Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : June 25, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

June 25,1990

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DC. 20581




Table of Contents

TABLES
1

LATEST FIGURES PLOTTED

2

DAILY CERTIFIED SPOT
EXCHANGE RATES—
H.10 RELEASE

CHARTS
SPOT EXCHANGE RATE INDICES
3 - M O N T H FORWARD EXCHANGE RATES
3 GOLD P R I C E - L O N D O N
i

CALL MONEY RATES

5. 3 - M O N T H INTEREST RATES
EURO DOLLAR DEPOSIT RATES
7. SELECTED EURO DOLLAR A N D
U S MONEY MARKET RATES
8

INTEREST ARBITRAGE: 3 - M O N T H FUNDS

9. LONG-TERM G O V E R N M E N T B O N D YIELDS
10

INDUSTRIAL STOCK INDICES




SUBSCRIPTION RATES:
Weekly $24.00 per year or $.60 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address. $22.50 per
year or $.55 each. Elsewhere. $30.00 per year or S 70
each. Address requests to Publications Services
Division of Administrative Services, and make payment remittance payable to the order of the Boa r d
of Governors of the Federal Reserve System in a
form collectible at par in
S Currency

CHART 1

SPOT EXCHANGE INDICES
DOLLAR PRICES O F FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973=100
140
FOREIGN CURRENCY
130
PRICE OF U.S. DOLLAR
120

RATIO SCALE
MARCH 1973=100
140
— | 130
120

BELGIAN FRANC

110

110

100

— I 100
90

90

80

80
70

•

i

»

I

i

i

i

i

i

i

i

I

»

i

1

i

1

1

l

•

'

'

l

»

'

•

I

i

1

»

70

280

280
260 r —

—

SWISS FRANC

260

JAPANESE YEN

240

240

220
200

220

180

180

160

160

200

140

140
120
100

•

i

90

i

I

«

i

»

I

»

i

'

l

'

i

i

'

I

I

I

I

»

1

I

'

1

I

I

»

»

I

CANADIAN DOLLAR

U.K. POUND

120
100
90

80

80

70

70

60

60

50

»

1

i

I

»

'

»

i

»

'

'

I

'

1

1

'

'

200

i

I

'

i

i

I

i

'

'

I

I

'

I

GERMAN MARK

180

50

200
180

DUTCH GUILDER

160

160

140

140

120

120

100
120

i

i

i

I

i

i

i

l

i

«

•

I

•

»

'

»

•

»

i

•

»

i

I

«

»

'

i

»

j

•

100

60

110

55

ITALIAN LIRA

100

50

FRENCH FRANC

90

45

80

40

70

35

60

30

50

•

i

»

I




i

i
1988

i

l

i

i

»

I

i

»
1990

»

«

i

1

I

1

'
1988

i

i

»

1

»

I

i

'
1990

i

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
4
CANADIAN DOLLAR

i

i

i

I

i

i

PERCENT PER ANNUM
4
U.K. POUND

i

I

i

i

i

I

i

i

1 1 1 I 1 1 1 1 1 1 1 1 1 1 1

i

JAPANESE YEN

GERMAN MARK

i

i

i

I

i

i

i

I

i

i

i

I

i

I I

i

SWISS FRANC

1 1 1 1 1 1 1 1 1 1 I I

1

DUTCH GUILDER

— —

i

i

i

l

i

i

i

l

i

i

i

l

i

i

i

i

FRENCH FRANC

i

i

l

i

i

i

l

i

i

i

-

1

1




1

1

i

i

_
•

1

i

ITALIAN LIRA

V

12

l

1
1988

1

1

1

I

I

I

1

I
1990

I

i

i i

I

i

i
i
1988

I

i

i

v

1

A

1

1

-

1 1
1990

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S.I

U.S. DOLLARS PER FINE Ol 1NCE
520

OLLARS PER FINE OUNCE

520

500

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

480

460

460

440

440

420

420

400

400

380

380

360

360

340

340

320

i

i
1987




i

I

I

I
1988

I

I

I

I
1989

I

I

I

1
1990

L

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES

PERCENT PER ANNUM

PERCENT PER ANNUM

FRANCE

U.S. FEDERAL FUNDS

JAPAN

0

0

16

12
CANADA

8

GERMANY

4

0

0

16

20
UNITED KINGDOM

SWITZERLAND

12

8

4
NETHERLANDS

0




1988

1990

1988

1990

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANh

ENTPER ANNUM

12

12
FRENCH INTERBANK RATE

10

10

U.S. CD'S

8

8

6

6
WEIGHTED AVERAGE
FOREIGN RATE

4
»

2

1

'

1

I

1

'

I

4

i

i

i

I

i

'

I

i

I

I

I

I

I

I

I

I

I

I

I

I

I

I

16

16

14

2

—

14

U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

12

12

10

10

8

8
6

'

i

'

I

i

i

i

I

i

i

i

I

i

i

i

•

•

•

I

'

'

•

I

'

» •

I

•

i

6
16

10
SWISS INTERBANK RATE

GERMAN INTERBANK RATE

8 —

12

6

8

4

4

2
10

I

I

I

I

I

'

I

I

I

I

I

I

'

'

1

I

1

I

I

«

1

I

I

I

I

I

I

I

I

0
10

NETHERLANDS INTERBANK RATE

8

8

JAPANESE GENSAKI RATE

6

6

4

4

2

i

i

i




I

i

'
1988

'

I

'

'

'

I

'

i
1990

'

i

i

i

I

i

i
1988

i

I

i

i

i

I

i

i
1990

2

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
14

PERCENT PER ANNUM
14

OVERNIGHT

12

3-MONTH

12

10

4
14

10

« i

i

l

« i

i

l

'

•

i

I

i

'

i

'

i

i

I

i

7-DAY

12

i

» I

i

i

i

I

'

i

»

6-MONTH

12

10

4
14

4
14

10

•

« •

l

'

'

'

I

« » i

l

i

i

i

'

'

'

I

i

1-MONTH

12

i

i

1

I

1

i

l

i

i

i

1-YEAR

4
14

12

10

10

' • ' ' • • • ' • • • ' • • •




1988

1990

'

1

1

I

1

1

1988

1

1

1

1

I

I

I

'

»

1990

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
14

PERCENT PER ANNUM
14

12

12

10

OVERNIGHT
EURO-DOLLAR DEPOSITS

FEDERAL FUNDS
DASHED LINE

J — I — I

I

I

10

3-MONTH
EURO-DOLLAR DEPOSITS .

90-DAY CD'S
DASHED LINE

i

I

'

i

i

I

J

I

L

J — i — i — I — I

i

I

I

'

i

i

l

i

i
1988

i

I

i

i

i

I

i

i

i

DIFFERENTIAL
DIFFERENTIAL

I
i




i

i

I

i

i
1988

i

I

i

i

i

i

"/~w

1

1
1990

1

J — i — i — I

i

_l
1990

L

CHART 8

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

CENT PER ANNUM

16

16

12

I—

INTERBANK STERLING
COVERED LONDON

12

CANADIAN FINANCE
CO. PAPER, COVERED

8

8

U.S. COMMERCIAL PAPER
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

4

•

0

»

l

i

»

i

I

i

i

i

I

i

i

I

i

I

I

I

I

•

•

I

'

•

4

•

I

I

'

0
2

2
DIFFERENTIAL

DIFFERENTIAL

+

+

0

0

" V* VUV^JVY V

« •

2

I

I

I

1

I

I

I

I

'

I

I

I

I

I

I

I

I

I

I

I

I

»

I

I

I

t

I

I

12

INTERBANK DM
COVERED FRANKFURT

—

12

SWISS INTERBANK (SF) COVERED

8

8

EURO-DOLLAR DEPOSITS
DASHED LINE

4

0

I

'

I

I

I

'

I

I

I

'

EURO-DOLLAR DEPOSITS
DASHED LINE

—

1

1

•

»

•

I

I

I

I

I

1

1

1

1

1

4

'

1

I

I

I

0
2

2
DIFFERENTIAL

DIFFERENTIAL
+

AA-i/Ay

0

2

2
16

16

•

'

'




I

I

'
1988

•

I

•

•

•

I

•

•
1990

I

I

I

I

I

I
1988

'

I

'

'

•

I

'

'
•
1990

+

0

2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM

PERCENT PER ANNUM

14

UNITED STATES

CANADA
12

10

8

i

6
14

i

'

l

i

1

i

I

1

'

'

1

i

•

I

UNITED KINGDOM

I

I

I

I

I

I

I

I

I

I

I

I

I

FRANCE

12

12

10

-J 10

w
8
1

1

I

6
10

1

»

1

I

1

1

1

1

I

1

1

SWITZERLAND

I

I

I

H

JAPAN

i

i

I

I

I

I

I

I

I

I

I

1

8

10

6

4

2
10

I

I

I

I

»

I

I

I

l

I

I

I

i

i

NETHERLANDS

i

i

I

i

i

i

I

I

'

i

i

I

I

I

»

i

I

I

GERMANY

MONTHLY
8

6

4

2

'

'

'

I




'

i
1988

'

I

'

•

i

I

i

i
1990

I

•

I

I

I

1988

I

I

I

1990

2
10

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO S<
1986

SCALE
00

200
175

— NETHERLANDS

UNITED STATES

150
125

100
75

50
400
350

i

i

»

I

i

i

i

I

i

i i

I

i

i

i

•

i

i

I

i

i

i

l

i

i

i

I

i

i

i

.GERMANY

. JAPAN

300
250

200
150

I

100

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

200
175

L _ FRANCE

. SWITZERLAND

150
125

100
75

I

50

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 '

200
175

UNITED KINGDOM

.CANADA

150
125

100
75

50

•

' i I i i ' I ' i ' I • ' •




1988

1990

'

' ' I i ' i l » i i I i i i
1988

1990

SERIES
23-May-90 30-May-90 6-Jun-90
Chart 1.

13-Jun-90 20-Jun-90

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

2.9174
84.642
17.880
60.233
0.08198
0.65657
53.572
70.793
169.18

2.8944
84.578
17.687
59.572
0.08106
0.66288
52.929
70.470
169.16

2.8775
85.147
17.517
59.068
0.08029
0.65719
52.454
69.704
168.13

2.8722
85.352
17.548
59.137
0.08040
0.64953
52.549
69.478
169.37

2.8893
85.300
17.677
59.428
0.08101
0.64967
52.799
70.326
171.34

114 .96
84 .36
80 .57
169 .44
47 .06
171,.91
153..79
227..75
68.,43

114 .05
84 .30
79 .70
167 .
.58
46..53
173..56
151,.95
226..71
68. 42

113 .39
84 .86
78 .94
166 ,
.16
46 .09
172..07
150..58
224. 25
68..00

113 .18
85 .07
79 .07
166 .36
46 .
.15
170..07
150..86
223 52
68. 50

113 .85
85 .02
79 .66
167 ,
.18
46 .
.50
170. 11
151..58
226 .25
69. 30

107 .42
78 .71
72 .01
171 .26
40 .35
172 .08
145 .61
67 .44
216 .22
61 .28
92 .89

107 .22
78 .92
72 . 15
171 .50
40 .41
169 .84
145 .89
67 .38
215 .51
61 .78
92 .89

107 .40
78 .50
72 .40
171 .63
40 .56
169 .07
145 .96
67 .43
217 .25
62 .28
92 .39

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

107 .88
77 .39
72 .88
173 .28
40 .84
170 .05
147 .39
67 .53
217 .51
61 .05
91 .75

Chart 2.

remium or Discount

3-Month Forward Exchange Rate

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

-5 .44
-1 .47
.
0 .15
-3 .28
1..04
0..14
-0..44
-6..46

-5 .37
-1 .64
0 .10
-3 .25
1.
, 03
-0 .01
-0 .51
-6 .60
,

-5 .17
-1 .65
0 . 08
-2 .99
0 .99
-0 . 12
-0 .66
-6 .40
,

-5 .24
-1 .70
,
0.. 12
-2..84
0.,98
-0..14
-0..59
-6 .
,34

Gold Price in London, Afternoon Fixi
ixing

U.S. dollars per fine ounce
Chart 4.

-5 .17
-1 .42
0 .15
-3 .50
1 .02
-0 .02
-0 .40
-6 .35

107 .47
77 .69
72 .35
171 .88
40 .53
172 .70
146 .16
67 .48
217 .44
61 .32
92 .25

370 .36

366 .78

36 0. 23

353. 45

347 .51

8..22
8..08
13..56
9..65
7.,90
7 .17
,
8..03
8..38
14. 83

8. 19
8. 08
13. 75
9. 84
7. 81
7 .20
7 .83
8. 38
15. 00

8. 26
8. 09
13. 68
9. 75
6. 60
7. 19
8. 24
8. 38
14. 83

8. 30
8. 14
13. 68
9. 51
7 .73
7 .15
8. 19
8. 38
14. 40

8. 28
8. 09
13. 25
9. 78
7 .74
7 .07
7 .75
8. 38
14. 75

Call Money Rates

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




SERIES
23-May-90 3Q-May-90 6-Jun-90
Chart 5.

3-Month Interest Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese gensaki rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
(G-10 Countries)
Chart 6.

8 .30
13 .79
9 .71
8 .25
6 .87
8 .31
8 .65
14 .97
10 .01

8. 27
13. 98
9. 75
8. 28
6. 87
8. 14
8. 88
15. 05
10. 00

8 .22
13 .68
9 .86
8 .24
6 .86
8 .18
8 .63
15 .11
9 .97

8 .23
13 .73
9 .93
8,.25
6 .86
.
8 ,31
8 .75
14..94
9 .95

8 .22
13 .76
9 .93
8 .26
6 .86
8 .30
8 .68
14 .87
9 .92

8 .08
8 .15
8 .18
8 .30
8 .43
8 .68

8. 08
8. 13
8. 15
8. 24
8. 36
8. 63

8 .09
8 .13
8 .16
8 .23
8 .31
8 .50

8 .14
8 .13
8..19
8. 24
8..29
8..44

8 .09
8 .13
8 .19
8 .20
8 .25
8 .40

Euro-Dollar Deposit Rates

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

13-Jun-90 20-Jun-90

Selected Euro-dollar & U.S. Money Market Rates
8 .08
8 .22
-0 .15

8. 08
8. 19
-0. 11

8 .09
8 .26
-0 .17

8. 14
8 .30
.
-0..17

8 .09
8 .28
-0 .19

8 .30
8 .30
0 .00

8. 24
8. 27
-0. 03

8 .23
8 .22
0 .01

8 .24
8 .23
0 .01

8 .20
8 .22
-0 .02

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

8 .30
8 .38
-0 .08

8. 24
8. 34
-0. 10

8 .23
8 .25
-0 .03

8..24
8 .31
-0..07

8 .20
8 .29
-0 .09

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

8 .19
8 .44
-0 .25

8. 17
8. 36
-0. 19

8 .12
8 .13
-0 .01

8 .13
8 .38
-0 .25

8 .13
8 .34
-0 .21

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

8 .30
8 .40
-0 .10

8. 24
8. 43
-0. 19

8 .23
8 .34
-0 .11

8 .24
8 .34
-0 .10

8 .20
8 .38
-0 .18

8 .30
8 .24
0 .06

8. 24
8. 43
-0. 19

8 .23
8 .11
0 .12

8 .24
8 .08
0 .16

8 .20
8 .07
0 .13

11 .19
10 .07
8 .96
6 .86
6 .45
10 .76
8 .69

10. 86
10. 06
8. 97
6 .75
6. 38
10. 90
8. 65

10 .69
10 .12
8 .94
6 .70
6 .32
10 .73
8 .48

ND
10 .22
8 .99
6 .78
6 .32
10 .83
8 .46

ND
ND
9 .00
ND
6 .28
10 .64
8 .46

118. 82
155. 52
116. 92
182. 77
108. 11
143. 11
144. 10
144. 64

120 .37
151 .94
117 .86
183 .22
107 .56
143 .18
145 .94
146 .40

120 .16
149 .53
113 .78
179 .85
108 .00
143 .90
149 .98
146 .29

117 .65
148 .53
117 .12
178 .97
107 .51
142 .95
147 .67
143 .97

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
Swiss interbank, covered
Differential
Chart 9.

Long Term Government Bond Yields

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

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

117 .29
155 .06
116 .29
181 .10
107 .51
139 .35
140 .43
143 .98

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



FEDERAL RESERVE statistical release
H.10(512)

Jisie 25, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JUNE 22, 1990

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

Jun. 18

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EUR0 COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH 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
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
HON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7792
11.796
34.600
1.1727
4.7339
6.3700
1.2325
3.9525
5.6390
1.6773
164.00
7.7845
17.420
1.5996
1229.50
153.70
2.7125
1.8880
0.5823
6.4130
147.20
1.8490
2.6265
719.00
103.53
40.018
6.0825
1.4165
27.440
25.870
1.7130

0.7840
11.755
34.320
1.1741
4.7334
6.3540
1.2334
3.9370
5.6110
1.6690
163.60
7.7890
17.420
1.6036
1224.00
153.65
2.7105
1.8785
0.5830
6.4390
146.90
1.8425
2.6570
719.50
103.18
40.018
6.0570
1.4077
27.438
25.850
1.7205

0.7833
11.800
34.450
1.1724
4.7339
6.3825
1.2304
3.9505
5.6380
1.6785
164.30
7.7900
17.420
1.5985
1230.75
154.00
2.7105
1.8885
0.5825
6.4580
147.20
1.8425
2.6660
719.30
103.43
40.018
6.0770
1.4145
27.420
25.850
1.7230

0.7901
11.825
34.490
1.1749
4.7339
6.3880
1.2289
3.9525
5.6385
1.6805
164.50
7.7890
17.420
1.5960
1231.00
154.82
2.7120
1.8901
0.5875
6.4630
147.40
1.8425
2.6655
718.90
103.43
40.018
6.0790
1.4155
27.415
25.860
1.7250

0.7853
11.780
34.370
1.1822
4.7339
6.3710
1.2337
3.9400
5.6230
1.6745
164.00
7.7865
17.450
1.6020
1227.50
154.75
2.7105
1.8840
0.5860
6.4390
146.80
1.8425
2.6655
719.00
103.13
40.018
6.0610
1.4090
27.400
25.870
1.7330

MEMO:
^UNITED STATES

DOLLAR

92.20

91.84

92.15

92.26

92.06

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Jun. 19
Jun. 20
Jun. 21

Jun. 22

•VALUE IS U.S. DOLLARS
••INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1972 = 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.