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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts January 3, 1989 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. 4. 5. 6. 7. 3-MONTH FORWARD EXCHANGE RATES GOLD PRICE—LONDON CALL MONEY RATES 3-MONTH INTEREST RATES EURO-DOLLAR DEPOSIT RATES 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 $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 S P O T E X C H A N G E I N D I C E S DOLLAR P R I C E S O F FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1973=100 200 RATIO SCALE MARCH 1973=100 FOREIGN CURRENCY PRICE O F U.S. DOLLAR 180 160 ITALIAN LIRA - 140 120 100 I 80 I I 220 200 — — 180 — — 160 - - 100 - ysj • v n i I I I — — 140 - — 120 100 CANADIAN DOLLAR —X / V — v u — — i 90 80 i i i i i i — 70 / Si i w / I 80 I 180 — DUTCH G U I L D E R ^ x t ^ A ^ ^ 140 w — — I I 1 1 1 I I FRENCH FRANC — 100 - 90 — 80 - 70 j / 60 90 80 / M111111111 1 1 1 1 1 1 — 60 — 50 — — BELGIAN FRANC — I I I , ; l u l l I ii | ii l u l l | — 100 120 — - I — IIIIIIIIIII — - 160 70 > - j\r - I j I U.K. POUND 120 I — iiiiiiiiiiii — — I ^ — z ^ V ™ 70 140 I — — 120 100 - 90 60 — — - y vVvv< - 40 280 240 S W I S S FRANC 200 90 80 - 70 - J* ssj 60 50 140 nil Ilull I 180 40 180 160 - 160 50 200 _ J - — 60 JAPANESE YEN - 120 80 - GERMAN MARK 140 80 220 — — — — - — - A _Z — n J\f — I I I I I 1986 I 11111111111 | ||| ||| | | | |1 1988 1 1 1 1 1986 1 11111111111 160 - 140 — 120 11111111111 1988 180 - 100 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM ENT PER ANNUM 8 4 : J A P A N E S E YEN CANADIAN DOLLAR + 0 8 I I II I II h i l l I I 4 12 4 U. K. POUND + „ 0 S W I S S FRANC 4 I 8 I I I I I Inliiliilii 8 DUTCH GUILDER GEF IMAN MARK 4 + 0 4 I I I I I I I,I, MIHIMIM 4 ITALIAN LIRA FRENCH FRANC + 0 4 - 8 — 8 12 12 4 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON A V E R A G E S FOR WEEK ENDING WEDNESDAY US. I .LARS PER FINE OUNCE U.S. DOLLARS PER FINE O 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 280 J I I I I I I I I 1985 1986 1987 I I I I I I I I I 1988 280 CHART 4 CALL MONEY RATES WEEKLY S E R I E S IT PER ANNUM PERCENT PER ANN 16 16 12 U.S. FEDERAL FUNDS 12 FRANCE 8 8 4 4 JAPAN I 0 I 0 I 16 16 CANADA 12 12 8 GERMANY 8 4 4 I 0 I 0 20 16 UNITED KINGDOM - SWITZERLAND 16 12 12 8 8 4 f NETHERLANDS 1L 0 1986 1988 1986 U 1988 4 0 CHART 5 3-MONTH INTEREST RATES WEEKLY S E R I E S PERCENT PER ANH :ENT PER ANNUM 16 12 10 U.S. C D ' S CANADIAN FINANCE CO. PAPER - 14 8 - 6 10 WEIGHTED AVERAGE FOREIGN RATE 4 2 14 12 - I I I I I I I I I I I 8 6 I 14 U.K. INTERBANK STERLING FRENCH INTERBANK RATE 12 12 10 10 8 8 6 I I I I I 6 I 10 8 10 8 GERMAN INTERBANK RATE 6 6 4 4 2 2 10 8 8 JAPANESE GENSAKI RATE S W I S S INTERBANK RATE — 6 4 4 i I 2 6 1986 1988 I I I I 1986 2 / 0 I 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY )ENT PER ANNUM PERCENT PER ANI 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 - I 4 I I I I I i ill Mill ii 6 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 ANN 14 14 12 12 10 10 FEDERAL FUNDS 3-MONTH DASHED LINE EURO-DOLLAR DEPOSITS 8 8 6 6 90-DAY CD'S DASHED LINE 4 4 2 IIIIIIIIIII III I I 1111111111111111111111 I 2 2 2 DIFFERENTIAL - 1 v + w y v w w — + 0 0 1 111111111111111111111 1988 ^CENT ON RATE SCALE i i i 1 I I 1986 I 11111111111 I I II I II I II I 1988 1 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR A S S E T S AVERAGES FOR WEEK ENDING WEDNESDAY SENT PER ANNUM PERCENT PER ANH 16 16 12 INTERBANK STERLING COVERED LONDON 12 CANADIAN FINANCE CO. PAPER, COVERED 8 8 EURO-DOLLAR D E P O S I T S DASHED LINE 4 0 I I I I I I U.S. COMMERCIAL P A P E R DASHED LINE T- I n 1111111111111111111 L i 4 111111' 11 n h i h 1111111 0 2 DIFFERENTIAL 2 DIFFERENTIAL + + 0 0 iliilnli 2 n 1111 n 111 1 I I I I I I 11111111111 i i i i i i i i i i i 16 12 16 INTERBANK DM COVERED FRANKFURT 12 S W I S S INTERBANK (SF) COVERED 8 4 0 2 8 EURO-DOLLAR D E P O S I T S I I 1 I I EURO-DOLLAR D E P O S I T S DASHED LINE |_ DASHED LINE 1 I I I HI I I 1 I I I I I I I I 1 I I I I I I I I II I I 4 llllllllllllllllllllllll 2 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 llllllllllllllllllllllll 2 1986 1988 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I I III I I I I III I I I I I 1986 1988 2 CHART9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY S E R I E S PERCENT PER AW ;ENT PER ANNUM 16 16 CANADA UNITED S T A T E S 14 — 14 12 12 10 10 8 - I 6 I I I I I 6 10 14 JAPAN UNITED KINGDOM 12 — 8 - I 6 I I I I I ii 11 H i i l n 4 2 10 8 GERMANY SWITZERLAND 6 8 6 4 M i l l 4 10 8 8 6 10 2 8 14 FRANCE NETHERLANDS MONTHLY 12 6 10 4 8 6 2 1986 1988 1986 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969-100 RATIO SCALE 1969-100 500 — - 400 UNITED STATES 300 — 200 - yi UNITED KINGDOM I - - I 100 j I I I - I I f ^ I I I I I - 400 __ 300 - 200 I / / \ a I 100 660 650 /VTWVA 550 JAPAN 450 360 — 1 - 1 160 1 1 1 1 FRANCE — 260 - - - - 1 f i — 400 /Av\ — CANADA \^T v aoo r 1 v I /*** i - 550 - 450 - - I I I - 250 150 A SWITZERLAND 350 250 200 v- 1 / 150 I i 200 ~ Z-y J I 600 i i l m I i I I I I 100 I — 600 NETHERLANDS 400 300 500 - - , 200 -jr* 100 1 Y 1 1 i i 1966 - 500 y I i 1966 i 400 GERMANY I V I I I 1966 200 I 100 1966 SERIES CHART 1. SPOT L A S T V A L 0 2 PLOTTED DATE VALUE NAME EXCHANGE RATES AND I N D I C E S WEEKLY A V E R A G E S , NOON BUYING RATES (U.S. CENTS) GERMAN MARK J A P A N E S E YEN DUTCH G U I L D E R U . K . POUND CANADIAN DOLLAR FRENCH FRANC S W I S S FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA INDICES, MARCH 1 9 7 3 BASE RATES = WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , ( G - 1 0 C O U N T R I E S P L U S SWITZERLAND) U . S . DOLLAR GERMAN MARK J A P A N E S E YEN DUTCH G U I L D E R U . K . POUND CANADIAN DOLLAR FRENCH FRANC S W I S S FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA 2. 3-MONTH FORWARD EXCHANGE R A T E S , CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC S W I S S FRANC DUTCH G U I L D E R J A P A N E S E YEN ITALIAN LIRA 28 28 28 28 28 28 28 28 28 28 56. 0. 49. 179. 83. 16. 66. 2. 0. 16. 22 80002 78 77 62 46 57 67992 07632 27 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 28 28 28 28 28 28 28 28 28 158. 209. 142. 72. 83. 74. 214. 105. 43. 14 47 91 71 34 16 16 60 35 28 28 28 28 28 28 28 28 28 28 28 92. 161. 214. 137. 66. 77. 67. 206. 99. 38. 67. 95 52 60 76 02 23 21 33 68 23 13 28 28 28 28 28 28 28 28 -1. -3. 3. 0. 4. 3. 4. -2. 53 32 92 71 37 60 81 65 100 GERMAN MARK J A P A N E S E YEN DU1CH G U I L D E R U . K . POUND CANADIAN DOLLAR FRENCH FRANC S W I S S FRANC BELGIAN FRANC ITALIAN LIRA CHART DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. MAR 1973 = 100 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. PREMIUM OR D I S C O U N T DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. SERIES CHART 3 . GOLD P R I C E U.S. CHART 4 . DOLLARS I N LONDON, PER L A S T VALUE PLOTTED "DATE VALUE NAME FINE AFTERNOON F I X I N G OUNCE EURO-DOLLAR DEPOSIT RATES: DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 28 28 28 28 28 28 28 28 28 8. 8. 12. 10. 4. 4. 8. 5. 4. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 28 28 28 28 28 28 28 28 28 9.21 5.35 4 . 16 11.11 12.92 4.75 8. 56 5. 68 7.39 DEC. DEC. DEC. DEC. DEC. DEC. 28 28 28 28 28 28 8.48 9 . 86 9.50 9.31 9.36 9.41 86 48 13 25 60 08 48 95 13 LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7 . 415.88 3-MONTH I N T E R E S T RATES U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET GERMAN I N T E R B A N K LOAN J A P A N E S E G E N S A K I RATE CANADIAN F I N A N C E PAPER INTERBANK S T E R L I N G S W I S S I N T E R B A N K LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE F O R E I G N I N T E R E S T RATE ( G - 1 0 COUNTRIES PLUS SWITZERLAND) CHART 6 . 28 CALL MONEY RATES U . S . F E D E R A L FUNDS OVERNIGHT EURO-DOLLAR D E P O S I T S U.K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5 . DEC. SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES OVERNIGHT E U R O - D O L L A R D E P O S I T S U . S . FEDERAL FUNDS DIFFERENTIAL DEC. DEC. DEC. 28 28 28 8. 48 8. 86 -0. 38 3-MONTH EURO-DOLLAR D E P O S I T U . S . 9 0 - D A Y C D ' S , SECONDARY DIFFERENTIAL DEC. DEC. DEC. 28 28 28 9. 31 9 . 21 0. 1 0 RATE MARKET SERIES CHART 8 . INTEREST L A S T VALUE P L O T T E D DATE VALOE NAME ARBITRAGE, 3 - M O N T H FUNDS EURO-DOLLAR D E P O S I T INTERBANK S T E R L I N G ( L O N D O N ) , DIFFERENTIAL U . S . COMMERCIAL P A P E R CANADIAN F I N A N C E P A P E R , DIFFERENTIAL COVERED COVERED EURO-DOLLAR D E P O S I T INTERBANK DM ( F R A N K F U R T ) , DIFFERENTIAL COVERED EURO-DOLLAR D E P O S I T S W I S S I N T E R B A N K , COVERED DIFFERENTIAL CHART 9 . 9.31 9.49 -0.18 DEC. DEC. DEC. 28 28 28 9.08 9.53 -0.45 DEC. DEC. DEC. 28 28 28 9.31 9.33 -0.01 DEC. DEC. DEC. 28 28 28 9.31 9.18 0.14 DEC. DEC. DEC. DEC. DEC. DEC. SEPT. DEC. 23 23 9.08 6.32 4.17 23 4*22 £r/6> 1 0 . 4 2 16 8.97 6.43 23 8.85 MAY 9.33 CORPORATE AAA BONDS CHART 28 28 28 LONG TERM GOVERMENT BOND Y I E L D S UNITED S T A T E S GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) U N I T E D KINGDOM U.S. DEC. DEC. DEC. 10. STOCK I N D I C E S UNITED STATES U N I T E D KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 21 21 21 21 21 21 21 21 296. 315. 332. 168. 197. 29 7 . 394. 610. 17 49 28 57 38 98 55 78 FEDERAL RESERVE statistical release H. 101512) JANUARY 3, 1989 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING DECEMBER 30, 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 •IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEN 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 DEC. 26 H 0 L I D A Y 0.25 (CURRENCY UNITS PER DOLLAR) DEC. 27 DEC. 28 DEC. 29 DEC. 30 85.90 12.505 37.280 1.1965 3.7314 6.8810 4.1705 6.0720 1.7778 147.800 7.8080 15.0300 150.40 1309.75 124.85 2.7050 2.0070 63.450 6.5705 146.750 1.9450 2.3700 687.50 114.410 33.035 6.1380 1.4995 28.240 25.200 180.40 85.45 12.595 37.540 1.1950 3.7314 6.9225 4.1925 6.1100 1.7870 149.050 7.8105 15.0900 149.40 1318.50 125.58 2.7180 2.0200 62.650 6.6050 147.650 1.9480 2.3780 687.60 115.050 33.048 6.1725 1.5135 28.240 25.200 178.90 85.45 12.580 37.500 1.1925 3.7314 6.9125 4.1920 6.1030 1.7885 148.600 7.8080 15.0200 149.60 1316.00 125.85 2.7140 2.0190 62.800 6.5950 147.750 1.9460 2.3780 687.70 114.650 33.005 6.1625 1.5150 28.230 25.200 178.95 85.35 12.493 37.230 1.1928 3.7314 6.8575 4.1630 6.0600 1.7735 148.350 7.8090 14.9900 150.50 1308.00 125.05 2.7100 2.0020 62.900 6.5650 146.600 1.9450 2.3835 687.40 113.300 33.050 6.1310 1.5020 28.130 25.200 180.85 92.86 93.39 93.37 92.71 •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. LVALUE IS U.S. CENTS
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