Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 24, 1995

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 24,1995

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DtC. 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

120

RATIO SCALE
MARCH 1973=100

I 150

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

BELGIAN FRANC

— 130

JAPANESE YEN

SWISS FRANC

'

'

'

I

'

'

« I

'

« '

I

•

'

•

CANADIAN DOLLAR
U.K. POUND

GERMAN MARK

DUTCH GUILDER

ITALIAN LIRA

FRENCH FRANC

I

I




'

I

I

'
1993

1

1

1

1

1

I

I

1

1

1995

'

I

'

I

'

' '
1993

I

'

1

'

I

'

' 1
1995
15

CHART 2

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

PERCENT PER ANNUM
2
U.K. POUND

—

1

1

I

I

1

I

'

1

I

1

1

1

I

1

CANADIAN DOLLAR

1 '1

I

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

f

JAPANESE YEN

1

1

1

1

1

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

1

1

»




I

•

1

1993

1

l

1

1

1

l

1

i

»

1995

1992

1994

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
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

J — i — i — I — i — i
1991




1992

i

I

i

i
1993

i

I

i

i
1994

i

I
1995

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
10

7

SWITZERLAND
U.S. FEDERAL FUNDS

—

JAPAN

NETHERLANDS

GERMANY

FRANCE

CANADA

UNITED KINGDOM

•

i

i

I




i

»»
1993

i

i

i

i

i

i

i
1995

I

I

I

I

I

' I
1993

I

I

I

I

I

I

I I
1995

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
10




PERCENT PER ANNUM
9
CANADIAN FINANCE PAPER

WEIGHTED AVERAGE
FOREIGN RATE

U.K. INTERBANK STERLING

FRENCH INTERBANK RATE

JAPANESE CD RATE

GERMAN INTERBANK RATE
SWISS INTERBANK

1993

1995

1993

1995

CHART 6

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

8
3-MONTH

OVERNIGHT

6

4

2

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

'

I

I

•

•

8

7-DAY

6-MONTH

6

4

2

»

i

i

I

i

1

1

I

1

»

1

l

i

»

1

8




1-MONTH

1-YEAR

I

'

•

'

I

'

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), 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
7

PERCENT PER ANNUM

3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

'

i

I

i

i

I

AA
v

.

i AiA

—

\ r

i

I

I

I — I — I — I — L

I

l _ J

DIFFERENTIAL

DIFFERENTIAL

t

I

^

v n

i




i

i

1

1
1993

1

1

1

1.

-

i

-

i
1995

i

i

I

i

i
1993

i

I

I

I

I—L
1995

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
7

PERCENT PER ANNUM
7
CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

6 —

5 —
U.S. COMMERCIAL PAPER
DASHED

EURO-DOLLAR DEPOSITS
DASHED LINE

3 —

1

1

'

1

I

1

1

1

I

1

1

I

'

•

•

1

1

1

DIFFERENTIAL

1

i

'

i

i

i

i

i

1

I

1

1

1

'

1

'

I

'

I

I

DIFFERENTIAL

l

•

'

•

'

•

•

•

I

I

I

I

I

I

I

I

I

7

INTERBANK DM
COVERED FRANKFURT

I

I

I

I

SWISS INTERBANK (SF) COVERED

5 —
EURO-DOLLAR DEPOSITS
J\
DASHED LINE
uS

EURO-DOLLAR DEPOSITS
DASHED LINE

3 —

I

I

I

I

'

I

'

I

'

'

I

I

I

I

I

I

'

I

DIFFERENTIAL

1

»

1

1

I




1

1

1993

1

I

•

I

•

DIFFERENTIAL

1

1

I

I

I

I

I

»

1995

'

'

'

I

'

'
1993

'

I

•

•

I

I

I

I
1995

I

CHART 9

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

PERCENT PER ANNUM
9
UNITED KINGDOM

i

i

I

i

i

i

r

i

i

i

1 i

i

FRANCE

CANADA

JAPAN

SWITZERLAND

GERMANY

NETHERLANDS




i

1993

1995

1993

1995

i

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100
200

220
UNITED STATES

UNITED KINGDOM

180
160

140

1

SWITZERLAND

1

I

1

•

•

l

i

•

'

JAPAN

120
160
140

120

100

125

i

i

'

I

i

'

« I

' I

i

I

i

i

i

•

GERMANY

i

'

I

i

•

i

i

'

'

i

i

i

i

'

80
180

CANADA
160

140

120

1

•

1

I

1

'

'

i

•

i

'

'

'

'

l

•

'

•

I

•

•

•

i

'

•

'

FRANCE




1993

1995

1993

1995

100

21-Jun-95 28-Jun-95 5-Jul-95
Chart 1.

12-Jul-95 19-Jul-95

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
Indices, March 1973 base rates

3.4740
72.500
20.362
71.389
0.06075
1.18076
63.764
86.117
160.20

3.4912
72.732
20.469
71.793
0.06132
1.18133
64.088
86.741
158.97

3.5171
72.821
20.656
72.355
0.06142
1.17918
64.564
87.065
159.36

3.4859
73.589
20.577
71.660
0.06181
1.15219
63.962
86.208
159.26

3.4938
73.580
20.648
71.906
0.06192
1.13629
64.173
86.114
159.62

136 .89
72 .
.26
91 .75
200,.82
34 .
.87
309 .
.16
183 .
.05
277 .
.05
64 ..79

137 .57
72 .49
92 .24
201,.96
35,.20
309 ,
.31
183 ,
.98
279 ,
.06
64 .
.30

138 .59
72 .58
93 .08
203 ,
.54
35..26
308..75
185,.35
280..10
64 .
.45

137 .36
73 .34
92 .72
201 .59
35 .48
301,.68
183 ,
.62
277 .
.34
64 .
.42

137 .67
73 .34
93 .05
202 ,
.28
35,.54
297,.52
184 .
.23
277..04
64 .
.56

119 .25
59 .61
77 .27
193 .31
27 .11
295 .55
163 .11
50 .87
244 .83
51 .63
81 .64

118 .71
60 .59
77 .33
192 .15
27 .43
289 .47
162 .28
51 .19
243 .50
51 .86
82 .12

118 .95
60 .55
77 .60
192 .85
27 .47
284 .89
162 .78
51 .65
243 .14
51 .97
82 .08

-0 .79
-0 .82
1 .44
-4 .99
,
4 .90
.
1,.80
2.
.97
-0..82

-0 .64
-0 .59
1 .36
-4 .88
,
5,.04
1..71
2.
.95
-0..89

-0 .67
-0..62
1,.35
-5..13
5..12
1..73
3..11
-0..94

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.

3-Month Forward Exchange Rate

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

118 .75
59 .75
76 .78
192 .32
27 .16
297 .30
162 .42
50 .97
244 .76
51 .69
82 .00

Premium or Discount
-0 .81
-1 .17
1 .54
-4 .89
,
4 .91
,
1,.77
2.
.95
-0..56

-0,. 74
-0,.92
1..39
-4 . 81
4.
.83
1..72
2.
.85
-0., 80

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

118 .45
59 .71
76 .55
191 .59
26 .96
297 .98
161 .97
51 .05
243 .58
52 .28
82 .26

390..35

389 .10

385..57

385..43

389.,21

6.,00
5. 94
7 .19
7 .28
4 .44
1. 24
4 .06
2 .61
6. 58

5. 95
5 .99
7 .25
7. 14
4 .33
1. 22
4 .02
3. 08
6. 03

6. 21
6. 01
7 .20
7 .04
4 .71
1. 23
4 .00
3 .39
6. 44

5.,81
5. 88
6. 76
6. 84
4. 39
0. 95
4 .04
2. 56
6. 70

5. 71
5. 73
6. 56
6. 71
4. 44
0. 84
4. 16
1. 70
6. 60

Call Money Rates

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




an-95 28-Jun -95 5-Jul- 95
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.

5.93
6.91
7.10
4.40
1.18
4.20
3.00
6.57
4.72

5 .89
6 .85
6 .79
,
4 .44
1,.16
4 .18
.
3..05
6..73
4.
.70

5 .92
6 .94
6 .70
4 .50
1 .17
4 .19
3 .01
6 .82
4 .74

5 .76
6 .59
6 .34
4 .46
0 .98
4 .14
2 .90
6 .69
4 .52
,

5 .73
6 .57
6 .32
4 .45
0 .85
4 .14
2 .65
6 .73
4 .43

5 .94
5 .94
5 .96
5 .92
5 .79
5 .75

5 .99
5 .98
5 .97
5 .84
5 .73
5 .65

6 .01
6 .01
5 .99
5 .92
5 .84
5 .77

5 .88
5 .83
5 .83
5 .77
5 .68
5 .63

5 .73
5 .75
5 .75
5 .75
5 .70
5 .68

Euro-Dollar Deposit Rates

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

12-Jul -95 19-Jul -95

Selected Euro-dollar & U.S. Mone: r Market Rates

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

5 .94
6 .00
-0,.06

5 .99
5 .95
0 .04

6 .01
6 .21
-0,.20

5 .88
5 . 81
0 .07

5 .73
5 . 71
0 .02

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

5..92
5 .93
.
-0..01

5..84
5 .89
.
-0..05

5,.92
5 .92
.
-0..00

5 .77
5 .76
0,.01

5 .75
5..73
0,.02

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

5.,92
6.,00
-0. 08

5.
,84
5.
,92
-0. 07

5.,92
5. 99
-0. 07

,77
5.
5.,79
-0.,02

5..75
5.,77
-0.,02

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

5. 95
6. 08
-0. 13

5. 92
6. 09
-0. 17

5 .94
6. 14
-0. 19

5.
,76
5. 94
-0. 18

5.,75
5. 89
-0. 14

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

5. 92
5. 96
-0.04

5 .84
5. 84
0. 00

5. 92
5. 95
-0.03

5. 77
5. 84
-0.07

5. 75
5. 82
-0.07

Euro-dollar deposit
Swiss interbank, covered
Differential

5. 92
5. 97
-0.05

5. 84
5. 92
-0.08

5 .92
6. 01
-0.09

5. 77
5. 87
-0.10

5. 75
5. 78
-0.03

7 .80
7 .47
6 .76
2 .83
4 .61
6 .90
8 .26
6 .09

7.
.95
7.,58
6..89
2 .79
4 .67
6. 99
8 .41
6. 22

7 .81
7 .43
6 .77
2 .77
4 .62
6 .83
8 .14
6 .06

7 .96
7 .44
6 .76
2 .99
4 .61
6 .83
8 .18
6 .23

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

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

7 .88
7 .50
6 .74
3 .05
4 .65
6 .86
8 .11
6 .16

Stock Indices (Wednesday figures)
})

Canada
150,.97
150..92
151. 74
156,.97
France
148 .
.35
146..01
148. 47
151..50
Germany
118 .
.24
115..66
116. 08
120..31
Japan
91..77
91..01
91. 72
100..25
Netherlands
156..59
156..05
157. 46
161..63
Switzerland
230..64
232..98
234. 21
237..35
United Kingdom
196..52
191.,47
197. 54
200.,39
United States
214 ..37
214 ..42
215 .55
220.,49
n
i^
p h a s e d to 1986=100) are Toronto Composite, CAC General spliced
at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



153..54
149 .
.49
119 .
.93
98..80
161.,25
236.,97
197.,85
216. 80
to SBF250

FEDERAL RESERVE statistical release

'•:9R8F::v

H.10(512)

July 24, 1995

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 21, 1995

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. 17

(CURRENCY UNITS PER DOLLAR)
Jul. 18
Jul. 19
Jul. 20

Jul. 21

0.7323
9.810
28.710
1.3561
8.3209
5.4340
1.3286
4.2710
4.8545
1.3948
226.32
7.7385
31.380
1.6355
1610.00
88.65
2.4505
6.0000
1.5626
0.6745
6.1950
146.57
1.4005
3.6520
762.10
119.630
50.650
7.1870
1.1663
26.300
24.780
1.5945

0.7324
9.761
28.570
1.3605
8.3213
5.4045
1.3340
4.2580
4.8320
1.3876
225.46
7.7370
31.380
1.6395
1615.75
88.35
2.4485
6.0400
1.5552
0.6753
6.1710
145.91
1.3972
3.6470
762.10
120.000
51.000
7.1795
1.1585
26.400
24.780
1.5962

0.7320
9.758
28.550
1.3602
8.3211
5.3985
1.3340
4.2455
4.8220
1.3873
225.66
7.7375
31.390
1.6400
1623.50
87.75
2.4488
6.0800
1.5550
0.6755
6.1685
145.99
1.4000
3.6420
761.20
119.710
51.000
7.1675
1.1575
26.390
24.770
1.5955

0.7348
9.706
28.410
1.3635
8.3204
5.3720
1.3398
4.2255
4.7980
1.3798
224.57
7.7360
31.380
1.6420
1613.50
87.76
2.4500
6.1500
1.5466
0.6763
6.1415
145.15
1.3995
3.6395
759.90
118.970
50.520
7.1550
1.1503
26.380
24.770
1.5970

0.7350
9.706
28.400
1.3598
8.3202
5.3735
1.3420
4.2250
4.8225
1.3868
224.30
7.7375
31.370
1.6410
1600.00
88.55
2.4495
6.1000
1.5467
0.6746
6.1380
145.08
1.3995
3.6430
759.50
118.820
51.000
7.1305
1.1565
26.420
24.790
1.5940

82.26

82.04

81.97

81.70

81.88

•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.
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