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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts July 24, 1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE 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 Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND 8. INTEREST ARBITRAGE: 3-MONTH 9. LONG-TERM GOVERNMENT 10. INDUSTRIAL STOCK INDICES Chart 1 Spot Exchange Indices Ratio scale March 1973=100 Dollar prices of foreign currencies and weighted average values (dashed line) (Average for week ending Wednesday) Ratio scale March 1973=100 150 130 - 110 90 75 35 15 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) (Averages for week ending Wednesday) Percent per annum Percent per annum Chart 3 Price of Gold in London (Averages for week ending Wednesday) u.s. dollars per fine ounce U.S. dollars per fine 420 420 12.5 Kg Bars Afternoon fixing price 400 400 380 380 360 360 340 340 320 320 300 300 280 ______ i---------- 1---------- 1__________ i______ 1993 1994 1995 1996 1997 1998 280 Chart 4 Call Money Rates (Weekly series) Percent per annum Percent per annum 5 - 3 - 2 - 1 Chart 5 3-Month Interest Rates (Weekly series) Percent per annum Percent per annum Chart 6 Euro-Dollar Deposit Rates, London (Averages for week ending Wednesday) Percent per annum Percent per annum 8 Overnight 6 4 1________ I______________ 1995 1996 1997 1998 7-Day ______ I________ I________ I______ 1995 1996 1997 1998 Chart 7 Selected Euro-Dollar and U.S. Money Market Rates Differential: Plus(+), Favors B orrow ing in U.S. (Averages fo r w e e k ending W ednesday) P ercent P er Annum Percent Per A nnum +1 D ifferential D ifferential t ______________I______________ I_____ ________ i_____ 1995 1996 1997 1998 0 ^ i i 1995 1996 i 1997 1998 -1 Chart 8 Interest Arbitrage: 3-Month Funds Differential: plus(+), indicates favor dollar assets (Average for week ending Wednesday) Percent per annum Percent per annum 1 Differential 0 -1 ________ I________ I________ I_____ 1995 1996 1997 1998 8 7 Swiss interbank (SF) covered 6 5 Euro-dollar deposits (dashed line) 4 J_________ I_________ l Differential Differential y ------------------ 1___________ i___________ i__________ 1995 1996 1997 1998 3 V 'v A ' ___________ i___________ i___________ i___________ 1995 1996 1997 1998 Chart 9 Long-Term Government Bond Yields (Weekly series) Percent per annum Percent per annum Chart 10 Stock Indices (Weekly series) Ratio scale End-1994=100 Ratio scale End-1994=100 300 260 United States 220 180 140 100 60 1995 1996 1997 1998 1995 1996 1997 1998 300 260 220 180 140 100 60 24-Jun-98 l-Jul-98 Chart 1. 8-Jul-98 15-Jul-98 22-Jul-98 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 2.7002 68.031 16.608 55.697 0.05652 0.72525 49.412 66.650 166.97 2.6804 68.067 16.488 55.288 0.05611 0.71107 49.050 65.731 166.57 2.6680 67.965 16.410 55.027 0.05586 0.71498 48.812 65.385 164.44 2.6785 67.573 16.468 55.236 0.05603 0.71040 49.000 65.493 163.49 2.7133 67.083 16.697 55.977 0.05674 0.71411 49.641 66.324 164.29 106.40 67.81 74.84 156.68 32.44 189.89 141.85 214.42 67.53 105.62 67.84 74.30 155.53 32.21 186.18 140.81 211.47 67.37 105.13 67.74 73.95 154.80 32.07 187.21 140.13 210.35 66.51 105.55 67.35 74.21 155.38 32.16 186.01 140.67 210.70 66.13 106.92 66.86 75.24 157.47 32.57 186.98 142.51 213.37 66.45 107.13 66.78 72.62 171.67 29.54 205.19 145.75 54.47 218.21 64.81 101.90 107.55 66.36 72.89 172.41 29.63 203.69 146.32 54.66 218.55 64.38 101.88 108.18 65.32 73.42 173.65 29.80 203.20 147.21 55.10 219.73 64.21 100.94 0.70 2.16 2.17 0.68 5.37 2.21 3.64 -2.06 0.73 2.17 2.17 0.81 5.37 2.24 3.67 -2.10 0.73 2.18 2.18 0.86 5.34 2.24 3.59 -1.97 0.62 2.18 2.18 0.90 5.31 2.25 3.60 -1.98 294.65 294.71 293.53 291.92 294.49 5.44 5.43 4.76 3.39 3.35 0.45 2.42 1.65 7.20 6.04 5.86 4.88 3.39 3.53 0.38 2.89 2.47 7.03 5.49 5.49 4.78 3.40 3.34 0.39 3.35 1.85 6.95 5.52 5.49 4.78 3.40 3.32 0.44 3.22 1.98 7.15 5.53 5.46 4.68 3.40 3.32 0.44 2.86 1.78 7.15 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, March 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. 0.65 2.14 2.13 0.60 5.39 2.17 3.79 -2.02 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 107.26 66.64 72.72 171.93 29.57 203.15 145.96 55.09 218.62 65.48 101.45 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. 107.39 66.16 72.81 172.17 29.60 206.24 146.15 55.07 220.35 65.21 100.66 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 24-Jun-98 l-Jul-98 Chart 5. 5.60 5.13 3.46 3.48 0.56 3.60 1.75 7.69 3.84 5.60 5.08 3.45 3.46 0.66 3.58 1.96 7.73 3.84 5.59 5.04 3.44 3.45 0.65 3.47 1.98 7.75 3.81 5.59 4.99 3.43 3.46 0.65 3.42 2.06 7.64 3.79 5.59 5.14 3.43 3.49 0.67 3.36 2.02 7.64 3.80 5.43 5.53 5.53 5.56 5.63 5.73 5.86 5.53 5.54 5.58 5.64 5.72 5.49 5.50 5.52 5.57 5.63 5.69 5.49 5.50 5.51 5.56 5.63 5.69 5.46 5.49 5.51 5.56 5.63 5.69 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 15-Jul-98 22-Jul-98 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. 8-Jul-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.43 5.44 -0.02 5.86 6.04 -0.18 5.49 5.49 -0.01 5.49 5.52 -0.03 5.46 5.53 -0.06 3-month Euro-dollar deposit U,S. 90-day CD's, secondary market Differential 5.56 5.60 -0.04 5.58 5.60 -0.02 5.57 5.59 -0.02 5.56 5.59 -0.03 5.56 5.59 -0.03 Euro-dollar deposit Interbank sterling (London), covered Differential 5.56 5.63 -0.06 5.58 5.62 -0.04 5.57 5.61 -0.04 5.56 5.63 -0.06 5.56 5.62 -0.06 U.S. commercial paper Canadian finance paper, covered Differential 5.50 5.78 -0.28 5.51 5.79 -0.28 5.51 5.78 -0.27 5.50 5.73 -0.23 5.50 5.77 -0.27 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.56 5.63 -0.07 5.58 5.65 -0.07 5.57 5.64 -0.07 5.56 5.66 -0.09 5.56 5.69 -0.13 5.56 5.56 0.00 5.58 5.62 -0.03 5.57 5.67 -0.10 5.56 5.67 -0.11 5.56 5.64 -0.07 5.35 4.84 4.77 1.35 3.07 4.83 5.86 5.45 5.28 4.79 4.72 1.38 3.07 4.78 5.80 5.42 5.29 4.80 4.68 1.44 3.16 4.78 5.80 5.45 5.37 4.80 4.68 1.48 3.14 4.77 5.86 5.48 175.34 Canada 172.40 174.84 176.84 221.94 France 212.66 218.58 221.78 Germany 228.91 234.18 244.58 238.97 Japan 75.74 81.80 81.51 81.36 Netherlands 299.60 275.40 287.66 293.42 Switzerland 295.67 291.11 278.85 297.30 United Kingdom 168.66 162.70 160.83 166.26 United States 237.30 230.01 233.36 236.85 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Times Ordinary, NYSE Composite Digitized forFinancial FRASER 174.43 216.62 244.42 80.68 300.00 301.12 164.01 234.64 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. 5.34 4.85 4.79 1.32 3.05 4.85 5.85 5.47 Stock Indices (Wednesday figures)
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