Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 7, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

January 7,1991

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

RATIO SCALE
MARCH 1973=100

140
130
120
110

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

BELGIAN FRANC

100
90
80

»
70
280
260 —
240
220

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SWISS FRANC

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JAPANESE YEN

200
180
160
140
120
100

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*

90

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CANADIAN DOLLAR

—

U.K. POUND

i

80
70
60
50
200

I

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180

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I

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_

DUTCH GUILDER

I

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GERMAN MARK

yvv

160
140

120
100
120
110
100

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ITALIAN LIRA
FRENCH FRANC

90

^

80
70
60
50

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1989

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1991

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1989

1991

CHART 2

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

PERCENT PER ANNUM

CANADIAN DOLLAR

U.K. POUND

8
8

8
GERMAN MARK

JAPANESE YEN

4

+
0

4
8

4
SWISS FRANC

DUTCH GUILDER

4

+
0

4
4

4
FRENCH FRANC

ITALIAN LIRA

+
0

4

8

12




1989

1991

12

CHART3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.

OLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OLJNCE

520

520

500

500

12.5 Kg BARS

AFTERNOON FIXING PRICE

480

480

460

460

440

440

420

420

400

400

380

380

360

360

340

340

320

1988




1989

1990

1991

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16

PERCENT PER ANNUM
16

12

12

FRANCE

—

U.S. FEDERAL FUNDS

JAPAN

0

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0

16

16

12

12

CANADA

GERMANY

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I

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I

I

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0
16

UNITED KINGDOM

SWITZERLAND

12

NETHERLANDS

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1989

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1991

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1989

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1991

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CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANN

;NT PER ANNUM

10

12
U.S. CD'S

8

10

6

8
SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

6

4
2

4

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2
16

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0
16

14

14

12

12
CANADIAN FINANCE CO.
PAPER

U.K. INTERBANK STERLING

10

10
8

8

'

6
10

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I

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6
12

GERMAN INTERBANK RATE

8

10

6

8
FRENCH INTERBANK RATE

6

4
2
10

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1

1

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:

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8

JAPANESE CD RATE

8

4
10

6

6
NETHERLANDS INTERBANK RATE

J—L




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1989

•

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1

1

1991

1

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1989

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1991

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2

CHART 6

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

PERCENT PER ANNUM

3-MONTH

OVERNIGHT

4

4
14

12

6-MONTH

7-DAY

10

8

6

4
14

12

4

1-MONTH

1-YEAR

10

8

6

4




1989

1991

4

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

ENT PER ANNUM

14

14

12

12
OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

10

10

8
90-DAY CD'S

FEDERAL FUNDS

6

DASHED LINE

DASHED LINE

4

2
2

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DIFFERENTIAL

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DIFFERENTIAL

1

+

0

1

•fi




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1989

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1991

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J

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1989

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1991

CHART 8

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

ICENT PER ANNUM

16

16

INTERBANK STERLING

12

CANADIAN FINANCE
CO. PAPER, COVERED

—

COVERED LONDON

12

8

8
U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

4

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0
2

2
DIFFERENTIAL

DIFFERENTIAL
+

0

2
16

^

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0

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INTERBANK DM

12

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SWISS INTERBANK (SF) COVERED

—

COVERED FRANKFURT

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2
16

_

8

8
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

4

0

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0
2

2
DIFFERENTIAL

DIFFERENTIAL

+

+

0

0

2

12

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1989

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1991

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1989

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1991

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2

CHART9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

14

PERCENT PER ANNUM

j

UNITED STATES

14

CANADA

12

12

10

10

» '

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14

UNITED KINGDOM

14

FRANCE

12

12

10

10

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10

SWITZERLAND

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10

JAPAN

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»1 •

1 1 1

•

1 1 1 1 1 1

•

10

NETHERLANDS

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10

GERMANY

MONTHLY

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1989

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1991

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1989

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•
1991

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200

— NETHERLANDS

175 — UNITED STATES

175

150

150

125

125
—

100

100

75

75

50
400

«

»

i

350

.JAPAN

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I

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1

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.GERMANY

50
200
175

300

150

250

125

200

100

150

75

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100
200

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1

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1

FRANCE

175 — SWITZERLAND

50
200
175

150

150

125

125

100

100

75

75

50
200

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. UNITED KINGDOM

175 — CANADA

50
200
175

150

150

125

125

100

100

75

75

50

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50

SERIES
5-Dec-90
Chart 1.

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 ( 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

3.2180
85.868
19.690
66.527
0.08853
0.74794
58.969

Swiss f r a n c

U.K.

Indices,

Weighted average exchange v a l u e i n d i c e s ,
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
3~Month F o r w a r d Exchange R a t e s ,

3.2150
86.201
19.541
66.519
0.08824
0.73814
58.951
78.065
191.98

126 . 8 0
85 . 5 8
88 . 7 3
187 . 1 5
50 . 8 2
195 . 8 3
169 . 2 9
250 . 8 3
78 . 1 3

128 . 3 8
85 .96
89 . 6 9
190 . 0 8
51 . 4 5
198 . 6 0
171 . 9 4
254 . 1 4
78 . 5 8

128 . 3 3
86 . 0 2
89 .27
189 . 6 9
51 . 2 4
196 .66
171 . 5 8
253 . 1 2
78 . 2 8

125 .06
85 . 9 3
86 . 8 9
184 . 2 9
49 .96
193 . 0 4
166 . 7 2
246 . 4 5
76 .27

126 .69
85 .92
88 .06
187 .12
50 .65
193.,27
169. 24
251. 15
7 7 . 65

111 . 1 4
72 .37
74 . 5 9
179 .86
40 . 9 9
180 . 4 0
151 . 8 2
67 . 3 0
222 . 9 3
64 . 7 1
82 . 7 0

110 .28
73 . 7 5
73 .88
177 . 6 3
40 . 6 9
180 . 3 8
150 .16
67 . 0 4
221 . 0 5
64 .18
84 .67

110 . 7 2
73 . 0 1
74 . 2 2
178 . 9 3
40 .89
178 .77
151 .10
67 .24
223 .25
64 .79
83 .69

-4.02
-2.41
-1.57
-4.46
-0.44
-1.65
-1.04
-5.49

- 3 .80
- 2 .53
- 1 .68
- 4 .85
- 0 .23
- 1 , .77
- 1 , 29
- 5 , 76

- 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

381.18

371.57

3 7 5 . 56

3 8 3 . 73

3 8 6 . 70

7.60
7.55
12.23
9.94
8.61
8.01
8.71
7.38
14.14

7.25
7.30
12.23
9.39
8.39
8.09
8.99
7.58
14.38

7 . 29
7 . 30
1 2 . 05
9 . 80
8 . 38
8 . 08
9 . 17
7 . 88
1 4 . 40

7 . 16
7 . 29
11. 71
9 . 52
8 . 13
8 . 21
9 . 08
7 . 88
1 4 . 04

7 . 17
8 . 75
1 1 . 31
9 . 65
8 . 41
8 . 15
9 . 27
7 . 88
1 4 . 22

Mar.

Gold P r i c e i n

1973=100
110.86
72.10
74.74
179.70
41.04
181.81
151.71
67.30
223.21
64.78
82.41

Premium o r D i s c o u n t
-3.64
-1.84
-1.04
-4.14
-0.04
-0.94
-0.63
-5.03

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.

3.1736
86.218
19.282
65.511
0.08703
0.73727
58.073
76.606
188.58

110.49
72.48
74.62
178.34
40.90
180.84
150.68
67.25
222.31
65.03
83.38

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.

3.2567
86.307
19.811
67.430
0.08927
0.75110
59.767
78.679
193.54

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.

193.16

3.2580
86.246
19.903
67.569
0.08963
0.75848
59.893
78.996
194.27

77.966

pound

Chart 2.

12-Dec-90 19-Dec~90 26-Dec-90 2 - J a n - 9 1

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

SERIES
5-Dec-90
Chart 5.

3-Month I n t e r e s t

Rates

U.S. 90-day CD's, secondary 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
(G-10 C o u n t r i e s )
Chart 6.

8.18
12.25
9.96
9.13
8.39
9.01
8.63
13.51
10.34

7.63
12.10
10.03
9.11
8.33
9.25
8.58
13.53
10.37

7.55
7.69
8.63
8.19
8.04
7.90

7.30
7.35
8.00
7.69
7.58
7.55

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

7
7
8
7
7
7

8
9
7
7
7
7

.75
.19
.89
.67
.52
.47

7.30
7.25
0.05

7 .30
7 .29
0 .01

7 .29
7 .16
0 .13

8 .75
7 .17
1 .58

8.19
8.18
0.01

7.69
7.63
0.06

7 .74
7 .69
0 .05

8 .19
8 .01
0 .18

7 .67
7 .75
- 0 .08

8 .19
8 .31
- 0 .12

7 .69
7 .85
- 0 .16

7 .74
7 .97
- 0 .23

8 .19
8 .12
0 .06

7 .67
7 .96
- 0 .28

8 .07
8 .50
- 0 .42

7 .60
7 .95
- 0 .36

7 .63
8 .00
- 0 .37

7 .93
8 .21
- 0 .29

7 .81
8 .10
- 0 .29

8 .19
8 .07
0 .12

7 .69
7 .50
0 .19

7 .74
7 .46
0 .28

8 .19
7 .58
0 .61

7 .67
7 .37
0 .30

8 .19
7 .98
0 .21

7 .69
7 .52
0 .17

7 .74
7 .38
0 .36

8 .19
7 .53
0 .66

7 .67
7 .20
0 .47

10 .56
10 . 6 1
8 .99
7 .28
6 .61
10 . 4 3
8 .23

10 . 2 0
10 . 5 3
8 .93
7 .17
6 .62
10 . 2 5
8 .01

.39
.33
.87
.00
.63
.21
.01

10 . 5 1
10 . 4 2
9 .02
7 .07
6 .61
10 . 3 1
8 .13

ND
ND
9 .10
ND
6 .68
10 .39
8 .08

107 . 5 2
120 .66
94 . 5 0
123 . 9 4
91 .57
111 .96
131 .09
132 .40

108 . 3 9
121 . 5 3
97 .47
134 .56
90 . 9 2
113 . 9 8
131 . 2 9
132 . 5 1

108 . 4 3
118 . 2 8
94 . 1 4
137 . 7 3
91 . 5 2
112 . 3 5
132 . 4 4
132 .58

107 . 9 4
114 . 2 5
91 .85
130 . 8 0
91 .79
110 .98
130 .26
132 .76

107 .95
112 .65
88 .48
131 . 1 1
91 .14
110 . 4 1
128 .46
131 . 3 2

3 - M o n t h Funds
covered

covered

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

covered

Euro-dollar deposit
Swiss i n t e r b a n k , c o v e r e d
Differential
Long Term G o v e r n m e n t Bond Y i e l d s

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

.30
.30
.13
.74
.56
.49

7 .75
11,.66
10 .06
9 .21
8 .19
9 .33
8 .50
13 .94
10 .43

7.55
7.60
-0.05

deposits

3-month E u r o - d o l l a r d e p o s i t
U.S. 90-day CD's, s e c o n d a r y market
Differential

Chart 9.

8.01
11.78
10.40
9.28
8.20
9.37
8.83
13.90
10.53

S e l e c t e d E u r o - d o l l a r & U . S . Money M a r k e t R a t e s

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

Chart 8.

7 .69
11 . 9 1
10 . 2 3
9 .18
8 .23
9 .31
8 .70
13 . 9 3
10 .47

E u r o - D o l l a r Deposit Rates

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

12-Dec-90 19-Dec-90 26-Dec-90 2-Jan-91

Stock I n d i c e s

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

10
10
8
7
6
10
8

(Wednesday f i g u r e s ;)
)

I n d i c e s ( i n o r d e r , r e b a s e d t o 1 9 8 6 = 1 0 0 ) 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 ,
T o k y o 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 7, 1991

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JANUARY 4, 1991

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. 31

(CURRENCY UNITS PER DOLLAR)
Jan. 1
Jan. 2
Jan. 3

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
•EURO COTtlUNITY
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
ECU
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

0.7720
10.530
30.940
1.1605
5.2352
5.7790
1.3680
3.6320
5.1000
1.4970
160.00
7.8010
18.130
1.7760
1127.50
135.75
2.7025
1.6890
0.5865
5.869F
134.10
1.7400
2.5600
719.20
95.75
40.238
5.6335
1.2770
N. A.
25.310
1.9285

0.7735
10.488
30.720
1.1574
5.2352
5.7390
1.3778
3.6015
5.0720
1.4900
156.50
7.7955
18.100
1.7870
1122.00
134.60
2.7085
1.6800
0.5918
5.8480
132.85
1.7435
2.5480
N. A.
95.08
40.248
5.6025
1.2622
N. A.
25.230
1.9425

0.7784
10.508
30.780
1.1530
5.2352
5.7500
1.3778
3.6030
5.0730
1.4927
157.00
7.7940
18.120
1.7870
1123.75
133.05
2.7065
1.6835
0.5935
5.8450
133.35
1.7440
2.5420
719.50
94.83
40.258
5.6040
1.2665
27.100
25.210
1.9465

MEMO:
••UNITED STATES

DOLLAR

82.94

82.84

COUNTRY

83.44

H
0
L
I
D
A
Y

Jan. 4
0.7793
10.605
31.000
1.1513
5.2352
5.7950
1.3680
3.6290
5.1090
1.5075
156.95
7.7960
18.130
1.7760
1132.50
135.10
2.7080
1.6994
0.5911
5.8905
134.50
1.7515
2.5640
718.80
95.45
40.258
5.6395
1.2755
27.120
25.200
1.9320
83.53

•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 NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.