Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 30, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 30,1990

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 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

RATIO SCALE
MARCH 1973=100

140

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

i

i

I

i

i

i

I

i

BELGIAN FRANC

i

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I

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I

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i

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i

< I

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i

i

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I

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I

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i

l

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i

I

I

I

i

I

i

i i
1988

I

i

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1990

CANADIAN DOLLAR

U.K. POUND

i

I

JAPANESE YEN

SWISS FRANC

'

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I '

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I

GERMAN MARK

—

DUTCH GUILDER

—

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i

ITALIAN LIRA
FRENCH FRANC

i

i




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I

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i
1988

'

I

'

i

i

I

i

i
1990

i

i

i

i

I

i

CHART 2

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

CANADIAN DOLLAR

1

1

1

I

1

1

PERCENT PER ANNUM
4

U.K. POUND

1

I

1

1 1

I

1

1

1

1

GERMAN MARK

1

1

I

1

1 1

1

1

1

1 1

1

1 1

JAPANESE YEN

—

1

1

1

1

1

1

1

1

1

1 1

1

1

1

1

1

SWISS FRANC

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1 1

DUTCH GUILDER

\
1

1

1

1

1

1

1

1

1

I

I

I

FRENCH FRANC

I

1

1

1

1

1

1

1

1 i

V

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•

"

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i

ITALIAN LIRA

v

-

_
-

12

1

1

I




1

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I I
1988

1

i

i

1

1

1

1 1
1990

1

1

1

1

1

1 1
1988

1

1 i

i

I

i

i
1990

|

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
OLLARS PER FINE OUNCE




U.S. DOLLARS PER FINE O

520

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

I
1987

1988

1989

1990

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

16

12

FRANCE

U.S. FEDERAL FUNDS

12

JAPAN

0

I

'

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> '

'

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•

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16

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0
16

12

12
CANADA
GERMANY

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UNITED KINGDOM




•

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•

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•

SWITZERLAND

NETHERLANDS

1988

1990

1988

1990

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

10

12
SWISS INTERBANK RATE
U.S. CD'S

WEIGHTED AVERAGE
FOREIGN RATE

—

U.K. INTERBANK STERLING

CANADIAN FINANCE CO
PAPER

FRENCH INTERBANK RATE

GERMAN INTERBANK RATE




NETHERLANDS INTERBANK RATE

JAPANESE CD RATE

1988

1990

1988

1990

CHART 6

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

14

3-MONTH

OVERNIGHT

12

10

8

6

4
14

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1

» I

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6-MONTH

7-DAY

12

'

10

8

6

i

4
14

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1-MONTH

12

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1-YEAR

10

8

6

4

1

•» '




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1988

1

J

1

'

1

I

1

'
1990

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I

'
1988

I

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 ANNUl

:ENT PER ANNUM

14

12

10

OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

8

6
90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

4

J

2
2

I

I

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l

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L

DIFFERENTIAL

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I

I

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I

I

I

I

I

I

I

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L

DIFFERENTIAL

1

+

0

1

J




l__l

I

I

I

1988

I

I

l

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l

I

I

L

1990

J

I

I

1988

1990

CHART 8

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

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

'

•

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> I

i

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

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Io
2

DIFFERENTIAL

DIFFERENTIAL
v

1

2
16

1

12

1

V VVy^VN V<A-^

I

1

1

1

I

1
1

1

1

1

1

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•

1—

i

INTERBANK DM

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2
16

12

EURO-DOLLAR DEPOSITS

EURO DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

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i

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

—

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N o
2

DIFFERENTIAL

DIFFERENTIAL

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1988

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I
1990

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» I

I

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1988

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I

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'

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'
1990

•

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

14

PERCENT PER ANNUM

f

UNITED STATES

14

CANADA

12

12

10

10

•

i

i

I

'

'

'

l

•

•

•

i

i

14

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i

'

UNITED KINGDOM

1

'

1

I

1

1

1

'

1

•

I

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i

6
14

FRANCE

12

12

10

10

'

I

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'

•

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•

10

_L_L

I

SWITZERLAND

2
10

'

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'

1

1

1

'

•

•

•

'

•

i

NETHERLANDS

'

'




'

'

I

I

I

I

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I

•

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I

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JAPAN

1

1

1

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1

1

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1

•

1988

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•

'

•

•
1990

1

1

1

I

1

1

1

1988

I

1

1

'

I

6
10

2
10

GERMANY

MONTHLY

'

I

'

'

I

1990

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE

RATIO SCALE

1986=100
200
— UNITED STATES

1986=100
200

.NETHERLANDS

175
150
125

100
75

•

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I

< i

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l

•

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'

I

i

i

i

. JAPAN

i

i

i

I

i

i

i

I

i

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i

I

i

i

50
200

— GERMANY

175
150
125

100
75

•

I

I

I

I

I

I

I

I

I

I

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I

I

I

— SWITZERLAND

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i

FRANCE

I

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I

I

I

— CANADA

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UNITED KINGDOM

75

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i




I

i

i
1988

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I

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I

i

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1990

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•

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l

i

•
1988

'

l

'

'

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I

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i
1990

i

50

SERIES
27-Jun-90 4 - J u l - 9 0
Chart 1.

ll-Jul-90

18-Jul-90 25-Jul-90

S p o t Exchange R a t e s a n d I n d i c e s

Noon b u y i n g r a t e s ( U . S .

cents, weekly averages)

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese y e n
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound

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

2.9765
86.564
18.295
61.345
0.08379
0.67322
54.441
71.900
181.72

114.72
84.75
80.19
168.08
46.80
169.04
152.41
228.19
70.11

115.52
85.54
80.81
169.37
47 . 09
172.27
153.51
228.67
71 06

116.10
85.88
81.36
170.50
47.46
174.45
154.45
229.91
72.69

115.95
86.14
81.49
170.62
47.52
176.96
154.47
228.81
73.13

117.29
86 .28
82.44
172.57
48.09
176.27
156.29
231.31
73.50

W e i g h t e d a v e r a g e exchange v a l u e i n d i c e s , M a r . 1973=100
Belgian franc
107.88
107.82
Canadian d o l l a r
77.95
78.10
French f r a n c
72.67
7
2.68
German mark
172.04
172.07
Italian lira
40.69
40.63
Japanese yen
167.25
169.40
Netherlands g u i l d e r
146.30
146.25
Swedish k r o n a
67.56
67.47
Swiss f r a n c
218.41
217.20
U.K. pound
62.85
63.26
U.S. d o l l a r
91.99
91.12

107.58
77.84
72.65
171 .98
40.66
170.44
146.08
67.46
216.81
64.36
90.30

107.14
77.87
72.57
171.60
40.61
172.70
145.71
67.35
215.19
64.61
90.01

107.76
77.51
73.03
172.70
40.87
170.80
146.60
67.50
216.26
64.54
89.33

-1.73
0.07
-2.87
0.67
-0.01
-0.74
-6.30

-5.15
-1.73
0.02
-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

-5.24
-1.83
-0.17
-3.17
0.38
-0.14
-0.89

350.31

357.28

357.88

359.68

366 .17

8.28
8.20
13.23
9.81
7.76
7.33
7.84
8.38
14.89

8.33
8.21
13.34
10.10
7.98
7.36
7.28
8.38
14.88

8.28
8.25
13.88
9.99
8.04
7.29
7.61
8.38
14.90

8.14
8.08
13.78
10.01
8.01
7.38
7.74
8.38
14.85

8.05
7.94
13.70
9.86
96
41
77
7.88
14.90

Indices,

March 1973 base r a t e s = 100

Belgian franc
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

Chart 2.

3 Month F o r w a r d Exchange R a t e s , Premium o r D i s c o u n t

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
Chart 3.

-5.06

-6.66

G o l d P r i c e i n London, A f t e r n o o n F i x i n g

U.S. d o l l a r s p e r f i n e ounce
Chart 4.

-5.18
-1.65
0.13
-2.79
0.91
-0.01
-0.57
-6.24

C a l l Money R a t e s

U.S. f e d e r a l f u n d s
Overnight E u r o - d o l l a r deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




SERIES
2 7 - Jun--90 4 - J u l - 1 90
Chart 5.

3-Month I n t e r e s t

Rates

U.S. 90-day CD's, secondary 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
CG-10 C o u n t r i e s )
Chart 6.

Selected Euro-dollar

Overnight Euro-dollar
U.S. f e d e r a l funds
Differential

& U.S.

deposits

Interest

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

covered

covered

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential

10.

8 .21
8 .20
8 .19
8 .21
8 .26
8 .33

8 .12
13 .64
10 .03
8 .24
7 .67
8 .14
8 .75
14 . 9 1
9 .95

8 .00
13 . 5 1
9 .81
8 .15
7 .70
8 .16
8 .75
14 .94
9 .90

8
8
8
8
8
8

.25
.21
.23
.23
.28
.39

8
8
8
8
8
8

.08
.09
.09
.11
.16
.25

7
7
8
8
8
8

.94
.95
.00
.01
.04
.15

8. 20
8. 28
- 0 . 08

8 .21
8 .33
- 0 .12

8 .25
8 .28
- 0 .03

8 . 08
8 ,.14
- 0 .06

7 . 94
8..05
- 0 ..11

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 .01
8 .00
0 .01

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 .01
8 .02
- 0 . . 01

8 .,16
8 . 41
- 0 . 25

8 .16
8 .49
- 0 .34

8 .14
8 .36
- 0 .22

8 .01
8 .26
- 0 .25

7 ,.90
8 .10
- 0 .20

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 .01
7 .98
0 .03

8..25
8..17
0,.08

8 .21
8 .06
0 .15

8 .23
8 .09
0 .14

8 .11
7 .95
0 .17

8 .01
7 .84
0 .17

10..72
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
10
8
7
6
10
8

.81
.11
.79
.07
.17
.85
.53

ND
10 .22
8 .71
7 .07
6 .06
10 .78
8 .47

ND
10 .05
8 .64
ND
6 .04
10 .74
8 .50

118
144
120
177
106
148
145
144

.12
.57
.67
.82
.48
.50
.68
.90

Long Term G o v e r n m e n t Bond Y i e l d s

Canada
France
Germany
Japan
Switzerland
U n i t e d Kingdom
United States
Chart

8 .20
8,.20
8,.21
8..25
8..31
8..46

8 .25
13 .69
9 .96
8 .17
7 .62
8 .11
8 .95
14 . 9 2
9 .92

3 - M o n t h Funds

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 . 7 3
9 .98
8 .16
7 .62
8 .18
8 .83
14 . 9 1
9 .93

Money M a r k e t R a t e s

3-month E u r o - d o l l a r deposit
U.S. 90-day CD's, secondary market
Di f f e r e n t i a l
Chart 8.

8 .26
13 .77
9 .96
8 .24
7 ..45
8 .24
8..75
14,.89
9..92

E u r o - D o l l a r Deposit Rates

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

1 1 - J u l - 9 0 1 8 - J u l -90 2 5 - J u l - -90

Stock I n d i c e s

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States

(Wednesday f i g u r e s )
117
150
119
178
107
144
147
142

.28
.33
.37
.64
.73
.62
.61
.52

119
149
121
178
107
148
145
144

.14
.59
.87
.71
.13
.31
.94
.53

119
148
124
181
109
145
147
146

.33
.03
.54
.31
.24
.50
.46
.17

118
147
122
174
108
142
144
143

.45
.03
.46
.47
.70
.88
.75
.42

I n d i c e s ( i n o r d e r , r e b a s e d t o 1 9 8 6 - 1 0 0 ) a r e T o r o n t o C o m p o s i t e , CAC G e n e r a l , FAZ A k t i e n ,
T o k y o SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l T i m e s O r d i n a r y , NYSE C o m p o s i t e




•' Of COvy",

FEDERAL RESERVE statistical release
H.10(512)

July 27, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 27, 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. 23

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
•EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
•NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI 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

0.7839
11.455
33.570
1.1570
4.7339
6.1930
1.2726
3.8110
5.4615
1.6280
159.40
7.7645
17.420
1.6478
1192.75
148.45
2.7055
1.8350
0.5937
6.2500
142.90
1.8135
2.6020
718.40
99.63
40.018
5.9165
1.3885
N. A.
25.710
1.8205

0.7858
11.378
33.320
1.1560
4.7339
6.1625
1.2772
3.8000
5.4275
1.6185
158.80
7.7648
17.420
1.6565
1184.75
148.35
2.7075
1.8240
0.5942
6.2410
142.40
1.8163
2.5995
718.40
99.18
40.018
5.8975
1.3750
27.220
25.700
1.8248

0.7859
11.390
33.350
1.1520
4.7339
6.1650
1.2762
3.8040
5.4210
1.6190
158.80
7.7620
17.420
1.6550
1184.75
148.88
2.7075
1.8241
0.5918
6.2535
142.50
1.8210
2.6030
718.40
99.18
40.018
5.9025
1.3740
27.220
25.730
1.8120

0.7792
11.430
33.390
1.1517
4.7339
6.1800
1.2753
3.8125
5.4345
1.6228
159.25
7.7620
17.430
1.6506
1187.75
150.45
2.7080
1.8287
0.5894
6.2625
142.60
1.8215
2.6145
718.20
99.45
40.018
5.9125
1.3782
27.200
25.710
1.8135

0.7897
11.355
33.230
1.1522
4.7339
6.1500
1.2802
3.7975
5.4105
1.6153
158.45
7.7648
17.400
1.6615
1182.00
149.60
2.7075
1.8208
0.5888
6.2275
142.25
1.8190
2.6010
718.20
98.98
40.018
5.8900
1.3685
27.167
25.720
1.8335

MEMO:
^UNITED STATES

DOLLAR

89.25

88.84

88.93

89.18

88.73

COUNTRY

(CURRENCY UNITS PER 1
DOLLAR)
Jul. 24
Jul. 25
Jul. 26

Jul. 27

*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.