Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 5, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 5,1994

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DiC. 20551




-e

>•

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 $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 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
• SCALE
H 1973=100

120
110

RATIO S
MARCH 197

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

—

100
90
80

BELGIAN FRANC

70

i

60

'

i

I

'

•

•

I

•

•

'

I

i

i

•

i

i

i

I

i

'

i

l

» i

'

I

'

'

'

I

'

'

'

i

•

'

•

•

I

I

I

I

I

290
270
250
230
210
190

JAPANESE YEN

SWISS FRANC

170

1

150

1

I

1

1

» I

»

1

1

I

i

i

i

•

I

'

»

'

85
75
65
U.K. POUND

55

i

45
200

i

i

I

i

CANADIAN DOLLAR

i

i

I

i

i

i

I

i

i

'

I

I

'

I

•

•

•

1 •

180
160
140
DUTCH GUILDER

120
'

100

•

•

I

•

•

GERMAN MARK

•

I

•

•

'

I

I

I

I

i

'

'

I

1

1

1

I

1

1

1

1

l

1

1

105
95
85
75
65

55

-

ITALIAN LIRA

FRENCH FRANC

'

i




I

i

'
1992

i

l

i

'

'

I

i

i
1994

i

I

I

I

I

I

I
1992

I

I

I

I

I

I

I

1

1994

I

CHART 2

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

PERCENT PER ANNUM

2

2

|

U.K. POUND

GERMAN MARK

i

i

l

i

i

i

I

i

i

i

I

i

i

i

I

i

1 1 1 1 I

I

1 I

1 I

1 1 1

1

I
0

I

i

» i

1 i

i

i

I

i

i

I

1 I

I

1 1 1 1 1

I

I

I

I

i

1 I

1 1 I

DUTCH GUILDER

SWISS FRANC

+

i

JAPANESE YEN

CANADIAN DOLLAR

I

i

I

I

I

I

I

I

I

I

I

I

ITALIAN LIRA

FRENCH FRANC

2
4
6

10

8
14

10
12

i

i

i




l

i

i
1992

i

l

i

i

i

I

i

I
1994

I

I

I

'

I
1992

I

I

•

'

'

I

'

I
1994

I

18

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

420

420

400

12.5 Kg BARS

400

AFTERNOON FIXING PRICE

380

380

360

360

340

340

#
320

1991




1992

1993

1994

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANH

DENT PER ANNUM

10

8
SWITZERLAND

8
6

U.S. FEDERAL FUNDS
6

4
4

JAPAN
2

I

2

I

I

I

I

I

I

I

I

J

I I I I I I I I I I I I I I

0
10

10

9

9

8

8
GERMANY

7

7

NETHERLANDS

6

6

5

4

16

14

14

12

PRANGE

12

10

CANADA

10

8

8

6

6

4

4

2




UNITED KINGDOM

1992

2

1994

1992

0
1994

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
13

PERCENT PER ANNUM
12
WEIGHTED AVERAGE
FOREIGN RATE
CANADIAN FINANCE PAPER

U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

JAPANESE CD RATE

FRENCH INTERBANK RATE

SWISS INTERBANK




GERMAN INTERBANK RATE

1992

1994

1992

1994

CHART 6

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

;ENT PER ANNUM

3-MONTH

OVERNIGHT
8

6

4

i

2
10

i

i

I

i

i

i

I

'

i

i

I

I

I

I

7-DAY

I

I

1 I

I

I

1 I

l

i

i

I

I

I

i

i

6-MONTH

8

6

4

I

2
10

I

I

I

I

I

I

I

I

I

I

I

I

1-YEAR

1-MONTH

8

6

4

2

'

i

i

I




'

'
1992

i

l

i

i

i

1 i

i
1994

i

i

i

i

I

i

i
1992

i

i

i

1994

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
10

PERCENT PER ANNUM
10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

90-DAY CD'S

FEDERAL FUN

DASHED LINE

DASHED LINE




DIFFERENTIAL

DIFFERENTIAL

V-

^AA

W

I
1992

^

^

A.

WW s V v v ^ V " M ^

I

I

I

I

I

I

I

I
1994

L

J

I

I

I

I
1992

I

I

L

J

I
1994

L

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

r

I

I

1 I

I

I

I

I

I

I

1 I

I

'

I

I

Ak

I

I

'

I

I

I

I

I

I

V'"vVw

1
SWISS INTERBANK (SF) COVERED

INTERBANK DM

COVERED FRANKFURT

EURO-DOLLAR DEP

EURO-DOLLAR DEPOSITS'

DASHED LINE

D A S H E D LINE

i

'

DIFFERENTIAL

DIFFERENTIAL

1 1 1 1 '
0

i

I

i

I

i

i

i

i

i

i

I

i

i

I I I I

i
DIFFERENTIAL

DIFFERENTIAL

fI

I

I




I

I

I
1992

I

I

I

I

I

I

I

I
1994

I

I

I

I

I

I
1992

I

I

I

I

I

I

I

I
1994

I

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

9

11

(

UNITED KINGDOM

UNITED STATES
8

i

i

'

l

i

i

i

I

i

i

i

I

i

i

i

5
10

FRANCE

CANADA

i

i

i

i

i

I

i

i

I

i

i

i

i

i

i

JAPAN

SWITZERLAND

•l . L . I

LJ_._LJ_._L_1

i

NETHERLANDS




I

i

i

I

i

J

I

I

L_J J .

GERMANY

I

I I I
1992

J

1994

1992

I

I

I
1994

I

CHART 10

STOCK INDICES
WEEKLY SERIES
SCALE
1986= 00

RATIO S<
1986

220
200

UNITED STATES

UNITED KINGDOM

180
160
140
120
i

i

i

l

i

i

i

l

i

i

i

l

i

i

i

i

i

i

I

i

i

i

I

i

i

i

l

i

i

'

I

'

'

'

l

i

i i
1992

I

i

i

i

I

i

250
225

ARAN

SWITZERLAND

200

175
150
125

100
160
CANADA

GERMANY

140
120

100

i

80

i

i

i

210

195

U - NETHERLANDS

FRANCE

180

i

I i




i

1992

i

I i

i

i

I i

i
1994

i

i

i

i

I

i

i i
1994

l-Jun-94
Chart 1.

8-Jun-94

15-Jun-94 22-Jun-94 29-Jun-94

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
1
tJ.K. pound

2 .9538
72 .158
17.790
60.820
0.06274
0.95651
54.220
71.300
151.24

2.9163
72.573
17.597
60.046
0.06188
0.95320
53.552
70.796
150.73

2.9357
72.424
17.751
60.488
0.06232
0.96823
53.945
71.777
151.48

3.0186
71.997
18.186
62.168
0.06308
0.97876
55.477
73.775
153.22

3.0604
72.119
18.401
63.053
0.06389
0.99906
56.232
75.078
154.81

116.39
71.92
80.17
171.09
36.01
250.44
155.65
229.38
61.17

114.92
72.33
79.29
168.91
35.52
249.58
153.74
227.76
60.96

115.68
72.18
79.99
170.16
35.77
253.51
154.86
230.91
61.27

118.95
71.76
81.95
174.88
36.21
256.27
159.26
237.34
61.97

120.60
71.88
82.92
177.37
36.67
261.59
161.43
241.54
62.61

109 .43
65 .95
72 .88
175 .68
30 .64
264 .86
149 ..65
51..56
.28
222 .
.47
54 .
. 61
92 ,

111. 00
64 .52
73 .69
178 .45
30 .57
263. 82
151.,85
51.,91
225 ..31
.30
54 .
.94
90 .

111. 41
63 .93
73 .81
179 .28
30. 65
266. 86
152 .38
52 .,16
226..99
.30
54 .
.76
89 .

-1 .61
-0 .97
-0 .47
-3 .22
2 .53
-0 .48
0 .24
-0 .58

-2 .16
-1 .01
-0 .40
-3 .67
2 .55
-0 .39
0 .27
-0 .56

-1 .94
-0 .89
-0 .24
-3 .52
2 .68
-0 .27
0 .46
-0 .44

381.31

383.22

389.35

388.04

4 .13
.
4 .15
.
5..67
5 .44
,
5,.06
1,.97
5 .05
4 .05
4 .95

4 .21
.
4 .10
.
5..56
5,.38
4 .99
,
2 .00
4 .97
3 .85
4 .48

4 .19
.
4 .15
.
5.,66
5 .31
,
4 .94
,
2 .00
,
4 .88
3 .95
4 .70

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, Mar. 1973-100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
I Swiss franc
U.K. pound
U.S. dollar
Chart 2.

-1.02

-0 .54
-3.06

2.52
-0.51
0.30
-0 .61

-1 .61
-1 . 04
-1 .20
-3 .18
2 .50
-0 .54
0 .15
-0 .62

386.05

Call Money Rates

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

#

-1.66

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

109 .34
66 .50
72 .64
175 .35
30 .60
261. 94
149 .,40
51. 89
.46
220 .
.52
54 .
.29
93 .

3-Month Forward Exchange Rates, Premium or
or Discount
Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

110.04
65.62
72 .99
176.66
30.83
261.02
150.33
52.35
220.57
54.33
92.50




4 .27
.
4 .08
.
5 .71
.
5 .49
.
4.
, 84
2.
, 01
5 .11
4 .28
4 .81

4 .19
.
4 .14
.
5..59
5,.33
5 .08
2 .01
4 .89
3 . 88
4 .71

1-Jun-94
Chart 5.

4.51
6.28
5.48
5. 04
2 . 13
5. 05
4 .13
5. 16
4 .86

4 .47
6.31
5.46
5 00
2 11
5 ,02
4 .25
5 .17
4 .85

4.44
6.18
5 40
4 98
2 , 10
4 .94
4 .18
5. 10
4 .81

4.49
6.73
5.42
4.95
2.12
4.92
4.25
5.09
4.89

4.62
6.80
5.48
4.90
12
92
19
11
90

4.15
4.19
4.25
4.46
4.80
5.41

4.10
4.16
4.23
4.45
4.76
5.36

4.15
4 .19
4.23
4.48
4 .80
5.39

14
23
36
61
96
56

4 . 10
4 .21
-0 . 11

4 .15
4 .19
-0 . 04

4 . 14
4 . 19
-0 .05

Euro-Dollar Deposit Rates

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

15-Jun-94 22 -Jun-94 29-Jun-94

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-Jun-94

08
12
20
50
83
41

Selected Euro-dollar & U.S. Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

4 .08
4 .27
-0 .19

4 .15
4 .13
0 .02

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

4.
.50
4.
.51
-0 .
.00

4 .46
,
4 .47
.
-0..01

4 .45
,
4.
.44
0..01

4 .48
.
4 .49
.
-0..01

4 . 61
4 . 62
-0..01

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

4.50
4.54
-0.04

4.46
4.55
-0.09

4.45
4.51
-0.06

4.48
4.52
-0.05

4.61
4.67

-0.06

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

4.58
4.60
-0.02

4.55
4.68
-0.13

4.52
4.55
-0.03

4.54
4.54
0.00

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

4.63
4.83
-0.20

4.50
4.49
0.01

4.46
3.78
0.68

4.45
4.50
-0.05

4.48
4.55
-0.07

Euro-dollar deposit
Swiss interbank, covered
Differential

4.61
4.65
-0.04

4.50
4.43
0.07

4.46
4.40
0.06

4.45
4.42
0.03

4.48
4.52
-0.04

4.61
4.65
-0.04

8.63
7.21
6.89
3.86
4.81
7.00
8.43
7.13

8.63
7.40
6 . 96
4 .20
5 .01
7 .10
8.48
6.97

8.78
7.40
6.96
4.20
5.13
7.08
8.46
7.04

9.28
7.79
7.21
4.36
5.41
7.29
8.75
7.14

9.35
7.45
6.96
4.27
5.24
7.06
8.54
7.20

142.95
157.19
120.09
128.06
142.55
226.32
180.66
185.88

140.01
161.28
121.45
128.38
147.81
229.80
187.12
186.05

138.84
155.30
118.01
128.42
147.43
225.33
186.19
186.83

135.04
150.68
114.11
124.69
141.35
217.30
179.34
183.76

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

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

Stock Indices

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




(Wednesday figures)
134.24
151.95
116.39
126.02
140.70
217.67
178.30
181.37
to SBF250

FEDERAL RESERVE statistical release
•

RB.^. •

July 5, 1994

H.16(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 1, 1994

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:
(CURRENCY UNITS PER DOLLAR)
Jun. 30
JUn. 29
Jun. 28

MONETARY
UNIT

Jun. 27

^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
*UNIT£D 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
WbN
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7210
11.100
32.510
1.3875
0.6734
6.1970
1.2141
S.244%
5.4080
1.5780
238.50
7.7*95
31.370
1.5320
1557.00
100.05
2.5960
3.3950
1.7702
0.5897
6.8740
162.42
1.5247
3.6150
809.60
130.090
49.100
7.5915
1.3210
26.912
25.020
1.5495

0.7220
11.121
32.580
1.3864
8.6733
6.2075
1.2121
5.2705
5.4200
1.5810
238.80
7.7295
Si.370
1.5300
1561.00
100.03
2.5980
3.3910
1.7734
0.5918
6.8890
162.61
1.5253
3.6400
810.40
130.290
49.050
7.6075
1.3280
26.916
25.040
1.5512

0.7247
11.140
32.640
1.3840
8.6726
6.2180
1.2080
5.2810
5.4275
1.5837
239.13
7.7290
31.373
1.5230
1571.50
98.82
2.6045
3.3890
1.7767
0.5928
6.9055
162.87
1.5237
3.6460
809.60
130.100
49.160
7.6440
1.3315
26.866
25.030
1.5462

0.7310
11.145
52.630
1.3825
8.6717
6.2220
1.2075
&.2870
5.4355
1.5850
^40.00
7.7300
31.370
1.526*
1677.00
98.51
2.6043
3.4000
1.7771
0.5950
6.9150
163.60
1.5249
3.6540
808.70
130.940
49.090
7.6590
1.3325
26.814
25.040
1.5483

0.7288
11.202
32.830
1.3822
8.7001
6.2515
1.2007
5.3125
5.4570
1.5925
240.26
7.7295
31.373
1.5200
1583.75
98.51
2.6048
3.3950
1.7864
0.5975
6.9590
16&.62
1.5230
3.6520
808.30
131.340
49.050
7.8200

MEMO:
i*UNITED STATES

DOLLAR

89.44

89.55

89.58

89.59

89.98

COUNTRY

Jul. 1

1.3355

26.825
25.040
1.5390

•VALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 106. 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.