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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts March 13,1989 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION 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 e a c h In the United States, Its possessions, Canada, and Mexico; 10 or more of the s a m e Issue to o n e address, $22.50 per year or $.55 each. Elsewhere, $30.00 per year or $.70 e a c h . Address r e q u e s t s 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 O F FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIOS MARCH 197:U100 SCALE 11973=100 140 120 140 FOREIGN CURRENCY PRICE O F U.S. DOLLAR BELGIAN FRANC 120 100 100 90 90 80 80 70 70 280 280 240 SWISS FRANC JAPANESEYEN 240 * 200 : 200 180 180 160 160 140 - 120 I I I I I I 120 i i l l H i l l ii 100 100 CANADIAN DOLLAR 90 80 140 90 U.K. POUND 80 70 70 60 60 50 I I I I I I h 50 J _ 1 200 200 180 - GERMAN MARK 180 DUTCH GUILDER 160 160 140 140 120 120 I 100 I I I I ii I n h i l i i I 120 60 - 100 90 100 ITALIAN LIRA 50 FRENCH FRANC 45 v 80 - : 40 70 35 60 30 i 50 1987 1989 i i I I 1987 25 I 1989 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 4 CANADIAN DOLLAR U. K. POUND AxZ" ^ I I I i i — A / / A*) / I II l l l l l l I I I i I I I I I 8 8 GERMAN MARK I I I I I JAPANESE YEN llllll. III. I . t . l l l l h l I I I SWISS FRANC I I / I I I I - iiiiiiiihi I I I I I I i ill i h i l l i ITALIAN LIRA v 12 I V FRENCH FRANC 1987 I DUTCH GUILDER V~ I I 1989 I I I I 1987 I il 12 1989 CHARTS PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. LLARSPER FINE OUNCE U.S. DOLLARS PER FINE Ol 520 520 500 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 480 460 460 440 440 420 420 400 400 380 380 360 360 340 340 320 320 I I I I I I I I 300 1986 1987 1988 1989 300 CHART4 CALL MONEY RATES WEEKLY SERIES PERCENT PER AN! JENIFER ANNUM 16 12 16 12 U.S. FEDERAL FUNDS FRANCE 8 8 JAPAN 4 4 0 0 16 16 CANADA 12 12 GERMANY 8 8 4 4 0 I I I I I 0 20 16 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 4 NETHERLANDS 0 0 1987 1989 1987 1989 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANN ENT PER ANNUM 12 12 FRENCH INTERBANK RATE 10 10 U.S. CD'S 8 8 6 6 WEIGHTED AVERAGE FOREIGN RATE 4 4 J_1 2 2 16 16 14 — U.K. INTERBANK STERLING 12 J - 12 10 10 8 - I 6 I I I I I 8 6 8 8 6 14 CANADIAN FINANCE CO. PAPER GERMAN INTERBANK RATE SWISS INTERBANK RATE , - 6 4 4 2 2 0 I I I 11111111111 0 10 10 NETHERLANDS INTERBANK RATE 8 — 8 JAPANESE GENSAKI RATE 6 6 4 2 - I I l I 1987 l li I 1989 I I I I I 1987 iiliiliilii 4 2 1989 CHART 6 EURO-DOLLAR DEPOSIT RATES London A V E R A G E S FOR WEEK ENDING WEDNESDAY PERCENT PER ANI UM SENT PER ANNUM 14 14 OVERNIGHT 12 3-MONTH — — 12 10 10 8 8 6 - I 4 I I I I I III III II I II 6 4 14 14 7-DAY 6-MONTH 12 10 10 8 8 6 4 4 14 14 1-MONTH 12 1-YEAR 12 10 10 8 8 6 6 4 1 1 1 1 1 1 1987 I l_ J_L 1989 4 1987 1989 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 14 14 12 - 10 3-MONTH EURO-DOLLAR DEPOSITS FEDERAL FUNDS DASHED LINE f - 12 - 10 A* 8 - V \ 6 OVERNIGHT EURO-DOLLAR DEPOSITS 90-DAY CD'S DASHED LINE 4 IIIIIIIIIIIIIIIIIIIIIII 2 1 1 1 1 1 1 I I I I I I I I I I I I I I II I II I II 1 1 I I I I I I I I I I I I I I I I I I I I I I 2 DIFFERENTIAL DIFFERENTIAL 1 + 0 1111111II1111111II111111 1 1987 IENTIAL SCALE = 2 PERCENT ON RATE SCALE 1989 1 1987 1989 CHARTS INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR A S S E T S AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER AW >ENT PER ANNUM 16 16 12 12 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 8 8 EURO-DOLLAR DEPOSITS DASHED LINE 4 I 0 I I IHI 111 1111 ll 111 111 i 11 i l l I I I U.S. COMMERCIAL PAPER DASHED LINE 4 I 0 I I I I liiliiliilnlnliiliiln 2 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 Iiiliilii 2 !_L ll ll ll ll Jill llllllllll 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 EURO-DOLLAR DEPOSITS DASHED LINE 4 I 0 I IllllI II IllllI IIIIIIIIIII I I I EURO-DOLLAR DEPOSITS DASHED LINE 4 I 0 I I I I III II I I I III I I I I I ill I 2 2 DIFFERENTIAL DIFFERENTIAL + 0 2 2 A ^ j s r ^ y , A - w V I I I I 1987 I llllllllllllllllllllllll 1989 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I I I I w A I 1987 y I v ' V A v v + ^ ^ 0 llllllllllllllllllllllll 1989 2 CHART9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY S E R I E S PERCENT PER ANI SENT PER ANNUM 14 14 - UNITED STATES 12 CANADA 12 ^ 10 « AVS V 10 8 8 I 6 I I I I I 6 14 14 12 „ 10 8 UNITED KINGDOM - V vzv I 6 I I I I V " „ FRANCE 12 .V/w I I I I Kvj 10 8 1 1 1 6 10 8 10 __ JAPAN __ SWITZERLAND - 6 6 4 - I 2 I I I I I I I I 10 NETHERLANDS MONTHLY __ - GERMANY 8 6 6 4 2 4 2 10 8 8 4 - I I I I I 1987 JL1 I 1989 2 1987 1989 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969-100 RATIO SCALE 1969-100 600 500 - — UNITED STATES 400 - NETHERLANDS A A 300 200 - 150 i i i i i i iiiiiiniii iilnliilii 800 GERMANY JAPAN 600 - - 500 - - 400 - K\ f - 300 - i 200 i i I I I Illllllllll 300 SWITZERLAND 250 FRANCE 200 150 - - - I I I 100 I I I III.III.I.. 600 500 - CANADA 400 — / yv ' I/ 300 200 UNITED KINGDOM I I I I I 1987 1A " I 1989 1987 1989 SERIES CHART 1 . LAST VALUE PLOTTED DATE VALUE SAME SPOT EXCHANGE RATES AND I N D I C E S WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK J A P A N E S E YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC XT A l l A N L I R A SWEDISH KRONA INDICES, MARCH 1 9 7 3 BASE RATES = WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , &G-10 COOBABIES P I U S SWITZERLAND) MAI 1 9 7 3 = 0 . S . DOLLAR GERMAN MARK J A P A N E S E YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA 3-MONTH FORWARD EXCHANGE R A T E S , PREMIUM 0 4 CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC S W I S S FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA 8 8 8 8 8 8 8 8 8 8 MARCH MARCH MARCH MARCH MARCH MARCH MARCH MAfiCH MARCH 8 8 8 8 a 8 8 8 S 54.07 0.77898 47.91 172.20 8 3 . 57 15.91 6 3 . 27 2.58000 0.07346 15. 75 100 GERMAN MARK J A P A N E S E YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC I T A L I A N LIRA CHART 2 . MARCH MARCH MARCH MAjRCH MARCH MARCH MARCH MARCH MARCH MARCH 152.11 203.36 137.53 69.65 83.29 71.67 2 0 3 . 54 101.66 4 1.73 100 MAfiCH MARCH MARCS MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 8 8 8 8 8 8 8 8 8 8 8 9 6 . 13 1 5 9 . 13 214.54 136.02 64.82 7 9 . 41 66.63 201.21 9 8. 48 37.74 66.73 8 8 8 8 8 8 8 8 -1.89 DISCOUNT MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH -2.82 3.45 0 . 89 4.08 3. 08 5 . 43 - 2 . 26 SERIES CHART 3 . GOLD P R I C E 1 8 LONDON, AFTERNOON F I X I N G U.S. CHART 4 . LAST VALUE PLOTTED DATE VALUE NAME DOLLARS PER F I N E OUNCE EURO-DOLLAR D E P O S I T R A T E S : MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 8 8 8 8 8 8 8 8 8 9.83 9.60 12.13 1 1 . 13 5.88 4.00 8.40 6 . 54 4.88 MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 8 8 8 8 8 8 8 8 8 9.93 6. 66 4.20 1 2 . 16 13.06 5.88 9.29 6. 9 7 8 . 22 MARCH MARCH MARCH MARCH MARCH MARCH 8 8 8 8 8 8 9.60 9.64 9 . 85 10.02 10.24 10.50 LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7 . 388.58 3-MONTH I N T E R E S T BATES U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK S T E R L I N G S W I S S INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE 4 G - 1 0 COUNTRIES P L U S SWITZERLAND) CHART 6 . 8 CALL MONEY RATES U . S . FEDERAL FUNDS OVERNIGHT EURO-DOLLAR D E P O S I T S U. K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5 . MARCH SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES OVERNIGHT EURO-DOLLAR D E P O S I T S U . S . FEDERAL FUNDS DIFFERENTIAL MARCH MARCH MARCH 8 8 8 9.60 9.83 -0.23 3-MONTH EURO-DOLLAR D E P O S I T RATE U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET DIFFERENTIAL MARCH MARCH MARCH 8 8 8 10.02 9.93 0.10 SERIES CHART 8 . LAST VALUE PLOTTED DATE VALUE NAME INTEREST ARBITRAGE, 3-MONTH FUNDS EURO—DOLLA3 D E P O S I T INTERBANK STERLING (LONDON), DIFFERENTIAL MARCH MARCH MARCH 8 8 8 10. 02 1 0 . 15 - 0 . 13 U. S . COMMERCIAL SASUR CANADIAN FINANCE P A P E R , COVERED DIFFERENTIAL MARCH MARCH MARCH 8 8 8 9 . 83 1 0 . 22 - 0 . 39 EURO-DOLLAR D E P O S I T INTERBANK DM (FRANKFURT) , DIFFERENTIAL MARCH MARCH MARCH 8 8 8 1 0 . 02 1 0 . 16 - o . 14 MAECH MARCH MARCH 8 8 8 1 0 . 02 10. 02 0. 01 3 MASCH MARCH 3 MARCH 3 MARCH 3 FEB. 24 MARCH 3 DEC. MARCH 3 9.33 6 . 92 4.64 4.79 10.55 9.53 6.42 8.81 COVERED COVERED EURO-DOLL AS D E P O S I T S S I S S INTERBANK, COVERED DIFFERENTIAL CHART 9 . LONG TERM GOVERMENT BOND Y I E L D S UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM U.S. CORPORATE AAA BONDS CHART 1 0 . MAI 9.33 STOCK I N D I C E S UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN . MARCH MARCH MASCH MARCH MARCH MARCH MARCH MARCH 8 8 8 8 8 8 8 8 313.97 3 7 9 . 11 3 5 9 . 77 2 3 7 . 85 216.31 315.57 452.51 6 4 2 . 16 FEDERAL RESERVE statistical release H.10(512) MARCH 10, 1989 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MARCH 10, 1989 The Board of Governors of the Federal Reserve System is advised that t h e Federal R e s e r v e Bank of New York h a s certified for customs p u r p o s e s t h e following noon buying r a t e s in New York City for cable t r a n s f e r s payable in foreign currencies: COUNTRY MONETARY UNIT ^AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA ^IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH 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. 6 (CURRENCY UNITS PER DOLLAR) MAR. 8 MAR. 7 MAR. 9 MAR. 10 81.38 13.035 38.850 1.1935 3.7314 7.2235 4.3280 6.2960 1.8528 155.500 7.8020 15.3200 143.85 1363.00 128.85 2.7480 2.0910 61.330 6.7625 152.750 1.9315 2.5100 675.30 115.400 33.148 6.3590 1.5840 27.880 25.410 172.20 80.87 13.028 38.820 1.1987 3.7314 7.2240 4.3240 6.2960 1.8535 156.260 7.8025 15.3400 143.85 1361.25 128.74 2.7615 2.0922 61.350 6.7630 152.800 1.9350 2.5270 675.40 115.450 33.178 6.3510 1.5835 27.860 25.450 172.17 81.33 13.058 38.900 1.2014 3.7314 7.2435 4.3390 6.3100 1.8585 156.120 7.8020 15.3200 143.70 1363.00 128.70 2.7540 2.0976 61.280 6.7700 152.950 1.9350 2.5230 675.40 115.600 33.217 6.3610 1.5860 27.850 25.450 171.97 81.81 13.110 39.010 1.2010 3.7314 7.2670 4.3500 6.3160 1.8620 156.850 7.8020 15.3400 143.55 1367.50 129.05 2.7540 2.0997 61.450 6.7900 153.230 1.9360 2.5330 675.60 115.820 33.225 6.3750 1.5900 27.860 25.470 171.75 82.16 13.110 39.050 1.1988 3.7314 7.2750 4.3550 6.3205 1.8628 156.980 7.8020 15.3500 143.30 1368.25 129.50 2.7500 2.1024 61.670 6.7940 153.550 1.9220 2.5350 NA 116.000 33.268 6.3830 1.5920 27.880 25.460 171.55 96.26 96.28 96.45 96.62 96.71 •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. *VALUE IS U.S. CENTS
@FedFRASER