Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 19, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 19,1993

DIVISION O F
INTERNATIONAL FINANCE

Prepared by the

BOARD O F GOVERNORS
FEDERAL RESERVE SYSTEM

FINANCIAL MARKETS
SECTION




Washington, DLC. 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
140

RATIO SCALE
MARCH 1973=100

120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

130
120
110

100

BELGIAN FRANC

J_L

I

I

I

I

I

I

I

I

I

I

I

l

1

'

I

I

1

'

1

I

'

'

I

I

I

I

I

90
240

220
200
180
JAPANESE YEN
SWISS FRANC
»

'

'

I

»

'

160

•

I

'

'

'

I

'

»

»

•

i

i

\

'

'

•

I

•

'

•

I

i

•

•

140
100
90

U.K. POUND

80
70

CANADIAN DOLLAR

i

i

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I

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i

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I

i

i

'

i

I

•

1

'

•

'

1

»

60
'

•

1

•

'

I

50

200
190
180
170

GERMAN MARK

DUTCH GUILDER
i

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I

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I

i

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i

•

i

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i

r

i

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i

i

i

i

160

i

i

i

150
55
50

FRENCH FRANC

45
40

ITALIAN LIRA
1

1

1

1990



I

i

1

1

l

»

1

1

1992

l

1

i

1

»

'
1990

i

I

i

1

1

35

I

i

i
1992

i

30

CHART2

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

PERCENT PER ANNUM

2

2

U.K. POUND

—

—

'

—

i
CANADIAN DOLLAR

i

i

i

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I

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1

I

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i

i

y

v

W

!
1

1

1

ii

1

1

1

1

i

i

i

JAPANESE YEN

V A
I

1

—

'

I

I

I

I

I

I

I

I

I

SWISS FRANC

I

1

1

1

1

1

1 1

DUTCH GUILDER
V

—

J

\

—

—

—

—

—

—

—

—

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iI

I

f
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1

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1

1

1

1 i

i

i

i

4

—

6
8

2
+
0

ITALIAN LIRA

FRENCH FRANC

—

2
4

6
8
10
12
14

I

I

1990




1

I

I

I

1

I

I
1992

I

I

I

I

I

•
1990

I

'

•

•

I

•

»
1992

•

I

•

•

'

16

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

380 —

380

360

360

340 —

340

400

320

J




I
1990

I

I

L

J
1991

I

I
1992

I

1

1

L
1993

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

10

16

FRANCE

U.S. FEDERAL FUNDS

JAPAN

NETHERLANDS
GERMANY

UNITED KINGDOM

CANADA

SWITZERLAND




1990

1992

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
WEIGHTED AVERAGE
FOREIGN RATE

CANADIAN FINANCE PAPER

8
6
U.S. CD'S
4
2

0

3

16

13

10
U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

7

5

4
9

7

5
JAPANESE CD RATE
FRENCH INTERBANK RATE

3

1
10

5

8

6
GERMAN INTERBANK RATE

SWISS INTERBANK
4

2

1990




1992

1990

1992

6

CHART 6

EURO-DOLLAR DEPOSIT RATES L O N D O N
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM
— 1 10

10
3-MONTH

OVERNIGHT

i

i

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I

»

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l

»

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I

'

i

i
10

7-DAY

6-MONTH

1

1

1

l

'

•

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I

1

»

•

I

i

i

i
10

1-YEAR

1-MONTH

•

'

1

1990



L

1

»

1

'

1

1

1992

'

I

I

I

I

•

•

1990

•

L

1

1

I

I

•

•

1992

'

>

«

1

1

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

10

10

OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J

1

1

1

I

DASHED LINE

I

I

I

I

I

I

I

I

I

I

J—I—i—I

i

I

DIFFERENTIAL

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i

DIFFERENTIAL

w - w v / y r

J—I—I—I
1990




I

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1

'
1992

1

I

I

1

I

J—I—I—I
1990

I

I

I

I

I

i
l
1992

l

'

'

'

CHART 8

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

PERCENT PER ANNUM
10

10

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

EURO-DOLLAR DEPOSITS'

U.S. COMMERCIAL PAPER

DASHED LINE

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'

DASHED LINE

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i

DIFFERENTIAL

DIFFERENTIAL

jUU

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I

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I

I

I

I

1

I

1

I

INTERBANK DM

I

1

^

COVERED FRANKFURT

I

I

SWISS INTERBANK (SF) COVERED
Sx.
XX A

EURO-DOLLAR DEPOSITS

I

I

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I

I

I

I

I

I

EURO-DOLLAR DEPOSITS
DASHED LINE

—

DASHED LINE

I

I

I

I

I

i




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I

i

1

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1

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1

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1992

I

I

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i

DIFFERENTIAL

DIFFERENTIAL

I I
1990

i

I

I

I I
1992

I

I

I

I

I

I I
1990

I

I

I

I

2
10

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

10

14
UNITED KINGDOM

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

JAPAN

NETHERLANDS

GERMANY

1




I

I

SWITZERLAND

1990

I

FRANCE

CANADA

I

I

1992

I

1990

«

L

1

1

•

I

1

•

1992

'

I

'

1

1

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
UNITED KINGDOM

UNITED STATES

'

I

'

l

l

'

'
JAPAN

SWITZERLAND
170
150
130

110

90
130

'

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I '

l

'

'

•

'

'

'

I

'

i

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l

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FRANCE

GERMANY
120

145

110

135

100 —

125

90 —

115

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•

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105
130

NETHERLANDS

CANADA

120

130

110
100
90

'

'

'

1990



I

'

i

i

l

i

i
1992

i

i

i

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•
1990

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•
1992

•

l

i

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i

80

16-Jun-93 23-Jun-93 30-Jun-93 7-Jul-93
Chart 1.

14-Jul-93

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents. weekly averages)
Belgian franc
Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

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

2.8221
78.155
17.074
58.198
0.06323
0.91932
51.743
65.748
148.90

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

111.20
77.90
76.94
163.72
36.29
240.71
148.54
211.52
60.22

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

107.01
73.01
71.23
171.47
31.74
255.09
145.95
52.27
206.96
54.54
94.78

-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

-1.19
-4.65
-4.11
-6.10
0.03
-3.46
-1.51
-2.74

367.50

369.36

375. 83

388.43

393.71

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

3.01
2.91
4.23
7.66
7.33
3.21
6.77
4.48
5.63

Indices, March 1973 base rates = 100
Belgian franc
Canadian d o l l a r
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 d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. d o l l a r
Chart 2.

Call Money Rates

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




-1.51
-4.12
-4.32
-6.83
0.12
-3.52
-1.86
-2.65

Gold Price i n London, Afternoon Fixing

U.S. d o l l a r s per f i n e ounce
Chart 4.

108.24
72.09
72.89
172.87
32.55
249.24
147.49
54.20
206.96
53.74
93.15

3-Month Forward Exchange Rates, Premium or D iscount

Canadian d o l l a r
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

109.12
70.38
73.58
174 75
32.66
253.14
148.89
55.31
208.04
53.74
90.84

16-Jun-93 23-Jun-93 30-Jun-93 7-Jul-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 f o r e i g n i n t e r e s t rate
(G-10 Countries)
Chart 6.

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

3.15
4.61
7.48
7.26
3.23
6.51
4.59
5.88
6.09

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

2.91
3.00
3.06
3.16
3.38
3.61

Euro-Dollar Deposit Rates

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

14-Jul-93

Selected Euro-dollar & U.S. Money Market Rates
2.94
3.01
-0.07

2. 89
3.,00
-0.,11

2.93
3.13
-0.20

3.00
3.10
-0.10

2.91
3.01
-0.09

3.21
3.20
0.01

3.,20
3.,19
0.,01

3.20
3.20
-0.00

3.16
3.15
0.01

3.16
3.15
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

3.16
3.10
0.07

3.26
3.47
-0.21

3..24
3..34
-0,.10

3.26
3.41
-0.15

3.21
3.38
-0.17

3.19
3.41
-0.22

Euro-dollar deposit
Interbank DM ( F r a n k f u r t ) , covered
Differential

3.21
3.13
0.08

3 .20
3 .15
0,.05

3.20
3.10
0.10

3.16
3.03
0.14

3.16
3.08
0.08

Euro-dollar deposit
Swiss interbank, covered
Differential

3.21
3.12
0.09

3 .20
3 .13
0 .07

3.20
3.10
0.10

3.16
3.06
0.10

3.16
3.06
0.10

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

7.22
6.77
6.55
4.43
4.51
6.46
7.49
5.76

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

131.35
150.14
104.86
123.37
125.35
183.00
172.31
183.31

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.

I n t e r e s t A r b i t r a g e , 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 m a t u r i t y , where available

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

Stock Indices (Wednesday f i g u r e s )

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




FEDERAL RESERVE statistical release
H.10(512)

July 19, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 16, 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

Jul. 12

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

0.6795
12.165
35.660
1.2790
5.7756
6.7230
1.1280
5.7900
5.9060
1.7285
236.50
7.7635
31.600
1.3955
1589.00
109.65
2.5746
1.9447
0.5495
7.3830
165.60
1.6280
3.3660
808.30
132.90
48.660
8.0125
1.5290
26.581
25.400
1.4780

DOLLAR

95.36

(CURRENCY UNITS PER DOLLAR)
Jul. 13
Jul. 14
Jul. 15
0.6775
12.115
35.500
1.2783
5.7756
6.7000
1.1360
5.7825
5.8715
1.72*0
235.20
7.7560
31.600
1.4015
1584.00
108.34
2.5695
1.9365
0.5483
7.3275
165.20
1.6200
3.3520
809.40
132.85
48.89#
7.9170
1.5185
26.568
25.400
1.4929
94.76

0.6775
12.065
35.410
1.2834
5.7756
6.6900
1.1365
5.7850
5.8635
1.7170
234.50
7.7577
31.600
1.4025
1590.00
107.50
2.5697
1.9315
0.5503
7.3825
165.80
1.6195
3.3520
809.10
135.00
48.790
7.9300
1.5115
26.555
25.345
1.5012
94.57

0.6800
12.135
35.600
1.2819
5.7756
6.7200
1.1290
5.8100
5.8930
1.7243
235.05
7.7562
31.600
1.3985
1598.50
108.25
2.5720
1.9411
0.5492
7.3575
167.50
1.6205
3.3470
809.40
135.30
48.790
8.0205
1.5170
26.533
25.330
1.4883
95.07

Jul. 16
0.6787
12.140
35.640
1.2798
5.7756
6.7170
1.1260
5.8340
5.8900
1.7230
235.60
7.7572
31.600
1.3955
1591.00
107.80
2.5210
1.9425
0.5492
7.3700
167.63
1.6207
3.3570
810.70
135.90
48.790
8.0260
1.5150
N.A.
25.350
1.4795
95.01

LVALUE IS U.S. DOLLARS
° F W E I G H T E D 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.