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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts March 14,1988 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D.C. 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. 4. 5. 6. 3-MONTH FORWARD EXCHANGE RATES GOLD PRICE—LONDON CALL MONEY RATES 3-MONTH INTEREST RATES 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 $21.00 per year or $.50 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $19.50 per year or $.45 each. Elsewhere, $26.00 per year or $.60 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 RATIO SCALE MARCH 1973=100 RATIO SCALE MARCH 1973=100 — 50 45 - 40 - 35 - - 30 - - 25 — FOREIGN CURRENCY PRICE OF U.S. DOLLAR - //v i 220 200 ^ ITALIAN LIRA i ,l| I I | n | | , i 20 220 200 — — ~ JAPANESE Y E N / - ^ — 180 - 160 — 140 - 120 - 100 Ill I Il u l l I 80 180 160 _ GERMAN MARK ,^y 140 - j — - 120 r 100 i I I I I I I I I I I I 80 i i i i i J - __ v DUTCH GUILDER CANADIAN DOLLAR /S — w - — 1 90 80 /xV v — VVxA yr ^ 1 1 i i i - 140 - 120 — 100 - 90 — 80 — 70 60 FRENCH FRANC S V — 90 80 - 70 - 60 - 50 - AT 1 1 1 1 1 - 140 120 — V BELGIAN FRANC 100 JSY* 1 1 1 1 1 1 1 I 1 1 \ 1 i 1 — i i i i I ill, l u l l , Illllllllll V V - 80 - 70 - A/ z J\J 60 1 1 1 1 1 1986 1 II I I I l u l u 1988 i i i i i 1986 i - 240 — 200 - 180 - 160 - 140 - 120 Illllllllll 1988 40 280 — SWISS FRANC 90 50 - I I| II| I I| II Illllllllll - 60 40 180 160 — U.K. POUND 70 - 50 — — — 100 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM CANADIAN DOLLAR JAPANESE YEN 12 U. K. POUND SWISS FRANC GERMAN MARK DUTCH GUILDER FRENCH FRANC ITALIAN LIRA 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. [ LLARS PER FINE OUNCE U.S. DOLLARS PER FINE 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 I I I I I I I I I I I I I I I I I I I I I I 280 1985 1986 1987 1988 280 CHART 4 CALL MONEY RATES WEEKLY SERIES R PER ANNUM PERCENT PER AT 16 12 16 U. S. FEDERAL FUNDS 12 FRANCE (V/A 8 4 k \ — Vy 4 JAPAN 0 I I I 8 I I I IIIIIIIIIII I ILL M I ILL I 16 0 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 0 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AH :NT PER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER - U.S. CD'S 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 - II I I I I I I I I I 2 I I I I I 14 FRENCH INTERBANK RATE _ U.K. INTERBANK STERLING - \ 10 I 8 I I I I I I II I I I I I I I I I I I I I I - 8 6 I 10 10 NETHERLANDS INTERBANK RATE GERMAN INTERBANK RATE - 8 6 6 V 4 I 2 I I I I - 4 2 I 8 10 8 12 10 12 8 8 6 I 16 14 12 JAPANESE GENSAKI RATE __ SWISS INTERBANK RATE - 6 4 \ 4 2 6 I 1986 1988 I I - 0 I I I 1986 2 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY •NT PER ANNUM PERCENT PER Af 14 WM 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 7-DAY 6-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 1-YEAR 1-MONTH 12 12 10 10 8 8 6 6 4 4 1986 1988 1986 1988 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 FEDERAL FUNDS 3-MONTH DASHED LINE E U R O - D O L L A R DEPOSITS OVERNIGHT 90-DAY CD' S E U R O - D O L L A R DEPOSITS DASHED LINE DIFFERENTIAL DIFFERENTIAL 1986 1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E 1988 1986 1988 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY •NT PER ANNUM PERCENT PER AH 16 16 12 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 8 EURO-DOLLAR DEPOSITS 4 U. S. COMMERCIAL PAPER DASHED LINE DASHED LINE 4 i_L 0 2 0 DIFFERENTIAL 2 DIFFERENTIAL + 0 0 J_L 2 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 0 2 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 4 DASHED LINE DASHED LINE I I I I I I I 4 0 111111111 DIFFERENTIAL 2 DIFFERENTIAL 0 0 2 1_± 1986 2 1988 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Al ENT PER ANNUM 16 16 14 CANADA UNITED STATES 14 12 12 10 10 8 8 6 6 14 10 12 UNITED KINGDOM __ JAPAN - 6 10 8 ^ I 6 I I I I I I - I 4 2 8 6 8 10 GERMANY SWITZERLAND 8 4 6 2 4 17 15 U. S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 5 MONTHLY 5 3 1986 1988 1986 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 500 400 300 — 200 - 100 j\ I I I I I , I - /vA/Vzx JAPAN 450 350 UNITED KINGDOM I 650 550 / / - - 300 - 200 i j M * - - - - I I I i i i i i I I|II|II|II 100 FRANCE I I III I I I I I 1 1 - J I I I 1 1 650 550 - 450 yAn - - I I I i — — 250 150 400 - UNITED STATES - 350 - 250 1 150 SWITZERLAND CANADA I I I I I I 11! 11! 11! 11 - 400 - 300 - 200 100 1986 1988 1986 1988 SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE BATES AND INDICES WEEKLY AVERAGES, NOON BUYING BATES (U.S. CENTS) GERMAN &ABK JAPANESE YEN DUTCH GUILDER U.&. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 9 9 9 9 9 9 9 9 9 9 59*52 Ot. 77849 53.01 180.98 79.71 17.58 68. 12 2.83134 Q. 08070 16.76 MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 9 9 9 9 9 9 9 9 9 167.45 203.83 152.18 73.20 79.45 79.24 219.16 111.57 45.84 9 9 90. 29 167. 28 INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER ILK. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) 0. S. DOLLAR GERMAN HARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KHONA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 9 202.88 9 9 9 9 9 9 9 9 143.78 64.85 71.57 74.83 206. 38 103.11 39.61 67.60 9 9 9 9 9 9 9 9 -1.72 -2.17 3.44 -1.Q7 5.02 2.77 2.57 -3.80 CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LONDON, APTERHOON FIXING U.S. DOLLARS PER FINE OUNCE MARCH 9 433. 93 MARCH MARCH MARCH MARCH MARCH MARCH . MARCH MARCH MARCH 9 9 9 9 9 9 9 9 9 6.51 6.41 8.35 8. 35 3.27 3.54 7.50 3.45 0.13 MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 9 9 9 9 9 9 9 9 9 6.61 3.38 3.82 8.57 9. 05 1.63 1.51 3.94 5.55 MARCH MARCH MARCH MARCH MARCH MARCH 9 9 9 9 9 9 6.41 6.51 6.69 6.74 6.85 7. 13 4. CALL HONEY RATES O.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U. K. CANADA GERMAN! JAPAN FRANCE NETHERLANDS SWITZERLAND 5. J-MONTR INTEREST BATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE tG-10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7. SELECTED EURO-DOLLAR AMD O.S. MONEY MARKET RATES OVERNIGHT EORO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL MARCH MARCH MARCH 9 9 9 6.41 6.51 -0.10 3-MONTH EURO-DOLLAR DEPOSIT RATE O.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL MARCH MARCH MARCH 9 9 9 6.74 6.61 0.13 SERIES NAME LAST 7ALUS PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL MARCH MARCH MARCH 9 9 9 6.74 6.83 10 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL MARCH MARCH MARCH 9 9 9 6. 56 6.81 -0.25 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL MARCH MARCH MARCH 9 9 9 6.74 6.85 -0.12 EURO-DOLLAR DEPOSIT SSISS INTERBANK, COVERED DIFFERENTIAL MARCH MARCH MARCH 9 9 9 6.74 6. 66 O.07 MARCH 4 MARCH 4 MARCH 4 MARCH 4 FEB. 26 FEB. 26 JAN. MARCH 4 8.17 5. 59 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM 4.05 4.08 9.67 9.38 6. 27 8. 95 . CORPORATE AAA BONDS CHART 10, 9. 33 MAY STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMAN! SWITZERLAND NETHERLANDS FRANCE JAPAN FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 24 24 24 24 24 24 24 24 281. 86 311.44 312.34 193.91 173.99 214.39 303.68 543.66 FEDERAL RESERVE statistical release .c H.10(512) MARCH 11, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MARCH 11, 1988 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 *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 DOLLAR WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND MEMO: SUNITED STATES DOLLAR MAR. 7 72.88 11.780 36.050 1.2560 3.7314 (CURRENCY UNITS PER DOLLAR) MAR. 8 MAR. 9 MAR. 10 MAR. 11 4.0500 5.6765 1.6772 134.800 7.7990 12.9700 159.15 1237.50 128.17 2.5760 1.8830 66.620 6.3250 137.450 2.0125 2.1510 763.70 112.430 30.885 5.9575 1.3838 28.680 25.300 181.80 73.10 11.715 34.900 1.2536 3.7314 6.3800 4.0290 5.6510 1.6690 133.850 7.8015 12.8500 160.35 1232.50 128.09 2.5625 1.8740 67.180 6.3150 136.650 2.0135 2.1430 762.20 111.920 30.885 5.9310 1.3775 28.680 25.260 184.15 72.85 11.722 34.900 1.2535 3.7314 6.3730 4.0300 5.6520 1.6680 133.800 7.8035 12.8700 160.35 1230.50 128.02 2.5645 1.8735 67.100 6.3150 136.600 2.0150 2.1410 760.70 111.900 30.885 5.9200 1.3790 28.690 25.260 184.75 72.87 11.705 34.860 1.2568 3.7314 6.3850 4.0305 5.6730 1.6652 133.750 7.8025 12.9300 160.10 1235.50 128.10 2.5555 1.8715 66.940 6.3540 136.900 2.0140 2.1210 760.70 111.950 30.883 5.9345 1.3795 28.690 25.260 184.22 73.14 11.686 34.800 1.2563 3.7314 6.3600 4.0200 5.6500 1.6620 133.300 7.8000 12.9000 160.85 1232.00 127.38 2.5590 1.8680 67.130 6.3250 136.800 2.0145 2.1130 759.80 112.100 30.883 5.9200 1.3720 28.690 25.240 185.25 90.07 89.48 89.41 89.51 89.22 6.4050 SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. HEIGHTS 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
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