Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 28, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

January 28,1991

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 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 (THINLINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973=100

140
130 f—
-j20 L

RATIO SCALE
MARCH 1973=100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

_

140
130
120

BELGIAN FRANC

110

110

100

100

90

90

80

80

»

70
280

i

i

I

i

i

i

I

i

i

i

I

i

i

'

I

I

'

SWISS FRANC

260 —

240
220

I

I

»

I

I

I

I

I

I

I

I

I

70
280
260

JAPANESE YEN

240
220

200

200

180

180

160

160

140

140

120
100

i

i

» l

90

»

i

i

l

i

i

i

l

i

i

•

I

I

_

U.K. POUND

I

I

I

'

I

1

I

I

I

I

I

I

I

CANADIAN DOLLAR

120
100
90

80

80

70

70

60

60

i

50

I

«

» '

l

'

'

'

I

'

'

•

•

I

200

180

I

I

'

'

•

I

'

•

I

I

I

I

I

GERMAN MARK

DUTCH GUILDER

50
200

180

160

160

140

140

120

120

100
120

'

'

'

l

i

'

'

I

'

'

'

I

i

i

i

•

i

'

I

i

•

i

1

'

1

i

l

i

i

«

100
60

110

55
50

ITALIAN LIRA

100
FRENCH FRANC

90

45

80

40

70

35

60 k—

30

50

I

I

I

I




I

I I
1989

I

I

I

I

I

I

I I
1991

I

I

I

I

I

I I
1989

I

I

I

I

I

I

I I
1991

25

CHART 2

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

PERCENT PER ANNUM

4

14

U.K. POUND

'

1

1

I

»

1

'

1 » » » I

1

1

1

1

GERMAN MARK

1

1

I

1

1

1

1

1

1

'

I

» I

I

JAPANESE YEN

"X
SWISS FRANC

DUTCH GUILDER

'
FRENCH FRANC

'

» 1 •

•

» I

» '

•

I

•

'

ITALIAN LIRA

vA
12

_L_L




I

'

• '
1989

•

*

•

» •

I

•

• •
1991

I I

1 I I I
1989

L...I 1 I I

1 1 1 1
1991

12

#

CHART 3

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

U.S. DOLLARS PER FINE OUNCE
520 |

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460
460

440
440

420
420

400

400

380

380

360

360

340

340

320




320
1988

1989

1990

1991

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
16

16

12

FRANCE

U.S. FEDERAL FUNDS

12

JAPAN

0 '

'

'

'

I

'

•

'

I

•

'

'

I

I

I

16

I

I

I

'

i

i

I

i

i

i
16

12

12

GERMANY




CANADA

UNITED KINGDOM

SWITZERLAND

NETHERLANDS

1989

1991

1989

1991

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
)ENT PER ANNUM

PERCENT PER AN

12
U.S. CD'S
10

8
SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

6
4
i

2
16

i

i

I

i

i

i

I

i

i

i

I

»

i

»

I

I

i

I

I

I

I

I

I

I

I

I

I

'

I

'

•

14

12
U.K. INTERBANK STERLING

CANADIAN FINANCE CO
PAPER

10

8
'

6

I

'

I

'

'

'

I

'

i

'

I

«

i

i

i

i

i

I

'

'

i

I

'

»

10
GERMAN INTERBANK RATE

8
6
FRENCH INTERBANK RATE

4
i

2

i

»

I

»

i

i

»

i

'

i

I

'

•

'

1

1

1

I

1

1

1

I

1

1

1

I

1

10

8

—

JAPANESE CD RATE

6
NETHERLANDS INTERBANK RATE

4
2

I

I

I

I




I

I I
1989

1

I•

I

I

I

I

I I
1991

1989

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

'

4
14

'

'

I

'

'

1

I

1

'

'

I

•

'

i

i

i

I

i

7-DAY

12

i

i

I

'

'

'

I

'

JL_1

6-MONTH

12

10

4
14

4
14

10

i

i

i

I

i

i

i

l

i

i

i

l

i »

i

i

'

»

l

'

1-MONTH

12

'

'

I

»

'

i

I

i

» i

1-YEAR

4
14

12

10

10

i

•

i




I

»

• '
1989

I

•

•

i

l

i

i i
1991

1

1

i

1

1

1989

1

I

i

i

i

I

i

i i
1991

CHART?

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PEI ;ENT PER ANNUM

PERCENT PER ANNUM

14

14

12

12

OVERNIGHT

EURO-DOLLAR DEPOSITS

3-MONTH

EURO-DOLLAR DEPOSITS

10

10

8

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

6

DASHED LINE

4

2

J

1

1

1

1

I

I

I

I

I

I

I

I

•

I

2

DIFFERENTIAL

I

I

I

DIFFERENTIAL

1

+

0

1

J




1

I

I
1989

I

I

I

I

J

I

1991

L

J—i—i—I

i

i
i
1989

l

i

i

i

I

i

i
1991

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
16

PERCENT PER ANNUM

16

INTERBANK STERLING
12

COVERED LONDON

CANADIAN FINANCE
CO. PAPER, COVERED

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

0 I

I

I

I

I

I

I

I

I

I

I

12

DASHED LINE

I

I

I

I

'

I

I

I

I

I I

I

I

I

I

I

I

I

I

2

DIFFERENTIAL

2

i

DIFFERENTIAL

i i I i i i I i i i I i i i

I

1

'

I

1

1

1

I

I

'

» I

'

'

'

16

INTERBANK DM

12 —

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS

'

» I

I

'

I

I

I

I

I

DASHED LINE

I

I

» I

'

1

I

I

1 I

« I

I

1 I

'

•

I

I

» 1

I

I

I

I

I

I I
1991

2

DIFFERENTIAL

DIFFERENTIAL
AAyA

I

I

I

I

I




I I
1989

I

I

I

I

I

I

I I
1991

I

I

I

I

I

I I
1989

I

2
16

12

EURO-DOLLAR DEPOSITS

DASHED LINE

pi

I o
2

CHART

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM

PERCENT PER ANNU

14
UNITED STATES

CANADA

12

10

8

i

6
14

i

i

I

i

i

i

I

i

i

i

I

i

i

i

'

UNITED KINGDOM

'

'

I

'

'

'

I

'

'

i

I

i

i

i

I

i

i

'

l

'

'

'

l

'

i

i

FRANCE

12

10

8

'

6
10

I

'

I

'

'

'

I

•

'

I

I

'

'

I

i

SWITZERLAND

i

i

JAPAN

8

6

4

2
10

i

i

i

I

i

i

i

I

i

i

i

l

'

i

'

»

1

1

l

1

1

1

I

1

'

i

I

*

»

'

2
1

NETHERLANDS

GERMANY

8

6

4

2

'

'

1




I

1

1

1989

'

I

1

1

i

I

'

i
1991

'

i

i

i

I

i

' '
1989

I

i

'

'

l

'

'
1991

i

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100
200

200
NETHERLANDS

175 _ UNITED STATES
150 |—

JAPAN

GERMANY

SWITZERLAND

FRANCE

CANADA

UNITED KINGDOM




1989

1991

1989

1991

SERIES
26-Dec-90 2 - J a n - 9 1
C h a r t 1.

(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 yen
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound
Indices,

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

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

s, Mar.
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swedish krona
Swiss f r a n c
U.K. pound
U.S. d o l l a r

110.28
73.75
73.88
177.63
40.69
180.38
150.16
67.04
221.05
64.18
84.67

3 - M o n t h F o r w a r d Exchange R a t e s ,

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

U.S.

3.1524
86.939
19.126
64.957
0.08635
0.73897
57.618
77.786
190.50

3.2374
86.310
19.625
66.664
0.08868
0.75503
59.131
79.275
194.18

124 . 2 2
86 . 6 5
86 .19
182 . 7 3
49 .56
193 .49
165 . 4 1
250 . 2 5
77 . 0 5

127 .57
86 . 0 2
88 . 4 3
187 . 5 3
50 .90
197 .69
169 . 7 5
255 . 0 4
78 . 5 4

109
74
73
176
40
181
149
67
224
65
84

.68
.53
.33
.14
.40
.13
.13
.08
.89
.00
.82

110 .84
72 . 6 4
74 .08
178 . 1 2
40 . 8 4
182 . 1 3
150 . 6 3
67 .37
225 . 4 3
65 .18
83 .05

68
74
91
49
58
05
40
11

- 3 .68
- 2 .96
- 2 .02
- 5 , .00
- 0 , 61
- 2 , ,07
- 1 , 35
- 6 , 13

- 3 .50
- 2 .93
- 2 .07
- 5 .09
- 0 .82
- 2 .11
- 1 , 28
- 6 . ,39

Gold P r i c e i n

3 8 8 . 32

3 9 6 . 25

378, 95

126
86
87
185
50
193
167
251
77

.20
.44
.62
.61
.39
.87
.97
.54
.78

!1973=100
110.72
73.01
74.22
178.93
40.89
178.77
151.10
67.24
223.25
64.79
83.69

110. ,50
7 3 , 65
7 3 , 98
1 7 7 , 62
4 0 . .75
1 7 9 . 79
1 5 0 . 21
6 7 . 19
2 2 4 . 08
6 5 . 06
8 3 . 90

Premium o r D i s c o u n t
-3.46
-2.24
-1.66
-4.41
0.16
- 1 62
-1.28
-5.58

-3.46
-2.63
-1.80
-4.56
-0.37
-1.76
-1.27
-5.78

-3.
-2.
-1.
-4.
-0.
-2.
-1.
-6.

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

d o l l a r s per f i n e ounce

Chart 4.

3.2026
86.730
19.443
65.979
0.08778
0.74044
58.511
78.187
192.31

M a r c h 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 yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound

Chart 3.

16-Jan~91 23-Jan~91

S p o t Exchange R a t e s a n d I n d i c e s

Noon b u y i n g r a t e s

Chart 2.

9-Jan-91

383.73

386.70

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

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 Euro-dollar
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




deposits

6.
7.
11.
9.
8.
8.
9.
7.
13.

40
19
93
95
48
07
25
88
86

6 . 77
6 . 74
1 2 . 21
1 0 . 00
8 . 55
7 . 89
8 . 54
7 . 88
1 3 . 95

6.
6,
11.
9.
8.
8.
8.
7.
13.

88
46
13
74
45
01
16
88
98

SERIES
26-Dec-90 2 - J a n - 9 1
Chart 5.

3-Month I n t e r e s t

Euro-Dollar

S e l e c t e d E u r o - d o l l a r & U . S . Monet

Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Differential

deposits

Interest

Arbitrage,

Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential
U.S. commercial paper
Canadian f i n a n c e paper,
Differential

7.32
11.24
10.35
9.38
8.19
9.43
8.65
13.94
10.42

7 .13
11 . 0 3
10 .18
9 .30
8 .19
9 .35
8 .41
13 .96
10 . 3 2

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

8.75
9.19
7.89
7.67
7.52
7.47

7.19
7.30
7.39
7.40
7.39
7.38

6.74
7.14
7.34
7.39
7.39
7.44

6.46
6.78
7.03
7.20
7.20
7.26

Market Rates
7.19
6.40
0.78

6.74
6.77
-0.03

6.46
6.88
-0.42

8 .19
8 .01
0 .18

7.67
7.75
-0.08

7.40
7.32
0.08

7.39
7.32
0.06

7.20
7.13
0.08

8 .19
8 .12
0,.06

7.67
7.96
-0.28

7.40
7.57
-0.17

7.39
7.59
-0.20

7.20
7.35
-0.15

7 . 93
8 . 21
- 0 . 29

7.81
8.10
-0.29

7.20
7.64
-0.43

7.21
7.46
-0.24

7.05
7.43
-0.37

8 . 19
7 . 58
0. 6 1

7.67
7.37
0.30

7.40
7.27
0.13

7.39
7.31
0.08

7.20
7.18
0.02

8 . 19
7 . 53
0. 66

7.67
7.20
0.47

7.40
7.19
0.21

7.39
7.27
0.12

7.20
7.10
0.10

10 .23
9 .99
8 .84
7 .12
6 .62
9 .12
10..74
8 . 13

10.25
10.02
9.00
7.09
6.66
9.21
10.83
8.08

10 .16
9 .92
8 .96
6 .95
6 .58
9 .24
10 .58
8 .10

10.26
9.95
8.97
6.91
6.55
9.30
10.56
8.21

10.09
9.67
8.86
6.84
6.50
9.18
10.34
8.05

107 . 9 4
114 . 2 5
91 . 8 5
130 .80
91 . 7 9
110 .98
130 .26
132 .76

107 . 9 5
112 . 6 5
88 . 4 8
131 . 1 1
91 . 1 4
110 . 4 1
128 .46
131 . 3 2

105 .63
112 .28
88 .48
126,.36
90,.76
107.,73
129. 45
125. 69

105 .46
109 . 0 5
85 .60
124 .58
87 . 9 9
103 .76
124 . 6 2
127 . 1 8

106 . 3 2
113 .18
87 .66
51 .85
88 . 9 1
107 . 0 2
126 . 3 2
132 .44

3 - M o n t h Funds
covered

covered

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential

Long Term G o v e r n m e n t B e l l w e t h e r Bond Y i e l d s
1 0 - y e a r m a t u r i t y , where a v a i l a b l e

Canada
France
Germany
Japan
Switzerland
Netherlands
U n i t e d Kingdom
United States
C h a r t 10.

7.32
11.42
10.09
9.23
8.17
9.37
8.63
13.89
10.38

8.75
7.17
1.58

covered

Euro-dollar deposit
I n t e r b a n k DM ( F r a n k f u r t ) ,
Differential

Chart 9.

7.75
11.66
10.06
9.21
8.19
9.33
8.50
13.94
10.43

7 .29
7 .16
0 .13

3-month E u r o - d o l l a r d e p o s i t
U.S. 9 0 - d a y C D ' s , s e c o n d a r y market
Differential
Chart 8.

8 .01
11 . 7 8
10 . 4 0
9 .28
8 .20
9 .37
8 .83
13 .90
10 . 5 3

Deposit Rates

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

16-Jan-91 23-Jan-91

Rates

U.S. 9 0 - d a y C D ' s , s e c o n d a r y market
Canadian f i n a n c e paper
French i n t e r b a n k r a t e
German i n t e r b a n k r a t e
J a p a n e s e CD r a t e
Netherlands interbank rate
Swiss i n t e r b a n k r a t e
U.K. i n t e r b a n k s t e r l i n g
Weighted average f o r e i g n i n t e r e s t r a t e
CG-10 C o u n t r i e s )
Chart 6.

9-Jan-91

S t o c k I n d i c e s (Wednesday f i g u r e s )

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States

I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e , CAC G e n e r a l , FAZ A k t i e n ,
Tokyo SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l T i m e s O r d i n a r y , NYSE C o m p o s i t e



FEDERAL RESERVE statistical release
H.10(512 »
January 28, 1991

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

COUNTRY

JANUARY 25, 1991

MONETARY
UNIT

^AUSTRALIA
DOLLAR
AUSTRIA
SCHILLING
BELGIUM
FRANC
CANADA
DOLLAR
CHINA,P.R.
YUAN
DENMARK
KRONE
*EUR0 COMMUNITY ECU
FINLAND
MARKKA
FRANCE
FRANC
GERMANY
D. MARK
GREECE
DRACHMA
HONG KONG
DOLLAR
INDIA
RUPEE
^IRELAND
POUND
ITALY
LIRA
JAPAN
YEN
MALAYSIA
RINGGIT
NETHERLANDS
GUILDER
*NEW ZEALAND
DOLLAR
NORWAY
KRONE
PORTUGAL
ESCUOO
SINGAPORE
DOLLAR
SOUTH AFRICA
RAND
SOUTH KOREA
WON
SPAIN
PESETA
SRI LANKA
RUPEE
SWEDEN
KRONA
SWITZERLAND
FRANC
TAIWAN
DOLLAR
THAILAND
BAHT
*UNITED KINGDOM POUND
MEMO:
**UNITED STATES

DOLLAR

Jan. 21

(CURRENCY UNITS PER DQ1 f ARi
Jan. 22
Jan. 23
Jan. 24

0 .7820

10 .518
30 .810
1 .1615
5 .2352
5 .7550
1 .3795
3 .6100
5 .0800
1 .4950
159 .35
7 .7925
18 .410
1 .7840
1123 .50
131 .70
2 .7135
1 .6855
0 .5960
5 .8450
133 .05
1 .7320
2 .5600
721..80
93. 88
N. A.
5. 5860
1. 2582
N. A.
25. 180
1. 9477
82.80

0 7841
10 .483
30 ,620
1 .1588
5 .2352
5 .7565
1 .3850
3 .6075
5 .0560
1 .4880
158 .95
7 .7930
18 420
1 7895
1119 00
132 .41
2 .7128
1 .6779
0 .5960
5 .8300
132..45
1..7345
2,.5455
722..20
. 93.
.63
40. 338
5.5680
1. 2532
N A.
25 200
1 9550

0 .7787
10 .455
30 .630
1 .1589
5 .2352
5 .7250
1 .3864
3 .6000
5 .0510
1 .4857
158 20
7 .7930
18 .420
1 7942
111 7 .25
132 .23
2 .7020
1 .6754
0 .5968
5 .8190
131..70
1..7265
2..5500
722. 30
93. 36
40. 358
5. 5610
1. 2580
N. A.
25. 170
1. 9600

82.56

82.47

Jan. 25

0 .7760
10 .483
30 .660
1 .1645
5 2352
5 .7420
1 3828
3 6145
5 0650
1 4900
158. 75
7, 7930
18..400
1..7880
1120..30
132..27
2..7020
1..6802
0 .5966
5 .8335
131 .95
1 .7265
2 .5625
721 60
93 60
40. 358
5. 5770
1. 2600
N. A.
25. 190
1. 9575
82.66

*VALUE IS U.S. DOLLARS

ECONOMIC^BULLETm%%^*FOR % % I S l ^ ^ L ^ 2 0 2 ) % 7 l - 1 9 8 ^ * ^ ^




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