Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : June 4, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

June 4,1990
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION OF
INTERNATIONAL FINANCE
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 $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 Board
of Governors of the Federal Reserve System m 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

140
130
120

RATIO SCALE
MARCH 1973=100

140
130

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

BELGIAN FRANC

120
110

110

100

100

90

90

80

80
I

70

I

I

I

280
260

I

« I

1

I

1

1

1

1

'

1

'

'

'

I

i

i

i

l

i

i

i

I

i

i

i

70

280
260

JAPANESE YEN

SWISS FRANC

240

240

220
200

220
200

180

180

160

160

140

140
•

120

i

i

i

i

1

i

1

• •

1

1

1

J

1

•

I

100

I

I

I

I

I

»

»

I

I

I

I

120
100

CANADIAN DOLLAR

90

90

U.K. POUND

80

80

70

70

60

60
50

J—L

'

I

•

'

i

I

I

l

l

I

1

'

1

i

i

200

1

i

I

I

I

1

1

t

I

I

I

I

I

GERMAN MARK

180 —

180

DUTCH GUILDER

160

160

140

140

120

120
100

I

I

I

I

'

'

i

I

i

'

l

I

I

•

I

I

I

I

I

I

I

I

I

I

I

_L_L

I

120

110 _
90 _

100
60
55

ITALIAN LIRA

50

100

45

FRENCH FRANC

40

80

35

70

w30

60
50

50

200

l

1

1




I

I

I I
1988

I

M

i

l

1

1 1
1990

i

'

I

i

i
I
1988

I

l

l

I

I

I

I I
1990

25

CHART 2

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

PERCENT PER ANNUM
4 ,
CANADIAN DOLLAR

U.K. POUND

'

•

•

I

'

l

l
JAPANESE YEN

GERMAN MARK

—

.

1

1

1

jy /

I

1

1

1

I

1

I

I

I

I

I

I

DUTCH GUILDER

SWISS FRANC

—

/I .

A

A /

x.
XV

l

l

l

1

1

1

1

1

l

l

I

1

I

1

1

1




1

1

1 1
19 88

1

1

1

1

1

1

1

1

1

1

1

1

1

z

y v v

I I

1

ITALIAN LIRA

FRENCH FRANC

12

1

1

1

1

1

1

1

1 1
1990

-

i

i

i

i

i

i
i
1988

i

i

i

i

i

i

i
i
1990

12

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR WEEK ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OUNCE
520

U.S. DOLLARS PER FINE OUNCE
520

—

500

—

480

460

—

460

440 —

—

440

500 —

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

420

420 —

400

—

400

380

—

380

360

360 —

—

340 —

320

340

320
1987




1988

1989

1990

CHART 4

CALL MONEY RATES
WEEKLY SERIES
CENT PER ANNUM

PERCENT PER AN

16

16

12

12

FRANCE

U.S. FEDERAL FUNDS

8

8
JAPAN

4

4

i

0

•

I

'

'

•

I

•

'

I

•

i

i

i

i

i

i

I

i

i

i

I

i

i

•

I

'

i

i

16

0
16

12

12
CANADA
GERMANY

8

8

4

0

4

•

1

'

l

1

•

1

I

•

>

»

I

i

i

i

I

I

'

I

I

'

I

I

I

'

•

I

•

•

0
20

16
UNITED KINGDOM

SWITZERLAND
16

12

12

8
8
4
4

NETHERLANDS

0

1

1

1

I

>




1

1988

1

I

1

1

I

I

•

'
1990

'
I
1988

I

I

'

I

I

•

•
1990

I

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANh

ENT PER ANNUM

12

12
FRENCH INTERBANK RATE

10

10

U.S. CD'S

8

8

6

6
WEIGHTED AVERAGE
FOREIGN RATE

4

i

2

i

i

I

i

i

i

I

4

i

i

i

I

i

i

i

i

i

i

I

i

'

•

I

•

•

•

I

•

'

i

2
16

16

14

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

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

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

I

l

l

I

I

l

I

I

l

l

l

I

l

l

I

0
10

10
NETHERLANDS INTERBANK RATE

8

8

JAPANESE GENSAKI RATE

6

6

4

4

2

I

I




I

I

I
1988

I

I

I

I

I

I

I

I
1990

i

I

i

i
1988

I

I

I

I

I

I

I

I
1990

I

2

CHART 6

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

PERCENT PER AN

14

14

OVERNIGHT

12

3-MONTH

12

10

10

8

8

6

6
'

4
14

I

'

I

'

1

1

I

1

1

I

I

I

I

•

I

I

7-DAY

12

I

I

I

I

6-MONTH

12

10

10

8

8

6

4
14

6
'

I

I

'

I

'

'

I

I

I

•

1 1 '

1

'

'

'

I

1-MONTH

12

•

« •

'

•

•

•

'

•

•

4
14

1-YEAR

12

10

10

8

8

6

4

4
14

6
i

i

i

I




i

i
1988

i

I

'

'

'

I

i

i
1990

i

I

I

I

I

I

I I
1988

I

I

'

I

I

I

'
1990

'

4

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

PERCENT PER ANNUM

14

14

12

12

10

OVERNIGHT
EURO-DOLLAR DEPOSITS

10

3-MONTH
EURO-DOLLAR DEPOSITS .

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J

I

I

I

DASHED LINE

J—I

L _ L

I

I

L_L

J — l — I — I

I

I

i

I

i

i

i

I
1988

l

I

i

i

i

DIFFERENTIAL
DIFFERENTIAL

J — I — i — i
1988




i

I

i

i

i

I

'

J — I — I — I
1990

J

L_L

1990

CHARTS

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

iCENT PER ANNUM

16

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

8

0
2

—

DASHED LINE

I

I

J

+

I

I

'

I

12

I

I

I

I

I

I

I

I

I

I

DASHED LINE

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

v

^-aa>v^VaVVV V

" V v v-y/wv x/

I

I

DIFFERENTIAL

DIFFERENTIAL

0 "V—f

2
16

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

4

I

I

I

I

I

I

I

«

I

»

INTERBANK DM

I

I

I

t

I

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

0

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4

—

DASHED LINE

i

i

i

I

• »

'

I

i

i

i

I

i

i

i

DASHED LINE

i

i

i

I

'

•

i

I

'

i

•

I

'

I

I

I

I

I

I

2
DIFFERENTIAL

DIFFERENTIAL
+

0

2

'

I

I




'

I
1988

1

I

1

1

1

I

1

' 1
1990

I

I

I

I

I

I I
1988

I I
1990

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM

PERCENT PER ANN!

14

14

UNITED STATES

CANADA

12

12

10

10

8

8
i

6
14

i

i

I

i

i

i

I

i

i

i

I

'

i

i

'

UNITED KINGDOM

1

'

I

1

1

1

I

1

1

I

I

'

I

I

6
14

FRANCE

12

12

10

10

8

6
10

8
'

•

1

I

1

•

1

I

1

1

I

I

I

I

I

•

SWITZERLAND

1

1

I

1

1

1

1

I

'

i

I

'

•

i

6
10

JAPAN

8

8

6

6

4

2
10

4

•

i

i

I

i

i

i

I

•

'

'

i

'

i

NETHERLANDS

i

i

I

i

i

i

I

i

'

'

I

» •

•

2
10

GERMANY

MONTHLY

8

8

6

6

4

2

4

'

'

'

I




1

'
1988

1

'

1

1

i

I

i

i
1990

i

i

i

i

I

i

i ' I
1988

i

i

i

I

i

i i
1990

2

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
— NETHERLANDS

175 — UNITED STATES

175

150

150

125

125

100

100
75

75

50
400

i

i

i

l

i

i

i

l

i

i

i

I

i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

GERMANY

350 — JAPAN

50
200
175

300

150

250

125

200

100

150

75

100

'

'

I

I

•

'

I

I

•

'

•

I

'

'

» '

I

I

i

i

i

I

i

i

i

I

JL_L

200
— FRANCE

175 — SWITZERLAND

50
200
175

150

150

125

125

100

100
75

75

50
200

I

I

175

.CANADA

I

I

I

» I

I

I

I

I

I

I

I

I

I

I

I

I

< '

I

I

I

'

I

I

I

, UNITED KINGDOM

I

50
200
175

150

150

125

125

100

100
75

75

50

•

'

'

I




•

'
1988

i

I

i

i

'

l

'

'
1990

'

i

'

I

l
1988

i

i

i

I
1990

50

SERIES
2-May-90
Chart 1.

9-May-90

16-May-90 23-May-90 30-May-90

Spot Exchange Rates and Indices

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

2.8830
85.895
17.740
59.519
0.08122
0.63000
52.907
68.682
163.84

2.9158
85.874
17.917
60.203
0.08205
0.63385
53.531
69.758
166.35

113 .60
85 .61
79 .94
167 .43
46 .62
164 .96
151 .88
220 .96
66 .27

114 .90
85 .59
80 .74
169 .36
47 .09
165 .96
153 .68
224 .42
67 .28

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

116 .08
84 .79
81 .43
171 .50
47 .53
171 .09
155 .68
230 .31
67 i 94

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

108 .45
77 .42
73 .35
174 .81
41 .07
168 .24
148 .57
67 .64
218 .96
60 .25
91 .20

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

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

-5 .07
-1 .42
0 .16
-3 .86
1 .14
-0 .14
-0 .45
-6 .57

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

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

CN
oo

Noon buying rates (U.S. cents, weekly averages)

370 .36

366 .78

8 .16
8 .04
13 .38
9 .88
7 .83
6 .94
8 .14
8 .38
14 .71

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

2.9459
85.072
18.070
60.965
0.08280
0.65343
54.228
71.588
167.97

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
Chart 3.

108 .35
79 .01
73 .43
174 .14
41 .08
164 .32
148 .00.
67 .79
215 .26
60 .23
92 .30

Vemium or Discount
-4.75
-1.01
0.30
-2.79
1.37
0.02
-0.64
-6.39

-4 .72
-1 .17
0 .31
-3 .26
1 .26
-0 .04
-0 .63
-6 .54

-ixing
Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

107.94
79.68
73.25
173.37
40.97
164.61
147.36
67.82
213.54
59.73
93.20

370.01

37 0.54

8.12
8.06
12.90
9.72
7.59
7.14
8.33
8.50
14.85

8 .20
8 .01
12 .80
9 .55
7 .85
6 .96
8 .41
8 .38
14 .95

369

Call Money Rates

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




SERIES
2-May-90
Chart 5.

8.58
13.67
9.63
8.29
6.70
8.59
9.16
15.30
9.94

8. 45
13. 65
9. 59
8. 28
6. 80
8. 52
9. 03
15. 22
9. 88

8. 29
13. 68
9. 71
8. 25
6. 84
8. 44
8. 75
15. 15
9. 93

8. 30
13. 79
9. 71
8. 25
6. 87
8. 31
8. 65
14. 97
9. 91

8. 27
13. 98
9.75
8. 28
6. 87
8. 14
8. 88
15. 05
9. 91

8.06
8.24
8.40
8.59
8.81
9.19

8. 01
8. 18
8. 29
8. 48
8. 70
9, 03

8. 04
8. 13
8. 20
8. 30
8. 45
8. 71

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

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

Euro-Dollar Deposit Rates

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

16-May-90 23-May-90 30-May-90

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.

9-May-90

Selected Euro-dollar & U.S. Mone y Market Rates
8.06
8.12
-0.05

8. 01
8. 20
-0..19

8. 04
8. 16
-0. 12

8. 08
8. 22
-0. 15

8..08
8..19
-0..11

8.59
8.58
0.00

8..48
8 .45
0 .02

8. 30
8. 29
0. 01

8. 30
8 .30
.
0..00

8..24
8. 27
-0,.03

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

8.59
8.66
-0.07

8 .48
8 .43
0 .04

8..30
8.,33
-0..03

8 .30
8 .38
-0 .08

8 .24
8 .34
-0 .10

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

8.43
8.76
-0.33

8 .32
8 .78
-0 .45

8 .21
8 .44
-0 .23

8 .19
8 .44
-0 .25

8 .17
8 .36
-0 .19

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

8.59
8.59
-0.01

8 .48
8 .59
-0 .12

8 .30
8 .42
-0 .12

8 .30
8 .40
-0 .10

8 .24
8 .43
-0 .19

8.59
8.50
0.09

8 .48
8 .38
0 .10

8 .30
8 .29
0 .01

8 .30
8 .24
0 .06

8 .24
8 .43
-0 .19

11.69
10.16
9.01
7.24
6.69
11.69
9.07

11 .24
10 .16
8 .88
7 .14
6 .68
11 .35
8 .89

ND
9 .99
8 .86
6 .88
6 .55
11 .11
8 .68

ND
ND
8 .96
ND
6 .45
10 .76
8 .69

ND
ND
8 .97
ND
6 .38
10 .90
8 65

115 .44
154 .20
120 .24
174 .58
104 .47
133 .69
131 .55
137 .83

116 .20
150 .98
117 .44
181 .76
106 .70
136 .59
134 .98
141 .98

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

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

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




111.32
150.65
116.17
169.97
104.31
130.41
130.19
134.78

i Toronto Composite, CAC General, FAZ Aktien ,
ink Index , Financial Times Ordinary, NYSE Compoi

•Q oj GoyA' •.
\ir'

FEDERAL RESERVE statistical release
H.10(512)

June 1, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JUNE 1, 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:

COUNTRY

MONETARY
UNIT

•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

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:
^UNITED STATES

DOLLAR

May. 28

H
0
L
I

D
A
Y

(CURRENCY UNITS PER DOLLAR)
May. 29
May. 30
May. 31

Jun. 1

0.7660
11.755
34.400
1.1818
4.7339
6.3635
1.2287
3.9250
5.6320
1.6721
164.30
7.7820
17.370
1.6038
1228.50
150.88
2.7015
1.8833
0.5741
6.4430
147.60
1.8460
2.6525
714.80
104.08
40.018
6.0650
1.4098
27.500
25.810
1.6946

0.7720
11.815
34.600
1.1780
4.7339
6.4050
1.2240
3.9420
5.6730
1.6820
165.10
7.7805
17.350
1.5950
1238.00
151.32
2.7005
1.8945
0.5757
6.4650
147.90
1.8485
2.6675
715.30
104.23
40.018
6.0785
1.4210
27.470
25.850
1.6930

0.7678
11.948
34.940
1.1745
4.7339
6.4600
1.2180
3.9760
5.7310
1.6990
166.50
7.7820
17.360
1.5770
1250.00
152.64
2.7035
1.9136
0.5768
6.5100
149.50
1.8540
2.6750
715.10
105.35
40.118
6.1330
1.4330
27.450
25.860
1.6765

0.7693
11.945
34.870
1.1726
4.7339
6.4710
1.2145
3.9800
5.7160
1.6935
166.30
7.7850
17.380
1.5810
1247.25
151.39
2.7090
1.9071
0.5752
6.5050
149.30
1.8540
2.6630
714.10
104.78
40.018
6.1130
1.4360
27.445
25.890
1.6838

91.99

92.39

93.18

92.85

*VALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 100. HEIGHTS 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.