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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts March 23, 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 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES 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 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 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 W EIGHTED AVERAG E VALUES (THIN LINE) AVERAG ES FOR W EEK ENDING W EDNESDAY RATIO SC SCALE MARGH 1973= I 1973=100 130 120 110 100 90 160 150 140 130 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 120 80 110 70 100 60 330 310 290 270 250 LJ I I I I ..I...I L. .1 I J L j. 90 380 350 320 290 260 SWISS FRANC 230 230 210 200 190 105 95 85 75 65 I I I I I I I I I I I 170 110 U.K. POUND 100 90 80 70 55 60 45 50 35 I I I I I I I I I I I I I 195 185 175 165 155 40 210 200 190 180 170 145 160 135 150 125 140 120 110 100 70 60 50 40 FRENCH FRANC 90 30 80 20 70 60 ■ i 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 WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 1 GERMAN MARK + O I 2 T- + O I CM CM i i I i i i I i i i I i i i CO CO T t CO i CANADIAN DOLLAR / V s / V '" l CM "V — CO i“ 'M- + O I _____________ a J ___________________ 'T- i i 1 i i i 1 i i 1 V 7 i i i ^ i O com i : CM CM V* SWISS FRANC / v CM CO jy - v V + O I CM i+ O I 2 CM i i i i i i i i i i 1 1 1 1 1 4 0 CM 2 + O I 4 2 4 1995 1997 6 1995 1997 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR W EEK ENDING W EDNESDAY u.s. U.S. DOLLARS PER FINE Ol OLLARS PER FINE OUNCE 420 420 12.5 Kg BARS AFTERNOON FIXING PRICE 400 400 380 380 360 360 340 340 320 320 300 300 280 1993 280 1995 1997 CHART 4 CALL MONEY RATES W EEKLY SERIES PERCENT PER ANNUM CO N) CO CJ1 -s i 0 )0 ro PERCENT PER ANNUM 1995 1997 CHART 5 3-M ONTH IN TER EST RATES W EEKLY SERIES co co in nco cm co PERCENT PER ANNUM cm cd CO4^ PERCENT PER ANNUM CHART 6 EURO -DO LLAR DEPOSIT RATES, LONDON AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 OVERNIGHT 6 4 CM CO i i i 1 i i i 1 i i i 1 i i i — 1995 1997 4 CHART 7 SELEC TED EURO -DO LLAR AND U.S. M ONEY M ARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM + OI * _____ ______ — 1 1995 1997 IO + DIFFERENTIAL I 1995 1 I 1 1 1 1 1 1 1997 1 1 1 I I CHART 8 INTEREST ARBITRAGE: 3-M ONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM IO+ -»• ro GO Ul O) -n|—»■ Io + PERCENT PER ANNUM 1995 1997 CHART 9 LONG-TERM GO VERNM ENT BOND Y IE LD S W EEKLY SERIES PERCENT PER ANNUM 9 8 UNITED STATES 8 7 7 6 6 5 l l l l I I I I I I I -I - I 1 1 10 5 9 CANADA 9 8 8 7 7 6 6 5 I I I I I I I I I I I I I I 6 5 5 SW ITZERLAND 5 4 4 3 3 2 2 I I I I I I I I I I I I I I I 8 1 8 NETHERLANDS 7 7 6 6 5 5 4 I I I I I I I I I I I I I I I 1995 1997 4 CHART 10 STOCK INDICES W EEKLY SERIES RATIO SCALE End-1994=100 RATIO SCALE End-1994=100 300 260 FRANCE 220 180 140 100 60 i i i l i i i l i i i I i i i 300 260 220 180 140 — I 100 60 18-Feb-98 25-Feb-98 4-Mar-98 Chart 1. ll-Mar-98 18-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 2.6612 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 2.6594 70.717 16.364 54.856 0.05573 0.77346 48.660 67.444 166.71 104.86 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 66.32 104.80 70.48 73.74 154.31 31.99 202.52 139.69 216.98 67.43 105.51 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 63.93 100.68 105.35 68.76 71.38 168.46 29.06 220.93 143.31 54.70 222.37 64.88 100.28 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 0.87 2.15 2.16 0.02 5.18 2.30 4.68 -1.82 298.85 294.21 296.50 294.19 293.36 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 5.50 5.51 4.77 3.31 3.34 0.41 3.31 0.88 7.23 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. 0.64 2.04 2.08 -0.42 5.02 2.18 4.55 -1.82 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 105.78 68.15 71.73 169.47 29.13 223.04 143.98 53.86 225.07 63.68 100.01 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. 105.37 67.43 71.53 168.72 29.06 228.12 143.53 53.59 225.09 63.51 100.22 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 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. 5.53 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 4 3 3 0 3 1 7 3 58 92 43 42 75 38 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 5 5 5 5 5 5 51 49 54 55 57 68 00 44 82 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. ll-Mar-98 18-Mar-98 Selected Euro-dollar & U.S. Money Market Rates 5.53 5.60 -0.08 5.49 5.52 -0.04 5.61 5.61 0.01 5.48 5.47 0.01 5 51 5 50 0 00 5.53 5.53 0.00 5.53 5.54 -0.01 5.56 5.58 -0.02 5.56 5.58 -0.02 5 55 5 58 -0 03 Euro-dollar deposit Interbank sterling (London), covered Differential 5.53 5.62 -0.09 5.53 5.63 -0.10 5.56 5.60 -0.04 5.56 5.60 -0.04 5 55 5 59 -0 04 U.S. commercial paper Canadian finance paper, covered Differential 5.45 5.68 -0.24 5.45 5.71 -0.26 5.49 5.77 -0.28 5.49 5.80 -0.30 5 48 5 80 -0 32 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 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 55 5 60 -0 05 Euro-dollar deposit Swiss interbank, covered Differential 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 55 5 69 -0 14 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 5 4 4 1 2 4 5 5 40 91 87 58 63 Canada 164.80 174.34 169.52 166.18 France 169.51 182.95 173.31 175.63 Germany 190.18 199.48 194.93 190.99 Japan 80.88 80.89 82.80 79.55 Netherlands 242.81 260.11 256.26 251.33 Switzerland 262.47 250.30 256.09 253.47 United Kingdom 148.07 156.54 150.79 148.47 United States 222.08 214.09 216.97 215.34 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 176 188 203 80 262 259 159 225 26 87 27 37 ,27 ,08 ,40 ,40 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 Bellwether Bond Yields 10-year maturity, where available Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart 10. 5.43 5.00 4.96 1.76 2.65 4.95 5.93 5.49 88 93 56 Stock Indices (Wednesday figures)
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