Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : March 15, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

March 15,1993

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.
4.
5.
6.
7.

GOLD PRICE-LONDON
CALL MONEY RATES
3-MONTH INTEREST RATES
EURO-DOLLAR DEPOSIT RATES
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 $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

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

|—

130
120
110
100

BELGIAN FRANC

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

90
240
220
200

—I 180
JAPANESE YEN

SWISS FRANC

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

•

i

i

I

i •i

i

I

i

160
i

i

l

'

i

i

140
100
90

U.K. POUND

80
—J 70
CANADIAN DOLLAR

i

i

i

I

i

i

i

I

i

i

i

i

i

i

i

'

i -1

'

'

'

I

60

'

'

'

I

» i

i

50
200
190

180
170
GERMAN MARK

DUTCH GUILDER

J__L i

I

i

i

i

I

i

i

i

I

i

i

i

•

'

'

I

'

i

i

I

i

i

i

I

160
i

'

'

150
55
50

FRENCH FRANC

45
40
ITALIAN LIRA

i

i

i

I

1990




i

i

i

I

i

i
1992

i

I

i

i

i

i

i
1990

i

I

i

'

35

'

I

'

'
1992

'

I

'

'

i

30

CHART 2

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

PERCENT PER ANNUM

2

2

U.K. POUND

r -

—

i
i

i

i

1

i

i

i

M

1

, 1M

i

1

i

l

l

JAPANESE YEN

CANADIAN DOLLAR

i

M

i

A
1

1

1

1

—

A V

VkM

1

1

1

1

1

1

1

1

1I

i

i

i

l1

1

1

1

DUTCH GUILDER

SWISS FRANC

V " ' W
—

—

—

8
2
+

0

1

1

1

1

1

1

I I

1

1

1 1

I I

1

i

i

i

1

i

i

i

1

i i

i

1

i

i

2
+

ITALIAN LIRA

FRENCH FRANC

0
2

4

2

6

4

8

6

10
12

8

14

10
12

i

'

i

i

1990




I

i

'

'

I

'

i
1992

i

I

i

i

i

I

I
1990

I

I

1

1

1

1 1 » » 1
1992

1

1

16
18

CHART 3

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

U.S. DOLLARS PER FINE OUNCE

420

— 420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400 —

— 400

380 —

— 380

360

— 360

340 —

— 340

320

1990




1991

1992

1993

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
DENT PER ANNUM

PERCENT PER AN

10

16
14

8

U.S. FEDERAL FUNDS

12

FRANCE

10

6
8
4

6

JAPAN

4

•

2

'

I

'

•

'

i

•

•

i

I

'

'

•

i

i

i

I

i

i

i

I

i

i

'

I

i

i

2

10

10

9

9

8

8
GERMANY

NETHERLANDS
7

7

6

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

i

i

i

l

i

i

i

l

i

i

i

16

14

6
14

12

UNITED KINGDOM

12

—

CANADA

10

10

8
8
6

6

4

SWITZERLAND

i

i

i

1990




I

i

i

i

I

i

i
1992

i

I

i

i

i

1

1990

1

I

1

i

1

l

1

• i
1992

l

i

i

i

4

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

15

12
WEIGHTED AVERAGE
FOREIGN RATE

10

13
11

CANADIAN FINANCE PAPER

U.S. CD'S

l

l

l

I

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l

l

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l

l

l

I

l

l

I

I

I

I

I

i

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I

I

I

I

I

I

I

I

3

10

16

13

10
U.K. INTERBANK STERLING

I

I

I

I

I

l

l

I

NETHERLANDS INTERBANK RATE

l

l

I

I

I

I

I

I

I

I

I

l

I

l

I

I

I

I

I

I

I

I

7
14

12
FRENCH INTERBANK RATE
JAPANESE CD RATE

10

1

1

1

3

I

1

1

1

1

I

1

'

I

i

i

'

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

I

I

I

I

10

SWISS INTERBANK

I

I
1990




l

I

l

I

I

I

I

I
1992

8
10

GERMAN INTERBANK RATE

I

I

I

I

I

I
1990

I

I

I

I

I

I

I

I
1992

I

I7

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

1990



PERCENT PER ANNUM

10

OVERNIGHT

3-MONTH

7-DAY

6-MONTH

1-MONTH

1-YEAR

1992

1990

1992

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
10

10

OVERNIGHT

1-MONTH

EURO-DOLLAR DEPOSITS

6

EURO-DOLLAR DEPOSITS

—

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

DASHED LINE

4 —

J

I

I

I

I

I

I

I

I

I

I

I

I

I

L

J

DIFFERENTIAL

''WVvv^^Vv 'y V V

I

I
I
1990




I

I

i

I

1

I

1

I

I

I

I

I

I

I

I

I

I

I

I

I

I

L - L

I
I
1992

I

I

I

DIFFERENTIAL

' / h \ / Y \

I
I
1992

1

I

I

I

J

I
I
1990

I

I

L

CHART 8

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

PERCENT PER ANNUM

10

10

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

EURO-DOLLAR DEPOSITS 1

U.S. COMMERCIAL PAPER
DASHED LINE

DASHED LINE

i

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i

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I

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I

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i

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i

i

i

I

i

i

I

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i

i

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I

I

Jl

AA/^

I

I

DIFFERENTIAL

DIFFERENTIAL

2

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I

I

I

I

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I

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I

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I

I

I

I

I

I

I

I

I

I

2
10

10

SWISS INTERBANK (SF) COVERED

INTERBANK DM

COVERED FRANKFURT

I

I

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

I

I

I

I

I

I

I

I

I

I

I

I

I

•

'

I

I

I

1990



I

I

I

'

•

i

I

i

I

•

i

•

I

i

i

i

'

•

l

i

i

'

DIFFERENTIAL

DIFFERENTIAL

I

» l

—

I

I

I
1992

I

I

I

I

i

i
1990

i

l

i

» •

1992

2

CHART9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
tCENT PER ANNUM

PERCENT PER ANNl

10

14

UNITED STATES

UNITED
KINGDOM

9

12

8
10
7

8

6
5

i

i

i

I

'

i

i

I

i

i

i

I

i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

12
CANADA

6
12

FRANCE

11

11

10

10

9

9

8

8

7

i

i

i

I

i

i

i

I

i

r i

I

i

i

I

I

I

I

I

I

I

I

I

I

I

I

I

8

7

8
SWITZERLAND

JAPAN

7

7

6

6

5

5

4

•

i

i

l

i

i

i

I

i

i

'

I

i

i

I

I

I

I

I

I

I

I

I

I

I

I VI

I

I

10

4

10
NETHERLANDS

GERMANY

9

9

8

8

7

7

6

I

I
1990




I

I

I

I

I

I

I

I
1992

I

I

•

i
1990

'

I

i

'

'

I

» » i
1992

I

i

i

»

6

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200
UNITED STATES

200

UNITED KINGDOM

180
160
140

120

» I

I

'

'

'

I

'

'

I

I

I

'

»

100
250

SWITZERLAND

170

•

JAPAN

210
170

150

130
130
90
110

90
130

i

i

i

I

i

i

i

l

'

'

'

I

i

i

i

I

I

ERMANY

i

I

i

i

I

'

'

'

I

'

'

'

50
155

FRANCE

120

145

110

135

100

125

90

115

'

1

'

l

1

1

1

> •

•

•

i

CANADA

'

•

I

i

» '

I

» '

i

I

i

•

i

105
130

NETHERLANDS

120
110
100
90

i

'

i

I

1990



i

i

» I

» '
1992

» i

i

i

i

i
1990

i

i

I

i

i
1992

i

I

'

i

»

80

SERIES
Chart 1.

10-Feb-93 17-Feb-93 24-Feb-93 3-Mar-93

10-Mar-93

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, w e e k l y a v e r a g e s )
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.9288
79.085
17.870
60.452
0.06532
0.81264
53.710
65.329
143.77

2.9479
79.526
17.953
60.770
0.06474
0.83231
53.994
65.712
143.17

2.9846
79.417
18.141
61 .499
0.06352
0.84942
54.630
66.772
144.98

115.41
78.82
80.52
170.06
37.49
212.78
154.19
210.17
58.15

116.16
79.26
80.90
170.95
37.16
217.93
155.01
211.41
57.91

117. 61
79. 15
81. 75
173. 00
36. 46
222. 41
156. 83
214. 81
58. 64

116
79
80
171
36
222
155
211
58

.47
.76
.81
.23
.41
.13
.39
.20
.12

115
80
80
169
36
223
153
209
58

111. 88
73. 18
75. 04
180. 17
31. 43
229. 89
152. 41
53. 58
207. 31
52. 16
93. 14

111
74
74
179
31
230
151
53
204
51
93

.38
.22
.53
.13
.56
.98
.80
.06
.86
.95
.78

110 .52
74 .74
73 .97
177 .53
31 .46
232 .96
150 .67
54 .07
203 .64
52 .35
94..13

2,9558
80.026
17.932
60.870
0.06343
0.84838
54.128
65.647
143.69

2.9258
80.311
17.759
60.242
0.06305
0.85240
53.597
65.080
144.25

Indices, M a r c h 1973 base rates = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

Weighted a v e r a g e e x c h a n g e value indices;, Mar.
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.

111.12
73.76
74.67
178.88
32.28
226.22
151.47
55.30
205.17
51.78
93.85

-2.94
-8.41
-4.96
-7.73
-0.00
-4.75
-2.19
-2.84

-2.77
-8.56
-5.06
-7.93
-0.02
-4.80
-2.41
-2.89

- 2 . 82
- 8 . 46
-5. 10
- 8 . 09
-0. 05
- 4 . 82
- 2 . 34
-2. 88

- 2 .59
-8 .64
- 5 .04
-8 .10
-0 .01
- 4 .70
- 2 .27
- 2 .85

- 2 .26
-8 .09
-4..82
-7 .84
.
0 .07
-4..51
- 2 .06
- 2 .77

329.97

329. 99

328 .88

327,.67

2,.91
2 .91
5,.85
11..18
8..60
3..09
8 .24
5..38
5 .60

3 .24
3 .08
5 .55
11,.24
8 .67
3 .13
8 .27
5 .40
6 .03

3,.02
2 .94
5..38
11..00
8,.50
3..11
8..17
5..33
5..95

Gold Price in London, Afternoon Fixing

U.S. dollars per fine o u n c e
Chart 4.

1973=100

3 - M o n t h 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.

110.84
73.64
74.62
178.63
32.73
221.24
151.28
55.62
204.80
52.25
94.33

.29
.04
.03
.47
.19
.19
.87
.37
.34

328.32

Call M o n e y R a t e s

U.S. federal f u n d s
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




2 .92
2 .93
5,.90
11,.50
8,.54
3 .11
8 .29
5 .60
5 .75

3
3
6
11
8
3
8
6
5

,06
.20
.08
.35
.54
.09
.28
.38
.60

SERIES
10- Feb -93 17- Feb-93 24-Feb - 9 3 3-Mai— 93
Chart 5.

3-Month Interest Rates

U.S. 90-day CD's, s e c o n d a r y market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank s t e r l i n g
Weighted a v e r a g e foreign interest rate
(G-10 C o u n t r i e s )
Chart 6.

3 .13
6 .51
11 .55
8 .29
3 .24
7 .97
5 .28
6 .09
7 .28

3.12
6.24
11.74
8.27
3.26
8.00
5.43
6.10
7.31

3 .09
6 .26
11 .58
8 .26
3 .25
7 .97
5 .35
6 .11
7 .29

3 .11
6 .08
11 .53
8 .22
3 .27
7 .80
5 .28
6 .01
7 .23

3 .12
5 .73
11 .06
7 .90
3 .26
7 .49
5 .10
5 .90
7 .00

.93
.99
.04
.15
.26
.60

3.20
3.01
3.01
3.13
3.26
3.63

2 .91
2 .95
3 .00
3 .06
3 .19
3 .49

3 .08
3 .04
3 .06
3 .09
3 .19
3 .46

2 .94
2 .99
3 .06
3 .10
3 .20
3 .43

3 .08
3 . 24
-0 .17

2,.94
3..02
-0 .
.08

Euro-Dollar Deposit Rates

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

10-Mar -93

2
2
3
3
3
3

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

Overnight Euro-dollar d e p o s i t s
U.S. federal funds
Di fferential

2,,93
2, 92
0. 01

3.20
3.06
0.14

2..91
2 .91
0. 01

3-month Euro-dollar deposit
U.S. 90-day CD's, s e c o n d a r y market
Differential

3. 15
3. 13
0. 02

3.13
3.12
0.01

3. 06
3. 09
-0. 03

3 .09
3 .11
-0..02

3..10
3.,12
-0.,02

Euro^dollar deposit
Interbank sterling (London), covered
Differential

3. 15
3. 20
-0. 05

3.13
3.17
-0.05

3. 06
3. 19
-0. 12

3..09
3..12
-0..04

3. 10
3. 09
0. 01

U.S. commercial paper
Canadian finance paper, covered
Differential

3. 19
3. 53
-0. 34

3.20
3.43
-0.23

3. 15
3. 40
-0. 25

3 .15
3..45
-0. 30

3. 16
3. 44
-0. 28

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

3. 15
3. 23
-0. 08

3.13
3.11
0.01

3. 06
3. 06
0. 01

3. 09
3. 07
0. 02

3. 10
2. 99
0. 11

3. 15
3. 06
0. 09

3.13
2.98
0.14

3. 06
2. 98
0. 09

3. 09
2. 97
0. 12

3. 10
3. 02
0. 08

7. 80
7. 81
7. 01
4. 43
5. 18
6. 99
7. 98
6. 38

7.70
7.83
6.98
4.34
5.11
6.88
7.89
6.34

7. 48
7. 69
6. 84
4. 15
4. 99
6. 75
7. 80
6. 07

7. 34
7. 53
6. 68
4. 05
4. 89
6. 58
7. 72
5. 97

7. 36
7. 31
6. 53
4. 11
4. 71
6. 51
7. 56
5. 89

114 .74
136 .34
97 .21
97,.99
112,.50
164,,84
168,.72
180..79

113 .89
136 .90
97 .45
97 .79
111 .74
164 .47
168 ,79
175,.51

115 .49
141 .95
97 .00
96 .43
113 .80
160 .06
168,.58
178,.27

115 .54
146 .35
100,.09
96 ,
.23
115,.91
164,.15
175,.68
181,.88

Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Swiss interbank, covered
Differential
Chart 9.

Long Term Government Bellwether Bond Y i e l d s
10-year m a t u r i t y , w h e r e 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 S t a t e s

118
146
101
101
119
166
178
183

.37
.89
.13
.47
.44
.58
.40
.94

Indices (in order, rebased to 1 9 8 6 = 1 0 0 ) are Toronto C o m p o s i t e , 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)

March 15, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MARCH 12, 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

MONETARY
UNIT

"AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
•EURO COMMUNITY
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
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

MEMO:
"UNITED STATES

DOLLAR

Mar. 8

(CURRENCY UNITS PER DOLLAR)
Mar. 9
Mar. 11
Mar. 10

Mar. 12

0.7062
11.702
34.230
1.2435
5.7443
6.3740
1.1714
5.9995
5.6340
1.6627
224.70
7.7325
32.000
1.4641
1577.50
116.62
2.6160
1.8684
0.5265
7.0435
152.65
1.6470
3.1850
795.90
118.15
46.670
7.6125
1.5385
25.900
25.470
1.4455

0.7010
11.738
34.320
1.2462
5.7443
6.3950
1.1646
6.0740
5.6570
1.6681
225.50
7.7327
31.800
1.4580
1609.00
117.40
2.6160
1.8750
0.5280
7.0850
153.60
1.6475
3.1830
795.90
118.77
N.A.
7.6310
1.5433
25.939
25.410
1.4345

0.7044
11.719
34.290
1.2458
5.7443
6.3880
1.1661
6.0520
5.6500
1.6655
225.00
7.7368
31.800
1.4614
1602.00
118.12
2.6115
1.8717
0.5271
7.0825
153.93
1.6490
3.1875
795.90
118.53
N.A.
7.6090
1.5362
25.980
25.460
1.4320

0.7067
11.728
34.330
1.2446
5.7443
6.3825
1.1671
6.0845
5.6450
1.6618
225.25
7.7355
31.900
1.4619
1604.00
117.57
2.6070
1.8690
0.5271
7.0710
153.78
1.6480
3.1895
795.20
118.65
46.770
7.7810
1.5245
N.A.
25.480
1.4349

0.7108
11.710
34.270
1.2435
5.7443
6.4110
1.1645
6.1170
5.6615
1.6655
225.50
7.7360
31.800
1.4577
1607.00
117.80
2.6045
1.8710
0.5278
7.0855
154.02
1.6465
3.1915
796.60
119.05
N.A.
7.8005
1.5223
25.982
25.455
1.4330

94.01

94.55

94.51

94.44

94.57

•VALUE IS U.S. DOLLARS
••INDEX 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.
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.