Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : March 12, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

March 12,1990

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DuC. 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 e a c h in the United
States, its p o s s e s s i o n s , Canada, and Mexico; 10 or
more of the s a m e i s s u e to one address, $22.50 per
year or $.55 each. Elsewhere. $30.00 per year or $.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 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
iCALE
1973=100
140

1
1

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

130

120
110

RATIO SC>
MARCH 1973=

BELGIAN FRANC

1
1
1

100

<

90

80
i

70

i

i

280
260

I

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I

I

I

•

I

»

I

1

I

'

1

'

1

'

1

I

'

I

JAPANESE YEN

—

SWISS FRANC

I

240

220
200
180
160
140

I

120

I

I

I

'

'

'

I

'

'

'

I

I

'

'

I

*

100
90

'

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l

»

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I

I

CANADIAN DOLLAR
~

U.K. POUND

80
70

60
50

i

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l

»

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•

i

200

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1

1

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l

I

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I

I

GERMAN MARK

180

DUTCH GUILDER

160
140

120
100
120

'

'

'

I

I

I

I

I

I

I

I

I

I

I

I

I

110

I

I

I

I

ITALIAN LIRA
FRENCH FRANC

•

'




I

'

'
1988

'

1

I

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I

I

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1990

'

_L_J_

i

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1988

I
1990

I

CHART 2

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

PERCENT PER ANNUM
4

CANADIAN DOLLAR

i

i

i

I

i

i

U.K. POUND

i

I

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i

i

GERMAN MARK

1

1

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1

1

1

1

1

1

1

1

1

1

1

1

1

V/\

1

1

1

1

1

1

1




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!

1

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1

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1

1

V

\frT^

1

i

1

ITALIAN LIRA

VXV^V X

1

i

""

FRENCH FRANC

12 ... 1

i

DUTCH GUILDER

JVf

1

l

X. "

SWISS FRANC

—

i

JAPANESE YEN

• y x y t / v / V / A

1

i

1
1988

1

1

1

1

1

I

-

1

1
1990

1

1

1

1

1

1

1
1988

1

1

11

1

1

1

1

1
1990

1

12

CHART3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.I DLLARS PER FINE OUNCE
520

U.S. DOLLARS PER FINE Ol

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

320




1987

1988

1989

1990

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

16

12

—

U.S. FEDERAL FUNDS

12

FRANCE

JAPAN

o —I—L

1

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1

1

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1

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1

1

1

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16

0

16

12

12
CANADA
GERMANY

»

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1

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1

»

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«

i

UNITED KINGDOM




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»

0
20

SWITZERLAND
16

12

NETHERLANDS

i
1988

1990

1988

I

i

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i

I

i

i
1990

i

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANF

ENT PER ANNUM

12
FRENCH INTERBANK RATE

10
U.S. CD'S

8

6
WEIGHTED AVERAGE
FOREIGN RATE
4

i

2

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16

14

—

U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

12

10

8

6
10

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SWISS INTERBANK RATE

GERMAN INTERBANK RATE

6

4

2

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10
NETHERLANDS INTERBANK RATE

8

JAPANESE GENSAKI RATE

6

4

2

i

i

i




I

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i
1988

i

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i

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I

i

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1990

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1988

i

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1990

CHART 6

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

PERCENT PER ANNUM

14

14

OVERNIGHT

3-MONTH

12

10

I

I

I

I

7-DAY

12

I

I

I

I

I

I

I

I

I

4
14

6-MONTH

12

10

4
14

10

i

i

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I

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I

I

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1-MONTH

12

I

I

I

I

I

I

»

I

1

I

I

1-YEAR

4
14

12

10

10

i

i

i




l

i

i
1988

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I

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i

i i
1990

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i

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1988

l

<

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I

i

i
1990

i

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

10

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J

I

I

DASHED LINE

I

I

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L

J

i

DIFFERENTIAL

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1988

I

I

L

J

I

DIFFERENTIAL

* 1

I

i

1

&

I

I

I

I

I

I
1990

I

J

I

I

I

I
1988

I

I

I

i

i

I

i

i
1990

L

CHARTS

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

CENT PER ANNUM

16

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

8

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS
4

—

DASHED LINE

I

0

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DASHED LINE

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I

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2
DIFFERENTIAL

DIFFERENTIAL
+

0

2

V V ' ^ V ' V v hvvw v

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V a W V W V V

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16

12

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4

DASHED LINE

DASHED LINE

i

0
2

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DIFFERENTIAL

DIFFERENTIAL
+

0

2

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1988

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1990

I

I

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1988

I

1990

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
SCENT PER ANNUM

PERCENT PER ANN!

14
UNITED STATES

CANADA

i i i I i i i I i i i I i i i

i

UNITED KINGDOM

FRANCE

12

10

8

6
14

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1988

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SWITZERLAND

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JAPAN

8

6

4

2
10

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NETHERLANDS

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GERMANY

MONTHLY

8

6

4

2

•

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1988

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1990

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1990

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
175

— NETHERLANDS

UNITED STATES

—

175

150

150

125

125

100

100

75

75

50
400
350

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50

200
. GERMANY

— JAPAN

175

300

150

250

125

200

100

150

75

100
200
175

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200
FRANCE

— SWITZERLAND

175

150

150

125

125

100

100
75

75

50

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200
175

50

200
UNITED KINGDOM

— CANADA

175

150

150

125

125

100

100

75

75

50

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1988

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1990

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1988

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1990

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50

7-Feb-90
Chart 1.

1 4 - F e b - 9 0 21 F e b - 9 0 2 8 - F e b - 9 0 7 - M a r - 9 0

Spot Exchange R a t e s and I n d i c e s

Noon b u y i n g r a t e s ( U . S . c e n t s , w e e k l y a v e r a g e s )
Belgian f r a n c
Canadian d o l l a r
French f r a n c
German mark
Italian lira
J a p a n e s e yen
Netherlands guilder
Swiss f r a n c
U.K. pound

2.8630
84.085
17.613
59.882
0.08050
0.68845
53.076
67.263
169.18

2.8570
83.309
17,575
59.757
0.08036
0.69112
53.002
66.873
169.22

2.8580
83.190
17.573
59.691
0.08044
0.69048
52.958
67.244
170.19

2.8515
83.660
17.543
59.375
0.08033
0.67653
52.708
67.466
169.98

2.8152
84.078
17.315
58.501
0.07932
0.66601
51.931
66.440
164.86

112 . 8 2
83 .81
79 .37
168 . 4 5
46 . 2 1
180 .26
152 .37
216 . 3 9
68 . 4 3

112 . 5 8
83 .03
79 . 2 0
168 .10
46 . 1 3
180 .96
152 .16
215 . 1 4
68 . 4 4

112 . 6 2
82 . 9 1
79 .19
167 . 9 1
46 .18
180 .79
152 . 0 3
216 . 3 3
68 . 8 3

112 .36
83 .38
79 . 0 5
167 . 0 3
46 . 1 1
177 . 1 4
151 . 3 1
217 . 0 5
68 . 7 5

110
83
78
164
45
174
149
213
66

105 .99
76 27
71. .79
172. 19
4 0 . 18
180. 67
146. 17
66, 46
207. 10
6 1 . 70
9 2 . 19

106 . 0 7
76 . 9 9
71 . 8 9
171 . 7 3
40 . 2 5
177 . 1 9
145 . 9 1
67 . 3 5
208 .46
61 . 8 3
92 . 5 5

105. 90
78. 35
7 1 . 75
171. 00
40. 19
176. 32
145. 35
6 7 . 39
2 0 7 . 59
6 0 . 52
9 3 . 88

-4.27
-2.72
-0.31
-4.58
1.16
-0.81
-1.34
-6.38

-4.49
-2.65
-0.21
-4.56
1.01
-0.78
-0.99
-6.34

-4.73
-2.42
-0.13
-4.59
1.02
-0.62
-0.82
-6.49

-4.80
-2.34
-0.03
-4.32
-0.44
-0.51
-0.75
-6 .61

420.31

417.00

417.92

412.01

404.08

8.22
8.14
12.00
10.39
7.81
6.42
8.44
8.90
14.89

8.21
8.16
12.00
10.49
7.81
6.51
8.72
8.68
14.69

8.25
8.14
12.60
10.44
7.65
6.50
8.53
8.38
14.80

8.27
8.19
12.90
10.15
7.66
6.52
8.52
8.38
14.83

8.28
8.13
13.40
10.18
7.81
6.53
8.51
8.38
14.86

I n d i c e s , March 1973 b a s e r a t e s = 100
Belgian f r a n c
Canadian d o l l a r
French f r a n c
German mark
Italian lira
J a p a n e s e yen
Netherlands guilder
Swiss f r a n c
U.K. pound

.93
.80
.03
.57
.53
.38
.08
.75
.68

W e i g h t e d a v e r a g e e x c h a n g e v a l u e i n d i c e s , Mar. :1973=100
Belgian f r a n c
Canadian d o l l a r
French f r a n c
German mark
Italian lira
J a p a n e s e yen
Netherlands guilder
Swedish k r o n a
Swiss f r a n c
U.K. pound
U.S. d o l l a r
Chart 2

-4.03
-2.50
0.18
-4.43
1.28
-0.47
-1.31
-6.39

Gold P r i c e i n London, A f t e r n o o n F i x i n g

U.S. d o l l a r s p e r f i n e o u n c e
Chart 4.

105 .96
76 .40
71 . 8 1
172 . 4 5
40 . 1 4
180 . 8 8
146 . 3 2
66 .87
205 .96
61 . 3 3
92 . 2 1

3-Month F o r w a r d Exchange R a t e s , Premium o r D i s c o u n t

Canadian d o l l a r
French f r a n c
German mark
Italian lira
J a p a n e s e yen
Netherlands guilder
Swiss f r a n c
U.K. pound
Chart 3.

106 . 0 4
77 . 0 5
71 .87
172 . 5 8
40 . 1 5
179 . 8 2
146 . 3 2
67 . 0 9
206 . 8 9
61 . 2 2
92 . 0 4

C a l l Money R a t e s

U.S. f e d e r a 1 f u n d s
Overnight E u r o - d o l l a r d e p o s i t s
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




SERIES
7-Feb-90
Chart 5.

3-Month I n t e r e s t R a t e s

U.S. 90-day CD's, secondary market
Canadian f i n a n c e paper
French i n t e r b a n k r a t e
German i n t e r b a n k r a t e
Japanese gensaki r a t e
Netherlands interbank r a t e
Swiss i n t e r b a n k r a t e
U.K. i n t e r b a n k s t e r l i n g
Weighted a v e r a g e f o r e i g n i n t e r e s t r a t e
(G-10 C o u n t r i e s )
Chart 6.

8.22

12.56
10.79
8.06
6.20
8.72
9.45
15.06
9.94

8.21
12.81
11.08
8.34
6.21
9.03
9.45
15.08
10.14

8.14
8.13
8.19
8.25
8.31
8.51

8.16
8.13
8.18
8.23
8.29
8.50

8.37
6.23
9.04
9.28
15.09
10.21

8.24
13.28
10.76
8.30
6.24
8.91
9.08
15.06
10.14

8.27
13.36
10.70
8.54
6.29
8.88
9.00
15.19
10.19

8.14
8.13
8.19
8.23
8.28
8.51

8.19
8.19
8.21
8.25
8.31
8.58

8.13
8.19
8.25
8.30
8.41
8.64

8.22

13.17
11.11

Euro-Dollar Deposit Rates

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

14-Feb-90 21-Feb-90 28-Feb~90 7-Mar-90

S e l e c t e d E u r o - d o l l a r & U . S . Money M a r k e t R a t e s
8.14
8.22
-0.09

8.16
8.21
-0.05

8.14
8.25
-0.11

8.19
8.27
-0.08

8.13
8.28
-0.15

8.25
8.22
0.03

8.23
8.21
0.02

8.23
8.22
0.00

8.25
8.24
0.01

8.30
8.27
0.03

Euro-dollar deposit
Interbank s t e r l i n g (London), covered
Differential

8.25
8.43
-0.18

8.23
8.46
-0.23

8.23
8.52
-0.29

8.25
8.32
-0.07

8.30
8.33
-0.03

U.S. commercial paper
Canadian f i n a n c e paper,
Differential

8.15
8.40
-0.15

8.12
8.41
-0.18

8.14
8.53
-0.31

8.16
8.40
-0.15

8.20
8.40
-0.10

Euro-dollar deposit
I n t e r b a n k DM ( F r a n k f u r t ) , c o v e r e d
Differential

8.25
8.24
0.01

8.23
8.02
0.21

8.23
8.16
0.07

8.25
8.17
0.08

8.30
8.51
-0.21

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential

8.25
8.11
0.14

8.23
8.08
0.14

8.23
8.26
-0.04

8.25
8.23
0.02

8.30
8.23
0.07

10.13
10.27
8.15
6.61
6.18
10.20
8.51

10.33
10.49
8.66
6.64
6.24
10.23
8.38

10.55
10.58
8.99
6.84
6.28
10.40
8.52

10.64
10.93
8.96
6.89
6.37
10.42
8.49

ND
10.72
9.06
ND
6.46
10.81
8.59

125.94
143.70
118.34
207.97
103.78
134.75
141.68
135.49

124.98
139.74
115.10
205.92
103.67
134.80
141.44
134.68

122.38
134.60
113.48
198.13
101.72
134.31
138.39
133.11

122.86
137.04
113.28
194.00
101.83
132.81
138.21
134.58

124.26
139.06
115.32
190.27
103.13
134.08
136.31
136.57

Overnight Euro-dollar d e p o s i t s
U.S. f e d e r a l f u n d s
Differential
3-month E u r o - d o l l a r d e p o s i t
U.S. 90-day CD's, s e c o n d a r y market
Differential
Chart 8.

Chart 9.

Interest Arbitrage,

3-Month Funds

;overed

Long Term G o v e r n m e n t Bond Y i e l d s

Canada
France
Germany
Japan
Switzerland
U n i t e d Kingdom
United S t a t e s
C h a r t 10.

S t o c k I n d i c e s (Wednesday f i g u r e s )

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United S t a t e s

I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e , CAC G e n e r a l , FAZ A k t i e n ,
Tokyo SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l T i m e s O r d i n a r y , NYSE C o m p o s i t e



M P *

FEDERAL RESERVE statistical release
H.10(512)

March 9, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MARCH 9, 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
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEN ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
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

Mar. 5

(CURRENCY UNITS PER 1
DOLLAR)
Mar. 6
Mar. 7
Mar. 8

Mar. 9

75.850
12.000
35.390
1.1906
4.7339
6.5475
4.0150
5.7550
1.7040
160.95
7.8115
17.050
156.43
1256.50
149.78
2.7080
1.9196
58.780
6.5775
150.10
1.8725
2.5800
695.90
109.43
40.018
6.1575
1.5000
26.155
25.870
163.88

76.110
11.993
35.370
1.1870
4.7339
6.5420
4.0250
5.7520
1.7010
160.49
7.8110
17.070
156.55
1256.50
149.80
2.7070
1.9166
58.910
6.5750
150.10
1.8730
2.5780
697.40
109.43
40.018
6.1550
1.4995
26.161
25.820
164.90

75.960
12.020
35.470
1.1851
4.7339
6.5550
4.0150
5.7680
1.7070
161.44
7.8120
17.050
156.35
1259.00
151.22
2.7100
1.9228
58.890
6.5825
150.60
1.8745
2.5865
698.30
109.63
40.018
6.1880
1.5067
26.170
25.860
163.90

76.070
11.980
35.370
1.1795
4.7339
6.5300
4.0100
5.7540
1.7020
161.10
7.8125
17.060
156.73
1256.25
150.83
2.7065
1.9167
58.790
6.5725
149.80
1.8740
2.5900
699.60
109.28
40.018
6.1700
1.5093
26.250
25.850
164.25

76.070
11.998
35.430
1.1793
4.7339
6.5420
4.0250
5.7620
1.7050
161.50
7.8130
17.100
156.00
1258.50
151.34
2.7050
1.9196
59.070
6.6010
150.40
1.8725
2.6000
700.80
109.53
40.018
6.1750
1.5123
26.450
25.880
161.81

93.73

93.57

93.95

93.70

94.00

*VALUE IS U.S. CENTS
**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.