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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts July 25,1988 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DC. 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 $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 RATIO SCALE MARCH 1973=100 200 180 - FOREIGN CURRENCY PRICE OF US. DOLLAR 160 — 140 - - 100 - - - I 80 I QMIMIII I — 180 — 40 - 35 - 30 - 25 1111111,11 [ iiliiliilii 20 ** — i GERMAN MARK i V i i i i 120 - v JAPANESE YEN, - f - r I I I I 11111111111 iiliiliilii — 220 200 — 180 - 160 - 140 - 120 - 100 — - Vi / — 140 - 80 vx_A — — 160 - 100 > — " X A — — so 45 / — 120 - 220 200 ITALIAN LIRA I I I i M NIIIIIIIN Ill,,lull, 80 180 160 DUTCH GUILDER CANADIAN DOLLAR 90 80 ~ — UK. POUND ^ 70 \ 60 50 - J\T 1 40 1 1 1 1 140 — | 120 - - 70 - BELGIAN FRANC z ^ y\j 60 50 \ I I I I I 70 - 60 - 50 j LJ i i I i i 111,111,11, I i i — 240 1 1 1 SWISS FRANC - — - — r^r^S*r\Af — - 1 1986 1 v\/ I I | I I | I II I| I; II I I I I I I I I 1988 40 280 — - - 1 — - 90 80 - — 100 — 90 - ^ 80 - - , I | I , | I Ill,,||,||| I | I , - S - 1 FRENCH FRANC I I I I 1986 180 - 160 - 140 — 120 11111111111 1988 200 - 100 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (•) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 CANADIAN DOLLAR JAPANESE YEN A \ / \—/ I I I I I - I I I I I I I .il.ili.l.i n i l ill ill i 4 12 U. K. FOUND SWISS FRANC — r ~ \ - I I I I I i i i I 0 8 DUTCH GUILDER GER MAN MARK v / v I I I I I I MIMIMIM - 11111111111 I I I I I I 4 4 ITALIAN LIRA FRENCH FRANC + 0 - 4 - 8 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY US. DOLLARS FEU FWE 0MICE U.S.0 LIARS PER FINE OUNCE 520 520 500 500 480 480 460 460 12«5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 m 280 1985 1986 1987 1988 CHART 4 CALL MONEY RATES WEEKLY SERES PERCENT PER ANNUM PERCENT PER ANNUM w U.S. FEOilUL FUNDS FfllMGC JAPAN n I n 111111 iill illtlit te te CANADA 12 8 4 0 16 20 UNITED KINGDOM SWITZERLAND 12 8 4 NETHERLANDS 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES T PER ANNUM PERCENT PER A^ 12 16 10 U.S. CD'S CANADIAN FINANCE CO. PAPER - 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 8 M i l l 2 14 12 I I I 6 14 UK. INTERBANK STERLING - 12 FRENCH INTERBANK RATE - 12 10 10 8 8 I I III III I I I 6 I I I 6 10 8 10 8 GERMAN INTERBANK RATE 6 6 4 4 2 2 10 8 8 JAPANESE GENSAKIRATE SWISS INTERBANK RATE — 6 6 4 4 2 2 I 1986 1988 I I I I 1986 0 I 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER Al 14 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 7-DAY 6-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 1-MONTH 1-YEAR 12 - 12 10 10 8 8 6 - I 4 1986 1988 I I I I 1986 I I IIIIIIIIII 6 4 1988 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 Al NT PER ANNUM 14 14 12 12 10 10 FEDERAL FUNDS 3-MONTH DASHED LINE E U R O - D O L L A R DEPOSITS 8 8 6 6 OVERNIGHT 90-DAY CD' S E U R O - D O L L A R DEPOSITS DASHED LINE 4 4 I 2 1111111111111111111111 I I I I I I I I I I I 2 2 2 DIFFERENTIAL DIFFERENTIAL 1 1 — v V V f + 0 r M1111111111111111111111 1 1986 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1988 Ii Ii I I I 1986 I 11111111111 + 0 11111111111 1988 1 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUSM, INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 INTERBANK STERLING COVERED LONDON CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS U. S. COMMERCIAL PAPER DASHED LINE I I I I 12 DASHED LINE I I I 11 DIFFERENTIAL DIFFERENTIAL 2 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE DIFFERENTIAL DIFFERENTIAL 1986 1988 1 PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE SCALE 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERES ENT PEA ANNUM PERCENT PE^ AN!HUM ts 14 te UNITED STATES t4 12 12 10 10 8 & 6 6 14 ia 12 8 10 6 8 4 6 2 8 10 6 SWITZERLAND 8 4 6 2 4 17 15 U. S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 1 5 5 MONTHLY 1986 1988 11 1986 3 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERES RATIO SCALE RATIO SCALE. 1969*100 500 1969=100 500 400 UNITED STATES 400 UNITED KMOOM 300 200 200 100 100 650 650 550 550 FRANCE 450 450 350 — 350 250 150 500 250 SWITZERLAND 400 - 200 CANADA 300 150 200 100 500 500 400 NETHERLANDS - 400 GERMANY 300 300 200 200 100 100 1986 1988 1986 1988 SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE BATES AMD INDICES WEEKLY AVERAGES, MOOR BUYING RATES (U.S. CERTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA JOLT JOLT JULI JULY JOLI JOLT JOLI JOLI JOLI JOLI 20 20 20 20 20 20 20 20 20 20 53.65 0.74601 47.55 168.50 82.96 15.91 64.64 2.55804 0.07243 15.60 JOLY JOLY JOLY JOLY JULY JOLY JOLI JULY JOLY 20 20 20 20 20 20 20 20 20 150.92 195.33 136.52 68.15 82.68 71.69 207.97 100.80 41.15 20 20 20 20 20 20 20 20 20 20 20 97.37 159.54 206. 73 136.40 63. 99 79.65 67. 40 207. 86 98.64 37.59 66.77 20 20 20 20 20 20 20 20 -1.30 -2.42 3.16 0.56 4.15 3. 13 3.62 -2.96 INDICES, MARCH 1973 BASE BATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRiNCH FRANC SSISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) O.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER O.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA JOLI JOLY JOLY JULY JULY JULY JULY JULY JOLI JOLY JULY CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOONT CANADIAN DOLLAR O.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DOTCH GUILDER JAPANESE YEN ITALIAN LIRA JOLY JOLY JOLY JOLY JOLY JULY JOLI JOLI SERIES 8ABE LIST VALUE PLOTTED DATE VALUE CHABT 3. GOLD PRICE IN LOUDON, AFTERNOON FIXING O.S. DOLLARS PER FINE OUNCE JUL! 20 439.31 CHART 4. CALL MONEY RATES 7.83 7.64 JULY JULY JULY JULY JULY JULY JULY JULY JULY 20 20 20 20 20 20 20 20 20 JULY JULY JULY JULY JULY JULY JULY JULY JULY 20 20 20 20 20 20 20 20 20 5. 09 3. 84 9.43 10. 64 3. 95 7. 35 5. 03 6.64 JULY JULY JULY JULY JULY JULY 20 20 20 20 20 20 7.64 7.71 7.89 8.17 8.40 8.64 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL JULY 20 JULY 20 JULY 20 7.64 7.83 -0.19 3-MONTH EORO—.DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL JULY 20 JULY 20 JOLY 20 U.S. FEDERAL FUNDS OVERNIGHT EURO—DOLLAR DEPOSITS U.K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND 8.88 9.67 4. 48 3.65 7.13 4.50 1.63 CHART 5..3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATS CANADIAN FINANCE PAPER INTERBANK STERLING S8ISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE tG-10 COUNTRIES PLUS SWITZERLAND) 8.00 CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1—Y£AR CHART 7. SELECTED EURO-DOLLAR AND O.S. MONEY MARKET RATES 8. 17 8.00 0.18 SERIES NAME LAST VALUE PLOTTED OATS VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH PONDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL JUL I 20 JOLT 20 JOLT 20 8. 17 8. 15 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL JULY 20 JUL! 20 JUL! 20 7. 89 8. 10 - 0 . 21 EURO-DOLLAR DEPOSIT INTERBANK DE (FRANKFORT), COVERED DIFFERENTIAL JUL I 20 JULY 20 JULY 2 0 8. 17 8.29 - 0 . 11 EURO-DOLLAR DEPOSIT SNISS INTERBANK, COVERED DIFFERENTIAL JULY 20 JULY 20 JULY 20 8. 17 8. 15 0.03 ou 02 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM JULY JULY JULY JULY JULY JULY MAY JULY 15 15 IS 8 15 15 15 9.08 6.38 4. 72 4. 17 10. 37 8.97 6.32 9.21 U.S. CORPORATE AAA BONDS CHART 10. 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GSRHANT SWITZERLAND NETHERLANDS FRANCE JAPAN HAT JULY JULY JULY JULY JOLT JULY JULY JULY 20 20 20 20 20 20 20 20 288. 30 329.32 338.81 207. 36 183. 34 273.00 347. 35 573. 58 FEDERAL RESERVE statistical release H.10(512) JULY 22, 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING JULY 22, 1988 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 MONETARY UNIT JULY 18 DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA •IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND •UNITED KINGDOM KRONE 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 79.55 13.220 39.410 1.2097 3.7314 7.1820 4.4670 6.3430 1.8815 151.250 7.8165 14.0800 142.90 1395.00 134.75 2.6380 2.1220 65.050 6.8600 153.350 2.0530 2.4610 729.00 124.880 31.938 6.4600 1.5626 28.680 25.610 167.00 MEMO: •UNITED STATES DOLLAR 98.16 •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DOLLAR SCHILLING FRANC DOLLAR YUAN I CURRENCY UNITS PER DOLLAR) JULY 19 JULY 20 JULY 21 JULY 22 80.22 13.102 39.010 1.2014 3.7314 7.1025 4.4325 6.2880 1.8643 149.450 7.8170 14.0600 144.40 1380.00 133.90 2.6305 2.1035 66.050 6.8075 152.000 2.0495 2.4340 729.10 123.450 31.938 6.4080 1.5480 28.680 25.580 169.35 80.93 13.020 39.130 1.1956 3.7314 7.0470 4.3985 6.2430 1.8507 148.500 7.8110 14.0600 145.30 1369.25 133.18 2.6285 2.0900 65.950 6.7485 150.700 2.0448 2.4230 728.30 122.600 31.967 6.3680 1.5367 28.680 25.580 170.95 81.21 12.913 38.460 1.1975 3.7314 6.9970 4.3705 6.2020 1.8380 148.500 7.8110 14.0400 146.15 1361.25 132.25 2.6240 2.0740 66.450 6.7050 150.000 2.0400 2.4030 727.70 121.850 31.997 6.3335 1.5290 28.680 25.550 172.65 81.19 12.847 38.220 1.1985 3.7314 6.9625 4.3450 6.1650 1.8263 146.500 7.8100 14.0600 146.85 1354.00 130.70 2.6240 2.0610 66.700 6.6550 149.000 2.0360 2.4010 727.20 121.100 31.988 6.3000 1.5180 28.680 25.480 174.00 97.26 96.65 95.98 95.36 SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. HEIGHTS 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. •VALUE IS U.S. CENTS