Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 21, 1992

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X

Selected Interest &
Exchange Rates
Weekly Series of Charts

January 21,1992

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DC. 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

140
130
120
110

140
130
120
110

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

100

100

—

90

BELGIAN FRANC

90
80

80
I
70
280
260 _
240
220

I

l

I

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I

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I

i

i

i

SWISS FRANC
JAPANESE YEN

200

200

180

180

160

160

140

140
120
100

I

I

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I

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i

I

I

'

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l

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»

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i

CANADIAN DOLLAR

90

80
70

70

60

60
I

I

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I

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I

'

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I

I

50
200
180

DUTCH GUILDER

180 —

160

160
•—

140

^

140

GERMAN MARK

120

120
»

100
120
110

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l

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i

i

I

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I

I

I

'

I

I

I

I

I

I

I

I

I

ITALIAN LIRA

100 —

100
60
55
50

FRENCH FRANC

45

90

40

80

35

70

—1 30

60
50

120
100
90

U.K. POUND

80

50
200

70
280
260
240
220

I

I




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I

I

• •
1990

'

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•

•

'

'

' '
1992

•

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1

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1990

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1992

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
4

PERCENT PER ANNUM
4 (

U.K. POUND

CANADIAN DOLLAR

"

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i

i

I

I

I

I

I

1

1

1

1

1 I

I

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1

1

1

1 I

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I

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1 1
1990

1

1

I1

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i

12
8

JAPANESE YEN

GERMAN MARK

1

1

1

1

1

1

DUTCH GUILDER

SWISS FRANC

W

1




1

1

1

1

ITALIAN LIRA

FRENCH FRANC

1
1990

1

vw.

1992

1

1

1

1

I

I I
1992

12

CHART 3

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

U.S. DOLLARS PER FINE OUNCE

460

460

440 ——

440
12.5 Kg BARS

AFTERNOON FIXING PRICE

420 —

— 420

400

— 400

380 —

— 380

360

— 360

340

340

320




1989

1990

1991

1992

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16 r——

12

PERCENT PER ANNUM
16

—

U.S. FEDERAL FUNDS

12

FRANCE

JAPAN

0

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16

0
16

12

12

CANADA

GERMANY

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0
16

UNITED KINGDOM

12
SWITZERLAND

NETHERLANDS

•

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I




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1990

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•

i
1992

•

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I

i

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1990

I

i

i

i

l

i

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1992

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANI

ENT PER ANNUM

12

12
U.S. CD'S

10

10

8

8
SWISS INTERBANK RATE

6

WEIGHTED AVERAGE
FOREIGN RATE

6

4

4

2
16

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2
16

CANADIAN FINANCE CO.
PAPER

14

14

12

12
10

10
U.K. INTERBANK STERLING

8

8
'

6
12

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l

6
12

10

10

8

8
FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

6

6
4
12

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4
12
10

10
JAPANESE CD RATE

8

8
NETHERLANDS INTERBANK RATE

6

6
4

'

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1990

I

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»

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1992

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1990

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1992

4

CHART 6

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

PERCENT PER ANNUM

12

12

OVERNIGHT

I

I

2
12

I

I

I

I

'

I

I

I

I

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'

7-DAY

10

6

I

I

3-MONTH

'

'

10

I

'

'

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I

«

i

i

6-MONTH

2
12

10

—

i

1

'

1

I

1

'

l

i

1

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i

1

1

1-MONTH

10

'

1

1

1




'

1

1990

1

'

»

1

I

1

1

•

i

•

•

2
12

1-YEAR

1

1

1

1

• • •

1992

'

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l

•

' •
1990

10

l

'

•

•

i

•

•
1992

'

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

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

10

10

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J

1

1

1

1

DASHED LINE

I

I

DIFFERENTIAL

I

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1
1990

I

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J—I—I—I

_

Mm A AA.U

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1

1

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DIFFERENTIAL

AI,N f

1

1

1

I I
1992

J

1

1

1

1990

i
1992

i

CHART 8

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

tCENT PER ANNUM

16

12
CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

8

0
2

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

4

DASHED LINE

DASHED LINE

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DIFFERENTIAL

DIFFERENTIAL
+

0

* V W

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2

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I

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I

I

16

12

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

EURO-DOLLAR DEPOSITS

4

0
2

I—

EURO-DOLLAR DEPOSITS

DASHED LINE

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DASHED LINE

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DIFFERENTIAL

DIFFERENTIAL
+

0

2

I

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1990

I

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1992

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1990

I

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I

< I
1992

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PE RCENT PER ANNUM
14

PERCENT PER ANNl
14

UNITED STATES

CANADA

12

12

10

10

8

6

8

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I I

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<

14

6
14

UNITED KINGDOM

FRANCE

12

12

10

10

8

8

6
10

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l

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l

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>

SWITZERLAND

i

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I I

I

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I I

i

6
10

JAPAN

8

8

6

6

4

4

i

2
12

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NETHERLANDS

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l i i

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2
12

GERMANY

10

10

8

8

6

6

4

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1990

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1992

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1990

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•

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1992

4

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCy
1986=

SCALE
1986= X)

200
175

.NETHERLANDS

UNITED STATES

1

150

1

125

1

1

100
75

50
400
350

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— GERMANY

JAPAN

300
250

200
150

100
200
175

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L__ FRANCE

- SWITZERLAND

150
125

100
75

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50

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200
175

I I

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UNITED KINGDOM

.CANADA

150
125

100
75

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1990

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1992

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1990

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1992

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SERIES
Chart 1.

18-Dec-91 25-Dec-91 l - J a n - 9 2

8-Jan-92

15-Jan-92

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, weekly a v e r a g e s )
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

3.0769
87.405
18.546
63.348
0.08392
0.77693
56.207
71.633
181.88

3.1649
86.332
19.086
65.226
0.08602
0.78433
57.858
73.452
185.99

121.25
87.12
83.57
178.20
48.17
203.43
161.36
230.45
73.57

124.71
86.05
86.01
183.49
49.38
205.36
166.10
236.30
75.23

3.2003
86.285
19.297
65.925
0.08699
0.79525
58.483
73.905
187.33

3.1835
87.308
19.191
65.534
0.08671
0.80296
58.170
73.638
186.64

3.0695
86.845
18.519
63.190
0.08376
0.78807
56.121
70.962
179.33

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

126
86
86
185
49
208
167
237
75

.11
.00
.96
.45
.94
.22
.89
.76
.77

125
87
86
184
49
210
167
236
75

.44
.02
.48
.35
.77
.24
.00
.90
.49

120. 95
86. 56
83. 45
177. 76
48. 08
206. 34
161. 11
228. 30
72. 53

110
73
73
176
40
194
149
68
210
63
83

.15
.06
.17
.96
.25
.26
.77
.51
.96
.04
.65

109
74
72
175
40
196
149
68
210
62
83

.66
.08
.81
.93
.16
.61
.08
.33
.41
.86
.77

108. 29
75. 64
71. 91
173. 44
39. 73
197. 90
147. 29
67. 67
207 .73
61 .80
86 .44

1973=100
Weighted a v e r a g e exchange v a l u e indices;, Mar. !
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.

-2.93
-5.77
-5.37
-8.18
-1.52
-5.43
-4.03
-6.39

- 2 .92
-6 .00
- 5 .40
-8 .22
-1 .43
- 5 .46
- 3 .99
-6 .45

- 3 .01
- 5 .92
- 5 .44
-7 .90
-1 .21
- 5 .56
- 3 .97
-6 .41

-2. 98
-5. 76
-5. 30
-7. 62
-1. 16
-5. 41
-3. 76
-6 .36

358.70

358.95

353 .28

350 .72

354. 50

4.49
4.39
7.23
9.59
8.96
6.33
9.38
6.78
10.94

4.22
4.31
6.99
10.14
9.33
6.29
9.64
6.88
11.25

4 .19
4 .33
7 .20
10 .50
9 .53
5 .98
9 .95
6 .88
10 .46

4 .19
4 .31
7 .85
10 .20
9 .44
5 .30
9 .63
6 .88
10 .25

4. 01
4. 01
7 .55
9. 91
9. 46
5. 39
9. 35
6 .88
10. 35

-2.71
-5.35
-5.00
-7.55
-1.50
-5.22
-3.60
-5.97

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

109.74
73.70
72.89
176.30
40.09
192.91
149.26
68.31
211.27
63.07
84.47

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.

108.41
76.04
71.91
173.67
39.74
194.45
147.30
67.58
209.44
62.67
86.26

Call M o n e y Rates

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




SERIES
Chart 5.

15-Jar»-92

4.45
7.46
9.79
9.44
6.06
9.57
7.95
10.63
9.17

4.25
7.50
10.09
9.60
6.01
9.70
8.16
10.92
9.28

4. 32
7.,50
10..25
9 .57
5 .76
9 .70
8 .00
10 .92
9 .24

4.02
7.38
9.99
9.50
5.31
9.62
7.91
10.71
8.99

4.03
7.33
9.80
9.45
5.29
9.45
7.70
10.59
8.91

4.39
4.43
4.78
4.44
4.40
4.50

4.31
5.09
4.70
4.39
4.33
4.41

4.33
6.05
4.67
4.25
4.22
4.28

31
20
11
05
05
19

4.01
4.00
4.04
4.01
4.01
4.25

Euro-Dollar Deposit Rates

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

8-Jan-92

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 a v e r a g e foreign interest rate
(G-10 Countries)
Chart 6.

18-Dec-91 25-Dec-91 l - J a n - 9 2

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

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

4.39
4.49
-0.10

4.31
4.22
0.09

4.33
4.19
0.14

4.31
4.19
0.12

4.01
4.01
0.00

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

4.44
4.45
-0.01

4.39
4.25
0.14

4.25
4.32
-0.07

4.05
4.02
0.03

4.01
4.03
-0.01

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

4. 44
4. 50
-0. 06

4. 39
4. 36
0 , 04

4..25
4..30
-0..05

4. 05
4. 12
-0..07

4.01
4.06
-0.04

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

4. 58
4..70
-0..12

4..46
4,.52
-0..05

4 .48
4 .53
-0 .05

4..09
4,.31
-0..22

4.03
4.29
-0.27

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

4 .44
4 .32
0 .12

4 .39
4 .10
0 .29

4 .25
4 .04
0 .21

4..05
3..94
0..11

4.01
4.02
-0.01

Euro-dollar deposit
Swiss interbank, covered
Differential

4 .44
4 .28
0 .16

4 .39
4 .04
0 .35

4 .25
3 .93
0 .32

4 .05
3 . 86
0 .19

4.01
3.87
0.14

.48
.75
.20
.73
.47
.69
.56
.20

8
8
8
5
6
8
9
6

.34
.76
.14
.70
.43
.66
.66
.96

8
8
8
5
6
8
9
6

.24
.69
.08
.56
.38
.64
.73
.79

7
8
8
5
6
8
9
6

.97
.47
.02
.45
.32
.50
.55
.80

8.02
8.41
7.94
5.47
6.20
8.39
9.56
6.93

111 .06
128 .30
95 .61
128 .85
103 .77
126 .16
142 .27
155 .44

112
125
93
126
102
124
140
161

.90
.99
.81
.68
.74
.86
.66
.47

117
131
95
129
103
129
146
168

.05
,
.29
.84
.66
.77
.04
.76
.67

117
132
96
128
104
131
146
169

.16
.15
.28
.05
.31
.50
.32
.25

121.77
138.51
100.68
122.83
108.92
136.99
150.56
170.44

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month

Long Term Government Bellwether Bond Y i e l d s
10-year maturity, where available
8
8
8
5
6
8
9
7

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United S t a t e s
Chart 10.

Stock Indices (Wednesday fi

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

)

Indices (in order, rebased to 1986-100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial T i m e s Ordinary, NYSE Composit



FEDERAL RESERVE statistical release
January 21, 1992

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

JANUARY 17, 1992

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:
DOLLAR)
(CURRENCY UNITS PER I
Jan. 16
Jan. 15
Jan. 14

MONETARY
UNIT

Jan. 13

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
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

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

0.7420
11.075
32.390
1.1490
5.4646
6.1060
1.2935
4.2860
5.3675
1.5725
181.45
7.7610
25.800
1.6925
1183.50
126.85
2.7160
1.7712
0.5443
6.1920
136.35
1.6380
2.7870
766.90
100.25
N. A.
5.7400
1.3982
25.228
25.360
1.8015

0.7458
11.165
32.730
1.1488
5.4646
6.1410
1.2808
4.3155
5.4240
1.5910
182.90
7.7600
25.810
1.6770
1198.75
126.80
2.7060
1.7901
0.5435
6.2290
137.65
1.6345
2.8115
767.50
101.03
42.668
5.7685
1.4115
25.210
25.360
1.7890

0.7415
11.405
33.380
1.1563
5.4646
6.2810
1.2558
4.4130
5.5330
1.6215
186.80
7.7630
25.860
1.6440
1222.50
128.40
2.7180
1.8258
0.5385
6.3710
140.10
1.6480
2.8170
767.50
103.05
N. A.
5.9000
1.4437
25.195
25.380
1.7530

0.7419
11.385
33.320
1.1533
5.4686
6.2780
1.2598
4.4100
5.5175
1.6180
187.20
7.7670
25.840
1.6425
1219.25
128.28
2.7095
1.8227
0.5397
6.3640
140.40
1.6440
2.8190
767.70
102.95
N. A.
5.8955
1.4370
25.177
25.450
1.7605

0.7430
11.310
33.090
1.1532
5.4686
6.2300
1.2690
4.3810
5.4800
1.6075
185.55
7.7635
25.940
1.6565
1210.50
127.45
2.6970
1.8102
0.5415
6.3150
139.35
1.6430
2.7890
767.90
101.90
42.698
5.8500
1.4225
25.188
25.450
1.7770

MEMO:
^•UNITED STATES

DOLLAR

86.03

86.67

88.21

88.00

87,42

COUNTRY

Jan. 17

•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. 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.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL 1202) 377-1986.
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 1202) 452-3244.