Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 18, 1994

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

July 18,1994

DIVISION OF

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DiC. 20551

'

'




INTERNATIONAL FINANCE

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
100

RATIO SCALE
MARCH 1973=100
145
135
125
115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

90

105

80

95

BELGIAN FRANC

70

85

•

60

i

i

'

i

I

1

1

•

1

l

1

i

1

i

i

I

i

i

i

I

i

i

i

I

i

i

290
270

75
280
260
240

250

220

230

200

210
SWISS FRANC

•

» '

I

1

»

180

JAPANESE YEN

160
1

1

I

1

» l

1

'

J

'

I

I

•

» •

I

i

1 i

I

» » »

140
100
90
80
70

U.K. POUND

55

60

CANADIAN DOLLAR

i

45
200

I

i

i

i

l

i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

I

I

50
250
230
210
190
170

DUTCH GUILDER

120 —
100

'

'

'

I

i

i

GERMAN MARK

i

l

i

1

1

I

1

1

»

i

i

i

I

i

i

i

I

i

150

i

i

l

i

i

130
65

105
55

95

45

85
75

35
65 —

55

ITALIAN LIRA

FRENCH FRANC

» i

» I




» i
1992

i

I

» i

'

I

'

'
1994

'

1

1

1

l

»

1

1992

'

1

1

'

i

I

'

» '
1994

25

CHART 2

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

PERCENT PER ANNUM
2

U.K. POUND

JAPANESE YEN

CANADIAN DOLLAR

>Xi

+

0

i

i

i

i

i

i

i

i

i

i1

1

1

1

1

y

1

1

1

1

1

1

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

1

i

i

i

f~

V

i

i

i

i

i

2

2
4

6

6

10

8
14

10
12

i

'




'

I

i

'
1992

'

I

'

'

i

I

i

i
1994

i

I

I

I

I

I

I
1992

I

I

I

I

I

I

I. I
1994

I

18

CHART 3

PRICE OF GOLD IN LONDON
AV E RAGE S FOR WEEK ENDING W E D N E S D A Y

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

320

1991




1992

1993

1994

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANI

)ENT PER ANNUM

10

8
SWITZERLAND

8
U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

2
10

» i

'

I

'

l

i

i

i

l

i

i

i

i

i

i

I

i

i

i

I

i

0
10

9

9

8

8
GERMANY

7

7

NETHERLANDS

6

6

5

5

I

4
16

l

I

I

I

14

I

I

1 1 I

1 I

I

I

I

I

I

I

I

I

I

I

I

4
14

12

FRANCE

12

10

CANADA

10

8

8

6

6

4
UNITED KINGDOM

4

2

I

1 I

I




I

I
1992

I

1 » I

I

2

I

I

» I
1994

'

'

l

i

i
1992

i

I

i

•

•

l

i

'
1994

'

0

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

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

1

1

1

I

1

1

1

1

I

» I

I

I

'

I

16

U.K. INTERBANK STERLING

13

10

NETHERLANDS INTERBANK RATE

7

1 1 » 1 1 I

4
9

'

i

» •

'

•

» I

'

I

I

I

'

•

'

I

•

'

'

I

'

'

JAPANESE CD RATE

7

5
FRENCH INTERBANK RATE

3

1
10

'

'

'

I

'

'

•

I

•

•

'

I

i

i

8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4
1

2

1

I

1




1

1992

1

I

1

•

1

I

1

1

1

1994

1992

1994

CHART 6

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

PERCENT PER AN

10

OVERNIGHT

3-MONTH

8

6

4

2
10

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

7-DAY

i

'

'

l

i

•

i

l

i

i

1 '

'

'

< '

•

i

6-MONTH

8

6

4

2
10

i

i

i

I

i

i

i

I

i

i

'

l

'

i

i

•

'

I

1 '

'

1-YEAR

1-MONTH

8

I

6

4

2

•

•

'

I




'

•
1992

•

i

i

'

•

l

i

i
1994

i

i

'

1

I

1

1

1992

1

l

1

1

i

l

'

'

i

1994

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
D I F F E R E N T I A L : P L U S ( + ) , F A V O R S B O R R O W I N G IN U . S .
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

—

3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

4 —




9 0 - D A Y CD'S
DASHED LINE

FEDERAL FUN
DASHED LINE

i

i

i

l

I

I

I

J

1

I

L

I

I

1

I

I

I

r-Aa

I

I

I

1

I
1992

I

I

I

I

I

I

I

I — I — I — L

I

I

I

DIFFERENTIAL

DIFFERENTIAL

I

'

I — I — I — I — I — L
1994

-

I

lI

I

I

I

I
1992

I

I

I

I

I
1994

I

CHART 8

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

PERCENT PER ANNUM
8

INTERBANK STERLING
COVERED LONDON

CANADIAN FINANCE
CO. PAPER, COVERED

EURO-DOLLAR DEPOSITS
DASHED LINE

I

'

I

I

I

'

'

1 '

•

'

U.S. COMMERCIAL P'APER
DASHED LINE

I

I

I

I

'

I

I

I

I

I

I

I

I

'

I

I

'

I

•
1

DIFFERENTIAL

DIFFERENTIAL

J

'"vvw^kVv
'

'

1

I

1

1

I

1

1

1

'

|

I

I

INTERBANK DM
COVERED FRANKFURT

•

•

'

'

I

I

I

I

1

I

I

I

I

I

DIFFERENTIAL

1 I—I—I—I—I—I




I
1992

I

1

1

1

I

i

i

i

1

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS'
DASHED LINE
1

+
0

- v t / i

1 1 1 1 1 1

EURO-DOLLAR DEP
DASHED LINE
1

1

1

1

1

1

1

1

1 1

'

I

I

I

|

DIFFERENTIAL

I

I

I

|

|

I

I
1994

I

'

'

'
1992

'

'

I

I

•

I

•

•

•
1994

•

j ,

•

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
11

PERCENT PER ANNUM
9 ,
UNITED STATES

UNITED KINGDOM

8

I

I

I

i

' I ' l l

I

i

i

_L_L

'

•

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5
10

I




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•

•

i

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•

'

1

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1

'

1

l

•

GERMANY

NETHERLANDS

I

'

JAPAN

SWITZERLAND

I

i

FRANCE

CANADA

I

I

I
1992

I

I

I

'

'

1 '

I
1994

1

'

'

'

I

1992

I

I
1994

I

2
10

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
220
UNITED STATES
200 —

RATIO SCALE
1986=100
210

•— UNITED KINGDOM

190
170
150
130

i

i

i

I

i

i

i

i_L

I

i

SWITZERLAND

i

i

I

i

i

i

I

i

i

i

I

i

i

i

110
160

ARAN
140

120
150

100
125

•

'

'

I

'

i

'

l

i

'

i

l

i

i

i

I

i

i

i

i

I

l

i

i

i

80

180

GERMANY

CANADA

165
150
135
120
105

i
FRANCE

—

i

i

l

i

i

i

I

i

'

i

I

i

i

90

— NETHERLANDS

160
145
130
115

100
105




i
1992

1994

i

i

I

i

'
1992

'

l

• •

i

l

i

i
1994

i

85

15-Jun-94 22-Jun-94 29-Jun-94 6-Jul-94
Chart 1.

13-Jul-94

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

2.9357
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

3.0631
72.219
18.425
63.191
0.06355
1.01492
56.329
75.220
154.48

3.1323
72.100
18.836
64.670
0.06504
1.02246
57.657
76.663
155.82

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

123.43
71.86
84.88
181.92
37.33
267.71
165.52
246.64
63 .02

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
227.14
54.10
89.62

112 .48
62.94
74.57
181.68
30.77
269.58
154.16
51.20
228.57
53.85
88.17

-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
.87
2,
-0 .12
0 .56
-0 .31

-1..43
-0..82
0..01
-3 .43
,
2 .86
-0 .04
0 .65
-0 .28

383 .22

389.35

388.04

386.45

384.57

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
,94

4 .19
4.14
5.59
5.33
08
,01
.89

4.38
4.26
5.63
5.33
5 .14
2.00
4.90
3.97
4.98

4.30
4 .18
5.59
5.33
,89

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

•0.97
-0.47
-3.22
2 .53
-0.48
0.24
-0.58

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

111 .00
64 .52
73.69
178.45
30.57
263.82
151.85
51.91
225.31
54.30
90.94

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.

109.43
65.95
72 .88
175.68
30.64
264.86
149.65
51.56
222.28
54 .47
92.61

Call Money Rates

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




.00

.88

.95
.70

.88

.71

,01

.86

.85
.66

un- 94 22 - Jun-94 29-Jun- 94 6-Jul-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.

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
.50
5.
.91
4.
2.
.11
.93
4.
4 .19
.
.11
5.
.
4 .91

4 .79
6.43
5.64
4 .87
2. 12
4 .86
4 .16
5.,13
4.
,94

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

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

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

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

4 .18
.
4 .26
.
4 .46
.
4 .78
.
.20
5.
5..74

Euro-Dollar Deposit Rates

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

13-Jul- 94

Selected Euro-dollar & U.S. Mone}• Market Rates
4 . 10
4.
.21
-0..11

4 .15
.
4 .19
.
-0..04

4 . 14
4 .19
,
-0..05

4 .26
4 .38
-0 .12

4 .18
,
4 .30
-0 .12

4 .45
.
.
4 .44
0,.01

4 .48
.
4 .49
,
-0 .01

4 .61
.
4 .62
.
-0,.01

4 .80
4 .78
0 .02

4 .78
4 .79
-0 .02

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

4 .45
4 .51
-0 .06

4 .48
4 .52
-0 .05

4 .61
4 .67
-0 .06

4 .80
4 .80
0 .00

4 .78
4 .85
-0 .07

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

4 .52
4 .55
-0 .03

4 .54
4 .54
0 .00

4 .63
4 .83
-0 .20

4 .77
5 .02
-0 .25

4 .80
4 .98
-0 .18

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

4 .45
4 .50
-0 .05

4 .48
4 .55
-0 .07

4 .61
4 .65
-0 .04

4 .80
4 .78
0 .02

4 .78
4 .88
-0 .10

4 .45
4 .42
0 .03

4 .48
4 .52
-0 .04

4 .61
4 .65
-0 .04

4 .80
4 .75
0 .05

4 .78
4 .82
-0 .05

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
.

9 .21
.
7..50
6..89
4.
.31
5..18
6..99
8,.45
7 .41
,

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
Swiss interbank, 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.

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

Stock Indices (Wednesday figures )

134 .24
.74
134 ,
135 .04
138,.84
Canada
151 .95
149 ,
.82
150 .68
155,.30
France
116 .39
116 .71
114 .11
118,.01
Germany
126 .02
126,.33
124 .69
128,.42
Japan
140 .70
141,.95
141 .35
147 ,
.43
Netherlands
217 .67
216 .64
217 .30
225 .33
Switzerland
178 .30
178 .88
179 .34
186,.19
United Kingdom
181 .37
183 .76
181 .24
186,.83
United States
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite

http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
i

137 .98
154 .83
117 .15
125 .11
141 .46
203 ,
.79
182,.97
182..20
to SBF250

FEDERAL RESERVE statistical release
July 18, 1994

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 15, 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
*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
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND
DOLLAR

Jul. 11

(CURRENCY UNITS PER DOLLAR)
Jul. 14
Jul. 13
Jul. 12

0. 7315
10.803
31. 700
1. 3910
8. 6666
6. 0430
1. 2423
5. 0980
5. 2800
1. 5356
232 09
7. 7278
31. 375
1.5520
1526 25
97 37
2 5912
3 4050
1 .7228
0 .6030
6 .7430
156.21
1 5126
3 .6540
80S .80
126 610
48.980
7 .6220
1 .2960
26 .740
24 .950
1 .5645

0.7346
10. 704
31. 370
1. 3637
8. 665#
5. 9845
1. 2540
5, 0500
5. 2220
1, 5215
230. 02
7. 7265
31, 370
1 5570
1511 50
96 81
2 .5670
3 .4025
1 7066
0 6055
6 6785
156.41
1 .5107
3 .6390
809 00
125 .230
46.900
7 .5160
1 .2845
26 .697
24 .910
1 .5725

0. 7370
10. 803
31. 630
1. 3614
8. 6647
6. 0300
1. 2517
5. 0930
5 2630
1 5355
232 .13
7, 7265
31 370
1 .5510
1526 .00
97 90
2 .5890
3 .4050
1 .7210
0 .6051
6 .7335
157.81
1 .5120
3 .6530
809 30
126 510
46.650
7 .5835
1 .2955
26 .631
24 .940
1 .5675

0. 7343
10.898
31. 920
1. 3820
8. 6637
6. 0825
1. 2352
5. 1500
5. 3070
1.5490
234 50
7. 7263
31. 373
1. 5410
1534. 75
96. 40
2. 5900
3.4030
1. 7369
0 5972
6« 7820
159.29
1 5145
3 6570
609 ,10
127 .740
46.950
7 .6950
1 .3075
26 630
24 960
1 .5615

87 .72

86 .97

47 .*2

86 •M

Jul. 15
0. 7332
10. 950
32. 090
1. 3790
8. 6629
6. 1160
1. 2288
5. 1620
5. 3440
1.$565
235. ts
7. 7255
31. * 8
1. 5375
1546. SO
t*. 10
2 $950
3. 4030
1 7476
4 5983
6« 8125
160.21
1 5126
3 6655
809 60
128 ,700
49.000
7 .7650
1 .3125
26 .576
24 .960
1 .5574
•5S

ftVALUE 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.