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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts January 4, 1999 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION W ashington, D.C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE 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 Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND 8. INTEREST ARBITRAGE: 3-MONTH 9. LONG-TERM GOVERNMENT 10. INDUSTRIAL STOCK INDICES Chart 1 Spot Exchange Indices Ratio scale March 1973=100 Dollar prices of foreign currencies and weighted average values (dashed line) (Average for week ending Wednesday) Ratio scale March 1973=100 150 130 110 90 350 320 290 260 230 200 170 105 85 65 45 210 190 170 150 75 55 35 15 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) (Averages for week ending Wednesday) Percent per annum Percent per annum 8 6 4 2 0 4 2 0 -2 -4 Chart 3 Price of Gold in London (Averages for week ending Wednesday) u.s, dollars per fine ounce U.S. dollars per fine oi 420 420 12.5 Kg Bars Afternoon fixing price 400 400 380 380 360 360 340 340 320 320 300 300 280 280 260 1993 1994 1995 1996 1997 1998 260 Chart 4 Call Money Rates (Weekly series) Percent per annum Percent per annum 5 4 3 2 1 0 6 5 4 3 2 9 8 7 6 5 4 3 2 Charts 3-Month Interest Rates (Weekly series) Percent per annum Percent per annum 9 1995 1996 1997 1998 - 5 - 4 - 3 Chart 6 Euro-Dollar Deposit Rates, London (Averages for week ending Wednesday) Percent per annum Percent per annum Chart 7 Selected Euro-Dollar and U.S. Money Marked Rates Differential: Plus(+), Favors Borrowing in U.S. (Averages for week ending W ednesday) Percent Per Annum Percent Per Annum 7 6 5 4 +1 +1 Differential ' ^mVvi > in m u l -1 I___________I__________ I_______ 1995 1996 1997 1998 1995 1996 1997 1998 u ^ii 0 -1 Chart 8 Interest Arbitrage: 3-Month Funds Differential: plus(+)f indicates favor dollar assets (Average for week ending Wednesday) Percent per annum Percent per annum Differential -1 1995 1996 ± I 1997 1998 Differential ___________ i___________ i___________i___________ 1995 1996 1997 1998 Differential ___________ I___________ L _________ I___________ -1 1995 1996 1997 1998 Chart 9 Long-Term Government Bond Yields (Weekly series) Chart 10 Stock Indices (Weekly series) Ratio scale End-1994=100 Ratio scale End-1994=100 300 260 220 180 140 100 1995 1996 1997 1998 60 300 260 220 180 140 100 60 2-Dec-98 Chart 1. 9-Dec-98 16-Dec-98 23-Dec-98 30-Dec-98 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 2.8675 65.255 17.642 59.154 0.05975 0.81838 52.477 71.956 165.43 2.8957 64.991 17.816 59.734 0.06034 0.83979 53.007 73.106 165.82 2.9273 64.892 18.004 60.390 0.06099 0.86012 53.572 74.756 168.02 2.9017 64.592 17.853 59.846 0.06046 0.86067 53.122 73.657 167.79 2.8921 64.462 17.787 59.609 0.06022 0.86503 52.903 72.841 167.42 113.00 65.04 79.50 166.40 34.30 214.28 150.65 231.49 66.91 114.10 64.78 80.28 168.04 34.63 219.89 152.17 235.19 67.07 115.35 64.68 81.13 169.88 35.01 225.21 153.79 240.50 67.96 114.34 64.38 80.45 168.35 34.70 225.35 152.50 236.97 67.87 113.96 64.25 80.15 167.68 34.57 226.49 151.87 234.34 67.72 110.40 59.29 74.97 177.70 30.30 234.89 150.33 51.29 234.46 61.83 93.93 109.94 59.30 74.67 176.80 30.17 236.32 149.75 51.47 232.06 62.07 94.50 109.80 59.31 74.53 176.40 30.11 238.22 149.42 51.24 229.91 62.06 94.76 0.27 1.90 1.85 1.80 5.05 1.92 3.78 -1.26 0.26 1.93 1.92 1.90 5.04 1.97 3.87 -1.07 0.28 2.02 2.01 2.04 5.03 2.03 3.78 -1.01 0.25 2.03 1.99 2.09 5.07 2.05 3.73 -0.95 294.94 293.86 292.55 289.51 287.35 4.84 4.97 5.10 3.40 3.35 0.24 3.26 1.51 6.63 4.68 4.64 4.98 3.22 3.09 0.25 2.78 0.94 6.96 5.00 4.98 5.11 3.10 2.96 0.25 2.76 0.28 5.90 4.70 4.76 5.04 3.10 2.94 0.26 2.74 0.61 5.85 4.64 4.94 5.07 3.10 3.09 0.26 2.50 0.50 5.78 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 Weighted average exchange value indices, March 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. 0.24 1.71 1.64 1.66 5.18 1.83 3.60 -1.46 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 110.23 59.99 74.88 177.37 30.25 231.09 150.13 51.49 231.35 61.57 95.05 3-Month Forward Exchange Rates, Premium or Discount Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U .K . pound Chart 3. 109.99 60.76 74.70 176.94 30.19 226.46 149.76 51.64 229.43 61.94 96.00 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 2-Dec-98 Chart 5, 5.22 5.30 3.49 3.57 0.55 3.58 1.59 6.78 3.60 5.14 5.23 3.20 3.34 0.53 3.21 1.40 6.46 3.39 5.13 5.21 3.24 3.28 0.53 3.28 1.30 6.24 3.34 5.16 5.24 3.22 3.21 0.54 3.27 1.40 6.41 3.36 5.15 5.26 3.15 3.18 0,58 3.12 1.47 6.31 3.30 4.97 4.95 5.49 5.20 5.07 5.02 4.64 4.80 5.44 5.13 4.99 4.89 4.98 4.88 5.44 5.13 4.94 4.89 4.76 5.31 5.48 5.14 4.96 4.90 4.94 6.64 5.39 5.13 5.03 5.05 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 16-Dec-98 23-Dec-98 3Q-Dec-98 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. 9-Dec-98 Selected Euro-dollar & U.S. Money Market Rates 4.97 4.84 0.13 4.64 4.68 -0.04 4.98 5.00 -0.02 4.76 4.70 0.07 4.94 4.64 0.30 5.20 5.22 -0.02 5.13 5.14 -0.01 5.13 5.13 -0.00 5.14 5.16 -0.02 5.13 5.15 -0.03 Euro-dollar deposit Interbank sterling (London), covered Differential 5.20 5.30 -0.10 5.13 5.18 -0.04 5.13 5.16 -0.03 5.14 5.39 -0.25 5.13 5.34 -0.21 U.S. commercial paper Canadian finance paper, covered Differential 5.09 5.54 -0.45 5.03 5.50 -0.47 5.05 5.48 -0.43 5.04 5.52 -0.48 5.09 5.51 -0.42 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.20 5.23 -0.04 5.13 5.20 -0.07 5.13 5.22 -0.09 5.14 5.24 -0.10 5.13 5.19 -0.07 Euro-dollar deposit Swiss interbank, covered Differential 5.20 5.20 -0.01 5.13 5.19 -0.06 5.13 5.18 -0.05 5.14 5.19 -0.05 5.13 5.22 -0.09 4.85 3.94 3.89 1.10 2.31 3.97 4.59 4.61 4.84 3.86 3.82 1.27 2.28 3.92 4.46 4.58 4.88 3.89 3.88 1.53 2.34 3.97 4.46 4.66 4.99 3.92 3.90 1.84 2.41 4.00 4.40 4.75 Canada 151.43 152.04 149.13 153.01 France 187.07 191.78 188.56 196.46 Germany 194.32 189.45 190.69 198.64 Japan 73.58 73.17 70.13 69.43 Netherlands 235.36 246.58 245.47 260.58 Switzerland 247.67 249.91 251.64 260.22 United Kingdom 141.55 143.96 143.29 150.58 United States 227.86 229.05 224.31 234.70 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Financial Times Ordinary, NYSE Composite 152.60 199.90 203.19 69.72 264.28 260.62 150.42 236.82 Overnight Euro-dollar deposits U.S. federal funds Differential 3-month Euro-dollar deposit U.S. 90-day C D ’s, secondary market Differential Chart 8. Chart 9. 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. Stock Indices 5.02 4.04 3.96 1.12 2.41 4.06 4.68 4.70 (Wednesday figures)
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