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(516/517) o V Selected Interest & Exchange Rates Weekly Series of Charts January 4,1988 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. D A I L Y CERTIFIED SPOT EXCHANGE-RATES-H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 2. 3-MONTH FORWARD EXCHANGE RATES 3. GOLD PRICE -LONDON 4. C A L L 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 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 CALE MARCH 1973=100 200 180 ITALIAN LIRA FOREIGN CURRENCY PRICE OF U.S. DOLLAR 160 140 120 100 80 220 200 180 JAPANESE YEN GERMAN MARK 160 140 - 120 100 80 I I I rI T i i 11111111111 I ILL I H I L I I 180 160 140 120 DUTCH GUILDER CANADIAN DOLLAR 100 90 80 70 60 90 80 90 UK. POUND - 80 FRENCH FRANC 70 70 60 — 50 50 I 40 I I N I I 40 140 280 120 100 90 60 240 BELGIAN FRANC SWISS FRANC "f - 200 180 80 160 70 140 60 - I 50 1985 1987 I I I I I 1985 I 120 100 1987 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 JAPANESE YEN CANADIAN DOLLAR —J A \ — - I I I I I I I I I I I I MIIIIMIII 4 12 U. K.POUND SWISS FRANC - jl I I I I I 8 - 0 I GERIMAN MARK 8 DUTCH GUILDER A — 0 I I I I I 1 I 1 I I I I I 1985 1 1 1 1 ITALIAN LIRA FRENCH FRANC 12 1 I - I IIIII IIIII 1 1 1 1 1 1 1 1 1 1 1 1987 12 1985 1987 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. [ ILLARS PER FINE OUNCE U.S. DOLLARS PER FINE 500 500 480 480 460 460 440 440 12.5 Kg BARS AFTERNOON FIXING PRICE 420 420 400 400 380 380 360 360 340 340 320 320 300 300 280 280 I 260 1984 1985 I I I ' I I ' 1986 I I I I I I I I I I I I 1 I 1987 260 CHART 4 CALL MONEY RATES WEEKLY SERIES PERC IT PER ANNUM PERCENT PER M 16 16 FRANCE 12 U. S. FEDERAL FUNDS 12 8 8 4 4 0 0 16 16 CANADA 12 12 8 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 4 NETHERLANDS I I I I I I III 0 1985 0 1987 1985 1987 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER Ah NT PER ANNUM 16 14 CANADIAN FINANCE CO. PAPER U . S . CD'S 12 14 10 - 12 10 8 WEIGHTED AVERAGE FOREIGN RATE 6 8 1_L 4 I I I I I I nliiliilii 6 14 16 FRENCH INTERBANK RATE U.K. INTERBANK STERLING 14 — 12 10 12 10 - 8 I I I I I 8 6 I 10 10 . NETHERLANDS INTERBANK RATE 8 — GERMAN INTERBANK RATE - 6 6 4 2 - I I I I I I I I I I I I 4 2 10 8 8 8 SWISS INTERBANK RATE JAPANESE GENSAKI RATE 6 A. . 6 V/WV^/VS 2 4 2 4 I 1985 1987 I I I I 1985 I III I I l u l l I 1987 0 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER Al NUM 14 OVERNIGHT 3-MONTH 12 - 10 8 V \ ^ 6 4 I I I I I - I 14 7-DAY 6-MONTH 12 - 10 8 "J 6 I 4 I I I I - I 14 1-YEAR 1-MONTH 12 10 8 6 I I II I 4 1985 1987 1985 1987 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 16 16 14 12 FEDERAL FUNDS 90-DAY CD' S DASHED LINE DASHED LINE 10 >s/U OVERNIGHT 3-MONTH E U R O - D O L L A R DEPOSITS E U R O - D O L L A R DEPOSITS I I I I I I 11111111111 11111111111 I I I I I I I I I I I DIFFERENTIAL DIFFERENTIAL — v V V i J I I I L_l I 111111111111 M 1111111111 1985 1 PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE S C A L E 1987 . I I I 1985 I I I I I I I I I I I 11111111111 1987 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: P L U S W , INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY NT PER ANNUM PERCENT PER Ah 18 14 18 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 14 10 10 EURO-DOLLAR DEPOSITS 6 DASHED LINE 6 U. S. COMMERCIAL PAPER DASHED LINE 2 J_i _L_L I I I I I I I 2 2 2 DIFFERENTIAL DIFFERENTIAL + 0 2 0 I I I I I I IIIIII I I I II I I 2 18 14 18 INTERBANK DM SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 14 10 6 2 10 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE I I I 6 DASHED LINE I I I 2 2 2 DIFFERENTIAL DIFFERENTIAL + 0 0 I 2 I 1985 I I 1987 1 PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE S C A L E I I I I I 1985 2 1987 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Af :NT PER ANNUM 16 16 CANADA UNITED STATES 14 - 12 12 Ay 10 — 10 8 8 I 6 I I 6 10 14 12 14 UNITED KINGDOM - JAPAN - 8 6 10 8 S. / I 6 I I I I I ~ 4 2 10 8 GERMANY 6 SWITZERLAND 8 4 6 2 4 17 17 U. S. CORPORATE 15 MONTHLY FRANCE 15 Aaa BONDS 13 13 11 11 NETHERLANDS MONTHLY 9 9 7 7 5 5 1985 1987 1985 1987 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 400 - 300 — 200 - ZTRV UNITED KINGDOM J A* UNITED STATES 100 I 650 — 550 - 450 - I I I I 500 - 400 A / 1— - — 4 W - - I I I I I I I IIIIIIIIII I - - - JAPAN 100 550 450 / 350 200 650 — /VAM 300 I - 350 ^ FRANCE 250 — I 150 500 400 I I I I I I I I I I I -I I I I I 11111111111 — NVTI III uli Mi ill i150 250 — - - CANADA 300 I V T I 200 250 - i i i _ SWITZERLAND A ~ - N 150 MIHIMIM 100 > I.Il.ll.Ill I I I I I I I II111111111 500 — — 400 — - 200 500 - - 400 - 300 NETHERLANDS 300 200 100 GERMANY - A A . - - I I I I I 1985 I i l l ii h i l i i 1987 I t I I I I I 1985 I I I I I 11 M 11 I n l n l u l n 1987 200 100 SERIES NAME LAST 7ALOE PLOTTED DATS TALOE CHART 1. SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING BATES (U.S. CENTS) GERMAN HARK JAPANESE YEN DUTCH GUILDER U. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 30 30 30 30 30 30 30 30 30 30 62.36 0.80625 55.41 185.26 76. 64 18.42 77.08 2.97798 %. 08461 17.05 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 30 30 30 30 30 30 30 30 30 175. 41 211. 10 159. 06 74. 93 76. 38 82. 99 247. 98 117.35 48. 06 30 30 30 30 30 30 30 30 30 30 30 81. 10 171. 98 204. 42 146. 24 64. 50 66. 54 71. 96 227. 62 105. 54 40. 43 66. 84 30 30 30 30 30 30 30 30 -0.90 -0.97 4.10 -1.45 4.28 3.09 3.44 -1 ' INDICES, MARCH 1973 BASE RATES = 100 G E M AN HARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA iGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN HARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM 08 DISCOUNT CANADIAN DOLLAR U.K. POOND GERMAN HARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LOUDON, AFTERNOON FIXING O.S. DOLLARS PER FIVE OUNCE D£C. 30 484.90 CHART 4. CALL MONEY RATES O.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U. K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 30 30 30 30 30 30 30 30 30 6.81 6.50 8. 48 8. 17 3.36 4.00 7.77 4.58 2.47 DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 30 30 30 30 30 30 30 30 30 7.50 3.63 3.90 8. 83 8. 88 3.28 8.47 4.66 6.01 DEC. DEC. DEC. DEC. DEC. DEC. 30 30 30 30 30 30 6. 50 9.22 7. 70 7.69 7. 70 7.91 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL D EC. 30 DEC. 30 DEC. 30 6.50 6.81 -0.31 3-HONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL DEC. 30 DEC. 30 DEC. 30 7.69 7.50 0. 19 CHART 5. 3-MONTH INTEREST RATES O.S. 90-DAY CD'S. SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SWITZERLAND} CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MO NTH 6-MONTH 1— YEAR CHART 7. SELECTED EURO-DOLLAR AND U.S. SONET MARKET RATES SERIES NAME LASI VALUE PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL DEC. 30 DEC. 30 DEC. 30 7.69 7.88 -0.19 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL DEC. 30 DEC. 30 DEC. 30 7.45 7.92 -0,. 47 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL DEC. 30 DEC. 30 DEC. 30 7.69 7.77 -0.08 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL DEC. 30 DEC. 30 DEC. 30 7.69 7.59 0. 10 CHART 9. LONG TERM GOVBRHENT BOND YIELDS UNITED STATES GERMAN! JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM DEC. DEC. DEC. DEC. DEC. DEC. OCT. DEC. 25 25 11 25 H 18 25 8.87 5.92 4.53 4.04 10.45 10.52 7.05 9.31 U.S. CORPORATE AAA BONDS CHART 10. 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN MAX DEC. DEC. DEC. DEC. DEC. DEC. DEC. DEC. 23 23 23 23 23 23 23 23 270.89 312.06 316.95 188.96 162.90 195.65 291.51 482.39 FEDERAL RESERVE statistical release H.10(512) JANUARY 5 , 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING JANUARY 1 , 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: MONETARY UNIT DEC. 28 •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK 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 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 71.80 11.252 33.450 1.3037 3.7314 6.1525 3.9780 5.4130 1.5965 126.750 7.7750 12.9200 165.90 1178.00 123.15 2.4900 1.7970 65.700 6.2775 131.250 1.9961 51.90 797.10 108.770 30.753 5.8400 1.2900 28.600 25.080 ' 186.00 MEMO: fUNITED STATES DOLLAR COUNTRY 86.74 (CURRENCY UNITS PER DOLLAR) DEC. 29 DEC. 30 DEC. 31 72.15 11.235 33.410 1.3053 3.7314 6.1600 3.9850 5.4030 1.5958 126.850 7.7770 12.8200 166.20 1177.50 123.50 2.4920 1.7965 65.800 6.2750 131.800 2.0010 51.93 796.30 . 108.800 30.753 5.8450 1.2890 28.600 25.080 186.10 71.91 11.230 33.370 1.3033 3.7314 6.1570 3.9820 5.3990 1.5940 127.100 7.7640 12.8600 166.10 1177.50 123.40 2.4930 1.7930 65.800 6.2770 132.100 1.9970 51.75 795.80 109.000 30.780 5.8390 1.2895 28.600 25.090 185.80 72.20 11.075 32.900 1.3002 3.7314 6.0600 4.0150 5.3280 1.5708 125.050 7.7620 12.7500 168.40 1160.00 121.25 2.4890 1.7670 66.020 6.2200 130.200 1.9970 51.80 795.90 107.500 30.780 5.7950 1.2715 28.600 25.090 188.60 86.74 86.68 85.52 JAN. 1 H 0 L I D A Y 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 I S U.S. CENTS
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