Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 31, 1995

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 31, 1995

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington , D C. 20551




Table of Contents

TABLES
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
CHARTS
1. SPOT EXCHANGE RATES 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
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 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
150

RATIO SCALE
MARCH 1973=100

120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

100

BELGIAN FRANC

130

110

80

60
300

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

I

1

I » I '

» I »

1

'

I

1

1

'

90
390
330

JAPANESE YEN
SWISS FRANC

260

270
220

210

1

180
100

1

i

1

1

1

1

i

1

1

I

1

I I I I I

•

I

I I I

I I I I

150
105

CANADIAN DOLLAR

80

85

U.K. POUND

60

40
195

65

'

'

'

I i

i

» I

i

i

'

I i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

I

45
215

GERMAN MARK

DUTCH GUILDER

175

I

195

175

155

135
115

•

i

i

i

i

'

i

I i

'

'

I '

i

i

i

I

I

I

I

I

I

I

I

I

I

»

I

I

ITALIAN LIRA

FRENCH FRANC

95

I

155
75
55

35
75 —

55

I

1 I I » '




1993

'

I '

» '

I

I I
395

I I I I '
1993

I I

I I I • I «
1995

15

CHART 2

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

PERCENT PER ANNUM
2

U.K. POUND

y v

—

i

i l

I

i

i

i

i

1

i

i

ITALIAN LIRA




1993

1

1

1

1

—

FRENCH FRANC

« '

1

—

DUTCH GUILDER

i

1

—

SWISS FRANC

i

1

—

i

i

I

JAPANESE YEN

CANADIAN DOLLAR

•

i

•

l

•

» i

l

i

'
1995

i

1

i

i

•
1992

1994

i

1

i

i

i

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
1991




L

J

I
1992

L

I

I
1993

I

I

I

I
1994

L _ l

l _ l
1995

L

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

SWITZERLAND
U.S. FEDERAL FUNDS

JAPAN

2
10

0

8
NETHERLANDS

6
GERMANY
4

2
16

9

14

FRANCE

12
CANADA

10

8

6

4

UNITED KINGDOM

2




1993

1995

1993

1995

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
CANADIAN FINANCE PAPER

WEIGHTED AVERAGE
FOREIGN RATE

U.S. CD'S

2
12

3

NETHERLANDS INTERBANK RATE
10
U.K. INTERBANK STERLING
8

6

4
7

3

5

FRENCH INTERBANK RATE

JAPANESE CD RATE

3

1
10
GERMAN INTERBANK RATE

8
SWISS INTERBANK

6
4

2




1993

1995

3

CHART 6

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

PERCENT PER ANNUM

OVERNIGHT

3-MONTH

2

2

8

7-DAY

6-MONTH

6

4

2
8

2

1-YEAR

1-MONTH

6

4

2




1993

1995

2

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN US.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
7

PERCENT PER ANNUM
7

3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

ffl. t

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE

J__J

I

I

I

I—J

L_l

I

I

I

I

I

L

J

DIFFERENTIAL

I




I

I

I

I
1993

I

I

I

I

I

I

I

L

I

i

DIFFERENTIAL

I

J

I

I

I

I

L_L
1995

(V .

J — i — i — I

i

i
1993

i-«^| i

i

L_i

l/*1'

'

i

i

i
1995

i

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 —

U.S. COMMERCIAL PAPER
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

3 —

'

'

•

'

'

'

'

'

•

•

I 1 » '

'

'

DIFFERENTIAL

I

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l

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DIFFERENTIAL
A

*\) VVVfy" •/^7^VVJ'VR

^

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1

1

1

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•

I I I I

I I

I I

I I I I I I -

1
7

INTERBANK DM
COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS
V.\
DASHED LINE

^ U R O - D O L L A R DEPOSITS
DASHED LINE

uN

I

I I

I I

'

I

I '

'

I

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I

I I I I

DIFFERENTIAL

I I

I I

•

•

I I '

'

I '

•

i

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» 11

DIFFERENTIAL

Ai/Wy^„y

1

'

« '

I




1

1

1993

1

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1

1

» 1 I I I
1995

•

•

•

l

'

•
1993

'

i
1995

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
9

PERCENT PER ANNUM
UNITED KINGDOM

FRANCE

CANADA

I

I

I

1

SWITZERLAND




I

I

I

I

I

»

I

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1

I

JAPAN

NETHERLANDS

GERMANY

I I
1993

I

1995

i

i

« l

'

1

1993

1

I '

1

i

I i

i
1995

i

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
*
1 200

RATIO SCALE
1986=100

220
UNITED KINGDOM

UNITED STATES
200

180

180

160

160

140

140
250

120
160
JAPAN

SWITZERLAND
225

140

200

120

175

100

150 —

80

125

180

160
CANADA

GERMANY
140

160

120

140

100

120

190

100
180
NETHERLANDS

FRANCE
170

160

150

140

130

120

110




1993

1995

1993

1995

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

12-Jul-95 19-Jul-95 26-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

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

3.5076
73.572
20.764
72.119
0.06238
1.13718
64.406
86.662
159.41

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

138..22
73..33
93..57
202..88
35..80
297.,75
184 .
.90
278..80
64 .
.48

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

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

.14
119 ,
60 .39
77,.88
192 .99
27,.62
284 .38
163..00
51..87
244 .
.13
51,.77
81,.83

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

Mar. 1973
1973 =100
Weighted average exchange value indices,, Mar.
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.

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

Premium or Discount
-0..67
-0..62
1..35
-5..13
5 . 12
1..73
.11
3.
-0..94

-0 .76
-0 .41
1 .36
-4 .89
5 .22
1 .78
3 .23
-0 .90

-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

389 .10

385..57

385 .43

.21
389 ,

386 .43

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 .72
5 .73
6 .56
6 .71
4 .44
0 .84
4 .16
1 .70
6 .60

5 .75
5 .74
6 .46
6 .55
4 .38
0 .81
3 .91
2 .73
6 .40

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

Call Money Rates

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




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. 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 .16
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. 77
6. 71
6. 21
4 .45
0. 82
4 .11
2 .74
6. 74
4 .40

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

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

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

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

5. 74
5. 74
5 .78
5. 79
5. 80
5. 84

Euro-Dollar Deposit Rates

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

12-Jul-95 19-Jul-95 26-Jul-95

Selected Euro-dollar & U.S. Mone> Market Rates
5..99
5..95
0..04

6 . 01
6..21
-0..20

5 . 88
5.
.81
0 .07
.

.73
5.
.72
5.
0..01

5 . 74
.75
5.
-0..01

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

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

5 . 77
.76
5.
0 .01
.

5 .75
.
5 .73
,
0..02

5 .79
5 .77
0 .02

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

5 .84
5 .92
-0 .07

5 .92
5 .99
-0 .07

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

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

5 .79
.
5 .82
-0 .04

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

5 .92
6 .09
-0 .17

5 .94
6 . 14
-0 .19

5 .76
5 .94
-0 .18

5 .75
5 .89
-0 .14

5 .79
5 .94
-0 .14

5 .84
5 .84
0 .00

5 .92
5 .95
-0 .03

5 .77
5 .84
-0 .07

5 .75
5 .82
-0 .07

5 .79
5 .83
-0 .04

5 .84
5 .92
-0 .08

5 .92
6 .01
-0 .09

5 .77
5 .87
-0 .10

5 .75
5 .78
-0 .03

5 .79
5 .99
-0 .20

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

8 .25
7 .45
6 .83
3 .00
4 .61
6 .89
8 .27
6 .47

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential
Euro-dollar deposit
Swiss interbank, covered
Differential
Chart 9.

juuny

icim

uuvci-iMuciiu

-L- -L- ™v-

10-year maturity, where available

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

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

Stock Indices

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

(Wednesday figures)

.54
153 .
.97
156 .
151,.74
150..92
.49
149 ,
151..50
.47
148 .
146..01
119 ,
.93
.31
120 .
.08
116 ,
115..66
98 .80
.25
100 .
91,.72
91..01
161,.25
161..63
157 .46
156..05
236 .97
237 ,
.35
234 .21
232 ,
.98
197 .85
200 .39
197 .54
191,.47
216 .80
220 .49
215 .55
214 .42
Indices (in order, rebased 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

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




153 .
.36
149 .
.85
122 .
.63
99..03
164 .
.18
236..11
200..80
220..74
to SBF250

v;ok£g%..

FEDERAL RESERVE statistical release
H.10(512)

July 28, 1995

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 28, 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:
MONETARY
UNIT

Jul. 24

^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

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

0.7375
9.735
28.480
1.3590
8.3204
5.3895
1.3386
4.2340
4.8070
1.3840
224.98
7.7365
31.380
1.6455
1600.25
87.55
2.4520
6.0950
1.5514
0.6760
6.1535
145.16
1.3995
3.6395
759.10
119.010
51.000
7.1525
1.1503
26.500
24.760
1.5976

0.7385
9.810
28.700
1.3558
8.3203
5.4300
1.3298
4.2465
4.8390
1.3945
226.41
7.7375
31.377
1.6355
1605.50
87.88
2.4545
6.1600
1.5630
0.6762
6.1930
145.91
1.3985
3.6365
759.20
119.770
50.590
7.1415
1.1600
26.590
24.770
1.5879

0.7381
9.763
28.560
1.3580
8.3202
5.4025
1.3379
4.2285
4.8140
1.3880
224.80
7.7378
31.390
1.6430
1596.75
87.95
2.4530
6.1100
1.5557
0.6745
6.1600
145.02
1.3978
3.6340
759.10
119.230
50.510
7.0965
1.1525
26.700
24.760
1.5956

0.7365
9.722
28.450
1.3608
8.3202
5.3785
1.3430
4.2120
4.7930
1.3820
224.08
7.7375
31.387
1.6445
1592.50
87.95
2.4554
6.0950
1.5489
0.6697
6.1335
144.47
1.3945
3.6300
759.10
118.800
51.000
7.0720
1.1468
26.440
24.760
1.5964

0.7363
9.707
28.390
1.3644
8.3203
5.3650
1.3456
4.2005
4.7755
1.3798
223.88
7.7387
31.395
1.6480
1585.25
88.18
2.4575
6.1050
1.5464
0.6710
6.1155
144.24
1.3943
3.6260
759.00
118.540
50.750
7.0480
1.1460
26.420
24.760
1.6003

MEMO:
^ U N I T E D STATES

DOLLAR

81.69

82.10

81.80

81.60

81.49

COUNTRY

(CURRENCY UNITS PER D O L L A R )
Jul. 25
Jul. 26
Jul. 27

Jul. 28

"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 AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD.
FOR INFORMATION, CALL (202) 482-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.