Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : July 6, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

July 6,1993

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
SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
3-MONTH INTEREST RATES
EURO-DOLLAR DEPOSIT RATES
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
RATIO SCALE
MARCH 1973=100
120

RATIO SCALE
MARCH 1973=100
140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

130
120
110
100

BELGIAN FRANC
i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

» i

'

I

i

i

•

I

» i

» I

'

i

»

90
240
220
200
180

JAPANESE YEN
SWISS FRANC

i

i

i

I

i

160

» » l

'

» i

I

i

'

'

'

i

i

l

'

i

'

l

i

i

'

I

'

'

i

140
100
90

U.K. POUND

80
70
CANADIAN DOLLAR
60

I

» I

I

I

I

I

I

I

•

I

I

I

I

< I

I

I

1

1

1

I

I

I

I

50
200
190
180
170

GERMAN MARK

DUTCH GUILDER
1

1

1

l

1

1

•

1

I

1

i

l

'

i

i

'

'

'

i

'

FRENCH FRANC

ITALIAN

•




i

'

I

i

i

i

I

i

i

i

i

i

i

r

» i

•

•

i

i

160

i

i

1

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

CANADIAN DOLLAR

1

1

1

I

1

1

JAPANESE YEN

1

1

I

1

I

I

•

•

1

•

SWISS FRANC

•

I

•

1

•

i

1

•

•

I

» i

'

DUTCH GUILDER

j—"

L A X

—

1

—

—

\ a

—

f

—

—

—

4
6

•

1

1

1

1

1

1

1

1

1

1

1 1 1 1 1

1

1

1

1

1

1

I

1

1

1

I

i

i

i

8
2
+

ITALIAN LIRA

FRENCH FRANC

0

2
—

4

6
8
10
12
14
i

i

i

1990




1

i

i

i

i

i i
1992

i

I

i

i

i

1

1
1990

1

1

1

1

1

1

1

1
1992

1

1

i

i

i

16

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

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380 —

380

360 —

360

340 —

340

320

J
1990




1

1

1

1
1991

l

I

I

i
1992

i

I

i

•
1993

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM
16

FRANCE

U.S. FEDERAL FUNDS

JAPAN

NETHERLANDS
GERMANY

UNITED KINGDOM

CANADA

SWITZERLAND

1990




1992

1990

1992

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
15

PERCENT PER ANNUM
12
WEIGHTED AVERAGE
FOREIGN RATE

13

10
CANADIAN FINANCE PAPER

—

11
9
7

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

i

i

i

I

i

i

i

I

i

i i
11

16

13

10
U.K. INTERBANK STERLING

l

I

I

I

I

I

I

I

NETHERLANDS INTERBANK RATE

I

I

I

I

I

I

I

1

1

1

I

1

1

1

I

1

i

i

I

•

i

i

5
13

11

JAPANESE CD RATE
FRENCH INTERBANK RATE

•

'

i

I

i

i

1990




I

i

i

i

I

i

i
1992

i

i

I

i

'

i

I

i

i

i

I

i

i

i

GERMAN INTERBANK RATE

SWISS INTERBANK

i

i

i

I

i

i

i

i
1990

i

I

i

i

'

I

i

i
1992

i

5
10

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10
3-MONTH

OVERNIGHT

1990




7-DAY

6-MONTH

1-MONTH

1-YEAR

1992

1990

1992

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

OVERNIGHT
EURO-DOLLAR DEPOSITS

6

3-MONTH
EURO-DOLLAR DEPOSITS

—

FEDERAL FUNDS
DASHED LINE

90-DAY CD'S
DASHED LINE

4 —

J

I

I

I

I

I

I

I

I

I

I

I ' ' '

J—I

I

I

l

DIFFERENTIAL

^Yv/vyr'y v ^

l

1
1990




1

I

i

i

i

1

i

I

I

l

l

I

I

i

'

i

I

I

I

l

l

I

DIFFERENTIAL

'HA/Mr

i
1992

i

1

i

i

i

J—I
1990

1

I

I

I

I

I

I

1992

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

— 8
CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

EURO-DOLLAR DEPOSITS
DASHED LINE

i

i

i

I

i

i

i

I

i

i

U.S. COMMERCIAL PAPER
DASHED LINE

i

I

i

i

i

i

i

DIFFERENTIAL

I

I

I

I

'

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

1990




I

I

I

I

i

ii

I

I

I

I

I

I

I

I

I

I

I

I

I

EURO-DOLLAR DEPOSITS
DASHED LINE

M i l l

I

i

SWISS INTERBANK (SF) COVERED

'

i

DIFFERENTIAL

1

i

Jl

EURO-DOLLAR DEPOSITS
DASHED LINE

I

'

A A T

INTERBANK DM
COVERED FRANKFURT

I

i

DIFFERENTIAL

AA/^^"V-vWS^vJ
I

i

i

I

i

i

'

I

» i

i

> i

'

i

i

i

i

i

i

i

DIFFERENTIAL

I

I

I
1992

I

1 1

1

'

i

i
1990

i

i

i

i

i

i
1992

i

2
10

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
10 i
UNITED STATES

PERCENT PER ANNUM
14
UNITED KINGDOM
12

10

I

I

I

I

I

I

I

I

» I

I

'

•

'

•

•

•

I

I

I

I

I

I

I

I

I

I

I

I

I

i

I

i

i

JAPAN

NETHERLANDS




t

I

SWITZERLAND

1990

i

FRANCE

CANADA

I

I

GERMANY

1992

1990

1992

i

l

CHART 10

STOCK INDICES
WEEKLY SERIES
SCALE
1986= 00
200
UNITED STATES

RATIOS
198i
UNITED KINGDOM

180
160
140

120

100
190

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

SWITZERLAND

JAPAN

170
150
130

110

90
130

i

i

i

I

'

i

i

I

'

'

i

I

i

i

i

GERMANY

FRANCE

120
110
100

90

80
140

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

CANADA

i

'

'

l

'

'

'

l

'

•

'

I

•

'

'

l

•

'

I

'

'

'

NETHERLANDS

130
120
110

100
1

90

1

1

1990




I

»

1

1

I

1

1

1

1992

I

1

1

«

•

'
1990

I

I

•

1992

J_L

2-Jun-93
Chart 1.

9-Jun-93

16-Jun-93 23-Jun-93 30-Jun-93

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

3.0463
78.772
18.555
62.600
0.06805
0.93050
55.799
70.097
155.18

3.0001
78.196
18.313
61.679
0.06768
0.93398
54.976
68.737
152.23

2.9728
78.118
18.178
61.142
0.06714
0.94411
54.510
68.335
151.92

2.8921
78.309
17.672
59.405
0.06561
0.91295
52.975
66.658
148.95

2.8590
77.968
17.438
58.746
0.06476
0.93402
52.386
66.252
148.69

120 .04
78 .51
83 ,
.61
176 .10
39 .06
243 ,
.64
160,.19
225,.51
62 .
.76

118 .22
77 .94
82 ,
.52
173,.51
38,.85
244 .
.55
157,.83
221..13
61..57

117 .14
77 .86
81 .91
172 .00
38 .54
247 .20
156 .49
219 .84
61 .45

113 .96
78 .05
79 .63
167 .11
37 .66
239 .04
152 .08
214 .45
60 .24

112 .66
77 .71
78 .58
165 .26
37,.17
244 ,
.56
150,.39
213 .
.14
60,.14

109 .12
70 .38
73 .58
174 .75
32 .66
253 .14
148 .89
55 .31
208 .04
53 .74
90 .84

108 .24
72 .09
72 .89
172 .87
32 .55
249 .24
147 .49
54 .20
206 .96
53 .74
93 .15

107 .46
72 .11
72 .19
171 .53
32 .25
257 .03
146 .46
52 .80
206 .65
53 .91
93 .70

-1 .61
-4 .20
-4 .26
-7 .18
0 .14
-3 .55
-1 .87
-2 .58

-1 .51
-4 .12
-4 .32
-6 .83
0 .12
-3 .52
-1 .86
-2 .65

-1 .41
-3 .90
-4 .25
-6 .55
0 .11
-3 .41
-1 .80
-2 .59

-1 .34
-3 .78
-4 .30
-6 .52
0 .08
-3 .41
-1 .81
-2 .66

374.64

374 .36

367 .50

369 .36

375 .83

3.09
2.99
4.63
7.94
7.97
3.15
7.05
4.94
5.47

2 .96
2 .99
4 .20
7 .85
7 .80
3 .12
7 .01
5,.13
5,.81

3 .01
2 .94
4 .38
7 .64
7 .71
3 .15
7 .06
5 .13
5 .38

3 .00
2 .89
4,.43
7,.46
7,.64
3,.14
6,.96
5,.08
5..73

3,.06
2,.93
4,.13
7,.48
7..67
3..22
7..00
5..13
5..75

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
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

110.59
70.12
74.30
177.24
32.72
245.79
150.75
55.22
211.00
54.30
89.49

109 .82
70 .22
73 .94
175 .93
32 .83
249 .23
149 .75
55 .25
208 .63
53 .67
90 .48

Premium or Discount
-1.59
-4.26
-4.45
-7.47
0.06
-3.68
-1.96
-2.61
Fixing

U.S. dollars per fine ounce
Chart 4.

Call Money Rates

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




i-93
Chart 5.

3.19
5.05
7.52
7.52
3.26
6.79
5.05
5.83
6.32

3 .24
5.05
7.40
7.51
3.25
6.71
5.04
5.84
6.29

3 .20
5 .00
7 .31
7 .54
3 .23
6 .67
5 .00
5 .83
6 .24

3.19
4.77
7.00
7.48
3.20
6.57
4.95
5.79
6.12

3 .20
4 .77
6 .90
7 .48
3 .22
6 .56
4 .94
5 .85
6 .12

2.99
3.01
3.11
3.23
3.35
3.71

2.99
3.00
3.11
3.23
3.38
3.75

2 .94
3 .00
3 .09
3 .21
3 .39
3 .73

2.89
3.03
3.08
3.20
3.34
3.68

2 .93
3 .06
3 .08
3 .20
3 .38
3 .69

Euro-Dollar Deposit Rates

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

16-Jun -93 23-Jun-93 30-Jun -93

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.

9 -Jun-93

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

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

2 .99
3 .09
-0 .10

2 .99
2 .96
0 .02

2 .94
3 .01
-0 .07

2 .89
3 .00
-0 .11

2 .93
3 .06
-0 .14

3 .23
3 .19
0 .04

3 .23
3 .24
-0 .02

3 .21
3 .20
0 .01

3 .20
3 .19
0 .01

3 .20
3 .20
-0 .00

3 .23
3 .18
0 .05

3 .23
3 .22
0 .01

3 .21
3 .14
0 .08

3 .20
3 .16
0 .04

3 .20
3 .15
0 .05

3 .21
3 .44
-0 .23

3 .27
3 .42
-0 .15

3 .26
3 .47
-0 .21

3 .24
3 .34
-0 .10

3 .26
3 .41
-0 .15

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

3 .23
2 .98
0 .24

3 .23
3 .17
0 .06

3 .21
3 .13
0 .08

3 .20
3 .15
0 .05

3 .20
3 .10
0 .10

Euro-dollar deposit
Swiss interbank, covered
Differential

3 .23
3 .07
0 .16

3 .23
3 .15
0 .08

3 .21
3 .12
0 .09

3 .20
3 .13
0 .07

3 .20
3 .10
0 .10

7 .61
7 .16
6 .87
4 .69
4 .72
6 .74
8 .01
6 .07

7 .50
6 .95
6 .78
4 .56
4 .68
6 .61
7 .92
5 .99

7 .40
6 .79
6 .73
4 .54
4 .61
6 .55
7 .80
5 .93

7 .35
6 .70
6 .66
4 .52
4 .56
6 .47
7 .68
5 .82

129 .71
143 .03
98 .46
121 .00
121 .55
178 .35
174 .81
181 .28

131 .68
145 .15
99 .01
118 .14
123 .18
180 .72
176 .57
180 .05

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 sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

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
United States

7 .51
7 .22
6 .86
4 .67
4 .71
6 .70
8 .04
6 .10
(Wednesday figures)
128
141
95
124
117
175
173
183

.63
.44
.40
.42
.70
.94
.03
.98

128
143
97
125
120
180
173
180

.62
.38
.94
.15
.47
.32
.83
.67

132
148
98
119
124
183
176
183

.18
.30
.69
.49
.10
.15
.18
.12

Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
m
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite




FEDERAL RESERVE statistical release
H.10(512)

July 2, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JULY 2> 1993

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

*AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
xlRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
KNEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
XUNITED 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

MEMO;
E*UNITED

DOLLAR

STATES

Jun. 28

(CURRENCY UNITS PER D O L L A R )
Jun. 29
Jun. 30
Jul. 1

Jul. 2

0.6677
11.970
34.940
1.2836
5.7756
6.5350
1.1510
5.7400
5.7250
1.7000
231.88
7.7400
31.600
1.4347
1550.50
106.05
2.5820
1.9066
0.5373
7.1925
162.10
1.6220
3.3270
806.10
130.30
N.A.
7.8735
1.5048
26.420
25.250
1.4930

0.6695
11.910
34.780
1.2815
5.7756
6.5075
1.1570
5.7020
5.7020
1.6930
231.50
7.7475
31.600
1.4405
1539.00
107.13
2.5805
1.8985
0.5378
7.1550
161.10
1.6225
3.3240
807.00
129.29
48.200
7.7680
1.5010
26.420
25.280
1.5030

0.6663
12.050
35.030
1.2823
5.7756
6.5625
1.1486
5.6980
5.7450
1.7060
231.50
7.7440
31.600
1.4283
1545.50
106.80
2.5720
1.9130
0.5366
7.2100
162.43
1.6250
3.3325
806.90
130.39
N.A.
7.7350
1.5105
26.390
25.280
1.4930

0.6663
11.957
35.000
1.2886
5.7756
6.5575
1.1509
5.6800
5.7450
1.7018
231.50
7.7565
31.600
1.4240
1546.00
107.85
2.5773
1.9095
0.5412
7.1625
162.50
1.6250
3.3525
806.40
130.00
48.210
7.7250
1.5065
N.A.
25.330
1.5065

0.6692
11.930
34.880
1.2887
5.7756
6.5275
1.1540
5.5715
5.7330
1.6960
231.50
7.7470
31.600
1.4362
1541.50
108.70
2.5727
1.9050
0.5428
7.1880
161.80
1.6235
3.3450
806.30
129.48
48.220
7.7045
1.5090
26.414
25.315
1.5075

93.53

93.26

93.68

93.67

93.60

xVALUE IS U.S. D O L L A R S
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S.
DOLLAR AGAINST C U R R E N C I E S 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.