

January 19,1988
<

Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION OF

INTERNATIONAL FINANCE

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

Table of Contents

TABLES

SUBSCRIPTION RATES:

1. LATEST FIGURES PLOTTED

Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
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.

2. DAILY CERTIFIED SPOT
EXCHANGE RATESH.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




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 1 9 7 3 = 1 0 0

200 —
180 __

—

—

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

160

—

140 -

-

-

100

—

-

—

220
200
180

I

I

A/V

I 1

fl 11 I ill 11 II
—

v x

I

i

i

i

50
45
40

—

-

X A

I

—

—

120 -

80

ITALIAN LIRA

-

35

-

30

-

25

11111111111 I ill l hill i 20

—

—

s

—

220
200

—

—

—

—

—

180

-

-

160

-

140

-

120

-

100

160 __

GERMAN MARK

140 120 -

/v'

100 -

y\l

80 V f |

|

"

-

-

-

-

JAPANESE Y E i y - x

y—

/
r

-

I

I

I

i

11111111111

i

i

I

I

I

11111111111 i ill i hill i 80

DUTCH GUILDER
CANADIAN DOLLAR

I I I I II I I I I I
90
80 70 -

U.K. POUND
^yvwvv

^

X

—

-

50 40 S

j\r

i

i

I

I

I

\

-

50

11 h i h i h i 40

y

— ^

280

—

240

—

-

200
180

—

160

-

140

-

120

-

70

-

60

-




I

-

—

-

1986

I

60

-

-

I

I

-

SWISS FRANC

80

I

I

-

BELGIAN FRANC

50

I

—

—

120 100
90 -

-

I I I I I I I 11
I III
I Ihill
I
i

—

I

I I I I I I I11I hI 1111111
I I
1988

eo
SO
70

-

/

60

140

FRENCH FRANC

—

vy

I

I

I

I

I
1986

I

I Ii Ih i h i100
I I I I I I I iI ill
1988

CHART 2

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

PERCENT PER ANNUM

CANADIAN DOLLAR

JAPANESE YEN

4
U. K. POUND
SWISS FRANC

0

4

8
8
GERMAN MARK

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

4

+
0

4
4

0

4

8

12




1986

1988

1986

1988

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. I

LLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

520

520

500

500

480

480

460

460
12.5 Kg BARS

AFTERNOON FIXING PRICE

440

440

420

420

400

400

380

380

360

360

340

340

320

320

300

300

J

280




1985

1986

L

i

i

i i

i

i

1987

i

i i

i

i I i

i i

i i

i

1988

i i

i

i i

280

CHART 4

CALL MONEY RATES
WEEKLY SERIES

T PER ANNUM

PERCENT PER M

16

12

16

U. S. FEDERAL FUNDS

t2

FRANCE

8

A l a

-

4

JAPAN

±_L

0

I

I

I

Vv
I

I

K
^

—

8

I

~

4

0

I

16

16
CANADA

12

8

12

GERMANY

8

4

4

0

0

16

20
UNITED KINGDOM
SWITZERLAND

16

12

12
o

8

NETHERLANDS




4

I I I I I > I I I II
1986

1988

1986

1988

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES

PERCENT PER AH

NT PER ANNUM

16

12

10

CANADIAN FINANCE CO.
PAPER

U.S. CD'S

14

8

-

6

10
WEIGHTED AVERAGE
FOREIGN RATE

4

2

-

I

I

I

I

I

I

I

8
6

I

16

14

12

14

U.K. INTERBANK STERLING

FRENCH INTERBANK RATE

-

12

12

10

10

8

8

I

I

I

I

I

I

I I I I I I I I6I I I

10

8

10

__

GERMAN INTERBANK RATE

NETHERLANDS INTERBANK RATE

-

6

6

4

-

2

I

I

I

I

I

8
JAPANESE GENSAKI RATE

__

SWISS INTERBANK RATE

-

6

6

4

4

—

2




4

2

I

10

8

8

I
1986

1988

I

I

I

I
1986

2
0

I
1988

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

:NT PER ANNUM

PERCENT PER AL

14

14
OVERNIGHT

3-MONTH

12

12

10

10

8

8

6

6

4

4

14

14
7-DAY

6-MONTH

12

12

10

10

8

8

6

6

4

4

14

14
1-MONTH

1-YEAR

12

12

10

10

8

8

6

6

4

4




1986

1988

1986

1988

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

10

10
FEDERAL FUNDS

3-MONTH

DASHED LINE

EURO-DOLLAR DEPOSITS

OVERNIGHT

90-DAY CD* S

EURO-DOLLAR DEPOSITS

DASHED LINE

I I I I I I I I I I I

11

111 M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2
2

DIFFERENTIAL

DIFFERENTIAL

h

" Y

A

- M h j

1111111111111111111111
1966
1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE




1968

I

I

I

I

I
1966

I

I I I I I I I I I I I

I I I I I I I I I I I
1988

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: P L U S M , INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
SIT PER ANNUM

PERCENT PER Ah

16

16

12

INTERBANK STERLING

12

CANADIAN FINANCE
CO. PAPER. COVERED

COVERED LONDON

8

8

EURO-DOLLAR DEPOSITS

U. S. COMMERCIAL PAPER

DASHED LINE

4

DASHED LINE

ill

nliiliiln

0

2

4

DIFFERENTIAL

0

2

DIFFERENTIAL

+

+

0

2

0

I

U L

I

I

I

I

I

I

2

16

16

12

12

INTERBANK DM
COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

8

8

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4

DASHED LINE

DASHED LINE

lLlu

0

2

M

i

l

l

4

0

!

2

DIFFERENTIAL

DIFFERENTIAL

0

0

2

2
1986

1988

I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE




1986

1988

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES

PERCENT PER AL

ENT PER ANNUM

16

16
CANADA

UNITED STATES

14

—

12

12

Vv\

10

10

8

6

I

6

I

I

I

I

I

6
10

14
12 __

-

UNITED KINGDOM

JAPAN

-

A rX

10

-

1

1

1

l

l

l

n i l H i l l II

1

1

1

1

1

4

2

1

8
6

8

6

8
6

14

10
GERMANY

SWITZERLAND

8

4

6

2

4

17

15
U. S. CORPORATE

MONTHLY

FRANCE

15

13

13

Aaa BONDS

11

11

9

9

7

7

5

i

3

MONTHLY

i

5




NETHERLANDS

1986

1988

i

i

i

i
1986

i
1988

CHART 10

INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100

RATIO SCALE
1969=100

500

500

400

400
UNITED STATES

UNITED KINGDOM

300

300

-

200

200

I

100

I

I

I

I

I

100

J — L

650

6^0
550 -

yvvVwx

450 350

JAPAN

/

/

-

*

250

I

150
500

—

400

—

I

I

I

I

I

—

-

—

__

-

-

-

-

11111111111 , , l , i h , I n

—

-

450

-

350

-

250

lllllllllll

150

/

J

I

I

I

I

I

I

—

ulululu

250

—

V"

A y x

-

/V

I

I




200

\

300

200

550

FRANCE

SWITZERLAND

CANADA

-

I

I

I

I

I

I

I

150

lllllllllll lllllllllll

NETHERLANDS

-

400

-

300

-

200

GERMANY

100
1986

1988

1986

1988

SERIES MAHE

LAST WALOE PLOTTED
DATE
TALUS

CHAST 1. SPOT EXCHANGE BATES AND INDICES
MEEKLI AVEBAGES, NOON BUIING KATES (U.S. CENTS)
GERMAN HARK
JAPANESE IBM
DUTCH GUILDER
O.K. POUND
CANADIAN DOLLAB
FBEMCfl 7BANC
SWISS FBANC
BELGIAN FBANC
ITALIAN LIBA
SWEDISH EBONA

JAN.
JAM.
JAN.
JAM.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.

13
13
13
13
13
13
13
13
13
13

61.02
0.78134
51.28
181.80
73.47
18.06
74.74
2.91634
0..08295
16.83

JAM.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.

13
13
13
13
13
13
13
13
13

171. *4
204.58
153.82
73.53
77.41
81.40
240. 46
114.92
47. 12

13
13
13
13
13
13
13
13
13
13
13

88.76
170.56
200.66
145.34
64.21
68.59
71.60
223.91
104.87
40.21
66.94

13
13
13
13
13
13
13
13

-1.43
-1.63
3.92
-2.12
4.68
2.90
3.14
-3.53

INDICES, HABCH 1973 BASE BATES = 100
GERMAN HARK
JAPANESE IEN
DUTCH GUILDEB
U.K. POUMD
CANADIAN DOLLAB
FBENCH FBANC
SWISS FBANC
BELGIAN FBANC
ITALIAN LIBA

1SIGHTED AWEBAGE EXCHANGE WALOE INDICES, BAB 1973 = 100
(G-10 COONTBIES PLOS SWITZERLAND)
O.S. DOLLAB
GEBflAN flABK
JAPANESE IEN
DUTCH GUILDEB
O.K. POUND
CANADIAN DOLLAB
FBENCH FBANC
S1ISS FRANC
BELGIAN FBANC
ITALIAN LIBA
SWEDISH AROMA

JAN.
JAN.
JAN.
JAN.
JAN.
JAM.
JAM.
JAM.
JAN.
JAN.
JAM.

CHABT 2. 3-HONTH FOBMABD EXCHANGE BATES, PBEfllUH OB DISCOUNT
CANADIAN DOLLAB
U.K. POUND
GEBBAN HAfiK
FBENCH FBANC
SWISS FBANC
DUTCH GUILDEB
JAPANESE IEN
ITALIAN LIBA




JAM.
JAM.
JAM.
JAM,
JAM.
JAN.
JAN.
JAN.

SERIES

lias

LAST VALUE PLOT TEX
DATE
VALUE

CfllBT 3. GOLD PHICE IM LONDON, AFTERNOON FIIING
U.S. DOLLARS PER FINE OOMCE

JAN. 13

482.72

CHABI 4. CALL HONEI BATES
DLS. FEDERAL FUNDS
OVElNIGHT EURO—DOLLAR DEPOSITS

JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.

13
13
13
13
13
13
13
13
13

6.81
6.70
8.05
8.60
3.09
3.59
7. 90
4.34
0. 13

JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.

13
13
13
13
13
13
13
13
13

7.02
3.42
3.89
8.79
8.95
2.50
8.36
4.39
5.80

JAN.
JAN.
JAN.
JAN.
JAN.
JAN.

13
13
13
13
13
13

6.70
6.80
6.95
7.23
7.40
7.79

OVERNIGHT EURO-DOLLAR DEPOSITS
U.S. FEDERAL FUNDS
DIFFERENTIAL

JAN. 13
JAN. 13
JAN. 13

6. 70
6.81
-0.11

3-HONTH EURO-DOLLAR DEPOSIT BATE
U.S. 90—DAI CD'S* SECONDARI HARKET
DIFFERENTIAL

JAN. 13
JAN. 13
JAN. 13

7.23
7.02
0.21

0. K.

CANADA

GfmaANi

JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART 5. 3-HONTH INTEREST BATES
U. s- 90-DAI CD'S, SECONDARI HARKET
GERHAN INTERBANK LOAN
JAPANESE SENSAll RATE
CANADIAN FINANCE PAPER
INTERBANK STERLING
SWISS INTERBANK LOAN
FRENCH INTERBANK RATE
NETHERLANDS INTERBANK RATE
WEIGHTED AVERAGE FOREIGN INTEREST RATE
(G-10 COUNTRIES PLUS SSITXERLAND)
CHART 6. , EURO-DOLLAR DEPOSIT RATES: LONDON
OfERNIGHT
7-DAI
1—HO NTH
3-MONTH
6-MONTH
1-IEAR

CHART 7. SELECTED EURO-DOLLAR AND U.S. ,HONBX HARKET RATES




SERIES NAHE

LAST VALUE PLOTTED
DATE
VALUE

CHART 8. INTEREST ABBITBAGE, 3-FLOMTH FUNDS
EUBO-DOLLAB DEPOSIT
INTERBANK STERLING (LONDON), COVEBED
DIFFERENTIAL

JAN. 13
JAN. 13
JAN. 13

7.23
7.29
-0.06

U.S. COBBEBCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL

JAN. 13
JAN. 13
JAN. 13

6.94
7.33
-0.39

BUBO-DOLLAR DEPOSIT
INTERBANK DH (FRANKFURT) , COVERED
DIFFERENTIAL

JAN. 13
JAN. 13
JAN. 13

7.23
7.38
-0. 15

EUBO-DOLLAB DEPOSIT
SSISS INTERBANK, COVERED
DIFFERENTIAL

JAN. 13
JAN. 13
JAN. 13

7.23
7.21
0.02

CHART 9. LONG TEBH GOVERSEXT BOND YIELDS
UNITED STATES
GERBANY
JAPAN
SWITZERLAND
CANADA
FIANCE
NBTHB1LAMDS (BONTHLY)
UNITED KINGDOB

JAN.
JAN.
DEC.
DEC.
DEC.
DEC.
NOV.
JAN.

8
8
18
25
25
18
8

8.84
5.99
4.32
4.04
10.34
10.52
6.37
9.42

U.S. COBPOBATE
AAA BONDS
CHART 10.

BAT

9.33

STOCK INDICES

UNITED STATES
UNITED KINGDOM
CANADA
GEBBANY
SWITZERLAND
NETFLESLANDS
FBANCE
JAPAN




JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAB.

6
6
6
6
6
6
6
6

265.23
316.15
323.13
181.91
164.91
203.34
288.49
482.60

FEDERAL RESERVE statistical release
H.10(512)

JANUARY 15, 1988

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

JANUARY 15, 1968

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.
DEM1ARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
•NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
•SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM

MONETARY
UNIT

JAN. 11

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

70.95
11.528
34.270
1.2897
3.7314
6.2940
4.0100
5.5280
1.6370
130.350
7.7780
13.0200
162.10
1204.75
128.20
2.5300
1.8405
65.080
6.3250
134.650
2.0235
51.10
794.70
111.530
30.807
5.9410
1.3377
28.580
25.170
182.19

71.00
11.508
34.200
1.2860
3.7314
6.2850
4.0000
5.5210
1.6350
130.350
7.7810
13.0300
162.50
1203.00
127.38
2.5285
1.8378
65.460
6.3600
134.600
2.0250
50.85
793.90
111.300
30.813
5.9350
1.3346
28.600
25.270
182.10

71.05
11.498
34.160
1.2888
3.7314
6.2760
3.9925
5.5140
1.6333
130.400
7.7775
12.9900
162.60
1200.50
126.65
2.5315
1.8358
65.870
6.3055
134.350
2.0290
51.00
793.10
110.950
30.813
5.9290
1.3303
28.620
25.230
182.50

70.98
11.520
34.240
1.2911
3.7314
6.2980
4.0020
5.5325
1.6370
130.500
7.7830
13.0600
162.15
1206.00
126.73
2.5355
1.8390
65.970
6.3265
134.500
2.0290
50.80
791.90
111.270
30.815
5.9290
1.3362
28.640
25.220
181.25

70.20
11.810
35.120
1.2862
3.7314
6.4500
4.0850
5.6600
1.6795
133.500
7.7950
13.1300
158.30
1232.00
130.50
2.5400
1.8865
65.000
6.4250
138.650
2.0350
50.15
791.10
113.900
30.815
6.0500
1.3720
28.640
25.200
177.55

88.71

88.53

88.38

88.63

90.59

MEMO:
SUNITED STATES DOLLAR

C CURRENCY UNITS PER DOLLAR)
JAN. 12
JAN. 13
JAN. 14

JAN. 15

SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 • 100. HEIGHTS 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 IS U.S. CENTS