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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
July 28,1986
Prepared by the
FINANCIAL MARKETS
SECTION
DIVISION OF
INTERNATIONAL FINANCE
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551
Table of Contents
TABLES
SUBSCRIPTION RATES:
1. LATEST FIGURES PLOTTED
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
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.
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
CHART 1
SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1 9 7 3 = 1 0 0
RATIO SCALE
MARCH 1 9 7 3 = 1 0 0
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
ITALIAN LIRA
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
CANADIAN DOLLAR
UX. POUND
FRENCH FRANC
U
SWISS FRANC
BELGIAN FRANC
1984
1986
1984
1986
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PER ANNUM
PERCENT PER ANNUM
JAPANESE YEN
CANADIAN DOLLAR
12
U. K. POUND
SWISS FRANC
GERMAN MARK
DUTCH GUILDER
FRENCH FRANC
ITALIAN LIRA
24
32
1984
1986
1984
1986
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. [
_ARS PER FINE OUNCE
U.S. DOLLARS PER F'NE OUNCE
520
520
500
500
480
480
460
460
12.5 Kg BARS
440
440
AFTERNOON FIXING PRICE
420
420
400
400
380
380
360
360
340
340
320
320
300
300
280
280
i i I i i I i i I i i I i i I i i I i i I i
260
1983
1984
1985
1986
260
t
CHART 4
CALL MONEY RATES
WEEKLY SERIES
NT PER ANNUM
PERCENT PER M NUM
20
20
16
16
FRANCE
U. S. FEDERAL FUNDS
12
12
8
8
4
4
JAPAN
0
0
20
20
16
SWITZERLAND
16
CANADA
12
A."
UA
V V V ^ l
8
4
I
I
I
20
16
UNITED KINGDOM
12
12
GERMANY
8
8
UWtNV.
r
0
8
0
20
4
_
4
0
16
12
4
NETHERLANDS
l
l
1984
I
i
1986
I
1984
I
0
1986
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
T PER ANNUM
PERCENT PER AN
14
16
U . S . CD'S
CANADIAN FINANCE CO.
PAPER
12
14
L
10
8
—
12
10
WEIGHTED AVERAGE
FOREIGN RATE
6
-
4
I
I
8
6
I
16
14
1FRENCH INTERBANK RATE
f\
U.K. INTERBANK STERLING
14
-
12
12
10
10
1
8
1
1
1
1
1
-
8
6
1
10
10
NETHERLANDS INTERBANK RATE
GERMAN INTERBANK RATE
8
8
6
6
4
4
2
I
I
1
1
1
1
1
2
1
8
7
S
SWISS INTERBANK RATE
JAPANESE GENSAKI RATE
6
y "
6
4
2
5
1
4
1984
1986
1
1
1
1
1984
0
1
1986
CHART 6
EURO-DOLLAR DEPOSIT RATES
LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
:NT PER ANNUM
PERCENT PER Ah
16
16
OVERNIGHT
3-MONTH
14
14
12
12
10
10
8
8
6
I
I
11111111111
I
6
16
16
7-DAY
6-MONTH
14
-
14
12
12
10
10
8
8
I
6
I
I
I
I
I
ill i i h i l l i
I I I I I I I I I I I'
16
6
16
1-MONTH
1-YEAR
14
14
12
12
10
10
8
8
6
6
1984
1986
1984
1986
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 ANNUM
PERCENT PER ANNUM
16
16
14
14
FEDERAL FUNDS
3-MONTH
DASHED LINE
E U R O - D O L L A R DEPOSITS
12
12
10
10
90-DAY CD' S
OVERNIGHT
E U R O - D O L L A R DEPOSITS
6
—
1 _ J
I
I
I
I
I
I
I
J
I
I
111111111.111111111111111
1984
1 PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE S C A L E
I
111111111111111111111111
I
111111111 M111111111111
DIFFERENTIAL
DIFFERENTIAL
I
J
111111111111111111111111
1986
J
I
1984
1986
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
T PER ANNUM
PERCENT PER AN
18
18
CANADIAN FINANCE
CO. PAPER, COVERED
EURO-DOLLAR DEPOSITS
14
DASHED LINE
14
10
10
INTERBANK STERLING
6
COVERED LONDON
2
I
I
I
I
6
U. S. COMMERCIAL PAPER
I
I
li
2
2
DIFFERENTIAL
2
DIFFERENTIAL
+
0
0
J_J_
2
I
I
J_L
i i i 11
I
2
18
18
INTERBANK DM
14
SWISS INTERBANK (SF) COVERED
COVERED FRANKFURT
14
10
10
EURO-DOLLAR DEPOSITS
6
2
EURO-DOLLAR DEPOSITS
DASHED LINE
I
I
6
DASHED LINE
I
I
I
I
I
I
I
I
I
I
2
2
2
DIFFERENTIAL
DIFFERENTIAL
0
0
2
I
I
I
I
1984
I
II
1986
PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E
ilLL
i _ L
1984
1986
2
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
NT PER ANNUM
PERCENT PER At
17
17
UNITED STATES
15
CANADA
15
13
13
11
11
9
9
7
7
15
9
13
UNITED KINGDOM
7
SWITZERLAND
5
11
9
3
7
1
10
10
GERMANY
JAPAN
8
8
6
6
4
4
18
18
U. S. CORPORATE
MONTHLY
16
16
,
FRANCE
Aaa BONDS
14
14
12
—
__
10
INETHERLANDS
10
MONTHLY
8
8
6
12
I
1984
1986
I
I
I
I
1984
I
6
I I I I I ill I I I I I
1986
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100
RATIO SCALE
1969=100
UNITED KINGDOM
UNITED STATES
NETHERLANDS
SWITZERLAND
FRANCE
GERMANY
SERIES
CHART 1 .
LAST VALUE PLOTTED
DATE
VALUE
NAME
SPOT EXCHANGE BATES AND I N D I C E S
WEEKLY AVERAGES, NOON BUYING KATES
(U.S.
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
CENTS)
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
23
23
23
23
23
23
23
23
23
23
4 6 . 86
0.63851
41.58
150.01
72.46
14.50
57.89
2.26988
0. 06817
14. 20
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
23
23
23
23
23
23
23
23
23
131.82
167.18
119.36
60.67
7 2 . 22
65.36
186.24
89.44
3 8 . 72
23
23
23
23
23
23
23
23
23
23
23
109.75
151.91
193.00
130.69
62.46
76.20
67.54
204.44
96.04
38.97
66.74
23
23
23
23
23
23
23
23
- 1 . 84
-3.33
1.95
- 0 . 76
1.64
0.90
1. 8 8
-4.87
I N D I C E S , MARCH 1 9 7 3 BASE RATES = 1 0 0
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
0 - K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
GHTED AVERAGE EXCHANGE VALUE I N D I C E S ,
(G—10 COUNTRIES PLUS SWITZERLAND)
U . S . DOLLAR
GERMAN MARK
JAPANESE YEN
BOTCH GUILDER
a . * . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
CHART 2 .
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
3-MONTH FOBWARD EXCHANGE RATES, PREMIUM OR DISCOUNT
CANADIAN DOLLAR
0 . K. POUND
GERMAN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
ITALIAN LIRA
MAR 1 9 7 3 = 100
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
LAST VALUE PLOTTED
DATE
VALUE
SERIES NAME
CHART 3 .
GOLD PBXCE IN LONDON, AFTERNOON FIXING
0. s .
.
DOLLARS PER FINE OUNCE
JUL! 23
349.92
CALL MONEY RATES
JULY
JULY
JULY
JUL!
JULY
JULY
JULY
JULY
JULY
23
23
23
23
23
23
23
23
23
6 . 42
6.40
9 . 60
8 . 30
4.55
4 . 43
7.22
6.03
1.00
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
23
23
23
23
23
23
23
23
23
6.31
4.60
4.60
8.23
9.94
4.80
7 . 13
5.58
6.62
JULY
JULY
JULY
JULY
JULY
JULY
23
23
23
23
23
23
6 . 40
6 . 44
6.46
6.46
6.45
6.53
OVERNIGHT EURO-DOLLAR DEPOSITS
U . S . FEDERAL FUNDS
DIFFERENTIAL
JULY 2 3
JULX 2 3
JULY 2 3
6.40
6.42
-0.02
3-MONTH EURO-DOLLAB DEPOSIT BATE
U . S . 90-DAY C D ' S , SECONDARY MARKET
DIFFEBENTIAL
JULY 2 3
JULY 2 3
JULY 2 3
6.46
6.31
0 . 13
U . S . FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR DEPOSITS
ILK.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART 5 .
3-MONTH INTEREST BATES
U . S . 90-DAY C D ' S . SECONDARY MARKET
GERMAN INTERBANK LOAN
JAPANESE GENSAKI RATE
CANADIAN FINANCE PAPER
INTERBANK STERLING
SWISS INTERBANK LOAN
FRENCH INTERBANK RATE
NETHERLANDS INTERBANK RATE
WEIGHTED AVERAGE FOEEIGN INTEREST RATE
{G-10 COUNTRIES PLUS SHITZEBLAND)
CHART 6 . EURO-DOLLAR DEPOSIT BATES; LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MO NTH
6-HO NTH
1-YEAB
CHART 7 . SELECTED EURO-DOLLAR AND U . S .
HONE! MARKET RATES
SERIES NAME
CHART 8 .
LAST VALUE PLOTTED
DATE
VALUE
INTEREST ARBITRAGE, 3-HONTH FUNDS
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
JULY 2 3
JULY 2 3
JULY 2 3
6.46
6 . 53
-0.06
U . S . COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
JULY 2 3
JULY 2 3
JULY 2 3
6.24
6. 35
- 0 . 12
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFURT), COVERED
DIFFERENTIAL
JULY 2 3
JULY 2 3
JULY 2 3
6 . 46
6.57
-0.11
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
JULY 2 3
JULY 2 3
JULY 2 3
6 . 46
6.46
0 . 00
JULY
JULY
JULY
JULY
JULY
JULY
MAY
JULY
7. 33
5 . 70
5 . 01
4 . 05
9. 23
8 . 54
6 . 39
9 . 06
CHART 9 .
LONG TERM GOVERMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN (MONTHLY)
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
11
18
18
11
11
18
11
U . S . CORPORATE
AAA BONDS
CHART 1 0 .
JUNE
9.13
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
S833ZBB1.AND
NETHERLANDS
FRANCE
JAPAN
JULY
JULY
JULY
JULY
JULY
JULY
JULY
JULY
16
16
16
36
16
16
16
16
24 0 . 0 3
287.19
294.79
255.50
176.80
346.87
370.60
364.96
FEDERAL RESERVE statistical release
H.10 (512)
If
JOLT 2 5 ,
1986
FOREIGN EXCHANGE RATES
FOB THE RBBK BBDIBG
JOil 25,
1986
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
BBLGIUH
BRAZIL
CANADA
CHIWA,P.R.
DBNHARK
FINLAND
FRANCS
GERMANY
GREECE
HONG K01G
IRMA
•IRELAND
I T AL I
JAPAN
flALAISIA
NETHERLANDS
•NEH ZEALAND
N0R8AI
PORTUGAL
SINGAPORE
•SOOTH AFRICA
SOOTH KOREA
SPAIN
S R I LAMA
SWEDEN
SHITZSRLAJKD
TAINAN
THAILAND
•UNITED KINGDOl
HEHO:
#UNITED STATES
MONETARY
UNIT
DOLLAR
SCHILLING
FRANC
CRUZADO
DOLLAR
YUAN
KRONE
HARKKA
FRANC
D . HARK
DRACHHA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
eos
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND
DOLLAR
JULY 2 1
fCIIRRBMCY III I T S PER DOLLAB 1
JULY 2 2
JULY 2 3
JULY 2 4
JUL! 25
64.13
14.920
43.790
13.64
1.3762
3.7129
7.9600
5.0400
6.8625
2.1210
137.200
7.8130
12.5900
140.40
1458.Q0
155.05
2.6575
2.3920
54.050
7.4200
147.700
2.1835
39.70
888.50
135.400
28.077
7.0200
1.7130
38.120
26.160
149.90
63.72
15.045
44.090
13.84
1.3839
3.7129
8.0300
5.0750
6.9050
2.1375
137.250
7.8160
12.5600
139.50
1468.00
156.80
2.6680
2.4080
54.050
7.4800
148.750
2.1880
39.50
888.00
136.750
28.085
7.0700
1.7285
38.120
26.130
149.00
6 2 . 63
15. 033
44. 060
1 3 . 84
1.3898
3.7129
8.0300
5 . 0700
6. 8825
2.1330
137. 900
7.8150
12.5700
139.55
1470.00
157.45
2.6700
2.4030
53.680
7 . 4700
148.800
2.1920
3 9 . 60
888.10
136.700
2 8 . 085
7.0575
1.7270
3 8 . 120
2 6 . 130
149.20
61.26
15.040
44.090
13.84
1.3885
3.7129
8.0340
5.0725
6.9100
2.1380
137.500
7.8150
12.5300
139.30
1468.00
156.70
2.6570
2.4080
53.050
7.4870
148.500
2.1870
39.55
888.60
136.710
28.090
7.0630
1.7250
38.120
26.180
149.35
6 0 . 15
15.090
4 4 . 280
1 3 . 84
1.3872
3.7129
8.0700
5.0750
6.9435
2.1460
1 3 8 . 900
7.8140
12.5400
138.10
1474.00
157.70
2.6490
2.4170
52.100
7.5100
149-200
2.1890
3 9 . 10
889.10
139.000
28.092
7.0800
1.7315
38.120
26.180
148.25
109.18
109.99
109.96
109.99
110.45
S l N b i X OF BElGi ITED AWBRAGJ EXCHANGE VALUE OF O . S . DOLLAR AGAINST COMENCISS Ol OTHER G - 1 0
COOBTBIBS. HABCH 1 9 7 3 - 1 0 0 . HEIGHTS ABB 1 9 7 2 - 7 6 GLOBAL TBADB OP BACH OP TAB 10 COOBTBIBS.
SBBIBS BBTISBD AS OP AUGUST 1 9 7 8 . POB DBSCBIPTIOB ABO BACK DATA, SBB "IBOBX OP TBB
BBIGHTBD—AVBBAGB BXCHABGB VALOB OP THB O . S . DOLLAB: BBVISIOB" OB PAGB 7 0 0 OP TBB AOGOST
1 9 7 8 PBDBHAL BBSBBTB B 0 1 1 B T I B .
•WALOB I S O . S . CBBTS
@FedFRASER