Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : June 28, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

June 28,1993

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
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

RATIO SCALE
MARCH 1973=100
120

RATIO SCALE
MARCH 1973=100
140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

130

100

120

90

110

80

100

BELGIAN FRANC

•

70
270

'

'

l

i

i

i

I

i

1

i

l

i

i

i

• '

•

1 1 1

•

i ' ' » 1 1

•

i

90
240

250

220

230

200
-

210

180

JAPANESE YEN
SWISS FRANC

190

170
100

i

» i

90

l

i

i

160

i

I

» i

i

I

'

i

i

1

1

1

I

1

1

1

1

1

» I

I

I

•

'

140
100

U.K. POUND

90

80

80

70

70
CANADIAN DOLLAR

60
50
200

60

'

I

'

I

'

I

'

I

'

'

'

»

1

1

1

'

1

1

'

1

1

'

1

'

50
200

180

190

160

180

140
170
120
100
110

GERMAN MARK

DUTCH GUILDER

'

100

•

•

I

'

1

1

1

1

1

I

I

I

I

I

i

i

i

i

i

r

i

i

i

i

i

i

i

i

•

150
55
50

FRENCH FRANC

90

45

80

40

70

60

160

ITALIAN LIRA

I

I

I

1990




I

I

I

I

I

» I
1992

I

I

I

I

I

•

'
1990

'

*

I

I

I

35

I

I

I
1992

I

I

30

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

'

JAPANESE YEN

1

*

1

'

I

I

I

I

'

'

SWISS FRANC

'

'

I

•

1

•

> » I

'

I

I

I

»

DUTCH GUILDER
V

w s
—

4
6
1
+

0

FRENCH FRANC

1

1

I

1

1

1

I

1

1

1

1

1

1

f

ITALIAN LIRA

8
2
+

0
2

2

4

4

6

6

8
10

8

12
14

10
12

1

'
1990




'

i

i

'

I

» '
1992

'

I

i

•

i

'
1990

'

I

'

•

'

I

•

•
1992

•

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

—

—

400

380 —

—

380

360 —

—

360

340

—

340

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

320




320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM
16

FRANCE

U.S. FEDERAL FUNDS

JAPAN

NETHERLANDS
GERMANY

lA

UNITED KINGDOM

CANADA

SWITZERLAND

» i
1990




1992

1990

'

I

'

i

i

l

i

i
1992

» l

i

i

i

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
15

PERCENT PER ANNUM
12
WEIGHTED AVERAGE
FOREIGN RATE

CANADIAN FINANCE PAPER

U.K. INTERBANK STERLING

—

NETHERLANDS INTERBANK RATE

JAPANESE CD RATE
FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

SWISS INTERBANK

i

1

1990



1

I

1

'

'

I

« » » I
1992

'

1

1

1

1

1990

I

I

1

1

'

I

I

1

1992

» I

» '

I

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

1990




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

8 —

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

I

'

i

i

J—I

I

'

'

1990



I

I

I

DIFFERENTIAL

I

1

1

I

1

I

• /^i« m

•V*.

1

I

I

i

I

i

i

I

I

l

I

DIFFERENTIAL

W - W V y / Y ^

'

I

1
1992

1

I

1

1

1

J

1
1990

I

I

I

I

I

I

mi A,

I

I
1992

i

CHARTS

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

PERCENT PER ANNUM
10

10

8
CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

6

4
EURO-DOLLAR DEPOSITS'
DASHED LINE

2

0

i

i

i

I

'

i

i

I

i

i

U.S. COMMERCIAL PAPER
DASHED LINE

i

I

i

i

i

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

2
DIFFERENTIAL

DIFFERENTIAL

+

v ^ ftwA* 177"

0

2
10

'

'

'

I

'

'

'

I

'

'

« I

/\/\>/avAAx/^vvVv^V^^

'

'

I

I

I

I

I

I

s/wVW

I

I

I

I

\
U v ^

I

I

'Nvy/

I

l

l

8
INTERBANK DM
COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

6

4
EURO-DOLLAR DEPOSITS
DASHED LINE

2

1 1 1 1 1 1 I

0

•

EURO-DOLLAR DEPOSITS
DASHED LINE

'

1 I

1 '

'

1 1 1 I

1 1 1 I

'

'

1 I

1 '

1

I

I

I

I

2
DIFFERENTIAL

/A

+

0

2

DIFFERENTIAL

I

I
1990




I

I

a,

A, A,

'

1

I

I

1

1

1992

1

I

I

1

1

I

I
1990

'

I

I

I

I

I

I

1992

I

I

2
10

CHART 9

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

PERCENT PER ANNUM
14
UNITED KINGDOM

CANADA

FRANCE

SWITZERLAND

JAPAN

NETHERLANDS

1990




GERMANY

1992

1990

1992

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
200

RATIO SCALE
1986=100
200
UNITED STATES

UNITED KINGDOM
180

160
140

120

'

i

i

I

i

i

i

l

i

» i

l

» i

i

i

SWITZERLAND

i

i

l

i

i

i

l

i

i

i

I

i

i

i

JAPAN

100
250
210

170

170
150
130
130
90
110

90
130

i

i

i

I

i

i

i

I

i

i

i

I

» i

'

i

i

BE R MANY

i

I

i

i

i

I

i

i

i

I

i

i

i

50
155

FRANCE

120

145

110

135

100

125

90

115

80
140

i

i

i

I

i

i

i

I

i

i

i

I

i

i

CANADA

i

i

i

i

l

i

i

i

l

i

i

NETHERLANDS

130
120 —

110 —
100

90

i

i

i

I

1990




i

i

i

I

i

i
1992

i

I

i

i
1990

1992

i

l

i

i

i

26-May-93 2-Jun-93
Chart 1.

9-Jun-93

16-Jun-93 23-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

2.9901
79.088
18.240
61.442
0.06757
0.91007
54.849
68.212
154.42

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

117.83
78.83
82.19
172.84
38.79
238.29
157.46
219.45
62.46

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

Weighted average exchange value indices, Mar. 1973= 100
Belgian franc
109.72
110.59
Canadian dollar
71.28
70.12
French franc
73.81
74.30
German mark
175.65
177.24
Italian lira
32.86
32.72
Japanese yen
242.77
245.79
Netherlands guilder
149.77
150.75
Swedish krona
55.08
55.22
Swiss franc
207.53
211.00
U.K. pound
54.68
54.30
U.S. dollar
90.76
89.49

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

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

-1.59
-4.26
-4.45
-7.47
0.06
-3.68
-1.96

-2.61

-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

375.66

374.64

374.36

367.50

369.36

3 .07
2 .94
4 .44
7 .92
,
7 .75
,
3 .14
,
7 .22
,
4,
.97
5..63

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

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

Chart 2.

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,

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4 .

-1.65
-4.31
-4.30
-7.33
0.03
-3.73
-1.97
-2.73

Call Money Rates

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




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

26-May-93 2-Jun-93
Chart 5.

3.14
5.23
7.33
7.36
3.25
6.88
5.03
5.90
6.30

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

2.94
2.96
3.04
3.16
3.29
3.63

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

2.89
3.00

Euro-Dollar Deposit Rates

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

16-Jun-93 23-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. Mone] Market Rates

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

2.94
3.07
-0.13

2.99
3.09
-0.10

2 .99
2 .96
0 .02

2 .94
3 .01
-0 .07

-0.11

3.16
3.14
0.03

3.23
3.19
0.04

3 .23
3 .24
-0 .02

3 .21
3 .20
0 .01

3.20
3.19
0.01

3.16
3.13
0.03

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 .17
3.55
-0.38

3.21
3.44
-0.23

3 .27
3 .42
-0 .15

3 .26
3 .47
-0 .21

3.24
3.34

-0.10

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

3.16
2.98
0.18

3.23
2.98
0.24

3 .23
3 .17
0 .06

3 .21
3 .13
0 .08

3.20
3.15
0.05

Euro-dollar deposit
Swiss interbank, covered
Differential

3.16
3.03
0.13

3.23
3.07
0.16

3 .23
3 .15
0 .08

3 .21
3 .12
0 .09

3.20
3.13
0.07

7 .63
7 .14
6 .88
4 .75
4 .72
6 .72
8 .05
6 .14

7 .51
,
7 .22
6 .86
4 .67
,
4 .71
,
6,.70
8,.04
6,.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

128 .81
142 ,
.40
95 .86
123,.99
119 ,
.11
175 .68
171 .35
183 .71

128..63
141..44
95,.40
124 .
.42
117..70
175..94
173 .
.03
183..98

128..62
143 .
.38
97,.94
125..15
120,.47
180,.32
173 .
.83
180..67

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

131.36
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 (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

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



••gum;:FEDERAL RESERVE statistical release
H.10(512)

June 28, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JUNE 25, 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
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
"UNITED KINGDOM
MEMO:
"(UNITED STATES

MONETARY
UNIT

Jun. 21

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

0.6850
11.888
34.690
1.2738
N. A.
6.4725
1.1605
5.6400
5.6760
1.6895
230.10
7.7410
31.700
1.4445
1530.00
111.05
2.5960
1.8943
0.5425
7.1350
160.34
1.6435
3.2860
805.40
129.10
48.100
7.5600
1.5015
26.388
25.320
1.4880

0.6838
11.951
34.860
1.2785
N.A.
6.4980
1.1540
5.6460
5.7085
1.6975
231.30
7.7418
31.600
1.4377
1533.50
111.35
2.5890
1.9030
0.5400
7.1600
160.60
1.6380
3.3000
806.60
129.40
48.120
7.6025
1.5134
26.398
25.350
1.4772

0.6738
11.675
34.810
1.2807
5.7756
6.4900
1.1550
5.6650
5.6960
1.6940
231.95
7.7568
31.600
1.4415
1529.50
109.15
2.5860
1.8995
0.5383
7.1500
160.57
1.6308
3.3000
807.40
129.15
48.140
7.7100
1.5075
26.432
25.360
1.4717

93.49

93.93

93.67

DOLLAR

(CURRENCY UNITS PER DOLLAR)
Jun. 22
Jun. 23
Jun. 24
0.6698
12.020
35.130
1.2825
5.7756
6.5570
1.1428
5.7380
5.7520
1.7088
232.70
7.7650
31.600
1.4282
1542.50
109.25
2.5885
1.9165
0.5366
7.2170
162.05
1.6350
3.3220
806.40
130.44
48.150
7.8150
1.5180
N.A.
25.303
1.4675
94.28

Jun. 25
0.6694
11.986
35.010
1.2830
5.7756
6.5370
1.1480
5.7450
5.7500
1.7035
232.00
7.7570
31.600
1.4335
1543.50
106.15
2.5860
1.9101
0.5372
7.1980
162.15
1.6260
3.3160
805.80
130.60
48.150
7.8180
1.5128
26.405
25.290
1.4778
93.73

**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.