Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 31, 1994

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LIBRARY
FEB 3

MTA FUi
library
f O t U L U S l t K Bllm

1994

FEDERAL RESERVE
BANK OF CHICAGO

Selected Interest &
Exchange Rates
Weekly Series of Charts

January 31,1994

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

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

3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
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 S
MARCH 197

» SCALE
H 1973=100
120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

100
90
80

BELGIAN FRANC

70
60

i

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l

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'

I

'

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l

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I. I

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•

i

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'

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'

I

290
270
250
230
210
190
170
150

JAPANESE YEN

SWISS FRANC

i

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I

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l

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I

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85
75
65
U.K. POUND

55

i

45
200

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I

i

CANADIAN DOLLAR

i

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I

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l

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•

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•

•

l

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•

•

I

'

180
160
140
DUTCH GUILDER

120

100

•

i

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I

'

i

GERMAN MARK

'

I

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•

'

I

•

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•

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'

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105
95
85
75
65 —
55

ITALIAN LIRA

FRENCH FRANC

i

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i




I

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» i
1992

I

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1994

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1992

I

1994

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2
GERMAN MARK

1

1

1

I

1

PERCENT PER ANNUM
2
U.K. POUND

1

1

I

I I I 1

i

i

i

CANADIAN DOLLAR

•

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I

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'i

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I

JAPANESE YEN

V

z
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1

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1
I

1 I I 1

i

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i

SWISS FRANC

I

I

I

I

I

I

I

I

DUTCH GUILDER

2

2

4

4

6

6

8
2
+

0

1

1

1

1

1

1

1

4

8
10
12

1

1

1

1

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: N \If




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6
10

IF

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8
2
2

f

I I t 1 I 1 1 1 i
1992

•

ITALIAN LIRA

FRENCH FRANC

2

6

1

14

1 i i i
1994

'

I

'

I

I

1

1992

1

i

1

1

1

I

1

'

1

1994

18

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

i

320
1991




1992

1993

i

_]
1994

L

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM




PERCENT PER ANNUM
10
SWITZERLAND
U.S. FEDERAL FUNDS

JAPAN

GERMANY
NETHERLANDS

FRANCE

CANADA

UNITED KINGDOM

I

I

I '
1992

I

'

'

'

I

'

i '
1994

1992

1994

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AN

;ENT PER ANNUM

13

12
WEIGHTED AVERAGE
FOREIGN RATE

10

11
CANADIAN FINANCE PAPER

8

9

6

7
U.S. CD'S

5

4

2

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•

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i

<

l

l

l

I

l

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l

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l

l

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l

l

16

11

U.K. INTERBANK STERLING

13

9

7

10

NETHERLANDS INTERBANK RATE

7

4
9

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I

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'

'

I

i

•

'

I

i

5

i

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I

i

< i

JAPANESE CD RATE

7

3
13

11

5

9
FRENCH INTERBANK RATE

3

1
10

3

7

i

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•

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•

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5
12

8

10

6

8

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2

6

i

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i




I

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1992

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1994

i

l

l

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1992

l

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1994

4

CHART 6

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

PERCENT PER ANNUM
10

10

OVERNIGHT

3-MONTH

8

6

4

2
10

'

i

•

I

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'

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I

'

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•

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•

l i i '

7-DAY

8

2
10

6-MONTH

6

4

A
2
10

I

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i

1-YEAR

1-MONTH

8

I

6

4

2

i

i

i

l




'

'
1992

•

I

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» i

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1994

'

i

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I

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i
1992

i

1994

2
10

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
D I F F E R E N T I A L : P L U S ( + ) , F A V O R S B O R R O W I N G IN U . S .
A V E R A G E S FOR WEEK ENDING W E D N E S D A Y
PERCENT PER ANNUM

PERCENT PER ANNUM

8

6
3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

4
9 0 - D A Y CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

2
2

2

DIFFERENTIAL

DIFFERENTIAL

1

+
0

1




1992

1994

1992

1994

CHART 8

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

PERCENT PER ANNUM
8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

EURO-DOLLAR DEPOSITS
DASHED LINE

i

i

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I

U.S. COMMERCIAL PAPER
DASHED LINE

'

i

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'

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I

DIFFERENTIAL

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I

I

I

I

I

I

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i

i

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I

I

I

'

DIFFERENTIAL

I

I

I

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I

INTERBANK DM
COVERED FRANKFURT

'

'

I

SWISS INTERBANK (SF) COVERED

—

EURO-DOLLAR DEPOSITS'
DASHED LINE

I

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EURO-DOLLAR DEPC
DASHED LINE

I

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DIFFERENTIAL

1 I

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I




I

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1992

I

4

I

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< i

I

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I

'

DIFFERENTIAL

I

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1994

I

I
1992

I

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1994

I

I 1

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM

PERCENT PER ANNU

UNITED STATES

UNITED KINGDOM

7
6
5
4
11

i

'

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•

'

•

I

•

•

I

CANADA

I

I

I

I

I

•

I

• •

I

I

I

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FRANCE

10
9
8
7
6
8

•

'

'

I

•

'

'

I

'

•

I

I

I

I

I

SWITZERLAND

JAPAN

7
6
5
4
3
10

1

'

'

1

I

1

1

1

I

'

i

I

'

i

'

•

NETHERLANDS

1

1

I

1

1

1

1

'

1

1

I

'

I

I

GERMANY

9
8
7
6
5

1

1

1




1

1

1

1

1992

1

1

I

» I

'

I

'

1994

'

'

'

I

•

•
1992

•

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l

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1994

'

CHART 10

STOCK INDICES
WEEKLY SERIES
SCALE
1986= 00
220
UNITED STATES
200

RATIO S
1986
— UNITED KINGDOM

180
160
140

120
i

i

i

l

'

i

'

i

'

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l

'

i

i

250
225

SWITZERLAND

ARAN

200
175
150
125

100

'

i

'

l

'

i

'

l

'

i

i

l

i

•

i

160
GERMANY

CANADA

140

120

100

80
210
195

i

i

i

I

i

i

i

I

i

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i

I

i

i

i

.FRANCE

— NETHERLANDS

180
165
150
135

120
i

i

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I




' i i
1992

l

i

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l

i

1

1994

i

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'

'

l

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1992

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I

'

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1994

i

29-Dec-93 5-Jan-94
Chart 1.

12-Jan-94 19-Jan-94 26-Jan-94

Spot Exchange Rates and Indices

Noon buying rates

(U.S. cents, weekly averages)

Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.8278
75.2 62
17.251
58.749
0.05969
0.89932
52.446
69.317
150.18

2.7640
75.698
16.917
57.501
0.05862
0.88962
51.388
67.284
148.02

2.7660
75.691
16.928
57.584
0.05896
0.88992
51.443
67.869
149.20

2.7439
75.929
16.841
57.185
0.05875
0.89938
51 .061
67.987
149.36

2.7562
76.245
16.860
57.242
0.05879
0.89917
51.074
68.261
149.45

108 .91
75 .45
76. 23
161. 76
33 .65
232 .93
147 .52
216. 46
59 .87

108 .99
75 .44
76 .28
161 .99
33 .84
233 .01
147 .68
218 .34
60 .35

108
75
75
160
33
235
146
218
60

.12
.68
.89
.87
.72
.49
.59
.72
.41

108 .61
75 .99
75 .98
161 .03
33 .75
235 .43
146 .62
219 .60
60 .45

106 .40
71 .65
71 .71
172 .29
29 .90
250 .03
147 .33
51 .56
217 .06
55 .55
96 .56

105,.64
71,.98
71,.39
171,.10
29 ,
.83
253 .34
146 .35
51,.80
217,.72
55..69
96 .70

105 .98
72 .19
71 .37
171 .02
29 .81
252 .87
146 .16
52 .38
218 .30
55 .64
96 .53

-0 .58

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

111..43
75 .
.01
77 .
.74
.27
165 .
34 .
.26
.47
235 .
150 .
.56
223 .
.00
60,. 74

, Mar. 1973 = 100
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.

3-Month Forward Exchange Rate

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

106. 59
71. 84
71. 84
172 .47
29 .80
250. 59
147. 53
50. 87
215. 66
55. 20
96. 84

Premium or Discount

- 0 ..56

- 0 . 50

-2 .94
-2 .54
-4 .89
1 . 26
-1. 98
- 0 . 75
-1. 97

-3 .06
-2 .60
-5 .02
1 .06
-1 .97
-0 .75
-2 .11

-0,.54

-3 .06
,
-2 .63
,
-4 .96
.
1..08
-1..98
-0..81
-2 .14
.

-0 .52
-3 .13
-2 .70
-5 .12
1 .09
-2 .04
-0 .87
-2 .17

385..53

392. 94

386 .28

391,.08

384 .32

2.
.99
2.
.92
3.
.63
6..45
6..09
2..37
5..83
4.
.28
5..31

3 .00
2 .98
3. 88
6. 50
6. 10
2. 31
5. 76
4 .63
5. 44

2 .98
2 .91
3 .95
6 .44
5 .98
2 .30
5 .53
4 .03
5 .18

3 .13
2 .96
3 .85
,
6,.43
5..92
2..28
5..24
4.
.08
5..25

2 .97
2 .93
3 .75
6 .41
5 .92
2 .21
5 .48
4 .00
5 .25

-3..16
, 77
-2 .
-4 .
,91
1 .,25
-2 .23
- 0 .,93
-1. 95

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

107 .
.76
70..44
72 .
.41
174 .
.34
29 .
.97
250.. 14
148 ..78
50.,59
219 .53
55..33
95. 33

Call Money Rates

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




)ec -93 5 - J an -94
Chart 5.

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 average foreign interest rate
(G-10 Countries)
Chart 6.

3 .24
4 .03
6 .34
6 .00
2 .09
5 .48
4 .02
5 .31
5 .04

3 .24
4 .02
6 .26
5 .79
2 .06
5 .24
3 .95
5 .30
4 .98

3 .16
3 .94
6 .15
5 .73
2 .12
5 .08
3 .85
5 .33
4 .98

3 .13
3 .90
6 .18
5 .75
2 .15
5 .09
3 .91
5 .35
5 .01

3 .11
3 .83
6 .24
5 .78
2 . 14
5 .13
3 .88
5 .33
5 .01

2 .92
3 .20
3 .14
3 .20
3 .36
3 .69

2 .98
3 .09
3 . 13
3 .24
3 .38
3 .69

2 .91
,
2 .99
.
3 . 04
3 .16
,
3 .34
,
3 .66
,

2 .96
,
2.
.98
3.
.00
3.
.13
3.
.30
.61
3.

2 .93
2 .94
3 .00
3 .13
,
3 .26
,
3 .59
.

2 .96
,
.
3 .13
-0.. 17

2 .93
,
2 .97
,
-0,.04

Euro-Dollar Deposit Rates

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

12 -Jan -94 19-Jan -94 2 6 -Jan-94

Selected Euro-dollar & U.S. Monei r Market Rates

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

2 .92
,
2 .99
-0 .
, 07

2 .98
3 .00
-0 .02

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

.20
3.
3.
.24
-0 .03
.

3 .24
3 .24
0 .00

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

3.
.20
.34
3.
-0 .
. 14

3 .24
3 .31
-0 .07

,16
3.
,19
3.
- 0 .,03

3.
,13
3.
,19
-0 .
,06

.13
3.
3.
.13
-0 .00
,

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

3.
.32
3.
.47
-0 .
.15

3 .29
3 .52
-0 .23

3 .20
3 .36
-0 .16

,18
3.
.36
3.
- 0 .,17

3.
.16
3.
.30
-0..15

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

3.
.20
,19
3.
0 .,01

3 .24
3 .21
0 .03

3 .16
3 .09
0 .07

,13
3.
3 .09
0 .04

3.
,13
3.
,04
0.,08

Euro-dollar deposit
Swiss interbank, covered
Differential

3.
,20
3.
,08
0.
, 12

3 .24
3 .19
0 .04

3 .16
3 .09
0. 07

3 .13
3 .10
0 . 03

3 .13
3.
,00
0 ., 12

6 .64
5 .64
,
,
5 .57
3 .20
,
4 .04
,
5,.56
6,.16
5 .87
,

6,.54
5,.66
5 .60
,
3.
.16
4 .03
,
5 .61
,
6 .24
,
5 . 70

6 .42
5 .63
5 .61
3 .39
4 .05
5 .60
6 .28
5 .75
,

6 .42
5 .67
5 .71
,
3 .45
,
4 .07
,
5.
.67
6 .15
,
5 .75
,

Chart 8.

Chart 9.

3 . 16
3 . 16
0.
.00

3.
.13
3.
.13
0 .00
.

3 .13
,
3 . 11
0 .01
.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

2.
.91
2.
.98
-0 .07
.

Stock Indices

6 .58
5,.65
5 .63
,
3 .16
,
4 .06
,
5 .65
6 . 14
5 .73
,
(Wednesday figures)
;)

Canada
143 ,
.63
146,.66
148 .
.45
152
France
177 ,
.43
176 ,
.83
179 .
.95
179
Germany
126,.35
127 ,
.90
126 .
.25
122
Japan
108 .08
110 ,
.61
114 .
.29
116
Netherlands
151,.33
154 ,
.64
153 .
.93
157
Switzerland
227 ,
.31
233 ,
.98
234 . 74
238
United Kingdom
201,.62
197 .
.54
199 .
.72
205
United States
191,.63
190 ,
.63
192 .
.88
193
Indices (in order, rebased to 1986=100)
OJ
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite'




,
.38
,
.21
,
.58
,
.54
,
.51
,
.63
,
.91
,
.30

148 ,
.64
180 ,
.91
121,.15
117 ,
.23
156 .
.54
242 .
.52
204 ,
.91
192 .
.80
to SBF250

FEDERAL RESERVE statistical release
H. 10(512)

January 31, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JANUARY 28, 1994

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:
MONETARY
UNIT

Jan. 24

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
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
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7030
12.301
36.400
1.3110
8.7217
6.7985
1.1100
5.6735
5.9410
1.7505
250.93
7.7235
31.440
1.4280
1705.00
111.80
2.7630
3.1060
1.9620
0.5658
7.52
176.1800
1.6068
3.42
813.40
142.920
49.4000
8.0800
1.465
26.470
25.530
1.4905

0.7080
12.330
36.260
1.3117
8.7318
6.8010
1.1095
5.6440
5.9420
1.7538
251.36
7.7243
31.440
1.4320
1700.75
111.15
2.7640
3.1055
1.9642
0.5670
7.52
175.7800
1.6040
3.42
812.20
141.230
49.4000
8.0260
1.471
26.465
25.548
1.4930

0.7085
12.287
36.140
1.3133
8.7217
6.7840
1.1125
5.6265
5.9310
1.7468
250.89
7.7235
31.440
1.4330
1701.50
110.28
2.7515
3.1070
1.9569
0.5685
7.51
175.3900
1.5990
3.42
812.30
141.640
49.4300
7.9730
1.471
26.468
25.490
1.4940

0.7090
12.268
36.020
1.3115
8.7217
6.7780
1.1138
5.6180
5.9270
1.7453
250.68
7.7244
31.440
1.4340
1702.75
109.62
2.7558
3.1062
1.9556
0.5683
7.50
175.1000
1.5985
3.42
811.90
140.820
49.3700
7.9750
1.472
26.436
25.475
1.4930

0.7086
12.190
35.770
1.3240
8.7217
6.7340
1.1197
5.5815
5.8950
1.7330
249.06
7.7245
31.440
1.4420
1696.25
109.45
2.7650
3.1050
1.9422
0.5675
7.45
174.8200
1.5935
3.42
811.60
140.250
49.4300
7.9360
1.463
26.455
25.440
1.4995

MEMO:
^UNITED STATES

DOLLAR

96.76

96.66

96.38

96.26

95.89

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Jan. 25
Jan. 26
Jan. 27

Jan. 28

*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. WEIGHTS 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 (202) 482-1986.
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 (202) 452-3244.