Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : January 9, 1995

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Selected Interest &
Exchange Rates
Weekly Series of Charts

January 9,1995

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 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 SCALE
MARCH 1973=100

115

RATIO SCALE

MARCH 1973=100

150

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

140

BELGIAN FRANC

130

100

120
85

110
100

70

1

1

1

1

l

1

1

1

I

i

i

l

'

'

i

'

270

i

i

I

i

i

i

I

i

'

'

I

'

i

i

280

!— JAPANESE YEN

250

90
300

SWISS FRANC

260

230

240

210

220

190

200

i

170

i

l

i

» •

l

'

'

'

I

'

•

•

i

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I

'

80

i

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l

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i

85

CANADIAN DOLLAR
U.K. POUND

70

75

60

65

I

50
200

i

180

i

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l

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I

'

•

'

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I

55
215

G E R M A N MARK

DUTCH GUILDER

195

160

175

140
120

180

155

I

I

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I

'

'

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I

i

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l

' •

i

100

90

135
55

ITALIAN LIRA

FRENCH FRANC

45

80
35
70

60

•

'

•




l

•

•
1993

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•

•

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1995

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1993

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1995

25

CHART 2

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

PERCENT PER ANNUM

2
G E R M A N MARK

U.K. POUND

CANADIAN DOLLAR

JAPANESE YEN

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA




1993

1995

1992

2

1994

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

420

420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

—

400

380

380

360

360

340

320

—

1991




1992

1993

1994

1995

340

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
CENT PER ANNUM

PERCENT PER AN

6

SWITZERLAND

5
U.S. FEDERAL FUNDS
4

3

2

JAPAN

i

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1 i

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10

8
NETHERLANDS
6
GERMANY
4

2
16

•

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i

14

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FRANCE

12

CANADA

10

8

6
UNITED KINGDOM

4
2

i

i




l

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i
1993

i

I

i

i

•

i

•

•
1995

i

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1993

i
1995

i

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANf

ENT PER ANNUM

9

10
CANADIAN FINANCE PAPER
WEIGHTED AVERAGE
FOREIGN RATE

8

7

6
5
4

U.S. CD'S

i

2

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3
11

12

NETHERLANDS INTERBANK RATE

9

10
U.K. INTERBANK STERLING

8

7

6

5

4
7

i

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3
13
11

5

FRENCH INTERBANK RATE

JAPANESE CD RATE

9
3

1

7

i

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I

i

i

i

I

i

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i

i

5
12

10

8

10

GERMAN INTERBANK RATE
SWISS INTERBANK

6

8

4

6

2




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1993

i

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» I

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1995

i

4

CHART 6

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

)ENT PER ANNUM

8

3-MONTH

OVERNIGHT
6

4

2

i

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8

7-DAY

6-MONTH

6

4

i

2
8

l

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1-YEAR

1-MONTH
6

4

2

i

i




I

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i
1993

i

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1995

i

I

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1993

1995

•

*

*

*

e

#

e

^

f

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR W E E K ENDING W E D N E S D A Y
C E N T PER A N N U M

PERCENT PER ANK

7

6

5

3-MONTH

OVERNIGHT

4

EURO-DOLLAR DEPOSITS

EURO-DOLLAR

3

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

2
1

J

i

I

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L_i

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J

I

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L_i

L

DIFFERENTIAL

J__I

L

DIFFERENTIAL

+

0

1

\s

J

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1993

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L

J

I
1995

L

J

I

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1993

i

^

vv

i

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J

I
1995

L

CHART 8

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

DENT PER ANNUM

7

7
CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

6

6

COVERED LONDON

5

5

U.S. COMMERCIAL PAPER
DASHED

EURO-DOLLAR DEPOSITS
DASHED LINE

4

4

3

3

2

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1

1

DIFFERENTIAL

DIFFERENTIAL

+

+

0

0

1

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I

I

I

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I

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1

1

1

I

1

1

1

I

1

1

7

7

INTERBANK DM

6

6
SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

5

5
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

4

DASHED LINE

4

uS

3

3

2

2

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2
1

1

DIFFERENTIAL

DIFFERENTIAL

+

0

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1 I

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1993

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1 1 1 I

1 1 I
1995

1

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1 i

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1993

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1995

1

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
3CENT PER ANNUM

PERCENT PER ANN!

9
UNITED STATES

UNITED KINGDOM

8

7

6

5

'

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1 i

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10

FRANCE

CANADA
9

8

7

6
8
SWITZERLAND

JAPAN

7

6

5

i

4

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I

i

9
NETHERLANDS

GERMANY

8

7

6

5

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1993

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1995

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1993

1995

CHART 10

STOCK INDICES
WEEKLY SERIES
SCALE

1986:

RATIO S
198i

100

220
UNITED STATES

UNITED KINGDOM

200

180

160

140
250
225

I

I

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I I

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SWITZERLAND

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1993

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JAPAN

200
175
150

125

i

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•

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160
GERMANY

CANADA

140
120

100

80
190

•

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FRANCE

I

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NETHERLANDS

170

150

130

110

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1993

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1995

•

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1995

7-Dec-94
Chart l.

14-Dec-94 21-Dec-94 28-Dec-94 4-Jan-95

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

3 .0881
72.741
18.509
63 .541
0.06170
0.99884
56.733
75.224
156.19

3.0874
72.161
18.464
63.526
0.06117
0.99743
56.715
74.967
156.18

3.0923
71.848
18.446
63.616
0.06088
0.99753
56.820
75.255
156.15

3.0852
71.408
18.363
63.433
0.06089
0.99636
56.643
75.099
154.48

3.1302
71.209
18.665
64.362
0.06156
0.99714
57.449
76.253
156.24

121 .85
71 . 61
83 . 12
178 .96
34 ,
.95
261 .
.19
163 . 12
242 ., 11
63 ., 16

121 .57
71 . 17
82 .75
178 .44
34 ,
.95
260,. 88
162 . 61
241 .
.60
62 .,48

123 .34
70 .97
84 . 11
181 . 06
35 .
.34
261,. 08
164 .
.92
245 .,32
63 .19

112 .59
63 .64
73 .99
181 . 11
29 .09
266 .29
154 . 03
52 . 87
227 .45
54 .80
89 . 71

112 .65
63 .41
73 .84
181 .08
29 .18
266 .76
153 .96
53 .26
227 .61
54 .32
90 .03

113 .41
62 . 67
74 . 52
182 .49
29 .27
264 . 60
154 .97
53 . 15
229 .30
54 .51
89 . 11

-0 .39
0 .28
0 . 67
-2 .13
4 .01
0 .80
,
1 .59
.
-0 .15
.

-0 .50
0 .23
1 . 08
-2 .39
4.
, 14
1 .00
.
2.
.07
-0.,06

-0 .54
0 .29
1 .23
-2 .38
, 10
4.
1,. 18
2,
.18
-0..10

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

121 .69
72 .50
83 .41
178 . 74
35 ,
.41
261 ,
.53
162 ,
.87
242 .
.01
63 . 17

121 .66
71 .92
83 .21
178 ,
.70
35.. 11
261..16
162 .
.82
241. 18
63 .17

Weighted average exchange value indices, 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.

0 .20
0 .71
0 .98
-2 .29
3 .96
,
0,.95
2,
. 14
0 ..00

-0 .42
0 .45
0 . 84
-2 .69
4 .01
0 .82
.
2 .06
-0 .. 07

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

112 .38
63 .93
74 .05
180 .77
29 .23
266 .22
153 .69
52 .78
226 .52
54 .80
89 .69

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.

112 .19
64 .35
74 .10
180 .42
29 .44
266 .09
153 .44
52 .82
226 . 89
54 .69
89 .48

377 .86

378 .,24

380 .54

381. 65

380. 56

5 .47
5 .43
5 .32
5 .25
5 .01
2 .22
5 .08
3 .63
4 .95

5 .48
5 .41
5. 46
5. 25
4 .99
2 .23
5 .13
3 .45
6. 23

5 .56
5 .41
5. 47
5. 25
4 .86
2 .23
5. 21
3. 11
5 .68

5. 45
5 .56
5. 47
5. 25
4 .13
2. 25
5. 19
3 .42
4 .50

5 .40
5 .69
5 .57
5. 30
4 .85
2 .21
5. 16
3 .94
5. 16

Call Money Rates

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




ic-: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.

6 .26
6 .14
5 .52
5 .19
2 .34
5 .28
3 .94
6 .18
5 . 16

6 .31
6 .78
5 .74
5 .34
2 .34
5 .41
4 .08
6 .31
5 .35

6 .26
6 .96
5 .92
5 .42
2 .33
5 .47
4 .13
6 .30
5 .43

6 .30
7 .02
6 .01
5 .24
2 .33
5 .28
4 .13
6 .40
5 .35

6.39
7.18
6.04
5.18
2.34
5.20
4.13
6.50
5.35

5 .43
5 .54
6 .03
6 .25
6 .65
7 .35

5 .41
,
.44
5.
.
6 .03
6 .29
.
.
6 .79
7 .50
,

5 .41
5 .48
5 .99
6 .24
6 .76
7 .45

5 .56
6 .23
5 .94
6 .27
6 .83
7 .53

5.69
5.67
5.84
6.38
6.91
7.67

5 .56
,
5 .45
.
0.
, 11

5.69
5.40
0.29

Euro-Dollar Deposit Rates

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

14 -Dec -94 21-Dec -94 28[ -Dec-94 4 -Jan-95

Selected Euro-dollar & U.S. Mone] • Market Rates

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

5 .43
5 .47
-0 . 04

.41
5.
5.
.48
.07
-0 .

5 .41
.
.
5 .56
-0 .15
.

3-month Euro-dollar deposit
U.S. 9 0-day CD's, secondary market
Differential

6 .25
6 .26
-0 . 01

6 .29
.
6 .31
.
-0 ..02

.
6 .24
.
6 .26
-0 .02
.

6 .25
6 .18
0 .08

6.
.29
6.
,24
0 . 05

6 .22
6 .35
-0 .13

6 .29
6 .36
- 0 . 06

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

6 .25
6 .18
0 .07

6. 29
6 .18
0 . 10

6..24
6 .09
.
0 ., 15

Euro-dollar deposit
Swiss interbank, covered
Differential

6 .25
6 .10
0 .15

6. 29
6. 16
0 . 13

6 .24
.
.73
5.
0 ..51

6 .27
.
6.
.21
0 ., 05

6.38
6.33
0.05

9 .13
,
7 .98
7 .45
4 .52
5 .33
7 .60
8 .56
7 .81

9 .09
8,.08
7 .49
,
4 .53
,
5 .32
,
7 .65
,
8 .51
,
7 .80
,

9 .04
,
8 .08
,
7 .48
,
4 .49
,
5 .26
,
7.
, 64
8 .49
,
7 .81
,

. 15
8 .25
,
7 .64
,
4 .55
,
5 .27
,
7.
, 77
8 . 71
7 .84
,

Chart 8.

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

6..24
6 . 15
0 .09
.

.
6 .27
6 .34
.
-0 .. 07

6.38
6.40
-0.02

6 .27
.
6..57
- 0 ..30

6 .27
.
6 .51
.
- 0 ..24

6.30
6.62
-0.33

6 .27
.
6.
,33
-0 ..07

6.38
6.42
-0.05

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

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

6.38
6.39
-0.01

Interest Arbitrage, 3-Month Funds

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

Chart 9.

6 .27
.
6 .30
.
-0 .03
.

Stock Indices

9 .04
7 .86
7 .32
4 .56
5 .25
7 .45
8 .54
7 .82
(Wednesday figures)

Canada
135 .96
135 ,
.92
139 ,
. 15
140 ,
.01
France
152 ,
.62
149 ,
.40
149 ,
.35
148 ,
.85
Germany
115,.56
114 ,
.21
116 ,
.83
118 .
.22
Japan
115,.34
113 ,
.28
115 .
117 .
.09
,34
Netherlands
.97
147 ,
147 ,
.86
150 ,
150 .
.30
.95
Switzerland
213 ,
.07
213 ,
217 ,
.67
.92
219 . 10
United Kingdom
179 ,
.97
177 ,
182 .
.76
.87
184 . 71
United States
.47
181 ,
182 ,
.56
184 .
.47
184 . 73
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



9

138,.45
147 ,
.95
116 .
.36
117 .
.46
151 .
.33
219..08
182..11
184 .
.86
to SBF250

FEDERAL RESERVE statistical release
H.10(512)

January 9, 1995

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JANUARY 6, 1995

The Board of Governors of the Feaera 1 Reserve System is advised that the Federal Reserve Bank of New v 0 r k has certified
for customs purposes the following noon buying rates in New York City for cabie transfers payable m foreign currencies:

COUNTRY

MONETARY
UNIT

^AUSTRALIA
DOLLAR
AUSTRIA
|SCHILLING
BELGIUM
|FRANC
CANADA
|DOLLAR
CHINA,P.R.
!YUAN
DENMARK
j KRONE
*EURO COMMUNITY ECU
FINLAND
j MARKKA
FRANCE
!FRANC
GERMANY
j D. MARK
GREECE
|DRACHMA
HONG KONG
j DOLLAR
INDIA
RUPEE
^IRELAND
!POUND
ITALY
j LIRA
JAPAN
jYEN
MALAYSIA
IRINGGIT
MEXICO
!PESO
NETHERLANDS
GUILDER
*NEW ZEALAND
'DOLLAR
NORWAY
|KRONE
PORTUGAL
ESCUDO
SINGAPORE
DOLLAR
SOUTH AFRICA
|RAND
SOUTH KOREA
j WON
SPAIN
j PESETA
SRI LANKA
IRUPEE
SWEDEN
KRONA
SWITZERLAND
FRANC
TAIWAN
DOLLAR
THAILAND
BAHT
*UNITED KINGDOM POUND
MEMO:
**UNITED STATES

DOLLAR

Jan. 2

(CURRENCY UNITS PER DOLLAR)
Jan.
Jan. 4
Jan. 5

Jan. 6

0.7703
10.939
31.970
1.4035
8.4647
6.1055
1.2241
4.7640
5.3595
1.5547
241.20
7.7385
31.373
1.5440
1622.25
100.52
2.5498
5.5000
1.7417
0.6396
6.7850
159.70
1.4540
3.5510
791.80
131.900
49.750
7.4545
1.3130
26.230
25.115
1.5624

0.7688
10.985
32.110
1.4030
8.4647
6.1335
1.2202
4.7715
5.3760
1.5612
242.47
7.7413
31.370
1.5420
1626.75
101.40
2.5530
5.5500
1.7493
0.6381
6.8110
160.31
1.4545
3.5570
791.60
132.780
49.850
7.4670
1.3130
26.240
25.140
1.5605

0.7675
10.921
31.960
1.4005
8.4630
6.0990
1.2262
4.7775
5.3530
1.5522
241.20
7.7452
31.368
1.5445
1621.75
100.97
2.5505
5.4500
1.7403
0.6370
6.7745
159.54
1.4537
3.5560
792.40
132.820
49.780
7.4660
1.3035
26.350
25.140
1.5635

0.7660
10.978
32.140
1.4008
8.4626
6.1355
1.2190
4.8165
5.3870
1.5603
242.38
7.7615
31.370
1.5320
1632.00
101.37
2.5523
5.5000
1.7494
0.6368
6.8105
160.40
1.4543
3.5580
792.70
133.930
49.730
7.5440
1.3100
26.280
25.140
1.5518

89.15

89.47

89.11

89.59

*VALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S.
DOLLAR AGAINST CURRENCIES OF OTHER G 1 0
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.