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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
July 11, 1988
Prepared by the
FINANCIAL MARKETS
SECTION
DIVISION OF
INTERNATIONAL FINANCE
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
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 $24.00 per year or $.60 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the s a m e 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 1 9 7 3 = 1 0 0
200
180
RATIO SCALE
MARCH 1 9 7 3 = 1 0 0
—
-
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
-
ITALIAN LIRA
__
50
45
160
—A
— —
—
40
140
-
-
-
35
120
-
-
-
-
30
100
-
-
-
-
25
f T T r i i 111111
80
220
200
180
160
—
—
—
-
100
i
I
I
I ill Ih i l l I
I
JAPANESE YEN/-—.
r ^ J ^ f
\
-
-
-
-
~
i
—
GERMAN MARK
140
120
i
-
A
r
-
-
I
80
(
—
I
I
111M1111 M
i l l 11 h i l i i
i
i
i
i
i
i
11111111111
220
200
—
180
-
160
-
140
-
120
-
100
80
180
160
DUTCH GUILDER
140
120
—
lllllllllll •
180
160
20
140
CANADIAN DOLLAR
120
100
100
90
90
80
80
70
70
60
60
90
90
80
80
FRENCH FRANC
U.K. POUND
70
70
60
60
50
50
40
40
140
280
120
100
240
BELGIAN FRANC
SWISS FRANC
200
90
180
80
160
140
60
120
50
100
1986
1988
1986
1988
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
8
4
CANADIAN DOLLAR
V
V
I
"
^
I
I
JAPANESE YEN
AV"
i
i
i
I
I
I
4
12
U. K.ROUND
Ur"v X
I
i
i
i
i
__
s/v
SWISS FRANC
-
r—x
i
GERMAN MARK
DUTCH GUILDER
-
I
I
I
I
I
I
ii I n h i l l i
I
I
I
I
I
I
l l l l l l l l l l l
4
4
FRENCH FRANC
ITALIAN LIRA
12
1986
1988
1986
1988
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE < UNCE
U.S. c .LARS PER FINE OUNCE
520
520
500
500
480
480
460
460
1 2 . 5 Kg BARS
AFTERNOON FIXING PRICE
440
440
420
420
400
400
380
380
360
360
340
340
320
320
300
300
I I I I I l l I I I I I l I l I I l l I I l
280
1985
1986
1987
1988
280
CHART 4
CALL MONEY RATES
WEEKLY SERIES
PER
T PER ANNUM
PERCENT PER At
16
16
12
U. S. FEDERAL FUNDS
8
-
X X
4
0
JAPAN
I
I
I
12
FRANCE
1 1 1
I
I
A L A
K\
VvHy
Vv
I
i
i
— 8
4
0
i
16
16
CANADA
12
8
12
GERMANY
8
4
4
0
0
16
20
UNITED KINGDOM
SWITZERLAND
16
12
12
8
8
4
NETHERLANDS
4
0
0
1986
1988
1986
1988
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AN
NT PER ANNUM
16
12
10
U . S . CD'S
8 <
—
CANADIAN FINANCE CO.
PAPER
-
14
v
-
6
12
10
-
WEIGHTED AVERAGE
FOREIGN RATE
4
-
2
I
I
14
I
I
I
I
I
I
I
I
I
8
6
I
14
U K INTERBANK STERLING
FRENCH INTERBANK RATE
12
-
12
10
10
8
Y / s
I
6
I
I
I
I
-
I
8
6
10
10
8
8
GERMAN INTERBANK RATE
6
6
4
4
2
2
10
8
8
JAPANESE GENSAKI RATE
-
-
-
SWISS INTERBANK RATE
-
6
4
\/
4
2
6
1 1 1
I
I
1986
I
I
1988
I
1986
I
-
2
0
i l l 11 h i l l i
1988
CHART 6
EURO-DOLLAR DEPOSIT RATES
LONDON
A V E R A G E S FOR WEEK ENDING WEDNESDAY
ENT PER ANNUM
PERCENT PER AL
14
14
OVERNIGHT
3-MONTH
12
12
10
10
8
8
6
6
4
4
14
14
7-OAY
6-MONTH
12
12
10
10
8
8
6
6
IIIlllllI II
4
4
14
14
1-YEAR
1-MONTH
12
12
10
10
8
8
6
6
I II llllllI I
4
1986
1988
1986
1988
4
CHART 7
SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U. S .
AVERAGES FOR WEEK ENDING WEDNESDAY
PEP
ENT PER ANNUM
PERCENT PER A
14
14
12
12
10
10
FEDERAL FUNDS
3-MONTH
DASHED LINE
D O L L A R DEPOSITS
8
8
6
6
OVERNIGHT
9 0 - D A Y CD* S
DASHED LINE
E U R O - D O L L A R DEPOSITS
4
4
I
2
I
I
I
I
" 1 1 1 1 1 1 1 " I h I " i •• 11 •
11111111111111111111111
2
2
DIFFERENTIAL
DIFFERENTIAL
1
1
V
+
0
1
2
'VVV/WV—
0
i
j_l
I
I
I
I
I
f 11111111111111111111111
1986
PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E
1988
l
I
l
l
l
1986
I
11111111111
111111111II
1988
1
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
16
16
12
INTERBANK STERLING
I
COVERED LONDON
CANADIAN FINANCE
CO. PAPER, COVERED
EURO-DOLLAR DEPOSITS
U. S. COMMERCIAL PAPER
DASHED LINE
DASHED LINE
I
I
I
I
I
J_L
I
DIFFERENTIAL
DIFFERENTIAL
2
I
I
I
I
I
I
I
I
I
I
16
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
I
DIFFERENTIAL
DIFFERENTIAL
I
I
1986
I
1988
1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E
nh
1986
1988
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER Af
ENT PER ANNUM
16
16
CANADA
UNITED STATES
14
14
12
12
10
10
8
8
6
6
14
10
UNITED KINGDOM
12
JAPAN
-
-
V Y/V
10
8
I
6
I
I
8
6
-
1 1 1
I
I
I
4
2
8
10
GERMANY
SWITZERLAND
6
8
4
6
2
4
17
15
U. S. CORPORATE
MONTHLY
15
13
—
-
Aaa BONDS
FRANCE
13
11
-
11
9
9
7
7
-
NETHERLANDS
5
MONTHLY
5
3
1986
1988
1986
1988
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100
RATIO SCALE
1969=100
500
500
400
400
UNITED STATES
A.
UNITED KINGDOM
300
300
200
200
-
I
100
I I
I
I I
100
650
550
650
M/A.
-
450 __
-
-
JAPAN
FRANCE
350 -
-
-
250
-
-
I
150
I
i
I
i
—
—
V
f
J
I I I
i
500
400
/
-
550
-
450
~
350
—
I I I
250
150
SWITZERLAND
250
/
—
200
—
150
CANADA
300
V
-
I
200
I
I
i
i
i
iiliiliiln
llllllllill
500
I
I
I
I
I
I
,
I
n
r.lMlulM
—
400 -
NETHERLANDS
— 400
-
GERMANY
300 -
\ / v
,
|
/
200 -jr*
100
i
.II
i
i
i
i
1986
i
-
300
-
-
Ml,,I,,I,,
200
100
1988
1986
1988
LAST VALUE PLOTTED
DATE
VALUE
S E & I E S NAME
C HA t i l
1.
SPuT
ȣEKLi
EXCHANGE n a T E S AND I N D I C E S
AVERAGES,
NOON BUYING RATES
(U.S.
CENTS)
GERMAN MARK
JAPANESE i EN
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
S w l S S FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
INDICES,
MARCH 1 9 7 3
BASE BATES =
WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S ,
{ G - 1 0 COUNTRIES PLUS SWITZERLAND)
CANADIAN DOLLAR
U . K . POUND
GEKM AN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
I T A L I A N i.1 RA
54.92
0.74b94
48.71
170.70
8 2 . 40
1 6 . 30
b b . 12
2.62226
0.07401
15.89
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
6
b
b
b
6
6
6
6
6
1 5 4 . 50
195.57
139.84
69.04
8 2 . 12
7 3 . 45
212.71
103.33
42.04
MAS 1 9 7 3 =
6
6
6
6
6
6
6
6
b
6
6
9 5. 80
161.61
20 4 . 0 8
138.06
64.01
77.99
68.27
20 9 . 9 6
99.89
37.94
6 7 . 15
100
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
U . S . DOLLAR
GERMAN MARK
JAPANESE tEN
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN F3ANC
ITALIAN LISA
SWEDISH KRONA
J-MONTH FORWARD EXCHANGE
b
6
6
6
6
b
6
6
6
b
100
GaRMAN MASK
JAPANESE YEN
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
S W I S S FRANC
BELGIAN FRANC
ITALIAN LIRA
CHART 2 .
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
,
PREMIUM Ofi DISCOUNT
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
6
6
6
6
6
6
6
6
-1.
-2.
3.
0.
4.
3.
3.
-2.
49
12
47
34
32
38
39
58
LAST VALUE PLOTTED
DATE
VALUE
S E R I E S NAME
CHART 3 .
GOLD P R I C E
U.S.
4.
I N LONDON, AFTERNOON F I X I N G
DOLLARS PER F I N E OUNCE
EURO-DOLLAR D E P O S I T R A T E S :
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
6
6
6
6
6
6
6
6
6
7.81
7.81
8.70
8. 88
4.22
3.58
7.23
3.99
1.63
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
6
6
6
6
6
6
6
6
6
7 . 67
4 . 48
3.83
9.34
1 0 . 11
3.25
7.28
4 . 46
6 . 24
JULY
JULY
JULY
JULY
JULY
JULY
6
6
6
6
6
6
7.81
7. 6b
7.71
7 . 79
7.91
8.24
LONDON
OVERNIGHT
7-DAY
1-250 NTH
3-MONTH
6-MONTH
1-XEAR
CHART 7 .
437.05
3-MONTH I N T E R E S T RATES
U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET
GERMAN INTERBANK LOAN
JAPANESE GENSAKI RATE
CANADIAN FINANCE PAPER
INTERBANK STERLING
SWISS INTERBANK LOAN
F R M C H INTERBANK RATE
NETHERLANDS INTERBANK RATE
WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE
t t i - 1 0 COUNTRIES P L U S SWITZERLAND)
CHART 6 .
6
CALL MONEY RATES
U . S . FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR D E P O S I T S
U. K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
5.
JULY
SELECTED EURO-DOLLAR AND U . S .
MONEY MARKET RATES
OVERNIGHT EURO-DOLLAR D E P O S I T S
U . S . FEDERAL FUNDS
DIFFERENTIAL
JULY
JULY
JULY
6
6
6
7 . 81
7 . 81
0. 0
3-MONTH EURO-DOLLAR D E P O S I T RATE
U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET
DIFFERENTIAL
JULY
JULY
JULY
6
6
6
7. 79
7. 67
0 . 12
LAST VALUE PLOTTED
DATE
VALUE
S E f t l E S NAME
CHARY o .
I N T E R E S T ARBITRAGE, J-MONTH FUNDS
EURO-DOLLAR D E P O S I T
INTERBANK S T E R L I n G (LONDON), COVERED
D I F F E B E N T I AL
JULY
JULY
JULY
6
6
6
7 . 79
7.94
- 0 . 15
U . S . COMMERCIAL PAPER
CANADIAN FINANCE P A P E R , COVERED
DIFFERENTIAL
JULY
JULY
JULY
b
6
6
7.59
7.81
- 0 . 22
EURO-DOLLAR D E P O S I T
INTERBANK DM ( F R A N K F U R T ) ,
DIFFERENTIAL
JULY
JULY
JULY
6
6
6
7 . 79
' 7.99
-0.20
JULY
JULY
JULY
6
6
6
7 . 79
7.60
0.18
JULY
JULY
JUNE
JUNE
JUNE
JUNE
MAY
JULY
1
1
24
24
17
24
8.86
6.20
4 . 45
4 . 14
10.15
9 . 12
6.32
9.21
COVERED
EURO-DOLLAR D E P O S I T
S W I S S INTERBANK, COVERED
DIFFERENTIAL
CHART 9 .
LONG TE&M GOVSRMENT BOND Y I E L D S
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
U.S.
CORPORATE
AAA 3 0 N D S
CHAK2 1 0 .
1
MAY
9.33
STOCK I N D I C E S
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NjSlHEB LANDS
FRANCE
JAPAN
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
6
b
6
6
b
6
6
b
290.
328.
342.
212.
185.
323.
369.
577.
47
53
19
88
68
68
69
14
FEDERAL RESERVE statistical release
JULY
H.10(512)
8,
1988
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
JULY
8,
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
COUNTRY
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
S R I 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
MEMO 2
•UNITED STATES
DOLLAR
JULY
H
0
L
I
D
A
Y
0.25
4
(CURRENCY UNITS PER DOLLAR)
JULY 6
JULY 5
JULY
7
JULY
8
78.35
12.840
38.190
1.2136
3.7314
6.9240
4.3600
6.1440
1.8238
146.150
7.8190
14.1200
147.20
1353.50
134.29
2.6255
2.0560
67.300
6.6500
149.150
2.0545
2.3405
731.60
121.450
31.538
6.2990
1.5165
28.870
25.570
170.70
79.68
12.819
38.130
1.2071
3.7314
6.9180
4.3450
6.1350
1.8218
146.050
7.8165
14.0200
147.25
1351.00
133.60
2.6210
2.0530
68.300
6.6440
149.050
2.0510
2.3345
730.80
121.320
31.587
6.2850
1.5137
28.850
25.560
171.15
80.48
12.780
38.050
1.2053
3.7314
6.9050
4.3380
6.1150
1.8165
145.600
7.8140
14.0200
147.95
1346.75
131.77
2.6180
2.0455
69.330
6.6050
148.500
2.0420
2.3390
730.00
120.250
31.617
6.2670
1.5100
28.830
25.490
171.73
79.65
12.930
38.480
1.2097
3.7314
6.9850
4.3740
6.1815
1.8380
145.900
7.8160
14.0200
146.40
1360.50
133.23
2.6210
2.0695
68.100
6.6695
149.800
2.0480
2.3465
729.20
121.350
31.637
6.3130
1.5307
28.810
25.480
170.15
95.94
95.70
95.28
96.26
SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U . S . DOLLAR AGAINST CURRENCIES OF OTHER G - 1 0
COUNTRIES. MARCH 1 9 7 3 = 1 0 0 . WEIGHTS ARE 1 9 7 2 - 7 6 GLOBAL TRADE OF EACH OF THE 1 0 COUNTRIES.
S E R I E S REVISED AS OF AUGUST 1 9 7 8 . FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U . S . DOLLAR: REVISION" ON PAGE 7 0 0 OF THE AUGUST
1 9 7 8 FEDERAL RESERVE BULLETIN.
•VALUE I S U . S .
CENTS
@FedFRASER