Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : March 19, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

March 19,1990

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

0

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 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $22.50 per
year or $.55 each. Elsewhere. $30.00 per year or S 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 m a
form collectible at par m 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

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

140
130
120

BELGIAN FRANC

110
100
90

80
•

i

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l

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'

—

SWISS FRANC

i

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'

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JAPANESE YEN

70
280
260
240
220
200
180
160
140

'

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l

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l

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CANADIAN DOLLAR

U.K. POUND

120
100
90
80
70
60

i

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l

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'

GERMAN MARK

50
200
180

DUTCH GUILDER

160
140
120
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100

60
55

ITALIAN LIRA

50

FRENCH FRANC

—

45
40
35
30

I

I

I




I

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1988

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1990

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1988

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1990

25

CHART2

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

PERCENT PER ANNUM

4
CANADIAN DOLLAR

I

I

I

I

I

4

U.K. POUND

I

'

I

'

'

I

I

•

•

1

GERMAN MARK

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

JAPANESE YEN

—

v v—

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l

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— L I

1

1

1

—

SWISS FRANC

DUTCH GUILDER

—

^7
1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

FRENCH FRANC

•

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I

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ITALIAN LIRA

X

%

12

i

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1988

i

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1

1

1

1

1 1
1990

I ' l l

I
1988

1990

12

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

US

U.S. D LLARS PER FINE OUNCE
520

* DOLLARS PER FINE QUI

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

•




i
1987

i

I

i

1
1988

I

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1989

1

1

1

1
1990

L

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
— i 16

16

12

12

FRANCE

U.S. FEDERAL FUNDS

JAPAN

o —I—L

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16

16

12

12
CANADA
GERMANY

'

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UNITED KINGDOM




•

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l

•

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•

SWITZERLAND

NETHERLANDS

1988

1990

1988

1990

•

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

12

12
FRENCH INTERBANK RATE

10

10

U.S. CD'S

WEIGHTED AVERAGE
FOREIGN RATE

'

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2
16

14

U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

12

10

•

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1

1

1

1

1

1

1

1

6
16

10
SWISS INTERBANK RATE

GERMAN INTERBANK RATE

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12

'

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10
NETHERLANDS INTERBANK RATE
JAPANESE GENSAKI RATE

I

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1988

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1990

1

»

»

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1 «
1988

1

I

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I 1
1990

0
10

CHART 6

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

14

OVERNIGHT

12

3-MONTH

10

8

6

4
14

i

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»

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7-DAY

12

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l

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6-MONTH

10

8

6

4
14

•

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•

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1-MONTH

12

I

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1-YEAR

10

8

6

4

•

•

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1988

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•

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•
1990

•

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1988

'

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CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS B O R R O W I N G 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 DEPOSITS

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J

I

I

;

DASHED LINE

l

l

I

l

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J

DIFFERENTIAL

I

J

l

l

l

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1988

I

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L _ I

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DIFFERENTIAL

I
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1988

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1990

I

J — I — I

I

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J

I
1990

L

CHART 8

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

:ENT PER ANNUM

16

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

8

0

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

4

—

DASHED LINE

'

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1

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1

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DASHED LINE

I

1

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2

1

+

0

2
16

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,.qnlw

"VVUyjWV v

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12

DIFFERENTIAL

DIFFERENTIAL

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INTERBANK DM

I

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SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4

—

DASHED LINE

'

0
2

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DASHED LINE

I

I

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DIFFERENTIAL

DIFFERENTIAL

A~A-

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1988

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1990

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1988

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1990

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

14

PERCENT PER ANNUM

14

(

UNITED STATES

CANADA

12

12

10

10

i

6
14

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l

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UNITED KINGDOM

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'

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FRANCE

12

12

10

10

1

1

I

I

1

1

1

I

1

1

1

I

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•

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•

6

10
SWITZERLAND

2
10

6
14

'

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10

JAPAN

'

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l

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NETHERLANDS

•

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1988

I

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1990

GERMANY

MONTHLY

4 —

•

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1988

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l

•

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1990

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2
10

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCv
1986=

SCALE
X)

200
175

_

„ UNITED STATES

NETHERLANDS

1

150

1

125

1

100

1

75

50
400
350

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GERMANY

__ JAPAN

300
250

200
150

100

•

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200
175

1 1 I

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— FRANCE

, SWITZERLAND

150
125

100
75

i

50
200

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„

175 — CANADA

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UNITED KINGDOM

150
125

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1988

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1990

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1988

1990

SERIES
14-Feb-90 21-Feb-90 28-Feb-90 7-Mar-90
Chart 1.

14-Mai—90

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

2.8570
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

2.8152
84.888
17.308
58.495
0.07923
0.65848
51.946
65.787
161.60

112. 58
83. 03
79. 20
168. 10
46. 13
180. 96
152. 16
215. 14
68. 44

112 .62
82 .91
79 .19
167 .91
46 .18
180 .79
152 .03
216 .33
68 .83

112. 36
83 38
79. 05
167. 03
46. 11
177. 14
151. 31
217. 05
68. 75

110 .93
83 .80
78 .03
164 .57
45 .53
174 .38
149 .08
213 .75
66 .68

110 .93
84 .61
77 .99
164,.55
45..48
172,.41
149, 13
211, 64
65. 36

106 .07
76 .99
71 .89
171 .73
40 .25
177 .19
145 .91
67 .35
208 .46
61 .83
92 .55

105.90
78.35
71.75
171.00
40.19
176.32
145.35
67.39
207.59
60.52
93.88

106 .22
79 .41
71 .95
171 .57
40 .26
174 .65
145 .84
67 .40
206 .10
59 .39
94 .23

-4 .73
-2 .42
-o .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

-4 .62
-2 .21
0 . 09
-4 .15
1 .01
-0 .39
-0 .61
-6,.55

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, Mar. 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

105.96
76.40
71.81
172.45
40.14
180.88
146.32
66.87
205.96
61.33
92.21

105.99
76.27
71.79
172.19
40.18
180.67
146.17
66.46
207.10
61.70
92.19

Chart 2.

3-Month Forward Exchange Rates, Premium
o Discount
'remium or
Canadian dollar
-4.27
-4.49
French franc
-2.72
-2.65
German mark
-0.31
-0.21
Italian lira
-4.58
-4.56
Japanese yen
1.16
1.01
Netherlands guilder
-0.81
-0.78
Swiss franc
-1.34
-0.99
U.K. pound
-6.38
-6.34
Chart 3.

Gold Price in London, Afternoo

U.S. dollars per fine ounce
Chart 4.

-

ixing
417.00

417.92

412 .01

404.08

399. 45

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

ND
8. 16
13. 05
10.23
7.84
6. 54
8. 28
8. 38
14.75

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




14-Feb-90 21 - Feb-90 28-Feb-90 7-Mai—90
Chart 5.

3-Month Interest Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese gensaki rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
CG-10 Countries)
Chart 6.

8. 21
12.81
11. 08
8. 34
6. 21
9. 03
9. 45
15. 08
10. 14

8. 22
13. 17
11. 11
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 .38
13 .33
10 .63
8 .45
6 .30
8 .79
8 .88
15 .23
10 .15

8. 16
8. 13
8. 18
8. 23
8. 29
8. 50

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 .16
8 .20
8 .30
8 .39
8 .54
8 .81

Euro-Dollar Deposit Rates

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

14-Mar -90

Selected Euro-dollar & U.S. Money Market Rates
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 .16
ND
ND

8. 23
8. 21
0. 02

8. 23
8. 22
0. 00

8. 25
8. 24
0. 01

8 .30
8 .27
0 .03

8 .39
8 .38
0 .01

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

8. 23
8. 46
-0.23

8. 23
8. 52
-0.29

8. 25
8. 32
-0. 07

8 .30
8 .33
-0 .03

8 .39
8 .43
-0 .04

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

8. 12
8. 41
-0. 18

8. 14
8. 53
-0.31

8. 16
8. 40
-0.15

8 .20
8 .40
-0 .10

8 .27
8 .55
-0 .16

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

8. 23
8. 02
0. 21

8. 23
8. 16
0. 07

8. 25
8. 17
0. 08

8 .30
8 .51
-0 .21

8 .39
8 .55
-0 .16

Euro-dollar deposit
Swiss interbank, covered
Differential

8. 23
8. 08
0. 14

8. 23
8. 26
-0. 04

8. 25
8. 23
0. 02

8 .30
8 .23
0 .07

8 .39
8 .25
0 .14

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
7 .06
6 .46
10 .81
8 .59

ND
10 .88
9 .02
7 .27
6 .42
11 .03
8 .65

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

124 .46
142 .52
118 .22
183 .04
105 .57
133 .78
136 .44
136 .50

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bond Yields

Canada
France
Germany
Japan
Switzerland
United Kingdom
United States
Chart 10.

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

124, 98
139, 74
115..10
205,,92
103,,67
134 ,80
141 .44
134 ,68

Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite



i i s a & v .

FEDERAL RESERVE statistical release
H. 10(512)

March 19, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MARCH 16, 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
•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
•NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM
MEMO:
••UNITED STATES

MONETARY
UNIT

Mar. 12

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

75.800
12.037
35.560
1.1790
4.7339
6.5600
4.0375
5.7810
1.7110
162.00
7.8140
17.090
155.30
1263.00
152.38
2.7080
1.9262
58.920
6.6200
151.00
1.8740
2.6050
701.10
109.93
40.018
6.1950
1.5239
26.361
25.880
161.03

DOLLAR

94.37

(CURRENCY UNITS PER DOLLAR)
Mar. 13
Mar. 14
Mar. 15
76.100
12.090
35.660
1.1778
4.7339
6.5850
4.0595
5.8030
1.7165
162.90
7.8120
17.100
154.93
1268.00
152.55
2.7130
1.9332
58.630
6.6500
151.80
1.8775
2.6270
701.40
110.32
40.018
6.2100
1.5280
26.399
25.930
160.03

94.66

76 .350
12 060
35 590
1 ,1745
4 7339
6 5750
4 0500
5 7890
1 7133
163 06
7 8110
17 090
155 30
1265 00
152, 24
2,.7120
1..9298
58..740
6 .6230
151 .30
1 .8750
2 .6170
701 30
110 13
40 018
6 .1960
1 .5270
26 .395
25 .910
160 .90

94.42

75.630
1.200
35.380
1.1780
4.7339
6.5340
4.0270
5.7560
1.7029
162.25
7.8120
17.070
156.20
1257.50
152.55
2.7165
1.9183
58.980
6.5975
150.70
1.8750
2.6150
700.90
109.51
40.018
6.1725
1.5220
26.430
25.920
161.75

94.06

Mar. 16
75.360
11.930
35.210
1.1803
4.7339
6.5060
4.0050
5.7260
1.6950
162.03
7.8120
17.080
157.10
1251.75
152.38
2.7175
1.9093
58.800
6.5720
150.26
1.8740
2.6050
699.90
108.93
40.018
6.1450
1.5095
26.500
25.900
162.35

93.72

•VALUE IS U.S. CENTS
••INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S.

DOLLAR AGAINST CURRENCIES OF OTHER G-10

WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST
1978 FEDERAL RESERVE BULLETIN.