Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 11, 1994

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts
f

July 11, 1994
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION OF
INTERNATIONAL FINANCE
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 20551

Table of Contents

TABLES

1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS

1.
2.
3.
4.
5.

SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
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

120
110
100

RATIO SCALE
MARCH 1973=100
145
135
125
115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

90

105

80
BELGIAN FRANC

70
60

95
85

•

1

1

l

1

1

1

1

I

1

i

l

'

'

•

i

i

i

I

i

i

i

l

i

i

i

l

i

'

'

290
270

75
280
260

250

240

230

220

210

200

190

180

JAPANESE YEN

SWISS FRANC

160

•

•

'

I

•

•

•

I

•

•

i

l

i

i

i

i

'

i

I

'

'

'

l

'

•

'

l

» i

'

140
100
90
80
70

U.K. POUND

55
45
200

I

I

I

I

60

CANADIAN DOLLAR

I

'

I

I

•

I

I

I

I

I

I

i

i

i

I

i

i

» i

» i

i

i

'

i

50

180

250
230

160

210

140

190

100

170

DUTCH GUILDER

120

•

i

i

l

i

i

GERMAN MARK

i

I

'

i

i

l

i

i

i

i

i

i

l- i

i

i

I

i

150

i

i

I

i

i

105

i

130
65
— I 55

95
85

45

75
65 —
55

•

1

1




l

'

1

1992

35

ITALIAN LIRA

FRENCH FRANC

> I

1

1

i

I

i

i
1994

i

i

i

I

i

i
1992

i

I

i

i

i

l

i

i
1994

25

CHART 2

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

PERCENT PER ANNUM

GERMAN MARK

U.K. POUND

8
2

8
CANADIAN DOLLAR

JAPANESE YEN

+
0

2

4

6
2

4
SWISS FRANC

DUTCH GUILDER

0
2
4
6
8
2
+

0

FRENCH FRANC

ITALIAN LIRA

8
2

2
4
6
8
10
12




1992

1994

18

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

J

320
1991




L

1992

1993

1994

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
8

PERCENT PER ANNUM
10
SWITZERLAND
U.S. FEDERAL FUNDS

JAPAN

1

i

I

1

•

1

1

I

1

1

1

1

1

I

1

1

1

1

I

1

'

I

•

'

'

0
10

GERMANY
NETHERLANDS

4
16

i

'

'

I

» '

'

l

'

i

'

l

'

i

»

i

i

i

I

i

i

'

l

i

'

i

I

'

i

'
14

14

12

FRANCE

12

10

CANADA
10

UNITED KINGDOM

•

•

1




1

1

1

1992

•

1

1

•

•

1

•

•

1994

I

i

« » l
1992

1

i

» i

1

»
1994

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
:ENT PER ANNUM

PERCENT PER AN

12
WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER
8

6
4

2
16

i

i

'

I

i

'

i

I

i

'

i

I

i

i

•

I

I

I

I

I

I

I

I

•

I

I

I

•

I

U.K. INTERBANK STERLING

13

10

NETHERLANDS INTERBANK RATE

7

4
9

•

i

i

I

i

i

i

I

•

i

'

I

i

i

i

1

1

'

I

'

'

'

I

1

'

'

I

i

'

i

'

I

i S

I

i

i

'

JAPANESE CD RATE

7

5
FRENCH INTERBANK RATE

3

1
10

i

i

i

I

i

i

•

I

' '

i

I

i

i

i

'

i

i

I

i

i

'

I

i

8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2

'

'

•

I




i

'
1992

'

I

i

'

i

I

i

i
1994

i

•

i

I

i

i
1992

'

I

i
1994

i

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

3-MONTH

OVERNIGHT

6 —

4 —

2
10

i

i

i

l

i

i

i

l

i

i

i

I

i

i

6-MONTH

7-DAY

2
10

I

I

I

I

'

i

•

I

i

i

i

I

'

i

1-YEAR

1-MONTH

•

i

i




I

i

' i
1992

i

l

i

i

i

I

i

i
1994

1992

1994

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
10

PERCENT PER ANNUM
10

3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

90-DAY CD'S
DASHED LINE

FEDERAL FUN
DASHED LINE

i

i

i

I

i

l




I

L

I

I
1992

I

I

I

I

l

I

l—I—l—I—L

I

I

DIFFERENTIAL

DIFFERENTIAL

J

I

I

I

I

I

I
1994

L

I

I

I

I

I

I
1992

I

I

I

I

1

1
1994

L

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
8

PERCENT PER ANNUM

CANADIAN FINANCE
CO. PAPER. COVERED

INTERBANK STERLING
COVERED LONDON

EURO-DOLLAR DEPOSITS
DASHED LINE

i

i

i

I

i

'

i

U.S. COMMERCIAL PAPER
DASHED LINE

I

i

'

i

I

i

i

'

I

DIFFERENTIAL

DIFFERENTAL

^ JV%Lyv'v

^j
» l

—'X

l

1 l

l

I

v^

1 I

I

I

I

i

I

i

INTERBANK DM
COVERED FRANKFURT

^

SWISS INTERBANK (SF) COVERED

4 —

EURO-DOLLAR DEPOSITS*
DASHED LINE

I

I

I

I

I

I

I

I

EURO-DOLLAR
DASHED LINE

I

I

I

I

I

I

I

DIFFERENTIAL

DIFFERENTIAL

¥*•
1

1

1




1

1

1

1

1992

I

1

1

I

I

1 1 I
1994

•

'

•

I

'

' •
1992

l

•

•

i

I

i

i i
1994

11

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM

PERCENT PER ANN!

9

11
UNITED STATES

UNITED KINGDOM

8
9

7
6

7
5
4
11

'

•

'

I

•

» '

I

'

•

'

I

i

i

i

i

i

i

I

'

'

» i

'

'

» I

i

i

i

5
10

FRANCE

CANADA
10

8

9
8

6
7
6
8

i

'

i

I

•

'

•

I

•

'

i

I

» i

i

'

i

'

l

SWITZERLAND

•

•

•

I

» •

'

I

i

i

i

4
7

JAPAN

7

6

6

5

5

4

4

3

3
10

i

'

i

I

•

'

'

i

'

i

i

I

i

i

i

i

NETHERLANDS

i

'

I

'

i

i

I

i

« » i

i

'

i

2
10

GERMANY

9

9

8

8

7

7

6

6
1

5

•

1

I




1

•
1992

1

I

1

1

•

I

•

i

»

1994

'

'

1

1

1

'
1992

•

1

1

1

'

I

'

'

'

1994

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
220
UNITED STATES

RATIO SCALE
1986=100
— UNITED KINGDOM

SWITZERLAND

'

'

i

l

i

ARAN

' I

l

'

'

i

l

i

'

i

GERMANY

CANADA

165

140

150
120

135
120

100
105
80
210

195

'

'

'

I

i

'

'

l

i

'

i

I

i

i

i

FRANCE

1

1

•

l

1

1

1

I

1

1

i

I

i

i

90

- NETHERLANDS

160

180

145

165

130

150
115

135

100

120

105

1

1

« I




•

•
1992

1

i

'

1

i

I

'

i
1994

i

1

1

1

l

1

1

1

1992

i

•

•

•

I

i

i

i

1994

85

8-Jun-94
Chart 1 „

Spot Exchange Rates and Indices

Noon buying rates

(U.S. cents, weekly averages)

Belgian franc
I Canadian dollar
"French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
1

15-Jun-94 22-Jun-94 29-Jun-94 6-Jul-94

2 .9163
72.573
17.597
60.046
0 .06188
0.95320
53.552
70.796
150.73

2.9357
72.424
17.751
60.488
0.06232
0.96823
53.945
71.777
151.48

3.0186
71.997
18.186
62.168
0.06308
0.97876
55.477
73.775
153.22

3.0604
72.119
18.401
63.053
0.06389
0.99906
56.232
75.078
154.81

114 .92
72 .33
79 .29
168 ,
.91
35 .52
249 .
.58
153 . 74
227 ,
.76
60 .
.96

115 .68
72 .18
79 .99
170 .16
35 .
.77
253 .
.51
154 .
.86
230 .
.91
61..27

118 .95
71 .76
81 .95
174 ,
.88
36 ,
.21
256 .
.27
159 .
.26
237 .
.34
61..97

120 .60
71 .88
82 .92
177 ,
.37
36,.67
261..59
161..43
241..54
62 .
.61

120 .70
71 .98
83 .03
177 .76
36 .48
265 . 74
161..71
241..99
62 .
.48

111 .00
64 .52
73 .69
178 .45
30 .57
263 .82
151 .85
51 .91
225 .31
54 .30
90 .94

111 .41
63 .93
73 .81
179 .28
30 .65
266 .86
152 .38
52 .16
226 .99
54 .30
89 .76

111 .37
63 .94
73 .82
179 .48
30 .43
271 .24
152 .46
51 .01
22 7 . 14
54 .10
89 .62

-1 .61
-0 .97
-0 .47
-3 .22
2 .53
,
-0..48
0..24
-0..58

-2 .16
-1 .01
-0 .40
-3 .67
2 .55
,
-0,.39
0 .27
,
-0..56

-1 .94
-0,.89
-0 .24
,
-3 .52
,
,
2 .68
-0,.27
0 .46
.
-0..44

-1 .57
-0 .79
- 0.13
-3 .62
2 .87
-0 .12
0 .56
-0,.31

381. 31

383 .
.22

389 ..35

388. 04

386..45

4 .13
4 .15
5. 67
5. 44
5. 06
1. 97
5 .05
4 .05
4 .95

4 .21
4 .10
5. 56
5. 38
4 .99
2 .00
4 .97
3. 85
4 .48

4 .19
4 .15
5. 66
5. 31
4 .94
2 .00
4 .88
3 .95
4 .70

4 .19
4 .14
5. 59
5. 33
5. 08
2 .01
4 .89
3. 88
4 .71

4.
.30
4 .26
5 .63
5. 33
5. 14
2 .00
4 .90
3 .97
4 .98

3.0631
72.219
18.425
63.191
0.06355
1.01492
56.329
75.220
154.48

^ Indices, March 1973 base rates = 100

Belgian franc
Canadian dollar
French franc
German mark
Italian lira
IJapanese yen
"Netherlands guilder
Swiss franc
U.K. pound

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
p.K. pound
.S. dollar

Wo

Chart 2.

3-Month Fc

Canadian dollar
French franc
German mark
Italian lira
P i apanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

109 .43
65 .95
72 .88
175 .68
30 .64
264 .86
149 .65
51 .56
222 .28
54 .47
92 .61

Premium or Discount
-1 .61
-1 .04
-1,.20
-3 .18
.
,
2 .50
-0 .54
.
0 .15
.
-0.,62

Gold Price in London, Afternoon Fixing

^J.S. dollars per fine ounce
Chart 4.

109 .34
66 .50
72 .64
175 .35
30 .60
261 .94
149 .40
51 .89
220 .46
54 .52
93 .29

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
•Germany
#Tapan
Netherlands
Switzerland
United Kingdom




8-Jun-94
Chart 5.

15-Jun-94 22-Jun-94 29-Jun-94 6-Jul-94

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)

4 .47
6 .31
5 .46
5 .00
,
2 .11
5 .02
4 .25
,
5 .17
4 .85
,

,
4 .44
6,.18
5,.40
4 .98
.
2 .10
,
4 .94
.
4 .18
,
5 .10
,
4 .81
.

4 .49
6 .73
5 .42
4 .95
2 . 12
4 .92
4 .25
5 .09
4 .89

4 .62
.
6,.80
5..48
4 .90
,
2 .12
,
4 .92
4 .19
,
5,. 11
4 .90
,

4 .78
6 .62
5 .50
4 .91
,
2 .11
,
4 .93
,
4 .19
,
5 .11
4 • 91,

4 .15
,
4 .19
,
4 .25
,
4 .46
,
4 .80
.
5..41

4 .10
4 .16
4 .23
,
4 .45
4 .76
,
5 .36
,

4 .15
4 .19
4 .23
4 .48
,
4 .80
,
5 .39
.

4 . 14
4 .23
4 .36
4 .61
.
4 .96
.
5.
.56

4 .26
,
4 .39
4 .49
4 .80
5..18
5 .74
.

4 . 10
4 .21
-0 .11

4 . 15
4 .19
-0 .04

4 . 14
4 .19
-0 .05

4 .26
4 .30
-0 .04

4 .46
4 .47
-0 .01

4 .45
4 .44
0 .01

4 .48
4 .49
-0 .01

4 .61
4 .62
-0 .01

4 .80
4 .78
0 .02

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

4 .46
4 .55
-0 .09

4 .45
4 .51
-0 .06

4 .48
4 .52
-0 .05

4 .61
4 .67
-0 .06

4 .80
4 .80
0 .00

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

4 .55
4 .68
-0 .13

4 .52
4 .55
-0 .03

4 .54
,
4 .54
0 .00

4 .63
,
4 .83
,
-0,.20

, 77
4.
5..02
-0,.25

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

4 .46
3 .78
0 .68

4 .45
,
4 .50
,
-0 .05

4 .48
,
4 .55
,
-0 .07

,
4 .61
4 .65
-0 .04

4 .80
,
.
4 .78
0 .02

Euro-dollar deposit
Swiss interbank, covered
Differential

4 .46
4 .40
0 .06

,
4 .45
4 .42
,
0..03

4 .48
,
4 .52
.
-0 . 04

4 .61
4 .65
,
-0,.04

4 .80
4.
, 75
0,.05

8..78
7.
,40
6.,96
4.
,20
5.
,13
7 .08
8. 46
7. 04

9 .28
7 .79
7 .21
4 .36
5.,41
7 .29
8. 75
7 .14

9.
,35
7.
.45
6 .96
.
4.
.27
5..24
7.
.06
8..54
7.,20

9 .24
.
7 .57
,
7 .00
,
4 .28
.
5..20
7.
.08
8.,61
7. 33

Chart 6.

Euro-Dollar Deposit Rates

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

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

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

10-year maturity, where available

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

4 . 15
4 .13
0 .02

Stock Indices

nd Yields
8..63
7.
.40
6..96
4.
.20
5..01
7.
.10
8..48
6.,97

(Wednesday figures)

Canada
140.01
138.84
135.04
134.24
France
161.28
155.30
150.68
151.95
Germany
121.45
118.01
114.11
116.39
Japan
128.38
128.42
124.69
126.02
Netherlands
147 .81
147.43
141.35
140.70
Switzerland
229 .80
225.33
217.30
217.67
United Kingdom
187 .12
186.19
179.34
178.30
United States
186. 05
186.83
183.76
181.37
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SB (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



134.74
149.82
116 .71
126.33
141.95
216.64
178.88
181.24
to SBF250

FEDERAL RESERVE statistical release
Jul

H.10(512)

*

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1 9 9 4

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 8, 1994

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:

COUNTRY
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
XNEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM
MEMO:
**UNITED STATES

MONETARY
UNIT
DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

DOLLAR

Jul. 4

H

O

L

I

D

A

Y

(CURRENCY UNITS PER DOLLAR)
Jul. 7
Jul. 6
Jul. 5

Jul. 8

0.7260
11.140
32.670
1.3891
8.6696
6.2180
1.2080
5.2595
5.4270
1.5835
238.86
7.7288
31.373
1.5215
1573.50
98.87
2.6053
3.4000
1.7767
0.5931
6.9375
162.99
1.5222
3.6610
809.50
130.860
49.050
7.8365
1.3288
26.760
25.010
1.5415

0.7263
11.039
32.460
1.3849
8.6690
6.1725
1.2171
5.2095
5.3900
1.5692
236.55
7.7275
31.383
1.5330
1560.50
98.23
2.6052
3.3958
1.7611
0.5960
6.8835
161.83
1.5193
3.6655
809.70
130.350
49.080
7.8440
1.3210
26.730
24.970
1.5505

0.7278
11.070
32.580
1.3885
8.6681
6.1895
1.2137
5.2385
5.4000
1.5740
237.51
7.7287
31.378
1.5235
1566.50
98.86
2.5978
3.4050
1.7660
0.5973
6.9080
162.17
1.5205
3.6730
808.90
130.500
49.040
7.8355
1.3250
26.770
25.000
1.5421

0.7290
11.014
32.380
1.3903
8.6674
6.1565
1.2199
5.1925
5.3840
1.5660
236.77
7.7285
31.375
1.5320
1556.50
98.10
2.5970
3.4050
1.7569
0.6020
6.8740
161.37
1.5205
3.6805
809.10
129.600
49.000
7.7535
1.3220
26.740
25.000
1.5445

89.75

89.15

89.46

89.06

*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 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.