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( 516/ 517) Selected Interest & Exchange Rates W eekly Series o f Charts July 21,2003 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table o f Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 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 o f Support Services and make payment remittance payable to the Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS 1. NOMINAL CURRENCY EXCHANGE VALUES 2. 3-MONTH FORWARD EXCHANGE RATES 3. PRICE OF GOLD IN LONDON 4. OVERNIGHT FUNDING RATES AND OFFICIAL INTEREST RATES 5. 3-MONTH INTEREST RATES 6. LONG-TERM GOVERNMENT BOND YIELDS 7. STOCK INDEXES Chart 1 Nominal Currency Exchange Values Dollar prices of foreign currencies and weighted average values of U.S. dollar (Average for week ending Wednesday, ratio scale, March 1973 = 100) 260 220 180 140 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) Averages for week ending Wednesday, percent per annum) U.K. pound German mark and euro 1 0 -1 -2 -3 8 Canada 6 4 2 2000 0 2003 2 Swiss franc Australian dollar 1 0 -1 -2 -3 -4 Chart 3 Price of Gold in London (Averages for week ending Wednesday) 380 U.S. dollars per fine ounce dollars per fine ounce 360 340 340 320 320 300 300 280 260 1998 1999 2000 2001 2002 2003 240 Chart 4 Interbank Funding Rates and Official Interest Rates (Averages for week ending Wednesday, percent per annum) “ First observation: 1/9/2003 the minimum bid rate and weighted average rate are shown. Japan 0.75 0.50 0.25 0.00 Charts 3-Month Interest Rates (Averages for week ending Wednesday, percent per annum) 6 4 2 0 6 4 2 0 Chart 6 Long-Term Government Bond Yields (Averages for week ending Wednesday, percent per annum) 8 6 4 2 0 8 6 4 2 0 8 6 4 2 0 8 6 4 2 0 Chart 7 Stock Indexes (Averages for week ending Wednesday, ratio scale, December 29, 2000 = 100) 150 125 100 75 50 25 150 125 100 75 50 25 150 125 100 75 50 25 18-Jun-03 25-Jun-03 2-Jul-03 Chart 1. 9-Jul-03 16-Jul-03 Nominal Currency Exchange Values Noon buying rates (U.S. cents, weekly averages) Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound 66.8900 74.637 0.84817 117.92 12.9860 76.436 167.62 66.7180 73.856 0.84721 115.86 12.7098 75.334 166.92 67.1760 74.126 0.83755 114.92 12.4998 74.193 165.87 66.8600 73.669 0.84612 113.55 12.3755 73.297 164.66 65.7540 72.336 0.84961 112.87 12.3335 72.853 161.65 47.34 74.39 222.08 169.61 57.51 245.90 67.80 47.22 73.61 221.83 166.65 56.28 242.36 67.51 47.54 73.88 219.30 165.28 55.35 238.69 67.09 47.32 73.42 221.54 163.32 54.80 235.81 66.60 46.54 72.10 222.46 162.34 54.62 234.38 65.38 -3.65 -2.22 -1.21 1.02 0.73 -2.62 -3.53 -2.12 -1.06 1.19 0.85 -2.47 -3.66 -2.11 -1.08 1.18 0.86 -2.47 -3.63 -2.08 -1.08 1.18 0.86 -2.32 353.40 347.41 347.23 345.21 Indexes, March 1973 base rates = 100 Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound Chart 2. 3-Month Forward Exchange Rates, Premium or Discount Australian dollar Canadian dollar Euro Japanese yen Swiss franc U .K . pound Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. -3.59 -2.24 -1.16 1.08 0.80 -2.60 357.22 Interbank Funding Rates and Official Interest Rates United States Target federal funds rate Effective federal funds Adjustment credit rate (Discount rate)* Primary credit rate** Ldliduq Bank rate Call money Lower bound Euro area Marginal lending rate Eonia Repo rate Overnight deposit rate Japan Call money Discount rate Switzerland* Upper bound Libor rate Lower bound United Kingdom Call money Repo rate 1.25 1.25 ND 2.25 1.21 1.21 ND 2.20 1.00 1.13 ND 2.00 1.00 0.96 ND 2.00 1.00 1.02 ND 2.00 3.50 3.24 3.00 3.50 3.25 3.00 3.50 3.26 3.00 3.50 3.26 3.00 3.25 3.15 2.75 3.00 2.14 2.00 1.00 3.00 2.14 2.00 1.00 3.00 2.18 2.00 1.00 3.00 2.11 2.00 1.00 3.00 2.09 2.00 1.00 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 0.75 0.27 0.00 0.75 0.28 0.00 0.75 0.28 0.00 0.75 0.28 0.00 0.75 0.28 0.00 3.86 3.75 3.08 3.75 3.30 3.75 3.69 3.75 3.40 3.50 *Last observation: 1/8/2003. **First observation: 1/9/2003. ***In January 2000, the Swiss National Bank began to target the Swiss Franc 3-month LIBOR interest rate, with the aim of keeping this rate inside a range given by an upper and a lower bound. 18-Jun-03 25-Jun-03 2-Jul-03 Chart 5. 0.93 1.05 1.05 4.70 4.61 4.69 3.14 3.19 3.18 2.14 2.14 2.14 0.08 0.08 0.08 3.07 2.93 3.05 0.17 0.22 0.21 3.53 3.50 3.53 1.94 1.94 1.95 Australia , and Sweden) 1.04 4.73 3.10 2.13 0.08 2.89 0.20 3.37 1.90 4.30 4.48 4.63 3.72 3.87 3.95 3.67 3.94 3.82 4.07 3.83 3.99 0.62 0.77 1.09 2.37 2.42 2.42 4.29 4.05 4.19 3.35 3.56 3.72 3.76 3.44 3.68 Australia , and Sweden) 4.69 3.94 3.94 4.08 1.01 2.34 4.25 3.80 3.77 79.67 56.28 52.16 54.96 60.64 76.30 61.79 46.01 80.83 79.27 56.55 53.55 55.65 61.10 73.95 62.72 46.83 80.33 Long Term Government Bellwether Bond Yields 10-year maturity, where available 4.15 Canada 3.59 France 3.54 Germany Italy 3.65 0.47 Japan Switzerland 2.19 3.93 United Kingdom 3.23 United States Weighted average foreign interest rate 3.29 (Canada, euro area, Japan, United Kingdom, Switzerland, Chart 7. 16-Jul-03 3 -Month Interest Rates U.S. 90-day CD’s, secondary market 0.99 Australian bank bill 4.64 Canadian finance paper 3.25 Euro-area interbank 2.13 Japanese CD 0.08 Swedish treasury bill 3.10 Swiss interbank 0.21 U.K. interbank sterling 3.55 Weighted average foreign interest rate 1.97 (Canada, euro area, Japan, United Kingdom, Switzerland, Chart 6. 9-Jul-03 Stock Indexes (Wednesday figures) Canada France Germany Euro area Italy Japan Switzerland United Kingdom United States 79.51 57.13 51.97 55.39 62.41 69.61 63.27 46.15 81.76 78.03 55.41 50.66 54.90 61.14 68.91 61.30 44.73 80.29 78.25 55.07 50.66 54.08 59.64 73.64 60.87 44.74 79.73 Indices (in order, rebased to December 29, 2000) are Toronto Composite, SBF250, FAZ Aktien, DJ Euro Stoxx Index, Banca Italiana General, Tokyo SE (Topix), Swiss Performance Index, Financial Times Ordinary, NYSE Composite
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