Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 12, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 12, 1993
'

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

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. 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
120
110

RATIO SCALE
MARCH 1973=100

140
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

130

100

120

90

110

80

70
270

100

BELGIAN FRANC
<

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•

•

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250
230
210

JAPANESE YEN
SWISS FRANC

190
170
100

I

I

I

90

I

I

'

'

I

'

I

'

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U.K. POUND

80

70
CANADIAN DOLLAR
60
50
200

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180
160
140
120
100
110

GERMAN MARK

DUTCH GUILDER
i

100

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1992

I

FRENCH FRANC

90
80
ITALIAN LIRA

70

60

I

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1990




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1992

1

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1990

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CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2 (

PERCENT PER ANNUM

2

GERMAN MARK

U.K. POUND

—

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CANADIAN DOLLAR

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JAPANESE YEN

—

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1

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1

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SWISS FRANC

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DUTCH GUILDER

Y

—

—

—

8

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2
+
0

FRENCH FRANC

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2
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0

ITALIAN LIRA

2

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2

4

4

»

6

—

8

6

~

10

8

12

—

14

10
12

2

1

1 1
1990

1




1

1

1

1

1

1 1 1
1992

1

1

1

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1990

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1992

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16
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18

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 —

340

320

J

i
1990




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1991

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1992

L

J

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1993

L

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM
16

FRANCE

U.S. FEDERAL FUNDS

JAPAN

NETHERLANDS
GERMANY

UNITED KINGDOM

CANADA

SWITZERLAND

1990



1992

1990

1992

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
12

15
WEIGHTED AVERAGE
FOREIGN RATE

CANADIAN FINANCE PAPER

U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

JAPANESE CD RATE
FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

SWISS INTERBANK

1990




1992

1990

1992

—

CHART6

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

PERCENT PER ANNUM

10

10
3-MONTH

OVERNIGHT

'

' '
1990

*




7-DAY

6-MONTH

1-MONTH

1-YEAR

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1992

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1990

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1992

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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

OVERNIGHT
8

3-MONTH

EURO-DOLLAR DEPOSITS

—

EURO-DOLLAR DEPOSITS

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J — i — I — I — I

DASHED LINE

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DIFFERENTIAL

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W-WVy/'f

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1990




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1992

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DIFFERENTIAL

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1990

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM

10

8 —

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

6 —

4 —
U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS'
2

DASHED LINE

DASHED LINE

—

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2
10

SWISS INTERBANK (SF) COVERED

INTERBANK DM

COVERED FRANKFURT

6

i

DIFFERENTIAL

DIFFERENTIAL

2
10

I

—

4 —
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS
2

DASHED LINE

DASHED LINE

—

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DIFFERENTIAL

DIFFERENTIAL
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1992

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1990

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CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM

14
UNITED KINGDOM

CANADA

FRANCE

SWITZERLAND

JAPAN

NETHERLANDS

1990



GERMANY

1992

1990

1992

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
UNITED KINGDOM

UNITED STATES
180

180

160

160

140

140

120

120

100
190

250

170

100
JAPAN

SWITZERLAND

210
170

150
130
130

110

155

130
FRANCE

ERMANY
120

145

110

135

100

125
115

105
130

140
NETHERLANDS

CANADA
130

120

120

110

110

100

100

90

1990




1992

1990

1992

9-Jun-93
Chart 1.

16-Jun-93 23-Jun-93 30-Jun-93 7-Jul-93

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

3.0001
78.196
18.313
61.679
0.06768
0.93398
54.976
68.737
152.23

2.9728
78.118
18.178
61.142
0.06714
0.94411
54.510
68.335
151.92

2.8921
78.309
17.672
59.405
0.06561
0.91295
52.975
66.658
148.95

2.8590
77.968
17.438
58.746
0.06476
0.93402
52.386
66.252
148.69

2.8555
77.705
17.385
58.774
0.06466
0.92480
52.326
66.187
150.43

118 .22
77 .94
82 .52
173 .51
38 .85
244 .55
157 .83
221 .13
61 .57

117 .14
77 .86
81 .91
172 .00
38 .54
247 .20
156 .49
219 .84
61 .45

113 .96
78 .05
79 .63
167 .11
37 .66
239 .04
152 .08
214 .45
60 .24

112 .66
77 .71
78 .58
165 .26
37 .17
244 .56
150 .39
213 .14
60 .14

112 .52
77 .45
78 .34
165 .34
37 .12
242 .14
150 .22
212 .93
60 .84

108,.24
72,.09
72..89
172..87
32..55
249..24
147..49
54..20
206..96
53..74
93..15

107 .46
72 .11
72 .19
171 .53
32 .25
257 .03
146 .46
52,.80
206,.65
53..91
93..70

107 .38
71 .89
71,.99
171..74
32 .22
254..36
146..37
53..05
206..56
54,.64
93..76

-1.,51
-4.,12
-4.,32
-6. 83
0.,12
-3. 52
-1. 86
-2. 65

-1.,41
-3.,90
-4. 25
-6. 55
0. 11
-3. 41
-1. 80
-2. 59

-1..34
-3..78
-4..30
-6..52
0..08
-3..41
-1..81
-2..66

-1..31
-3..93
-4..20
-6..24
0.,05
-3.,40
-1..70
-2.,67

374.36

367.50

369.36

375.83

386.59

2.96
2.99
4.20
7.85
7.80
3.12
7.01
5.13
5.81

3.01
2.94
4.38
7.64
7.71
3.15
7.06
5.13
5.38

3.00
2.89
4.43
7.46
7.64
3.14
6.96
5.08
5.73

3.13
2.93
4.13
7.48
7.67
3.22
7.00
5.13
5.75

3.10
3.00
4.19
7.35
7.49
3.18
6.79
4.88
6.20

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 , 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.

-1.,61
-4.,20
-4. 26
-7.,18
0.,14
-3. 55
-1. 87
-2. 58

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

109,.12
70,.38
73,.58
174..75
32..66
253..14
148..89
55..31
208..04
53..74
90..84

3-Month Forward Exchange Rates, IPremiium or Discount

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

109,.82
70,.22
73,.94
175..93
32,.83
249..23
149..75
55..25
208..63
53..67
90..48

Call Money Rates

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




9-Jun-93
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 s t e r l i n g
Weighted average foreign interest rate
(G-10 Countries)
Chart 6.

3.24
5.05
7.40
7.51
3.25
6.71
5.04
5.84
6.29

3.20
5.00
7.31
7.54
3.23
6.67
5.00
5.83
6.24

3.19
4.77
7.00
7.48
3.20
6.57
4.95
5.79
6.12

3.20
4.77
6.90
7.48
3.22
6.56
4.94
5.85
6.12

3.15
4.70
6.97
7.30
3.24
6.46
4.78
5.81
6.03

2.99
3.00
3.11
3.23
3.38
3.75

2.94
3.00
3.09
3.21
3.39
3.73

2.89
3.03
3.08
3.20
3.34
3.68

2.93
3.06
3.08
3.20
3.38
3.69

3.00
3.00
3.05
3.16
3.35
3.59

Euro-Dollar Deposit Rates

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

16-Jun-93 23-Jun-93 30-Jun-93 7-Jul-93

Selected Euro-dollar & U.S. Money Market Rates
2.99
2.96
0.02

2.94
3.01
-0.07

2.89
3.00
-0.11

2.93
3.13
-0.20

3.00
3.10
-0.10

3.23
3.24
-0.02

3.21
3.20
0.01

3.20
3.19
0.01

3.20
3.20
-0.00

3.16
3.15
0.01

3.23
3.22
0.01

3.21
3.14
0.08

3.20
3.16
0.04

3.20
3.15
0.05

3.16
3.10
0.06

3.27
3.42
-0.15

3.26
3.47
-0.21

3.24
3.34
-0.10

3.26
3.41
-0.15

3.21
3.38
-0.17

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

3.23
3.17
0.06

3.21
3.13
0.08

3.20
3.15
0.05

3.20
3.10
0.10

3.16
3.03
0.14

Euro-dollar deposit
Swiss interbank, covered
Differential

3.23
3.15
0.08

3.21
3.12
0.09

3.20
3.13
0.07

3.20
3.10
0.10

3.16
3.06
0.10

7.61
7.16
6.87
4.69
4.72
6.74
8.01
6.07

7.50
6.95
6.78
4.56
4.68
6.61
7.92
5.99

7.40
6.79
6.73
4.54
4.61
6.55
7.80
5.93

7.35
6.70
6.66
4.52
4.56
6.47
7.68
5.82

7.31
6.74
6.68
4.47
4.56
6.52
7.57
5.79

128.62
143.38
97.94
125.15
120.47
180.32
173.83
180.67

129.71
143.03
98.46
121.00
121.55
178.35
174.81
181.28

131.68
145.15
99.01
118.14
123.18
180.72
176.57
180.05

132.18
148.30
98.69
119.49
124.10
183.15
176.18
183.12

132.16
146.81
99.33
119.80
124.42
180.51
173.33
180.61

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.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank s t e r l i n g (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

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 (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

Indices ( i n order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite



,VO ! COw. '

FEDERAL RESERVE statistical release
H.10(512)

July 12, 1993

. FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 9, 1993

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
NETHERLANDS
*NEW 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
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

DOLLAR

Jul. 5

H

O

L

I

D

A

Y

(CURRENCY UNITS PER DOLLAR)
Jul. 6
Jul. 7
Jul. 8

Jul. 9

0.6766
11.969
35.000
1.2857
5.7756
6.5440
1.1517
5.6815
5.7520
1.7000
231.65
7.7560
31.600
1.4290
1546.00
108.28
2.5748
1.9100
0.5443
7.2130
161.65
1.6250
3.3475
807.60
129.80
48.340
7.7975
1.5110
N. A.
25.355
1.5097

0.6792
12.035
35.200
1.2847
5.7756
6.5600
1.1466
5.7100
5.7780
1.7080
231.75
7.7550
31.600
1.4260
1552.50
107.70
2.5713
1.9200
0.5465
7.2350
162.60
1.6220
3.3330
807.60
130.45
48.400
7.8590
1.5170
26.530
25.355
1.4935

0.6848
12.010
35.120
1.2804
5.7756
6.5825
1.1456
5.7000
5.7920
1.7045
233.40
7.7525
31.600
1.4295
1564.00
108.75
2.5665
1.9157
0.5510
7.2500
162.50
1.6235
3.3380
807.30
130.60
48.450
7.9150
1.5145
26.520
25.320
1.4948

0.6824
12.110
35.490
1.2765
5.7756
6.6525
1.1345
5.7700
5.8530
1.7215
234.80
7.7565
31.600
1.4040
1581.50
109.67
2.5735
1.9350
0.5500
7.3175
164.35
1.6270
3.3510
807.60
132.10
48.550
7.9775
1.5315
26.529
25.355
1.4779

93.72

94.07

94.20

95.04

KVALUE 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
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FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.