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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts July 23, 1990 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington; Cu& "2059M 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 INDIES SUBSCRIPTION RATES: Weekly $24.00 per year or $.60 each in 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 $.70 each. Address requests to Publications Services Division of Administrative 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=100 140 130 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 120 RATIO SCALE MARCH 1973=100 140 130 BELGIAN FRANC 120 110 110 100 100 90 90 80 80 ' 70 280 260 240 220 • l ' ' ' I I I — SWISS FRANC I I I I I I ' I I ' I 70 280 260 240 220 JAPANESE YEN 200 200 180 180 160 160 140 140 I 120 100 ' 90 I I » ' I ' I ' I ' ' I I I I I I 1 1 1 I 1 1 I ' ' ' 120 100 CANADIAN DOLLAR U.K. POUND 90 80 80 70 70 60 60 • 50 i l i i i I i i i l i i ' i ' 200 I I I I I I I I I I I I I GERMAN MARK 180 50 200 180 DUTCH GUILDER 160 160 140 140 120 120 100 120 ' ' I I I ' ' I • • • I I I I ' 110 I I I I I I I I I I I I I ITALIAN LIRA 100 50 45 FRENCH FRANC 90 100 60 55 80 40 70 35 60 30 50 ' I ' I I I 1988 I I I I I I I I 1990 I ' ' I I I I 1988 1 I I 1 I I I I 1990 I 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 4 CANADIAN DOLLAR I I 1 I I 1 U.K. POUND I 1 1 1 1 1 1 1 1 1 GERMAN MARK 1 1 1 1 1 1 1 i i i I i 1 i i JAPANESE YEN — 1 • 1 I 1 • 1 1 l 1 i l » i i i SWISS FRANC i i l i i i i i 1 i i I i i i i i i l I i X XV i i i 1 i i i 1 FRENCH FRANC I I 1 1 1 1 1 I 1 I l 1 ' I ITALIAN LIRA / W ^ A , V- _ — 12 i DUTCH GUILDER — i l -X - — 1 1 1 1 l 1 1 1988 1 1 1 1 1 1 1 1 1990 l I I 1 I I i 1988 1 i i i I i i 1990 i 12 CHART3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE — 1 520 520 — 500 12.5 Kg BARS 480 AFTERNOON FIXING PRICE — 460 — 440 — 420 — 400 — 380 360 — 340 320 1987 1988 1989 1990 320 CHART4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 U.S. FEDERAL FUNDS FRANCE 12 JAPAN 0 ' ' ' I « ' » » • I I I I 16 I 1 ' 1 1 1 1 1 1 1 1 ' ' 1 1 1 0 16 12 12 CANADA GERMANY — 8 0 20 UNITED KINGDOM SWITZERLAND 16 NETHERLANDS 19 88 1990 1988 1990 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES :ENT PER ANNUM PERCENT PER AN 12 10 10 — 8 SWISS INTERBANK RATE U.S. CD'S 8 6 6 4 WEIGHTED AVERAGE FOREIGN RATE 4 2 16 i i ' I i i i 2 I i ' ' I i i ' • i i I i ' ' I ' ' i I i ' • 0 16 14 U.K. INTERBANK STERLING 14 CANADIAN FINANCE CO. PAPER 12 12 10 10 8 6 10 8 i i i I i i i I i i i I i » i GERMAN INTERBANK RATE 8 I I — I I I I ' 1 I I » I ' • I FRENCH INTERBANK RATE 6 12 10 6 8 4 6 2 10 1 1 1 I 1 1 1 I » 1 1 I 1 ' ' ' I » ' ' I ' I ' I ' 4 10 NETHERLANDS INTERBANK RATE 8 8 JAPANESE CD RATE 6 6 4 2 4 I I I I I I I 1988 I I 1 I I I I 1990 i i i I ' ' ' 1988 I i i i I i ' i 1990 2 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 I I I 12 I I I I I 1 1 1 1 1 7-DAY 1 1 1 1 I I I I I I 6-MONTH 4 14 12 10 10 • ' ' I ' ' • i ' • ' i 14 12 i i ' i ' ' I i 1-MONTH i ' I i i ' | | J__L 1-YEAR 12 10 — ' 1 1 1 1 1 1988 • 1 • ' I i « ' 1 1990 ' ' i I 1 » 1 1988 4 14 I 1 1 1 I • • » 1990 10 CHART 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM PERCENT PER ANNL 12 10 OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EURO DOLLAR DEPOSITS 8 6 FEDERAL FUNDS 90-DAY CD'S DASHED LINE DASHED LINE 4 2 2 J L_J I L J—I I I I I i i i J—i—I—i i i__L I I I I DIFFERENTIAL DIFFERENTIAL 1 + 0 1 J 1 1 1 I 1988 I I I I I _J L 1990 J 1 I I ' ! ' 1988 J—I I I 1990 L CHARTS INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 INTERBANK STERLING CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON EURO-DOLLAR DEPOSITS U.S. COMMERCIAL PAPER DASHED LINE 0 I I I I ' I DASHED LINE I I I I I I I I I I ' ' DIFFERENTIAL J ' I ' I « 1 1 I 1 1 • 1 1 ' I ' I • DIFFERENTIAL 1 « I 12 ' > • » I ' i i 1 /-*vv~Vw A A 1 1 1 1 1 1 1 1 1 1 1 1 1 1 16 r — • 12 INTERBANK DM EURO-DOLLAR DEPOSITS I I I I I 12 EURO-DOLLAR DEPOSITS DASHED LINE I — SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 2 16 DASHED LINE I I I ' ' I ' _L_L I I I I I I I I I I I I I I I0 2 DIFFERENTIAL 2 I » I I I » I 1988 DIFFERENTIAL I » I I I I I I 1990 I ' • I • ' ' 1988 I » ' • I ' J_L 1990 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 14 f UNITED STATES 14 CANADA 12 12 10 10 • 1 ' 1 I I I 1 I ' I 14 I I I 1 1 UNITED KINGDOM 1 1 I 1 1 1 l 1 i I i J_L 6 14 FRANCE 12 12 10 10 1 6 I 1 1 I 1 1 1 1 1 1 | I I 10 I I SWITZERLAND ' 2 10 1 1 1 1 1 1 1 1 i i I i i i ' NETHERLANDS I I I I 1 1 1 1 1 1 1 1 t l i i i 6 10 JAPAN I I 1988 i i I i i i l i •• i i ' GERMANY MONTHLY I 1 ' I • • • I I I, 1990 ' 1 1 I 1 ' 1 1988 1 1 ' | 1 1990 i 2 10 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 75 75 50 400 350 • • i i i 1 i 1 i 1 • I ' ' ' ' ' ' I ' ' ' I I I I 50 200 . GERMANY . JAPAN 175 150 300 125 250 100 200 75 150 100 I I I I 1 I 1 ' ' ' ' I • ' • ' 200 » I » i 1 i • 1 1 1 1 » ' 50 200 175 FRANCE 175 __ SWITZERLAND 150 150 125 125 100 100 75 75 50 I ' I I 1 I 1 1 I 1 1 I » ' ' 200 I I I I 1 I 1 1 ' I I I 1 I I 50 200 . UNITED KINGDOM 175 — CANADA 175 150 150 125 125 100 100 75 75 50 I I I I • ' ' 1988 I I I I I I I I 1990 I I I I I ' 1988 ' I 1 • ' 1 ' ' 1990 ' 50 SERIES 20-Jun-90 Chart 1. Spot (U.S. cents, M a r c h 1973 b a s e r a t e s Weighted average exchange v a l u e i n d i c e s , Belgian franc Canadian d o l l a r French f r a n c German m a r k Italian lira Japanese yen Netherlands guilder Swedish krona Swiss f r a n c U.K. pound U.S. d o l l a r 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 2.9426 86.425 18.083 60.654 0.08279 0.67587 53.808 71.123 180.80 113 . 8 5 85 . 0 2 79 .66 167 . 1 8 46 . 5 0 170 . 1 1 151 . 5 8 226 . 2 5 69 . 3 0 114 . 7 2 84 . 7 5 80 . 1 9 168 .08 46 ,.80 169, . 0 4 1 5 2 .. 4 1 2 2 8 . 19 7 0 . 11 115 . 5 2 85 . 5 4 80 . 8 1 169 .37 4 7 . .09 1 7 2 . .27 1 5 3 .. 5 1 2 2 8 . 67 7 1 . 06 116 . 1 0 85 . 8 8 8 1 .36 170 .50 47 ..46 1 7 4 .. 4 5 1 5 4 .. 4 5 2 2 9 .. 9 1 7 2 . 69 115 . 9 5 86 . 1 4 81 .49 170 . 6 2 47 . 5 2 176 ..96 154. .47 2 2 8 .. 8 1 7 3 . 13 107 . 8 2 78 . 1 0 72 .68 172 . 0 7 40 . 6 3 169 . 4 0 146 . 2 5 67 . 4 7 217 . 2 0 63 .26 9 1 .. 1 2 107 77 72 171 40 170 146 67 216 64 90 .58 .84 .65 .98 .66 .44 .08 .46 .81 .36 .30 107 . 1 4 77 . 8 7 72 .57 171 . 6 0 40 . 6 1 172 . 7 0 145 . 7 1 67 . 3 5 215 . 1 9 64 . 6 1 90 . 0 1 Mar. 1973=100 107.40 78.50 72.40 171.63 40.56 169.07 145.96 67.43 217.25 62.28 92.39 Premium o r Canadian d o l l a r French f r a n c German mark Italian lira Japanese yen Netherlands g u i l d e r Swiss f r a n c U.K. pound Gold P r i c e dollars Chart 4. per Call fine -5.24 -1.70 0.12 -2.84 0.98 -0.14 -0.59 -6.34 in London, ounce 107 77 72 172 40 167 146 67 218 62 91 .88 .95 .67 .04 .69 .25 .30 .56 .41 .85 .99 Discount - 5 .18 - 1 .65 0 .13 - 2 .79 0 .91 - 0 .01 - o .57 - 6 .24 - 5 . .06 - 1 . .73 0. 07 - 2 . 87 0 . 67 - 0 . 01 - 0 . 74 - 6 . 30 - 5 .15 - 1 ..73 0.. 0 2 - 2 . 82 0 . 74 0 . 09 - 0 . 84 - 6 . 40 - 5 .20 - 1 .88 - 0 .10 - 2 .99 0 .55 0 .01 - 0 . .79 - 6 . .52 3 5 0 .. 3 1 3 5 7 . 28 3 5 7 . 88 3 5 9 . .68 Afternoon Fixing 347.51 Money R a t e s U.S. f e d e r a l f u n d s Overnight Euro-dollar Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom 18-Jul-90 = 100 Belgian franc Canadian d o l l a r French f r a n c German m a r k Italian lira Japanese yen Netherlands g u i l d e r Swiss f r a n c U.K. pound U.S. ll-Jul-90 weekly averages) Belgian franc Canadian d o l l a r French f r a n c German m a r k Italian lira Japanese yen Netherlands guilder Swiss f r a n c U.K. pound Chart 3. 4-Jul-90 Exchange Rates and I n d i c e s Noon b u y i n g r a t e s Indices, 27-Jun-90 deposits 8.28 8.09 13.25 9.78 7.74 7.07 7.75 8.38 14.75 8. 8. 13. 9. 7. 7. 7. 8. 14. 28 20 23 81 76 33 84 38 89 8. 8. 13. 10. 7. 7. 7. 8. 14. 33 21 34 10 98 36 28 38 88 8. 8. 13. 9. 8. 7. 7. 8. 14. 28 25 88 99 04 29 61 38 90 8 . 14 8 . 08 1 3 . 78 1 0 . 01 8 . 01 7 . 38 7 . 74 8 . 38 1 4 . 85 SERIES 20-Jun-90 27-Jun-90 4-Jul~90 Chart 5. 3-Month I n t e r e s t Euro-Dollar 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 09 13 19 20 25 40 8.20 8.20 8.21 8.25 8.31 8.46 8. 8. 8. 8. 8. 8. Selected Euro-dollar & U Overnight Euro-dollar U.S. f e d e r a l f u n d s Differential Interest deposits Arbitrage, Euro-dollar deposit Interbank s t e r l i n g (London), Differential U.S. commercial paper Canadian f i n a n c e paper, Differential 8. 8. 8. 8. 8. 8. 21 20 19 21 26 33 25 21 23 23 28 39 8 . 08 8 . 09 8 . 09 8 . 11 8 . 16 8 . 25 8. 8. 8. 8. 8. 8. 8.20 8.28 - 0 . 08 8 . 21 8 . 33 - 0 . 12 8 . 25 8 . 28 - 0 . 03 8 . 08 8 . 14 - 0 . 06 8 . 20 8..22 - 0 . .02 8.25 8.26 -0.01 8 . ,21 8 ..25 - 0 . .03 8 . 23 8 ..25 - 0 ..03 8 . 11 8 .,12 - 0 ..00 8 .20 8 .29 - 0 .09 8.25 8.42 -0.17 8 .21 8 .37 - 0 .16 8 .23 8 .28 - 0 .05 8 .11 8 .15 - 0 . 03 8 .13 8 .34 - 0 .21 8.16 8.41 -0.25 8 .16 8 .49 - 0 .34 8 .14 8 .36 - 0 .22 8 . 01 8 .26 - 0 .25 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 .11 8 .13 - 0 .02 8 .20 8 .07 0 .13 8.25 8.17 0.08 8 .21 8 .06 0 .15 8 .23 8 .09 0 .14 8 .11 7 .95 0 .17 92 .42 .00 .82 .28 .63 .48 10 . 7 2 10 .27 8 .93 6 .96 6 .16 10 .47 8 .54 10 . 7 4 10 .16 8 .82 7 .06 6 .17 10 .67 8 .43 10. 8 1 10..11 8 .79 7 ,.07 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 - M o n t h Funds covered covered Euro-dollar deposit Swiss i n t e r b a n k , c o v e r e d Differential Long Term G o v e r n m e n t Bond Y i e l d s 10 10 9 6 6 10 8 Canada France Germany Japan Switzerland U n i t e d Kingdom United States C h a r t 10. 8,,12 13..64 10..03 8 .24 7 ,.69 8 .14 8 .75 14 . 9 1 9 .95 8 . 09 8 . 28 - 0 . 19 covered Euro-dollar deposit I n t e r b a n k DM ( F r a n k f u r t ) , Differential Chart 9. 8..25 13..69 9 .96 8 .17 7 ,.65 8 .11 8 .95 14 .92 9 .92 Money M a r k e t R a t e s 3-month E u r o - d o l l a r d e p o s i t U.S. 90-day CD's, secondary market Differential Chart 8. 8 . ,25 13.,73 9..98 8,.16 7 ..60 8 .18 8 .83 14 . 9 1 9 .93 Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7 18~Jul-90 Rates U.S. 90-day C D ' s , s e c o n d a r y market Canadian f i n a n c e paper French i n t e r b a n k r a t e German i n t e r b a n k r a t e J a p a n e s e CD r a t e Netherlands interbank rate Swiss i n t e r b a n k r a t e U.K. i n t e r b a n k 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 r a t e (G-10 C o u n t r i e s ) Chart 6. ll-Jul-90 8 6 10 8 ND ND .71 ND .06 .78 .47 S t o c k I n d i c e s (Wednesday f i g u r e s ) Canada France Germany Japan Netherlands Switzerland U n i t e d Kingdom United States 119.33 148.03 124.54 181.31 109.24 145.50 147.46 146.17 •QO^COW. • FEDERAL RESERVE statistical release H.10(512) July 23, 1990 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING JULY 20, 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: MONETARY UNIT Jul. 16 •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK *EURO COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA •in.LAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN Ski 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 0.7815 11.633 34.070 1.1589 4.7339 6.2870 1.2532 3.8630 5.5460 1.6533 161.70 7.7680 17.450 1.6225 1211.00 148.05 2.7065 1.8645 0.5892 6.3380 144.85 1.8175 2.6355 718.80 101.30 40.018 5.9790 1.4165 27.113 N. A. 1.8040 MEMO: "UNITED STATES DOLLAR COUNTRY 90.23 1 CURRENCY UNITS PER DOLLAR) Jul. 17 Jul. 18 Jul. 19 0.7899 11.588 33.910 1.1563 4.7339 6.2630 1.2584 3.8500 5.5225 1.6460 161.55 7.7710 17.440 1.6275 1205.50 148.35 2.7065 1.8557 0.5918 6.3190 144.60 1.8175 2.6350 N. A. 100.93 40.018 5.9660 1.4070 27.114 25.710 1.8112 89.93 0.7915 11.570 33.910 1.1530 4.7339 6.2540 1.2593 3.8950 5.5170 1.6438 161.00 7.7675 17.390 1.6310 1204.50 147.30 2.7045 1.8535 0.5928 6.3030 144.65 1.8100 2.6250 718.70 100.68 40.018 5.9520 1.4088 27.125 25.690 1.8205 89.70 0.7819 11.558 33.900 1.1538 4.7339 6.2495 1.2615 3.8420 5.5160 1.6440 161.06 7.7680 17.420 1.6315 1203.50 148.05 2.7060 1.8521 0.5923 6.2965 144.40 1.8165 2.6250 718.40 100.63 40.018 5.9590 1.4100 27.178 25.710 1.8146 89.80 Jul. 20 0.7838 11.545 33.850 1.1573 4.7339 6.2500 1.2608 3.8400 5.5055 1.6415 160.48 7.7670 17.400 1.6335 1202.00 148.97 2.7075 1.8494 0.5950 6.2990 144.00 1.8165 2.6230 718.20 100.53 40.018 5.9530 1.4075 27.270 25.660 1.8143 89.81 •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. THIS RELEASE IS NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.