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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts d January 25,1988 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION 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 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 a 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 S C A L E MARCH 1 9 7 3 = 1 0 0 RATIO S C A L E MARCH 1 9 7 3 = 1 0 0 FOREIGN CURRENCY PRICE OF U.S. DOLLAR - ITALIAN LIRA - — — - — ^ - - ^yvA/ I 220 200 180 160 — — — — GERMAN MARK ^ - 100 - 80 V NY y\l i i Illllllllll - — - JAPANESE Y E N y ^ . ^ — y \ j V I I III,,lul,, 25 i i Illllllllll 220 200 120 - 100 Illllllllll 80 - 180 160 - 140 - 120 — DUTCH GUILDER - — 100 - 90 - 80 - 70 Illllllllll 60 w I I I Illllllllll — U.K. POUND V Z VV V X — y / / ^X A - FRENCH FRANC X x — - 60 - 50 Illllllllll 40 - - y\r - I 40 I I illllllllll illllllllll M i I i I I — y V SWISS FRANC — - " V - 1988 I I Illllllllll 1986 240 — 200 180 - 160 - 140 - 120 Illllllllll 100 vy I - - / - 1986 280 — BELGIAN FRANC 90 80 70 - 60 20 - — 50 — 140 CANADIAN DOLLAR - 30 - j\ - 70 - 180 r — - 35 160 — 90 80 - - / i Illllllllll 40 — - I — — ~ — - 50 45 Illllllllll — 140 120 I — — __ I - 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER A N N U M 8 4 JAPANESE YEN CANADIAN DOLLAR A I I x / - * L I I I I I I 4 I 12 U. K.POUND „ SWISS FRANC - I / GERMAN MARK DUTCH GUILDER K — SA\^y-ZNVv I I I i i I i I I I I 4 I 4 FRENCH FRANC ITALIAN LIRA - 4 12 1986 1988 1986 Z* 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. D< ARS PER F I N E O U N C E U.S. D O L L A R S PER F I N E C 520 520 500 500 480 480 460 460 12.5 Kg BARS A F T E R N O O N F I X I N G PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 l I I I I I I I I I I 280 1985 1986 1987 I I I I I I I 1988 280 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER M T PER A N N U M 16 16 12 ~ U. S. FEDERAL FUNDS - FRANCE 8 8 4 \ JAPAN 0 L J I I I I 111 i l l 111 I I I I - I 4 0 16 16 CANADA & 12 12 r GERMANY 8 __ 8 4 4 0 12 I I I I I I I I I I I I I 11111111111 0 20 16 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 0 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES NT PER A N N U M P E R C E N T PER AN 12 16 10 U . S . CD'S CANADIAN FINANCE CO. PAPER - 14 8 - 6 12 10 WEIGHTED AVERAGE FOREIGN RATE 4 8 I 2 I I I I 6 I 16 14 U.K. INTERBANK STERLING 14 FRENCH INTERBANK RATE - 12 12 10 10 8 I 8 I I I I I I IIIIIIIIII I IIIIIIIIII 10 6 10 8 NETHERLANDS INTERBANK RATE GERMAN INTERBANK RATE - 8 6 6 4 4 2 I I I I I 2 I 8 10 8 - JAPANESE GENSAKI RATE - __ SWISS INTERBANK RATE - 4 6 - * 4 2 6 I I 1986 I I I I I ill I I II I I II I I 1988 I I I I I 1986 I 2 0 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER AL ENT PER A N N U M 14 14 3-MONTH OVERNIGHT 12 12 10 10 8 8 6 6 4 4 14 14 6-MONTH 7-DAY 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 ENDMG WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 14 12 10 FEDERAL FUNDS 3-MONTH DASHED LINE EURO-DOLLAR DEPOSITS OVERNIGHT 90-DAY CD' S EURO-DOLLAR DEPOSITS DASHED LINE 1 M I 1 1 1 I 1 1 1 1 1 I I I I I 1 I I1 I 1 11111111111111111111111 2 2 DIFFERENTIAL DIFFERENTIAL I I 1986 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1988 I I I I 1986 I 11111111111 11111 I n 111 1988 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER Ah :NT PER A N N U M 16 16 12 12 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 8 8 4 EURO-DOLLAR DEPOSITS U. S. COMMERCIAL PAPER DASHED LINE DASHED LINE JJJ 0 2 I IIIIIII III I ill 4 0 2 DIFFERENTIAL DIFFERENTIAL 0 0 Mill 2 I 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 4 8 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 111 0 2 DIFFERENTIAL 4 M l 0 2 DIFFERENTIAL 0 0 2 2 1986 1988 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER PERCENT PER At ENT PER A N N U M 16 14 16 UNITED STATES CANADA 14 12 - 12 10 10 8 8 6 I I I I I I I IIIII IIIII 14 12 6 10 UNITED KINGDOM - JAPAN - 8 10 6 8 4 IMU 6 I I I Illllllllll 8 6 2 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 NETHERLANDS MONTHLY 7 5 3 5 1986 1988 1986 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 UNITED KINGDOM UNITED STATES aaT I - I I I I I I 650 550 - 450 - 350 - /vA/vvx J JAPAN / IV - * FRANCE - - 250 - I 150 500 — 400 — I I I I I 11111111111 I I — vv I I I I SWITZERLAND 11111111111 / — CANADA /V 300 — I 200 500 — 400 __ I 11111111111 I I I I I I | i i l i i h i l i i — NETHERLANDS — GERMANY 300 V ^ v - 200 "jr* 100 I ] - - I I I I 1986 I 1988 1986 1988 SERIES IAMB LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE BATES AMD INDICES WEEKLY AVERAGES, 8001 BUYING RATES (U.S. CBNTS) GERFLAI BARK JAPABESB TBI DUTCH GUILDER Q.K. POUBD CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH XRONA 6 Q. 12 JAH. JAB. JAB. JAM. JAM. JAM. JAM. JAM. JAM. JAM. 20 20 20 20 20 20 20 20 20 20 JAM. JAM. JAM. JAM. JAM, JAM. JAN. JAN. JAN. 20 20 20 20 20 20 20 20 20 169.12 203.95 153.63 72.39 77.46 80.31 237.31 113.33 46.48 20 20 20 20 20 20 20 20 20 20 20 89. 76 169.35 201.96 *44.52 63.73 69.29 71.23 222.91 104.31 4Q.OO 66.91 J A B . ,20 JAB. 20 J&** 20 J A N . 20 J A B . .20 JAN. 20 J A N . 20 J&** 20 -1.45 -1.65 3.78 -1-50 4.98 2.88 3.13 -3.45 Q. 77894 53.51 178.97 77. 72 17.42 73.77 2.87594 a. 08182 16.67 INDICES, BARCH 1973 BASE RATES = 100 GEBHAM HARK JAPANESE IBM DUTCH GUILDER O.JU POUBD CAMADIAM DOLLAR FRENCH FRANC SWISS F R A N C BELGIAN F R A N C ITALIAN LIRA HSIGHTED AVERAGE EXCHANGE VALUE INDICES, BAR 1973 = 100 (G-10 COUNTRIES PIUS SWITZERLAND) U.S. DOLLAR GERBAN BARK JAPANESE IEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN F R A N C ITALIAN LIRA SWEDISH KROMA JAN. JAN. JAN. JAN. JAN. JAN. JAB. JAN. JAB. JAB. JAB. CHART 2. 3 - B O N I B FORWARD EXCBABGE RATES, PREBIUB OR DISCOUNT CANADIAN DOLLAR U.K. POUND GBRBAB BARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE TEH ITALIAN LIRA SERIES LAST VLLOS PLOTTED DATE VALUE BABE CHABT 3. GOLD PBICB IN LOUDOM, AFTERNOON FIXING U.S. . DOLLARS PER PISE OUNCE JAB. .20 478.37 CHABT 4. CALL HOMEY RATES JAB. JAB. JAB. JAB. JAB. JAB. JAB. JAB. JAB. 20 20 20 20 20 20 20 20 20 JAB. JAB. JAB. JAB. JAB. JAB. JAB. JAB. JAB. 20 20 20 20 20 20 20 20 20 6.92 3.41 3.88 8.76 JAB. JAB. JAB. JAB. JAB. JAB. 20 20 20 20 20 20 6.72 6.76 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL JAB. 20 JAB. 20 JAN. 20 6.72 6.89 -0.17 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAI CD'S. SECONDARY MARKET DIFFERENTIAL J A N . 20 JAN. 20 JAN. 20 7.11 6.92 0. 19 U.S. FEDERAL PONDS OVERNIGHT EURO-DOLLAR DEPOSITS O.K. CANADA GERMANY JAPAN PRANCE NETHERLANDS SWITZERLAND 6.89 6.72 7.31 8.50 3.15 3.44 7.60 3.99 Q. 13 CHART 5. J-MONTH INTEREST RATES U.S. 90-DAI CD'S. SECONDARY RABBET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING S1ISS INTERBANK LOAN PR2NCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SBITZSBLASD) 8.88 2.05 8.25 4.20 5.72 CHART 6. EURO-DOLLAR DEPOSIT BATES: LOBDOB OVERNIGHT 7—DAT 1-MONTH 3-MO NTH 6-HO NTH 1—YEAR 6.90 7.11 7.33 7.71 CHART 7. SELECTED EURO-DOLLAR ABD U.S. BOBET MARKET RATES S E M E S MA ME LAST VALUE PLOTTED DATE VALOE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL JAN. 20 JAN. 20 JAN. 20 7. 11 7. 18 -0.07 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL JAN. 20 JAN. 20 JAN. 20 6.89 7.29 -ft. 40 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFORT) , COVERED DIFFERENTIAL JAN. 20 JAM. 20 JAN. 20 7.11 7.22 -0. 10 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL JAN. 20 JAN. 20 JAN. 20 7.11 7.05 0.06 CHART 9. LOMG TERM GOVERMEMT BOHD YIELDS UNITED STATES GERMAN! JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM JAN. JAN. JAN. JAM. DEC. JAN. NOV. JAN. 15 15 8 8 25 15 15 8. 84 6. 00 4.21 4.08 10.34 10.57 6.37 9.30 U.S. CORPORATE AAA BONDS CHART 10. MAI 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCS JAPAN JAN. JAM. JAN. JAM. JAN. JAN. JAM. JAN. 13 13 13 13 13 13 13 13 261.62 306.84 31 a- 60 175.44 156.36 19ft. 49 273.70 470.67 voSJgS;. FEDERAL RESERVE statistical release H.10(512) ilgM JANUARY 22, 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING JANUARY 22, 1988 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 FINLAND FRANCE GERMANY GREECE HONG KONG INDIA *1RELAND 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 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 MEMO: •UNITED STATES DOLLAR JAN. 18 H 0 L I D A Y 0.25 1 CURRENCY UNITS PER DOLLAR) JAN. 19 JAN. 21 JAN. 20 JAN. 22 71.15 11.800 35.100 1.2870 3.7314 6.4305 4.0790 5.6490 1.6758 134.000 7.7910 13.0800 158.55 1230.50 128.60 2.5565 1.8835 66.070 6.4020 137.500 2.0420 50.05 791.30 113.850 30.827 6.0305 1.3660 28.640 25.350 177.85 71.45 11.675 34.640 1.2825 3.7314 6.3750 4.0430 5.6035 1.6618 132.850 7.7900 13.0400 160.13 1220.50 127.75 2.5490 1.8665 66.470 6.3500 136.050 2.0230 50.50 790.10 112.900 30.825 5.9880 1.3490 28.650 25.320 179.23 71.55 11.705 34.790 1.2827 3.7314 6.3950 4.0500 5.6110 1.6640 132.800 7.7910 12.9900 159.80 1224.75 127.20 2.5464 1.8700 66.320 6.3570 136.050 2.0215 50.60 788.90 112.900 30.822 5.9910 1.3510 28.650 25.260 179.60 71.40 11.778 35.000 1.2798 3.7314 6.4400 4.0725 5.6460 1.6755 133.600 7.7940 13.0300 158.65 1231.00 127.85 2.5475 1.8830 66.530 6.3750 136.750 2.0260 50.30 788.10 113.270 30.837 6.0200 1.3567 28.650 25.260 178.23 90.28 89.56 89.60 90.09 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
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