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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts June 6,1994 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DtC. 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 RATIO SCALE MARCH 1973=100 RATIO SCALE MARCH 1973=100 120 145 135 125 115 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 105 — I 95 BELGIAN FRANC 85 i i i I i i i I i i i _L_1 I J I I I I I I I I I I I I I 75 280 260 240 220 200 • i i I 160 i i i 180 JAPANESE YEN SWISS FRANC i i i I i i i i i i I i ' i I i i i I i i i 140 100 90 80 70 U.K. POUND 60 CANADIAN DOLLAR » i i I » i i I i i i 1 i i i 50 250 230 210 190 170 DUTCH GUILDER i i I i i GERMAN MARK i I » i i I i i i i i i I i i i I i 150 i i I i 130 65 55 45 35 — ITALIAN LIRA FRENCH FRANC I I I I I I 1992 I I I I I I I I 1994 I 1 1 1 I 1 ' 1992 1 I 1 1 • I i ' ' 1994 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM M OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 2 PERCENT PER ANNUM 2 b GERMAN MARK U.K. POUND + 0 1 • ' I 1 1 1 l 1 1 1 1 l 1 1 i i 1 l 1 1 i I 1 1 i 1 I 1 1 m m — CANADIAN DOLLAR JAPANESE YEN rY i i i I i i i I i i i 1 1 1 1 1 SWISS FRANC i i i i i i i ' I i i » i i DUTCH GUILDER 2 r — — 4 6 8 2 + 0 — 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 — V. / I I 1 1 1 1 — 1 1 1 1 1 11 I I l ITALIAN LIRA FRENCH FRANC 2 4 6 6 10 8 14 10 12 • » • I » • 1992 ' i • • • i • • 1994 • » I • • 1992 • i • ' i i • i 1994 i 18 CHART 3 PRICE OF GOLD IN LONDON A V E R A G E S FOR W E E K ENDING W E D N E S D A Y U.S. DOLLARS PER FINE OUNCE 420 U.S. DOLLARS PER FINE OUNCE 420 12.5 Kg BARS AFTERNOON FIXING PRICE CHART 4 CALL MONEY RATES WEEKLY SERIES DENT PER ANNUM PERCENT PER ANI 8 10 SWITZERLAND 8 U.S. FEDERAL FUNDS 6 6 4 4 JAPAN 2 I 2 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 10 I 0 10 9 9 8 8 GERMANY NETHERLANDS 7 7 6 6 5 5 14 16 14 12 FRANCE CANADA 12 10 10 8 8 6 6 4 UNITED KINGDOM 4 ' ' • I • ' • 1992 l • • ' i i 1994 1992 1994 2 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANNUM 13 PERCENT PER ANNUM 12 WEIGHTED AVERAGE FOREIGN RATE 11 CANADIAN FINANCE PAPER U.S. CD'S I I I I I 1 I I I I I I I I • ' I • I ' I I I I I I I 1 U.K. INTERBANK STERLING NETHERLANDS INTERBANK RATE • ' I I 1 ' > 1 1 1 1 I 1 I ' I I I I I I I I I 13 11 JAPANESE CD RATE 7 — 5 — FRENCH INTERBANK RATE 3 — 1 10 I I I I ' ' ' l i ' i I i i I ' I I I I I 1 1 I 1 1 1 12 10 6 — SWISS INTERBANK GERMAN INTERBANK RATE 4 — I I I l i ' 1992 ' I i ' i I i i 1994 ' ' » i I i 1 1992 1 I 1 1 1 I 1 ' ' 1994 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM PERCENT PER AN 10 OVERNIGHT 3-MONTH 8 6 4 2 10 i i i I i i i I i i i i i i i 1 1 I 7-DAY 8 1 • • I 1 1 I ' • ' I ' I • I » • i I i i i i I ' i ' 6-MONTH 6 4 2 10 I I I I • • • I » • I I • I I I I I I • ' 1-YEAR 1-MONTH 8 I 6 4 2 • » l • • 1992 ' i • • • i • » • 1994 • • ' l ' • 1992 • 1994 CHART 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS B O R R O W I N G IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 10 10 8 — 3-MONTH OVERNIGHT EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 4 — 90-DAY CD'S FEDERAL FUN DASHED LINE DASHED LINE J I L J I I I I I I I I I—L 1992 J L I I l L I I—I L DIFFERENTIAL DIFFERENTIAL J_J I J I I I 1994 L i i i I » I 1992 i I I I I 1994 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 8 PERCENT PER ANNUM 8 CANADIAN FINANCE CO. PAPER. COVERED INTERBANK STERLING COVERED LONDON U.S. COMMERCIAL PAPER DASHED LINE EURO-DOLLAR DEPOSITS DASHED LINE ' i i > i » ' I i i i I i i i I DIFFERENTIAL I I I I I I I DIFFERENTIAL I I I I I I I I INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS* DASHED LINE I I I I I I I I EURO-DOLLAR DEP DASHED LINE I I I I I I I DIFFERENTIAL 1 • ' ' I ' ' • 1992 DIFFERENTIAL I • ' I I I 1 I 1994 ' I I I ' ' « I 1992 I I I I I I I 1994 I 1 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM UNITED KINGDOM UNITED STATES 5 4 11 FRANCE CANADA 10 9 8 7 6 8 4 SWITZERLAND JAPAN 7 6 5 4 3 10 2 10 GERMANY NETHERLANDS 9 8 7 — 6 6 5 1992 1994 1992 1994 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 220 UNITED STATES 210 — UNITED KINGDOM 190 170 150 130 • 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 250 225 SWITZERLAND 110 160 JAPAN 140 200 175 120 150 100 125 100 160 i i i I i i i I i i i ' I i GERMANY ' I I I I I I I » I I I I » CANADA 80 180 165 140 150 120 135 120 100 105 I I I I I I I ' ' I I I ' FRANCE ' ' I ' i i I ' ' ' I i i i — NETHERLANDS 90 160 145 130 115 100 105 I 1992 1994 I I I I I 1992 I I I I I 1994 I 85 4 -May-94 Chart 1. 11-May-94 18-May-94 25 -May-94 l-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 2.9351 72 .300 17. 643 60. 426 0.06276 0.98269 53 .813 71. 020 151 .01 2.9158 12. 417 17. 517 60. 049 0.06257 0.96803 53. 476 70. 405 149 .41 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 71.300 151.24 115 .66 72 .06 79 .50 169 .98 36 .03 257 .30 154 .49 228 .48 61 .08 114 .90 72 .18 78 .94 168 .92 35 .91 253 .46 153 .52 226 .50 60 .43 114 .80 72 .31 78 .88 168 .76 35 .92 250 .88 153 .30 226 .50 60 .80 116.06 72.32 79.85 170.58 36.11 250.82 155.14 228.55 60.98 116.39 71.92 80.17 171.09 36.01 250.44 155.65 229.38 61.17 109 .14 66 .43 72 .16 175 .02 30 .95 263 .27 148 .85 52 .96 219 .06 54 .31 93 .21 109.78 66.06 72 .72 176.14 30.94 261.63 149.89 52.89 219.88 54.18 92.57 110.04 65.62 72.99 176.66 30.83 261.02 150.33 52.35 220.57 54.33 92.50 -1 .68 -0 .91 -0 .41 -3 .07 2 .52 -0 .38 0 .80 -0 .48 -1 .52 -0 .83 -0 .41 -2 .93 2 .61 -0 .33 0 .71 -0 .47 -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 -0.61 375 .01 377 .91 380 .47 385.64 386.05 3 .76 3 .61 5 .65 5 .85 5 .56 2 .15 5 .24 3 .83 4 .72 3 .70 3 .75 5 .63 5 .78 5 .40 2 .06 5 .23 4 .10 4 .85 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 4.28 4.08 5.71 5.49 4.84 2.01 5.11 4.28 4.81 = 100 Indices, March 1973 base rates : Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound Weighted average exchange value indicesi, 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. -1 .72 -1 .41 -0 .89 -3 .53 2 .16 -0 .81 0 .48 -0 .87 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 109 .14 66 .24 72 .16 175 .05 30 .91 266 .05 148 .93 53 .10 218 .86 53 .90 93 .11 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. 109 .24 65 .72 72 .27 175 .15 30 .82 268 .85 149 .02 53 .23 219 .54 54 .20 92 .43 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom May-94 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. 4.22 6.16 5.68 5.28 2.27 5.14 3 .88 5.14 5.01 4 .61 6 .48 5 .59 5 .08 2 .24 5 .04 3 .88 5 .19 4 .94 4 .61 6. 57 5. 43 4 .99 2 .17 4 .95 3. 88 5. 11 4 .83 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 3.61 3.71 3.89 4.21 4.59 5.23 3 .75 3 .91 4 .20 4 .60 4 .98 5 .60 3 .80 4 .01 4 .28 4 .63 5. 05 5. 63 4. .09 4. ,11 4. ,20 ,48 4. 4 .80 5. 34 4.08 4 .12 4.20 4 .50 4.83 5.41 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 11-May -94 18 - May -94 25 - May -94 1-Jun-94 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 3. 61 3. 76 -0. 15 3.,75 ,70 3. 0..05 3..80 .02 4. -0..22 4 .09 4 .22 , -0 .13 4. .08 4. .28 -0..20 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 4 .21 4 .22 -0. 01 4. .60 4. .61 -0..01 4. .63 .61 4. 0..02 4 .48 , 4 .48 , -0 .00 4. .50 4. .51 -0..00 Euro-dollar deposit Interbank sterling (London), covered Differential 4 .21 4 .26 -0. 05 4. .60 4. .70 -0..10 4. .63 4. .63 -0..01 4 .48 4 .49 -0 .01 4 .50 . , 4 .54 -0 .04 U.S. commercial paper Canadian finance paper, covered Differential 4 .24 4 .41 -0. 18 4. .65 4. .77 -0..13 4. .68 5..03 -0..35 4 .54 4 .73 -0 .19 4 .58 , 4 .60 , -0..02 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 4. ,21 4. .38 -0..17 4. .60 4. .66 -0..06 4. .63 4 .57 . 0..05 4 .48 4 .39 0 .08 4 .50 , 4 .49 . 0,.01 Euro-dollar deposit Swiss interbank, covered Differential .21 4. 4. .36 -0..15 4 .60 4 .68 , -0 .08 4 .63 , 4 .59 , 0,.03 4 .48 4 .38 0 .09 4 .50 4 .43 0 .07 8 .52 7 .04 , 6 .70 4 .01 , 4 .77 6 .79 8 .21 7 .34 8 .40 6 .84 6 .54 3 .90 4 .71 6 .60 8 .08 7 .19 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 , Chart 8. Chart 9. Interest Arbitrage, 3-Month Funds Long Term Government Bellwether Bond Yields 10-year maturity, where available 8..24 6..85 6..58 .97 3. 4 .73 . 6..64 7 .95 . 7 .09 . Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart 10. Stock Indices (Wednesday figures) Canada 142 . 56 142 .06 142 . 138,.90 .24 France 171 .70 164 , .38 .08 168,.33 169 , 128 .61 Germany 127 , 123 , 127 , .03 .33 .95 Japan .64 123 .61 123 , 125 , 120,.49 .39 Netherlands 151,.98 152 .74 150 , 147 , .81 .36 Switzerland 221,.17 227 .00 228 .64 222 , .73 United Kingdom 193 , .32 191 .21 191,.15 186..11 United States 184 , 179 , .75 184 .32 .33 185..30 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 142 .95 157,.19 120,.09 128 , .06 142 , .55 226 .32 180..66 185..88 to SBF250 •oOLGOwT-. FEDERAL RESERVE statistical release June 6, 1994 H.10(512) FOREIGN EXCHANGE RATES FOR THE WEEK ENDING JUNE 3, 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 May. 30 H O L I D A Y (CURRENCY UNITS PER DOLLAR) Jun. 2 Jun. 1 May. 31 Jun. 3 0.7385 11.560 33.850 1.3845 8.6796 6.4523 1.1706 5.4590 5.6235 1.6448 242.42 7.7263 31.373 1.4770 1593.50 104.74 2.5800 3.3320 1.8451 0.5945 7.1344 170.78 1.5340 3.6300 809.30 135.640 49.330 7.8105 1.4033 27.060 25.210 1.5120 0.7401 11.565 33.860 1.3860 8.6794 6.4650 1.1712 5.4787 5.6240 1.6445 243.93 7.7265 31.380 1.4775 1595.50 104.70 2.5798 3.3300 1.8444 0.5942 7.1329 171.20 1.5328 3.6400 809.30 135.750 49.330 7.8798 1.4005 27.080 25.220 1.5172 0.7377 11.620 34.030 1.3855 8.6791 6.4930 1.1655 5.4797 5.6460 1.6537 246.89 7.7270 31.373 1.4740 1602.62 104.98 2.5895 3.3200 1.8542 0.5933 7.1696 171.95 1.5345 3.6300 809.70 136.440 49.300 7.8619 1.4050 27.030 25.220 1.5082 0.7378 11.740 34.350 1.3831 8.7090 6.5410 1.1555 5.5206 5.6990 1.6684 249.68 7.7283 31.660 1.4700 1622.00 105.38 2.5900 3.3250 1.8709 0.5943 7.2292 173.08 1.5395 3.6270 809.60 137.470 49.300 7.8976 1.4170 27.075 25.240 1.5055 92.55 92.55 92.91 93.52 *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. 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.
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