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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts March 16, 1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE 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. CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND 8. INTEREST ARBITRAGE: 3-MONTH 9. LONG-TERM GOVERNMENT 10. INDUSTRIAL STOCK INDICES CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SC MARCH 1973® SCALE 1973=100 \ 160 150 130 120 110 100 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 140 130 90 120 80 110 70 100 60 i i i I i i i I i i i I i i i 90 SWISS FRANC 380 350 330 310 290 320 270 290 250 260 230 230 210 200 190 105 95 85 I I I I I I I I I I I I I I I 170 110 100 U.K. POUND 90 75 80 65 70 55 60 45 50 35 I I I I I I I l I I I I I 40 195 210 185 200 175 190 165 180 155 170 145 160 135 150 125 140 120 110 70 60 50 FRENCH FRANC 100 40 90 30 80 20 70 60 i i i l i i i I i i i I i i i 1995 1997 10 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM + O I + O I CM CM r? CO COCO CM CO r^ + O I ■ »- CM CM O com CM CO + O I CM *+ O I 2 rCM ^ 4 0 CM 2 + O I 4 6 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR W EEK ENDING W EDNESDAY U.S. I OLLARS PER FINE OUNCE 420 U.S. DOLLARS PER FINE OL 420 12.5 Kg BARS AFTERNOON FIXING PRICE 400 400 380 380 360 360 340 340 320 320 300 300 280 280 1993 1995 1997 CHART 4 CALL MONEY RATES W EEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 5 7 U.S. FEDERAL FUNDS 6 4 5 3 4 2 3 1 O CO c\j i i i I i i i I i i i 1 i i i co 5 lo 4 rf 3 co w O) 2 9 8 7 6 5 4 3 2 CHART 5 3-M O N TH INTEREST RATES W EEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM CM 00 IsCO lO CMC) Tj-C O CO h- CM CO in t- CO IO CM co O CHART 6 EURO-DOLLAR DEPOSIT RATES, LONDON AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 8 OVERNIGHT 6 6 4 4 2 8 I I 1 1 I I 1 1 1 I 1 1 1 1 1 2 8 6 6 4 4 2 2 8 8 1-MONTH 6 6 4 4 2 ■ i i I i i i I i i i I i i i 1995 1997 2 CHART 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM IO + IO + DIFFERENTIAL ■. J__ l 1995 1997 1995 l l__ I__ I__ I__ I l l 1997 l I I I i I1 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM +oi +oi r-h* co co in m ^ co co cm t- c\i tD IFFER EN TIAL +o I +o l 1I i i i I i i i I i i i I i i i 1995 1997 1995 1997 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS W EEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM UNITED STATES CO Ol I I I I I I I 1 I I I I I I I JAPAN — CM CO I I I 1 I I I 1 I I I I I I I 2 CHART 10 STOCK INDICES W EEKLY SERIES RATIO SCALE End-1994=100 RATIO SCALE End-1994=100 ll-Feb-98 18-Feb-98 25-Feb-98 4-Mar-98 Chart 1. ll-Mar-98 Spot Exchange Rates and Indices Noon buying rates (U.S. cents, weekly averages) Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U .K . pound 2.6793 69.750 16.510 55.324 0.05601 0.80796 49.068 68.528 163.82 2.6612 69.476 16.402 54.951 0.05575 0.79630 48.750 68.278 163.58 2.6755 70.288 16.472 55.248 0.05597 0.78170 48.979 68.385 164.25 2.6721 70.324 16.441 55.172 0.05599 0.79110 48.928 68.082 164.72 2.6461 70.694 16.288 54.601 0.05552 0.78037 48.443 67.047 163.97 105.58 69.52 74.40 155.63 32.15 211.55 140.87 220.46 66.26 104.86 69.25 73.91 154.58 32.00 208.50 139.95 219.66 66.16 105.43 70.05 74.23 155.42 32.13 204.67 140.61 220.00 66.43 105.29 70.09 74.09 155.20 32.14 207.13 140.46 219.03 66.62 104.27 70.46 73.40 153.60 31.87 204.33 139.07 215.70 66.32 105.78 68.15 71.73 169.47 29.13 223.04 143.98 53.86 225.07 63.68 100.01 105.51 68.10 71.49 168.95 29.11 225.74 143.64 54.19 223.77 63.79 99.86 105.14 68.97 71.26 168.16 29.04 223.93 143.11 54.36 221.74 63.93 100.68 0.64 2.04 2.08 -0.42 5.02 2.18 4.55 -1.82 0.71 2.10 2.11 -0.40 5.11 2.20 4.65 -1.80 0.78 2.15 2.17 -0.29 5.26 2.26 4.78 -1.86 0.85 2.15 2.17 0.01 5.17 2.25 4.68 -1.81 299.23 298.85 294.21 296.50 294.19 5.45 5.37 4.70 3.31 3.34 0.41 3.27 0.91 7.51 5.60 5.53 4.72 3.31 3.34 0.44 3.27 0.84 7.44 5.52 5.49 4.69 3.31 3.37 0.44 2.91 0.63 7.16 5.61 5.61 4.79 3.31 3.61 0.43 3.20 0.75 7.35 5.47 5.48 4.70 3.31 3.37 0.42 3.31 0.84 7.48 Indices, March 1973 base rates = 100 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U .K . pound Weighted average exchange value indices, March 1973=100 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. 0.67 2.03 2.07 -0.51 5.08 2.18 4.41 -1.79 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4 * 105.37 67.43 71.53 168.72 29.06 228.12 143.53 53.59 225.09 63.51 100.22 3-Month 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. 105.56 67.34 71.65 169.06 29.05 230.57 143.75 53.47 224.77 63.26 99.58 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom ll-Feb-98 18-Feb-98 25-Feb-98 4-Mar-98 Chart 5. 3-Month Interest Rates U.S. 90-day CD's, secondary market Canadian finance paper French interbank rate German interbank rate Japanese CD rate Netherlands interbank rate Swiss interbank rate U.K. interbank sterling Weighted average foreign interest rate (G-10 Countries) Chart 6. 5.54 5.02 3.45 3.46 0.85 3.35 1.06 7.45 3.90 5.53 5.03 3.46 3.43 0.85 3.36 0.95 7.48 3.88 5.54 4.99 3.43 3.45 0.85 3.34 0.88 7.46 3.87 5.58 4.98 3.43 3.44 0.80 3.52 0.89 7.49 3.89 5.58 4.94 3.44 3.43 0.77 3.45 0.96 7.44 3.84 5.37 5.46 5.49 5.52 5.52 5.71 5.53 5.49 5.51 5.53 5.53 5.57 5.49 5.51 5.41 5.53 5.53 5.59 5.61 5.54 5.56 5.56 5.58 5.68 5.48 5.50 5.56 5.56 5.57 5.69 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. ll-Mar-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.37 5.45 -0.08 5.53 5.60 -0.08 5.49 5.52 -0.04 5.61 5.61 0.01 5.48 5.47 0.01 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 5.52 5.54 -0.01 5.53 5.53 0.00 5.53 5.54 -0.01 5.56 5.58 -0.02 5.56 5.58 -0.02 Euro-dollar deposit Interbank sterling (London), covered Differential 5.52 5.63 -0.10 5.53 5.62 -0.09 5.53 5.63 -0.10 5.56 5.60 -0.04 5.56 5.60 -0.04 U.S. commercial paper Canadian finance paper, covered Differential 5.43 5.70 -0.26 5.45 5.68 -0.24 5.45 5.71 -0.26 5.49 5.77 -0.28 5.49 5.80 -0.30 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.52 5.55 -0.03 5.53 5.52 0.01 5.53 5.58 -0.06 5.56 5.63 -0.07 5.56 5.62 -0.06 5.52 5.48 0.04 5.53 5.51 0.02 5.53 5.53 -0.01 5.56 5.68 -0.11 5.56 5.65 -0.09 5.43 5.00 4.96 1.76 2.65 4.95 5.93 5.49 5.47 4.99 4.95 1.69 2.66 4.95 5.99 5.59 5.55 4.99 4.96 1.70 2.72 4.96 6.06 5.70 5.58 5.02 4.97 1.63 2.80 4.97 6.02 5.70 Canada 164.82 164.80 169.52 166.18 France 167.45 169.51 173.31 175.63 Germany 188.47 190.18 194.93 190.99 Japan 83.40 80.88 79.55 82.80 Netherlands 236.47 242.81 251.33 256.26 Switzerland 249.40 250.30 253.47 256.09 United Kingdom 148.07 146.10 148.47 150.79 United States 211.50 214.09 215.34 216.97 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Financial Times Ordinary, NYSE Composite 174.34 182.95 199.48 80.89 260.11 262.47 156.54 222.08 Chart 8. Interest Arbitrage, 3-Month Funds Euro-dollar deposit Swiss interbank, covered Differential Chart 9. Long Term Government Bellwether Bond Yields 10-year maturity, where available Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart 10. 5.44 5.13 5.09 1.81 2.82 5.08 6.06 5.61 Stock Indices (Wednesday figures)
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