Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 16, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 1 6 , 1 9 9 0

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, HC, 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 $24.00 per year or $.60 each m 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 S 70
each. Address requests to Publications Services
Division of Administrative Services, and make payment remittance payable to the order of the Boa f d
of Governors of the Federal Reserve System ir a
form collectible at par in u =. 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

140

RATIO SCALE
MARCH 1973=100

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

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BELGIAN FRANC

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SWISS FRANC

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1988

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CANADIAN DOLLAR

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GERMAN MARK

DUTCH GUILDER

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JAPANESE YEN

U.K. POUND

I

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»

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ITALIAN LIRA
FRENCH FRANC

—

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•

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1988

•

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« I

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1990

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1990

CHART 2

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

PERCENT PER ANNUM

4
CANADIAN DOLLAR

_ l

1

1

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1

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1

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1

1

I1

1

1

1

1

GERMAN MARK

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4

U.K. POUND

JAPANESE YEN

I

SWISS FRANC

DUTCH GUILDER

X T '

1

FRENCH FRANC

12

'

'

'




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'

1

1

J

1

1

1

1

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1

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1

ITALIAN LIRA

'
1988

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1990

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1988

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1
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1

1 1
1990

12

CHARTS

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
us

U.S. D LLARS PER FINE OUNCE
520

- DOLLARS PER FINE OU

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

320

i




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1987

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1988

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1989

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1

1

1
1990

L

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

16

12

FRANCE

U.S. FEDERAL FUNDS

JAPAN

0

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16

12

12

CANADA
GERMANY

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UNITED KINGDOM

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SWITZERLAND

NETHERLANDS

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1988

1990

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CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANI

ENT PER ANNUM

12
SWISS INTERBANK RATE

—

10

U.S. CD'S

8
6
WEIGHTED AVERAGE
FOREIGN RATE

4

2

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16

14 —

U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

12
10
8
6

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10

8 __

FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

6
4
2
10

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NETHERLANDS INTERBANK RATE

8
JAPANESE CD RATE

6
4
2

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CHART 6

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

PERCENT PER ANNUM

14

14

OVERNIGHT

3-MONTH

12

10

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7-DAY

12

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6-MONTH

4
14

12

10

10

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14

1-MONTH

12

1-YEAR

4
14

12

10

10

1

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1990

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1988

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1990

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

PERCENT PER ANNUM

14

14

12

12

10

OVERNIGHT

EURO-DOLLAR DEPOSITS ,

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J—I—I—I—I—I

10

3-MONTH

EURO-DOLLAR DEPOSITS

DASHED LINE

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J — i — i — I

DIFFERENTIAL

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J—I—I—I—L—I
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1988

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DIFFERENTIAL

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CHARTS

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

PERCENT PER ANNI

16

12

INTERBANK STERLING

CANADIAN FINANCE
CO. PAPER, COVERED

—

COVERED LONDON

8

EURO-DOLLAR DEPOSITS

4

0

U.S. COMMERCIAL PAPER

DASHED LINE

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DASHED LINE

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DIFFERENTIAL

DIFFERENTIAL

+

0

2
16

V~w^W

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INTERBANK DM

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SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

EURO-DOLLAR DEPOSITS

4

0

DASHED LINE

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EURO-DOLLAR DEPOSITS

—

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DASHED LINE

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DIFFERENTIAL

DIFFERENTIAL

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1988

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1988

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1990

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANN!

RCENT PER ANNUM

14

14
CANADA

UNITED STATES
12

12

10

10

8

8

6
14

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UNITED KINGDOM

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6
14

FRANCE

12

12

10

10

8

6
10

8
1

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SWITZERLAND

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6
10

JAPAN

8

8

6

6

4

4

2
10

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NETHERLANDS
MONTHLY

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10

GERMANY

8

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6

6

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4

2

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CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200
175

200
— NETHERLANDS

— UNITED STATES

— 175
150

150

125

125

100

100

200

400

— GERMANY

350 — JAPAN

175
150

300

125

250

100

200

75

150

100
200

200
„

175 — SWITZERLAND

FRANCE

175

150

150

125

125

100

100

200

200

— UNITED KINGDOM

175 — CANADA

175

150

150

125

125

100

100




1988

1990

1988

1990

SERIES
13-Jun-90 20-Jun-90 27-Jun-90 4-Jul-90
Chart 1.

ll-Jul-90

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

2.8722
85.352
17.548
59.067
0.08040
0.64953
52.494
69.478
169.37

2.8893
85.300
17.677
59.428
0.08101
0.64967
52.799
70.326
171.34

2.9114
85.032
17.796
59.750
0.08154
0.64561
53.091
70.930
173.34

2.9317
85.825
17.933
60.207
0.08205
0.65792
53.475
71.080
175.68

2.9464
86.170
18.054
60.611
0.08269
0.66627
53.801
71.465
179.72

113 .18
85 .07
79 .07
166,.16
46, 15
170. 07
150. 70
223. 52
68 .50

113 .85
85 .02
79 .66
167 .18
46 .50
170 .11
151 .58
226 .25
69 .30

114. 72
84. 75
80. 19
168. 08
46. 80
169. 04
152. 41
228. 19
70. 11

115 .52
85 .54
80 .81
169 .37
47 .09
172 .27
153 .51
228 .67
71 .06

116 .10
85 .88
81 .36
170 .50
47 .
,46
174. 45
154. 45
229. 91
72. 69

107.88
77.95
72.67
172.04
40.69
167.25
146.30
67.56
218.41
62.85
91.99

107.82
78.10
72.68
172.07
40.63
169.40
146.25
67.47
217.20
63.26
91.12

107.58
77.84
72.65
171.98
40.66
170.44
146.08
67.46
216.81
64.36
90.30

-5.24
-1.70
0.12
-2.84
0.98
-0.14
-0.59
-6.34

-5.18
-1.65
0.13
-2.79
0.91
-0.01
-0.57
-6 .24

- 5 . 06

-1.73
0.07
87
67
-0.01
-0.74
-6.30

-5.15
-1.73
0.02
-2.82
0.74
0.09
-0.84
-6 .40

353.45

347.51

350.31

357.28

357.88

8.30
8.14
13.68
9.51
7.73
7.15
8.19
8.38
14.40

8.28
8.09
13.25
9.78
7.74
7.07
7.75
8.38
14.75

8.28
8.20
13.23
9.81
7.76
7.33
7.84
8.38
14.89

8.33
8.21
13.34
10.10
7.98
7.36
7.28
8.38
14.88

8.28
8.25
13.88
9.99
8.04
7.29
7.61
8.38
14.90

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.

-5.17
-1.65
0.08
-2.99
0.99
-0.12
-0.66
-6.40

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

107.40
78.50
72.40
171.63
40.56
169.07
145.96
67.43
217.25
62.28
92.39

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.

107.25
78.94
72.17
171.31
40.42
169.89
145.77
67.40
215.56
61.80
92.92

Call Money Rates

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




SERIES
Jun-90 20 - Jun-90 27-Jun -90 4-Jul-90
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.

8.23
13.73
9.93
8.25
7.37
8.31
8.75
14.94
9.95

8 .22
13 .76
9 .93
8 .26
7 .38
8 .30
8 .68
14 .87
9 .92

8 .26
13 .77
9 .96
8 .24
7 .46
8 .24
8 .75
14 .89
9 .92

8 .25
13 .73
9 .98
8 .16
7 .60
8 .18
8 .83
14 .91
9 .93

8 .25
13 .69
9 .96
8 .17
7 .65
8 .11
8 .95
14 .92
9 .92

8.14
8.13
8.19
8.24
8.29
8.44

8 .09
8 .13
8 .19
8 .20
8 .25
8 .40

8 .20
8 .20
8 .21
8 .25
8 .31
8 .46

8 .21
8 .20
8 .19
8 .21
8 .26
8 .33

8 .25
8 .21
8 .23
8 .23
8 .28
8 .39

Euro-Dollar Deposit Rates

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

11-Jul -90

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

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

8.14
8.30
-0.17

8 . 09
8,.28
-0..19

8 .20
8..28
- 0 . .08

8 .21
8 .33
-0 .12

8 .25
8 .28
-0 .03

8.24
8.23
0.01

8. 20
8. 22
- 0 . 02

8. 25
8. 26
- 0 . 01

8 .21
8 .25
-0,.03

8 .23
8..25
-0,.03

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

8.24
8.31
-0.07

8. 20
8. 29
-0. 09

8. 25
8. 42
-0. 17

8. 21
8. 37
-0. 16

8. 23
8. 28
-0. 05

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

8.13
8.38
-0.25

8. 13
8. 34
-0. 21

8. 16
8. 41
- 0 . 25

8. 16
8. 49
-0. 34

8. 14
8. 36
-0. 22

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

8.24
8.34
-0.10

8. 20
8. 38
-0. 18

8. 25
8. 37
- 0 . 12

8. 21
8. 23
-0. 01

8. 23
8. 19
0. 04

8.24
8.08
0.16

8. 20
8. 07
0 . 13

8. 25
8. 17
0 . 08

8. 21
8. 06
0 . 15

8. 23
8. 09
0. 14

10.68
10.22
8.99
6.78
6.32
10.83
8.46

10. 92
10. 42
9. 00
6. 82
6. 28
10. 63
8. 48

ND
10. 27
8. 93
6. 96
6. 16
10. 47
8. 54

ND
10. 16
8. 82
ND
6. 17
10. 67
8. 43

ND
10. 11
8. 79
ND
6. 17
10. 85
8. 53

117 .65
148 .53
117 .12
178 .97
107 .51
142 .95
147 .67
143 .97

117 .28
150 .33
119 .37
178 .64
107 .73
144 .62
147 .61
142 .52

119 .14
149 .59
121 .87
178 .71
107 .13
148 .31
145 .94
144 .53

118 .12
144 .57
120 .67
177 .82
106 .48
148 .50
145,.68
144.,90

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

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Swiss interbank, covered
Differential
Chart 9.

Long Term Government Bond Yields

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

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

120
149
113
179
108
143
149
146

.16
.53
.78
.85
.00
.90
.98
.29

Indices (in 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



•"o* COw.

FEDERAL RESERVE statistical release
*-?f
July 16, 1990

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

JULY 13, 1990

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

MONETARY
UNIT

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EUR0 COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH 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

MEMO:
HHJNITED STATES

DOLLAR

Jul. 9

(CURRENCY UNITS PER DOLLAR)
Jul. 12
Jul. 11
Jul. 10

Jul. 13

0.8025
11.595
33.890
1.1592
4.7339
6.2740
1.2565
3.8525
5.5360
1.6488
161.50
7.7735
17.380
1.6280
1207.75
151.10
2.7055
1.8576
0.5912
6.3300
144.30
1.8225
2.6390
719.60
101.30
40.018
5.9675
1.3955
27.133
N.A.
1.8058

0.8066
11.573
33.880
1.1572
4.7339
6.2700
1.2567
3.8480
5.5280
1.6462
161.20
7.7680
17.360
1.6300
1207.25
148.90
2.7020
1.8550
0.5933
6.3110
144.20
1.8175
2.6410
720.30
100.80
40.018
5.9620
1.3963
27.143
25.720
1.8150

0.7965
11.604
33.980
1.1597
4.7339
6.2850
1.2518
3.8575
5.5410
1.6510
162.00
7.7720
17.390
1.6258
1208.75
148.68
2.7030
1.8616
0.5938
6.3310
144.90
1.8120
2.6375
720.20
101.18
40.018
5.9810
1.4035
27.133
25.670
1.7980

0.7913
11.670
34.190
1.1593
4.7339
6.3120
1.2478
3.8710
5.5500
1.6575
162.60
7.7730
17.470
1.6165
1214.75
148.60
2.7040
1.8679
0.5881
6.3000
145.60
1.8195
2.6445
719.70
101.70
40.018
6.0020
1.4050
27.128
25.700
1.7985

0.7804
11.563
33.840
1.1579
4.7339
6.2550
1.2579
3.8470
5.5150
1.6430
161.00
7.7680
17.420
1.6305
1203.50
147.50
2.7040
1.8508
0.5918
6.3100
144.40
1.8175
2.6320
718.80
100.73
40.018
5.9b90
1.3930
27.130
25.650
1.8060

90.26

89.95

90.21

90.41

89.77

•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.