Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : June 20, 1994

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

June 20,1994

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.
2.
3.
4.
5.
6.
7.

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
SCALE
H 1973=100
120

RATIO S
MARCH 197
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

100
90
80

BELGIAN FRANC

70
60

i

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' »

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i

i

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» •

« •

i

•

i

•

290
270
250
230
210
190

150

JAPANESE YEN

SWISS FRANC

170

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» i

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'

85
75
65
U.K. POUND

55
45
200

CANADIAN DOLLAR

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•

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•

•

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180
160
140
DUTCH GUILDER

120

100

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l

'

'

GERMAN MARK

'

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I

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105
95
85
75
65 —
55

ITALIAN LIRA

FRENCH FRANC

»

1

1




l

1

'
1992

1

l

1

1

•

l

» » »
1994

i

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1992

i

1994

CHART 2

3 - M O N T H FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2

PERCENT PER ANNUM
2

U.K. POUND

JAPANESE YEN

CANADIAN DOLLAR

n

1

1

1

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1

1

1

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1

1

I

.

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„

m

i
DUTCH GUILDER

SWISS FRANC

I

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1

1

1

1

1

1

1

i

1

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i
ITALIAN LIRA

FRENCH FRANC

2
6
10
14

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1992

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1 I

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1994

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1992

•

I

•
1994

18

CHART 3

PRICE OF GOLD IN LONDON
A V E RAGE S FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380

380

360

360

340

340

320

i
1991




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I

J

L
1992

1993

L

320
1994

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

SWITZERLAND

U.S. FEDERAL FUNDS

JAPAN

0

2
10
9
8
GERMANY
NETHERLANDS

7

6
5
4

4
16

14

FRANCE

12

CANADA

10

8

6
4

2




UNITED KINGDOM

1992

1994

1992

1994

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
;ENT PER ANNUM

PERCENT PER AN NUIV
13

12
WEIGHTED AVERAGE
FOREIGN RATE

10

11
CANADIAN FINANCE PAPER

8

9

6

7
U.S. CD'S

4

5

i

2

•

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» I

i

3

16

11

U.K. INTERBANK STERLING

13

9

10

7

NETHERLANDS INTERBANK RATE

7

4
9

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5

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JAPANESE CD RATE

7

11

5

9
FRENCH INTERBANK RATE

3

1
10

3
13

7

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5
12

8

10

6

8

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2

6
1

1

'




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1

« '
1992

I

1

'

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1994

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1

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1

1992

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1994

4

CHART 6

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

PERCENT PER ANNUM
10




3-MONTH

OVERNIGHT

7-DAY

6-MONTH

1-YEAR

1-MONTH

1992

1994

1992

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
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

90-DAY CD'S
DASHED LINE

FEDERAL FUN
DASHED LINE

J

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1992

I

yVVj
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DIFFERENTIAL

DIFFERENTIAL

/-u A/'^vy

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"M i 1 —
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L_l

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1994

L

m

J

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L

AY»,. *

J

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1992

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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

6 —

EURO-DOLLAR DE
DASHED LINE

I

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I

I I

U.S. COMMERCIAL PAPER
DASHED LINE

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I JL_J_L_L

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1992

'

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EURO-DOLLAR
DASHED LINE

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/Wv/vV

SWISS INTERBANK (SF) COVERED

DIFFERENTIAL

11

I

INTERBANK DM
COVERED FRANKFURT

EURO-DOLLAR DEPOSITS*
DASHED LINE

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DIFFERENTIAL

A'

^

I

J

DIFFERENTIAL

J_1

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DIFFERENTIAL

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1994

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1

1

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1

1

1992

1

I

1

1

1

I

'

I

'

1994

I 1

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
DENT PER ANNUM

PERCENT PER ANNU

1

9
UNITED STATES
8

11
UNITED KINGDOM

9
7
6

7

5
4
11

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1

5
10

FRANCE

CANADA
10

8
9
8

6

7
6
8

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4
7

JAPAN

SWITZERLAND
7

6

6

5

5

4

4

3

I

3
10

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2
10

GERMANY

NETHERLANDS
9

9

8

8

7

7

6

6

5




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1992

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1994

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1992

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1994

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5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100
220
UNITED STATES

— UNITED KINGDOM

ARAN

SWITZERLAND

GERMANY

CANADA

FRANCE

NETHERLANDS




—

1992

1994

1992

1994

100

18-May-94 25-May-94 l-Jun-94
Chart 1.

8 -Jun-94

15-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
U.K. pound
Indices, March 1973 base rates

2 .9135
72.551
17.504
59.992
0.06259
0 .95815
53 .401
70.406
150.31

2.9454
72.562
17.720
60.637
0.06291
0.95795
54.040
71.041
150.77

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

.80
114 .
.31
72 .
.88
78 .
.76
168 .
.92
35 ,
.88
250 .
.30
153 ,
226 .50
60 .80

116 .,06
72 .
.32
.85
79 .
.58
170 .
.11
36 ,
.82
250 ,
155 .14
228 .55
60 .98

.39
116 .
71..92
.17
80 .
171..09
36..01
.44
250 ,
155 .65
229 .38
61 .17

.92
114 .
.33
72 .
.29
79 .
168..91
35,.52
.58
249 .
.74
153 ,
.76
227 ,
60 .96

115..68
.18
72 .
79 .
.99
.16
170 .
35,.77
.51
253 ,
154 .86
230 .91
61 .27

110 .04
65. 62
72 .99
176 .66
30. 83
261. 02
150 .33
52 .35
220. 57
54 .33
92 .50

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

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

-1..49
-1..08
-0 .64
.
-3 .03
.
2 .47
,
-0 .56
,
0 .42
-0 .60

-1..66
-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

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

380 .47

385 .64

386 .05

381 .31

383 .22

4 .02
3 .80
5 .70
5 .67
5 .32
2 .02
5 .09
4 .08
4 .50

4 .22
4 .09
5 .71
5 .59
5 .19
1 .86
5 .13
4 .13
4 .78

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

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

4 .22
4 .10
5 .56
5 .38
4 .99
2 .00
4 .97
3 .85
4 .48

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 Rates

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

109 .78
66 .06
72 .72
176. 14
30 .94
261. 63
149 .89
52 .89
219 .88
54 .18
92 .57

Premium or Discount
-1..52
-0 .83
,
-0 .41
-2 .93
2 .61
-0 .33
0 .71
-0 .47

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

109 .14
66 .43
72 .16
175 .02
30 .95
263 .27
148 .85
52 .96
219 .06
54 .31
93 .21

Call Money Rates

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




18-May- 94 25 -May- 94 1-Jun-!94
Chart 5.

4 .48
6 .25
5. 46
5 .04
2 .13
5 .04
3 .95
5 .09
4 .83

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

3 .80
4.
,01
4 .28
4.
,63
5.,05
5 .63

.
;• . .4 09
: . -4.11
. • 4 .20
•. : 4 .48
•• :.4. 80
5 .34

4 .08
4 .12
4 .20
4 .50
4 .83
5 .41

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 .09
4 .22
- 0 . 13

4 .08
4 .27
-0 .19

4 . 15
4 .13
0 . 02

4 . 10
4 .22
-0 .12

4 .48
4 .48
-0. 00

4 .50
4 .51
-0 .00

4 .46
4 .47
-0 .01

4 .45
4 .44
0 .01

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

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.

.61
4.
6..57
,43
5.
4.
.99
2.
.17
4.
.95
3.
.88
5.,11
4.
,83

Euro-Dollar Deposit Rates

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

15-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

3 .80 .
4 .02 .
-0 . 22
4 .63
4 .61
0. 02

'

Interest Arbitrage, 3-Month Funds

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

4 .63
4 .63
- 0 . 01

4 .48
4 .49
- 0 . 01

4 .50
4 .54
-0 .04

4 .46
4 .55
-0 .09

4 .45
4 .51
-0 .06

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

4 .68
5. 03
- 0 . 35

4 .54
4 .73
- 0 . 19

4 .58
4 .60
-0 .02

4 .55
4 .68
-0 .13

4 .52
4 .55
-0 .03

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

4 .63
4 .57
0. 05

4 .48
4 .39
0 . 08

4 .50
4 .49
0 .01

4 .46
3 .78
0 .68

4 .45
4 .50
-0 .05

Euro-dollar deposit
Swiss interbank, covered
Differential

4.
,63
4.
,59
0..03

4 .48
4 .38
0. 09

4 .50
4 .43
0 .07

4 .46
4 .40
0 .06

4 .45
4 .42
0 .03

8. 35
6. 83
6 .59
3 .81
4 .75
6. 68
7 .93
7 .10

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

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

8. 40
6. 84
6 .54
3 .90
4 .71
6. 60
8. 08
7 .19
(Wednesday figures)

Canada
142 .56
142 .06
142 .95
140 .01
France
164 .08
171. 70
157 .19
161 .28
Germany
128. 61
123 .33
120 .09
121 .45
Japan
123 .61
125. 39
128 .06
128 .38
Netherlands
152 .,74
147 .81
142 .55
147 .81
Switzerland
227 .,00
222 .73
226 .32
229 .80
United Kingdom
191.,21
186. 11
180 .66
187 .12
United States
184 .,32
185 .30
185 .88
186 .05
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



138 .84
155 .30
118 .01
128 .42
147 .43
225 .33
186 .19
186 .83
to SBF250

FEDERAL RESERVE statistical release
•f*AL
June 20, 1994

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JUNE 17, 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:

COUNTRY
*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
MEMO:
**UNITED STATES

MONETARY
UNIT
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

DOLLAR

Jun. 13

(CURRENCY UNITS PER DOLLAR)
Jun. 16
Jun. 15
Jun. 14

Jun. 17

0.7355
11.585
34.010
1.3812
8.6781
6.4635
1.1674
5.5255
5.6180
1.6470
248.85
7.7375
31.373
1.4810
1600.00
103.00
2.5932
3.3735
1.8517
0.5887
7.1660
172.35
1.5318
3.6185
809.50
135.720
49.230
7.9075
1.3884
27.055
25.160
1.5202

0.7288
11.562
33.840
1.3860
8.6779
6.4320
1.1728
5.5160
5.6090
1.6435
245.93
7.7365
31.373
1.4820
1598.50
102.50
2.5970
3.3730
1.8408
0.5864
7.1325
170.56
1.5323
3.6160
809.90
135.290
49.300
7.8965
1.3835
27.045
25.140
1.5192

0.7312
11.509
33.670
1.3882
8.6775
6.4000
1.1779
5.4995
5.5825
1.6357
247.22
7.7310
31.370
1.4885
1593.25
102.78
2.5973
3.3680
1.8321
0.5870
7.1035
169.67
1.5327
3.6220
810.20
134.640
49.200
7.8670
1.3735
27.048
25.140
1.5194

0.7305
11.482
33.610
1.3928
8.6773
6.3970
1.1778
5.4980
5.5700
1.6317
246.98
7.7325
31.370
1.4885
1605.50
103.28
2.5995
3.3680
1.8286
0.5876
7.0940
169.61
1.5337
3.6360
810.00
135.270
49.100
7.8740
1.3720
27.050
25.160
1.5200

0.7320
11.335
33.180
1.3925
8.6771
6.3165
1.1925
5.3975
5.5150
1.6115
243.49
7.7305
31.370
1.4995
1586.75
102.75
2.5935
3.3650
1.8057
0.5910
7.0010
167.43
1.5315
3.6505
809.50
133.690
49.200
7.7615
1.3592
27.053
25.140
1.5307

92.37

92.19

91.96

92.00

91.15

XVALUE 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.