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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts June 7,1999 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS 1. NOMINAL CURRENCY EXCHANGE VALUES 2. 3-MONTH FORWARD EXCHANGE RATES 3. PRICE OF GOLD IN LONDON 4. OVERNIGHT FUNDING RATES AND OFFICIAL INTEREST RATES 5. 3-MONTH INTEREST RATES 6. LONG-TERM GOVERNMENT BOND YIELDS 7. STOCK INDEXES 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 Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. Chart 1 Nominal Currency Exchange Values Dollar prices of foreign currencies and weighted average values of U.S. dollar (Averages for week ending Wednesday, ratio scale, March 1973 = 100) Chart 2 3-Month Forward Exchange Rates P re m iu m (+) o r (-) (A v e ra g e s fo r w e e k e n d in g W e d n e s d a y , p e rc e n t p e r a n n u m ) 1 G e rm a n m a rk a n d e u ro U .K. p o u n d 0 -1 -2 -3 8 Canada J a p a n e s e ye n 6 4 2 2 Swiss franc A u s tra lia n d o lla r 1 0 -1 -2 Chart 3 Price of Gold in London (Averages for week ending Wednesday) U.S. dollars per fine ounce U.S. dollars per fine ounce Chart 4 Overnight Funding Rates and Official Interest Rates (Averages for week ending Wednesday, percent per annum) United States Germany/Euro Area Canada Japan United Kingdom Switzerland Chart 5 3-Month Interest Rates (Averages for week ending Wednesday, percent per annum) 7 German/euro-area interbank 5 U.S. CD 3 Weighted average foreign rate 1 6 Canadian finance paper Japanese CD 4 2 0 6 U.K. interbank sterling Swiss interbank 4 2 0 9 Australian bank bill Swedish treasury bill 9 7 5 3 1 Chart 6 Long-Term Government Bond Yields (Averages for week ending Wednesday, percent per annum) 8 United States Germany 6 4 Weighted average foreign rate 2 0 8 Canada 6 4 2 0 United Kingdom 8 France 6 4 2 0 8 Switzerland 6 4 2 0 Chart 7 Stock Indexes (Averages for week ending Wednesday, ratio scale, December 30,1994 = 100) 1996 300 260 220 180 1997 1998 1999 _ United Kingdom - I- 140 100 h 60 1996 1997 1998 1999 300 260 220 180 140 100 60 5-May-99 Chart 1. 12-May-99 19-May-99 26-May-95 2-Jun-99 Nominal Currency Exchange Values Noon buying rates (U.S. cents, weekly averages) Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound 66.1640 68.628 0.83242 106.09 11.8535 65.928 161.64 66.9380 68.596 0.82775 107.47 11.9951 66.892 162.87 66.6540 68.394 0.81270 106.52 11.8579 66.462 161.87 65.7440 68.368 0.81102 105.72 11.7746 66.101 160.21 64.6825 67.665 0.82638 104.17 11.6109 65.424 160.51 46.83 68.40 217.95 152.58 52.49 212.10 65.38 47.38 68.37 216.73 154.57 53.12 215.20 65.88 47.17 68.17 212.79 153.21 52.51 213.82 65.47 46.53 68.14 212.35 152.05 52.14 212.66 64.80 45.78 67.44 216.37 149.82 51.42 210.48 64.92 0.10 0.36 2.42 5.02 4.07 -0.31 0.13 0.45 2.45 5.07 4.10 -0.29 0.13 0.34 2.46 5.11 4.11 -0.28 0.14 0.28 2.51 5.17 4.18 -0.21 281.07 275.50 272.14 268.03 Indexes, March 1973 base rates = 100 Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound Chart 2. 3-Month Forward Exchange Rates, Premium or Discount Australian dollar Canadian dollar Euro Japanese yen Swiss franc U.K. pound Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 0.12 0.34 2.40 5.04 4.08 -0.29 285.23 Overnight Funding Rates and Official Interest Rates United States Federal funds Discount rate Canada Bank rate Call money Lower bound Euro area Marginal lending rate Eonia Repo rate Overnight deposit rate Japan Call money Discount rate Switzerland Lombard rate Call money Discount rate United Kingdom Call money Repo rate 4.90 4.50 4.70 4.50 4.76 4.50 4.73 4.50 4.65 4.50 4.75 4.81 4.25 4.75 4.55 4.25 4.75 4.60 4.25 4.75 4.57 4.25 4.75 4.72 4.25 3.50 2.52 2.50 1.50 3.50 2.51 2.50 1.50 3.50 2.54 2.50 1.50 3.50 2.65 2.50 1.50 3.50 2.52 2.50 1.50 0.02 0.50 0.03 0.50 0.03 0.50 0.03 0.50 0.03 0.50 3.00 0.63 0.50 3.00 0.72 0.50 3.00 0.64 0.50 2.88 0.57 0.50 3.00 0.86 0.50 5.61 5.25 5.18 5.25 4.93 5.25 4.88 5.25 5.34 5.25 5-May-99 Chart 5. 12-May-99 19-May-99 26-May-99 2-Jun-99 3-Month Interest Rates U.S. 90-day CD's, secondary market 4.88 4.92 4.95 4.88 Australian bank bill 4.84 4.84 4.86 4.85 Canadian finance paper 4.75 4.60 4.65 4.76 Euro-area interbank 2.58 2.58 2.58 2.58 Japanese CD 0.07 0.06 0.04 0.04 Swedish treasury bill 3.00 3.06 3.17 3.11 Swiss interbank 0.88 0.89 0.90 0.93 5.21 5.24 U.K. interbank sterling 5.25 5.19 Weighted average foreign interest rate 2.70 2.75 2.72 2.75 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 6. Long Term Government Bellwether Bond Yields 10-year maturity, where available 5.17 5.34 5.40 Canada 5.44 4.01 4.14 4.21 France 4.18 4.03 3.89 4.10 4.05 Germany 4.15 4.28 Italy 4.35 4.31 1.41 1.34 1.28 1.36 Japan 2.55 2.59 2.65 2.64 Switzerland 4.64 4.77 United Kingdom 4.79 4.77 5.54 5.36 5.59 5.53 United States Weighted average foreign interest rate 4.08 4.18 4.21 4.23 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 7. 5.00 4.93 4.88 2.58 0.04 3.13 0.91 5.19 2.78 5.48 4.29 4.15 4.46 1.54 2.70 4.89 5.71 4.34 Stock Indexes (Wednesday figures) Canada France Germany Euro area* Italy Japan Switzerland** United Kingdom United States 166.69 222.45 215.23 322.92 249.43 85.76 271.68 170.39 255.26 166.22 222.36 212.72 318.58 242.72 87.30 268.33 170.25 258.10 165.65 223.66 208.47 314.41 239.40 83.42 264.00 166.91 254.86 161.02 223.97 209.01 317.31 243.46 83.59 259.66 164.17 249.00 162.58 221.36 202.12 311.77 240.01 85.10 262.29 168.55 247.27 Indices (in order, rebased to December 30, 1994, **December 29, 1994) are Toronto Composite, SBF250, FAZ Aktien, *Dow Jones EURO stock index, Banca Italiana General, Tokyo SE (Topix), Swiss Performance Index, Financial Times Ordinary, NYSE Composite
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