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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts June 15,1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION 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 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 9. LONG-TERM GOVERNMENT 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 Ratio scale March 1973=100 Dollar prices of foreign currencies and weighted average values (dashed line) (Average for week ending Wednesday) Ratio scale March 1973=100 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) (Averages for week ending Wednesday) Percent per annum Percent per annum 4 2 0 -2 -4 2 0 -2 -4 -6 Chart 3 Price of Gold in London (Averages for week ending Wednesday) U.S. dollars per fine ounce U.S. dollars per fine ounce Chart 4 Call Money Rates (Weekly series) Percent per annum Percent per annum 5 4 3 2 1 0 Chart 5 3-Month Interest Rates (Weekly series) Percent per annum Percent per annum 9 8 7 6 5 4 3 2 6 5 4 3 2 Chart 6 Euro-Dollar Deposit Rates, London (Averages for week ending Wednesday) Percent per annum Percent per annum 8 8 Overnight 1995 1996 1997 1998 C hart 7 Selected Euro-Dollar and U.S. Money Market Rates Differential: Plus(+), Favors Borrow ing in U.S. (A verages fo r w eek ending W ednesday) Percent Per Annum P ercent Per Annum 7 4 +1 +1 D ifferential -1 1995 1996 1997 1998 1995 ____ I______________ I______________ I____ 1996 1997 1998 Chart 8 Interest Arbitrage: 3-Month Funds Differential: plus(+), indicates favor dollar assets (Average for week ending Wednesday) Percent per annum Percent per annum Differential ______ I________ I________I___ 1995 1996 1997 -1 1998 Differential 1^VlV^'vvf 1995 1996 1997 1998 Chart 9 Long-Term Government Bond Yields (Weekly series) Percent per annum Percent per annum 9 8 7 6 5 9 8 7 6 5 4 8 7 6 5 4 Chart 10 Stock Indices (Weekly series) Ratio scale End-1994=100 300 Ratio scale End-1994=100 - 140 - 100 60 t9 9 5 1996 1997 1998 13-May-98 20-May-98 27-May-98 3-Jun-98 Chart 1. 10-Jun-98 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 2.7323 69.568 16.819 56.393 0.05719 0.74965 50.048 67.594 163.64 2.7204 68.980 16.734 56.123 0.05690 0.73869 49.796 67.402 162.77 2.7443 68.862 16.878 56.592 0.05739 0.73241 50.212 68.124 163.28 2.7252 68.712 16.763 56.190 0.05703 0.72017 49.870 67.643 163.50 2.7254 68.487 16.759 56.203 0.05707 0.71391 49.873 67.683 163.39 107.66 69.34 75.79 158.64 32.83 196.28 143.68 217.46 66.19 107.20 68.75 75.41 157.88 32.66 193.41 142.95 216.84 65.83 108.14 68.63 76.06 159.20 32.94 191.77 144.15 219.16 66.04 107.39 68.48 75.54 158.07 32.73 188.56 143.17 217.62 66.13 107.39 68.26 75.52 158.10 32.76 186.92 143.17 217.75 66.08 108.27 66.42 73.43 173.71 29.82 206.56 147.34 55.99 223.41 63.03 99.58 108.09 66.66 73.32 173.37 29.79 203.95 147.12 55.76 223.04 63.50 100.28 108.25 66 52 73.41 173.69 29.85 202.26 147.34 55.54 223.48 63.55 100.45 0.67 2.14 2.09 0.60 5.37 2.13 4.15 -1.76 0.70 2.15 2.12 0.57 5.37 2.15 4.10 -1.76 0.70 2.15 2.14 0.51 5.38 2.16 4.05 -1.76 0.71 2.14 2.15 0.59 5.35 2.19 3.84 -1.95 299.17 299.33 298.18 291.80 293.16 5.49 5.41 4.73 3.38 3.34 0.40 3.30 1.30 6.93 5.55 5.53 4.80 3.38 3.34 0.44 3.21 1.40 7.50 5.51 5.43 4.75 3.38 3.32 0.42 3.07 1.20 6.88 5.63 5.59 4.77 3.38 3.30 0.46 3.45 1.47 6.90 5.46 5.43 4.70 3.38 3.37 0.43 3.35 2.03 6.90 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:, March 1973=100 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swedish krona Swiss franc U .K . pound y.S. dollar Chart 2. 0.69 2.10 2.06 0.67 5.36 2.08 4.22 -1.75 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 107.66 66.79 73.01 172.70 29.66 209.36 146.57 56.08 221.76 63.05 100.02 3-Month Forward Exchange Rates, Premium or Discount Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound Chart 3. 107.53 67.01 72.98 172.56 29.64 211.53 146.50 56.66 221.16 63.04 99.32 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 13-May-98 20-May-98 27-May-98 3-Jun-98 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. 5.58 5.12 3.53 3.57 0.56 3.57 1.50 7.35 3.82 5.60 5.13 3.49 3.56 0.55 3.54 1.52 7.39 3.82 5.60 5.06 3.49 3.53 0.55 3.48 1.60 7.41 3.81 5.59 5.08 3.50 3.49 0.55 3.46 1.66 7.38 3.80 5.59 5.07 3.47 3.51 0.54 3.49 1.86 7.59 3.82 5.41 5.50 5.51 5.56 5.64 5.78 5.53 5.50 5.52 5.58 5.64 5.76 5.43 5.50 5.53 5.57 5.65 5.77 5.59 5.50 5.51 5.56 5.63 5.75 5.43 5.50 5.53 5.57 5.63 5.76 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 10-Jun-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.41 5.49 -0.08 5.53 5.55 -0.03 5.43 5.51 -0.08 5.59 5.63 -0.04 5.43 5.46 -0.03 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 5.56 5.58 -0.02 5.58 5.60 -0.02 5.57 5.60 -0.03 5.56 5.59 -0.03 5.57 5.59 -0.02 Euro-dollar deposit Interbank sterling (London), covered Differential 5.56 5.56 -0.00 5.58 5.59 -0.02 5.57 5.62 -0.05 5.56 5.58 -0.02 5.57 5.60 -0.03 U.S. commercial paper Canadian finance paper, covered Differential 5.49 5.82 -0.32 5.51 5.81 -0.30 5.50 5.76 -0.26 5.50 5.80 -0.29 5.50 5.79 -0.29 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.56 5.65 -0.09 5.58 5.67 -0.09 5.57 5.67 -0.10 5.56 5.65 -0.08 5.57 5.68 -0.11 Euro-dollar deposit Swiss interbank, covered Differential 5.56 5.74 -0.18 5.58 5.69 -0.11 5.57 5.71 -0.14 5.56 5.73 -0.16 5.57 5.72 -0.15 5..41 5..04 4,.99 1..35 3..02 5..04 5..94 5..65 5..36 4,.97 4,.91 1,.31 2, .99 4,.96 5..82 5..61 5,.32 4,.91 4,.86 1,.23 2 .93 4..90 5,.70 5..56 5,.32 4,.92 4,.86 1,.23 3,.00 4,.90 5..75 5,.57 Canada 182,.92 177..83 182,.63 179..01 France 207,.42 215..12 208,.20 208,.82 Germany 220..53 224..70 222 .93 226..12 Japan 77,.39 78..61 78..40 77,.31 Netherlands 278,.81 282..09 283..09 285..11 Switzerland 278,.35 276,.98 274..70 280,.26 United Kingdom 165,.17 163,.26 163..44 163..82 United States 224,.73 230,.81 223..73 230..59 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Financial Times Ordinary, NYSE Composite 176..42 217..67 229..43 76..88 285..18 279..16 165..52 228,.89 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. 5,.43 5..05 5..00 1..39 3,.06 5,.05 5..87 5..70 Stock Indices (Wednesday figures)
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