Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : June 7, 1993

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Selected Interest 8f
Exchange Rates
Weekly Series of Charts

June 7,1993
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION O F
INTERNATIONAL FINANCE
BOARD O F G O V E R N O R S
FEDERAL RESERVE SYSTEM

Washington, DlC. 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




S U B S C R I P T I O N 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

140
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

130

100

120

90

110

80

100

BELGIAN FRANC

i

70
270

i

I

i

i

'

I

i

•

•

I

i

1

i

1

1

I

I

» I

1 I

» I

I

I

I

I

90
240

250

220

230

200

180

210

JAPANESE YEN

170
100

160

SWISS FRANC

190

'

i

i

90

I

i

'

i

l

i

I

i

i

i

i

•

i

« I

i

i

'

I

i

'

'

I

i

i

i

140
100
90

U.K. POUND

80

80

70

70
CANADIAN DOLLAR

60

60
50
200

'

i

i

I

i

i

i

I

i

i

i

I

I

I

I

I

I

1 I

I

1 I

I

I

I

I

I

I

50
200

180

190

160

180

140

170

120

GERMAN MARK

DUTCH GUILDER
•

i

i

l

i

i

i

l

'

i

i

l

i

i

i

i

i

i

i

i

r

i

i

i

i

i

i

160
i

i

i

150
55
50

FRENCH FRANC

45
40
TAL AN LIRA

I
1990




1992

1 I
1990

I

1 I

I

35

I

I

I
1992

I

1

30

CHART2

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

PERCENT PER ANNUM

2
GERMAN MARK

i

i

i

I

i

Ii

M

i

'

i

i

i

i

1

i

CANADIAN DOLLAR

\r,
1

1

1

1

1

1

1

I

1

1

1

1

I

1

I

I

I

i

i

JAPANESE YEN

1/ "
If Ir

1

1

1

1

1 i

i

i

i

i

i

SWISS FRANC

2 —

12

U.K. POUND

'

'

I

•

i

i

I

i

» '

i

I

DUTCH GUILDER

L Z X

—

4 —

i

—

/

—

6
•

8
2
+

i

i

i

i

i

i

iI I I ! i

1

i

i

i

1

1

1

I I

1

1

1

1 1

1

1

I I
2
+

ITALIAN LIRA

FRENCH FRANC

0

0
2

2

^

S v v A

\

—

4

6

1

4
6

—

>

—

8
A

f

—

10

8

12
14

10
12

1

1 1
1990




1

1

1

1

1 1

1 1
i i
1992

i

i

i

•

•
1990

» l

•

'

•

I

•

» i
1992

I

i

i

i

16
18

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K E N D I N G W E D N E S D A Y
U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

420

—

420

—

400

—

380

—

360

—

340

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

—

380

—

320




320
1990

1991

1992

1993

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

10

16

FRANCE

U.S. FEDERAL FUNDS

JAPAN

V7

NETHERLANDS
GERMANY

UNITED KINGDOM

CANADA

SWITZERLAND

1990




1992

1990

1992

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

15

12

13

WEIGHTED AVERAGE
FOREIGN RATE

10

11

9
U.S. CD'S

6 —

7
CANADIAN FINANCE PAPER

4 —
i
16

» i

I

1

i

1

I

'

•

'

I

'

'

'

•

•

l

i

•

•

I

5
1

1

1

1

I

'

3
10

r——

13 —

10 —
U.K. INTERBANK STERLING

'

i

i

I

'

i

i

I

i

NETHERLANDS INTERBANK RATE

'

i

I

i

i

•

I

I

I

I

I

•

I

I

I

JAPANESE CD RATE
FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

SWISS INTERBANK

1990




1992

1990

1992

I

I

I

CHART 6

EURO-DOLLAR DEPOSIT RATES L O N D O N
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

•

•

•

•

•

#

E

E

#

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
D I F F E R E N T I A L : PLUS(+), F A V O R S 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

3-MONTH

OVERNIGHT

6

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

8 —

——

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

4 —

i

I

I

I

I

I

i

I

I

I

I

I

I

I

L

J

I

I

I

I




I

I

I

I

I

I

I

I

I

L

I

I

I

I

I

L

mAf^\

Uw"V/VY/Y-

1990

I

DIFFERENTIAL

DIFFERENTIAL

i

I

I

<

I

I

I

I

I
1992

I

I

I

L

J_l
1990

L

J

I

I

1992

CHART 8

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

DENT PER ANNUM

10

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

6

4
U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS'

DASHED LINE

DASHED LINE

2

•

0

i

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

2
DIFFERENTIAL

DIFFERENTIAL
+
0

AYxj*n

'WW\JU/

•

2
10

I

I

I

1

'

1

I

'

'

'

I

'

I

1

'

I

I

I

I

I

I

8
SWISS INTERBANK (SF) COVERED

INTERBANK DM

COVERED FRANKFURT

6

4
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

2

1

1

1

0

'

'

'

1

I

'

'

1

'

'

I

'

I

I

I

I

I

I

I

I

1

I

I

I

I

i i
1992

I

i i

I

2
DIFFERENTIAL

DIFFERENTIAL
1

V wv "

I

I

1990



K /

^

I

1

I

1

1

'

1

'

1992

1

I

'

'

'

•

' i
1990

I

i

i

1

i

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

UNITED STATES

UNITED KINGDOM

5

6

12
CANADA

FRANCE

11
10

9
8

7
8

8
SWITZERLAND

JAPAN

7

6

5

4
10

10
NETHERLANDS

GERMANY

9

8

7

6

1990




1992

6

CHART 10

STOCK INDICES
WEEKLY SERIES

1986=

RATIO SC/
1986=

CALE
0

200

UNITED KINGDOM

UNITED STATES

1

180
160

140
120

100

•

I

I

I

I

'

»

I

'

I

I

L

»

>

'

190

I

I

I

I

I

I

•

1

'

I

JAPAN

SWITZERLAND

150

130
110

FRANCE

ERMANY
120
110
100

90

80

140

NETHERLANDS

CANADA

130

I

1990




I

I

I

I

'

(

I

1992

'

'

1990

I

I

'

—

170

90
130

I

1992

:

5 -May-93
Chart 1.

12 -May-93 19 -May -93 26-May -93 2 -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

3.0745
78.628
18.760
63.255
0.06777
0.90179
56.308
70.118
156.75

3.0434
78. 618
18. 573
62. 610
0.06784
0.90101
55. 793
69. 228
155 .05

3.0094
78. 577
18. 341
61. 870
0.06768
0.89920
55. 165
68. 202
153 .37

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

121.15
78.37
84.54
177.94
38.90
236.12
161.65
225.58
63.40

119 .93
78 .36
83 .69
176 .13
38 .94
235 .91
160 .17
222 .71
62 .71

118 .59
78 .32
82 .65
174 .04
38 .85
235 .44
158 .37
219 .42
62 .03

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

110 .48
70 .79
74 .28
177 .14
32 .93
239 .56
150 .72
54 .63
207 .53
54 .27
90 .78

109 .72
71 .28
73 .81
175 .65
32 .86
242 .77
149 .77
55 .08
207 .53
54 .68
90 .76

110.59
70.12
74 .30
177.24
32.72
245.79
150.75
55.22
211.00
54.30
89.49

-1 .97
-4 .64
-4 .38
-7 .67
-0 .07
-4 .07
-1 .95
-2 .82

-1 .95
-4 .37
-4 .21
-7 .36
-0 .02
-3 .79
-1 .98
-2 .87

-1 .65
-4 .31
-4 .30
-7 .33
0 .03
-3 .73
-1 .97
-2 .73

-1.59
-4.26
-4.45
-7.47
0.06
-3.68
-1.96
-2 .61

355.08

356 .27

370 .83

375 .66

374.64

2.98
2.91
4.50
8.34
7.69
3.19
7.53
5.20
5.88

2 .90
2 .85
4 .45
8 .14
7 .65
3 .15
7 .40
4 .88
5 .33

3 .01
2 .95
4 .05
8 .05
7 .76
3 .16
7 .25
4 .93
5 .83

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

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.

-2.04
-4.75
-4 .51
-7.77
-0.05
-4.21
-1.99
-2.95

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

111 .05
70 .35
74 .79
178 .31
32 .78
238 .39
151 .52
54 .25
209 .35
54 .54
90 .05

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.

111.60
69.94
75.17
179.33
32.55
237.16
152.12
54.35
210.94
54.87
89.42

Call Money Rates

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




5 -May-!93
Chart 5.

3 .07
5 .41
7 .70
7 .64
3 .21
7 .26
4 .98
5 .98
6 .56

3 .06
5. 27
7 .58
7 .44
3 .22
7. 09
4 .90
5. 88
6. 40

3 .11
5 .37
7 .43
7 .26
3 .23
6 .87
4 .95
5 .96
6 .33
,

, 14
3.
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

2 .91
2 .98
3 .00
3 .06
3 .18
3 .36

2 .85
2 .94
3 .00
3 .06
3 .13
3 .31

2 .95
.
2 .95
,
3 .00
,
3 .11
,
3 .19
,
3.
.51

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.
.94
.07
3.
,13
-0 .

2 .99
3 .09
-0 .10

Euro-Dollar Deposit Rates

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

-May- 93 19-May -93 26 -May--93 2-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.

12

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

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

2 .91
2 .98
-0 .06

2. 85
2. 90
-0.05

.95
2.
3.
.01
-0..06

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

3 .06
3 .07
-0 .01

3 .06
3 .06
0. 01

3 .11
,
3 .11
.
0 .00
.

.16
3.
3 . 14
0 .03
.

3 .23
3 .19
0 .04

3 .06
2 .99
0 .07

3 .06
3 .01
0. 05

.11
3.
3 .05
.
0..06

3 .16
.
3 .13
.
0..03

3 .23
3 .18
0 .05

3 .11
3 .34
-0 .23

3 .09
3 .28
-0. 19

3.
, 14
3 .40
.
-0,.25

.
3 .17
3 .55
,
-0,.38

3 .21
3 .44
-0 .23

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

3 .06
3 .04
0 .02

3 .06
2 .98
0. 08

3 .11
,
2 .97
,
0.. 14

3 .16
.
2 .98
.
0,. 18

3 .23
2 .98
0 .24

Euro-dollar deposit
Swiss interbank, covered
Differential

3 .06
2 .96
0 .10

3 .06
2 .93
0. 13

3.
, 11
2 .95
,
0 .16
,

.
3 .16
3 .03
,
0,.13

3 .23
3 .07
0 .16

7 .52
7 .12
6 .79
4 .52
4 .77
6 .72
8 .07
5 .97

7 .49
7. 16
6. 78
4 .56
4 .75
6. 66
8. 08
5. 91

7 .71
.
7.
, 10
6,.79
4 .69
,
4 .69
,
6 .63
8 .08
6 .08

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

7 .51
7 .22
6 .86
4 .39
4 .71
6 .70
8 .04
6 .10

126 .26
143 .85
95 .54
122 .56
118 .13
170 .23
170 .89
180 .64

126. 52
140 .49
96 .13
121. 66
119 .65
172 .11
173 .10
180. 89

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

127 ,
.01
139 .52
95 .61
120 .
.83
.45
116 .
174 .62
170 .23
181 .47

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

128 .53
141 .44
95 .40
124 .42
117 .70
175 .94
173 .03
183 .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)

June 4, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

JUNE 4, 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:
^ U N I T E D STATES

MONETARY
UNIT
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

DOLLAR

May. 31

H

O

L

I

D

A

Y

(CURRENCY UNITS PER DOLLAR)
Jun. 1
Jun. 2
Jun. 3

Jun. 4

0.6770
11.205
32.710
1.2722
N. A.
6.1025
1.2240
5.4055
5.3760
1.5920
216.70
7.7233
31.700
1.5303
1472.00
107.23
2.5540
1.7854
0.5411
6.7650
153.61
1.6020
3.1790
805.40
125.35
48.050
7.2000
1.4250
26.136
25.130
1.5510

0.6780
11.235
32.830
1.2714
5.7433
6.1120
1.2205
5.4300
5.3825
1.5970
216.60
7.7240
31.700
1.5255
1461.50
107.68
2.5547
1.7930
0.5422
6.7720
153.45
1.6022
3.1825
806.50
125.10
N. A.
7.1900
1.4250
26.111
25.140
1.5410

0.6812
11.269
32.880
1.2746
5.7433
6.1290
1.2189
5.4175
5.3940
1.6005
217.70
7.7250
31.700
1.5220
1462.00
107.40
2.5550
1.7955
0.5426
6.7890
153.90
1.6050
3.1880
806.10
125.10
48.100
7.2000
1.4287
N. A.
25.150
1.5393

0.6750
11.434
33.410
1.2775
5.7243
6.2200
1.2000
5.4950
5.4720
1.6235
221.30
7.7260
31.700
1.4990
1484.00
107.75
2.5565
1.8225
0.5376
6.8920
156.80
1.6125
3.1900
806.90
127.05
N.A.
7.3110
1.4590
26.143
25.145
1.5170

89.35

89.52

89.63

90.73

KVALUE 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.