Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : March 25, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

March 25, 1991

DIVISION OF
INTERNATIONAL F I N A N C E

Prepared by t h e
FINANCIAL MARKETS

BOARD O F G O V E R N O R S
FEDERAL RESERVE SYSTEM

SECTION

Washington, DlC. 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
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 INDIES




S U B S C R I P T I O N 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 $.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 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

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

140
130
120
110

BELGIAN FRANC

—

100
90
—

i

'

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i

SWISS FRANC

—

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/v

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wvA

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—

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i—

« I

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I

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'

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1 '

i

'

JAPANESE YEN

80

70
280
260
240
220
200
180
160
140

I

I

I

I

I

I

I

I

I

I

I

I

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I

__

U.K. POUND

'

1 I

I

I

I

I

I

I

I

I

I

I

CANADIAN DOLLAR

120
100
90
80
70
60

i

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I

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I

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I

i

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I

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1 I

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I

I

GERMAN MARK

I

I

I

I

I

/VX

50
200
180

DUTCH GUILDER

160
140
120
•

i

» I

» » i

I

i

i

» l

i

i

i

±_L

I

i

i

I

I

I

I

I

I

I

I

'

ITALIAN LIRA
—

100
60
55
50

FRENCH FRANC

45
40
35
30

I




I

I

I I
1989

I

I

I

I

I

I

I I
1991

'

I

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' '
1989

I

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1

I

1

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1991

25

CHART 2

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

PERCENT PER ANNUM

4
CANADIAN DOLLAR

^—Z'~VAX—

1 I

I

-

A

V
I

1 1 1 I 1 1 1 1
1

1 1 1

GERMAN MARK

'

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1 I

JAPANESE YEN

i

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1 I

I

I

I

'

SWISS FRANC

—

4

U.K. POUND

DUTCH GUILDER

v/\

—

—

Y
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1 i

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1

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1 i

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i

FRENCH FRANC

12

'

'

'




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'

» '
1989

1

1 1 1

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i

V

1 i

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I

» 1 I

1

I I

1

ITALIAN LIRA

I

•

•

» I

» ' '
1991

I

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I t
1989

I

» I I
1991

12

CHART3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE OUNCE
520

U.S. DOLLARS PER FINE OUNCE
520

500

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

480

460

460

440

440

420

420

400

400

380

380

360

360

340

340

320
1988



1989

1990

1991

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
— i 16

16

12

12

FRANCE

U.S. FEDERAL FUNDS

JAPAN

i

GERMANY




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CANADA

UNITED KINGDOM

SWITZERLAND

NETHERLANDS

1989

1991

1989

1991

i

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AN

:ENT PER ANNUM

12

10
U.S. CD'S

10

8

8

6
SWISS INTERBANK RATE

6

4

FOREIGN RATE

2

4
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16

0
16

14

14

12

12

2

CANADIAN FINANCE CO.
PAPER

U.K. INTERBANK STERLING
10

10

8

8

6

6
12

10
GERMAN INTERBANK RATE.

8

10

6

8
FRENCH INTERBANK RATE

4

6

2

4
10

10

8

8

JAPANESE CD RATE

6

6
NETHERLANDS INTERBANK RATE

4
2




1989

1991

1989

4

1991

2

CHART 6

EURO-DOLLAR DEPOSIT RATES L O N D O N
AVERAGES FOR WEEK ENDING WEDNESDAY
CENT PER ANNUM

14

OVERNIGHT

12

3-MONTH

10

8

6

4
14

i

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7-DAY

12

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6-MONTH

10

8

6

4
14

I

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1-MONTH

12

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1-YEAR

10

8

6

4

'

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•

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»

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1989

I

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•

•

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• •
1991

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1989

'

CHART7

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

14

14

12

12

OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

10

10

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

DASHED LINE

J—I—I—I—I—I—I

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DIFFERENTIAL

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L_i

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DIFFERENTIAL

a

1

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1989

1

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1

I

1

1
1991

1

'

'

'

I

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i
i
1989

l

i

•
•
1991

CHARTS

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
16

PERCENT PER ANNUM

16

INTERBANK STERLING

12 —

CANADIAN FINANCE
CO. PAPER, COVERED

—

COVERED LONDON

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

0

1

1

1

'

1

1

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1

1

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1

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2

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2

DIFFERENTIAL

DIFFERENTIAL

2

12

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16

16

INTERBANK DM

12

SWISS INTERBANK (SF) COVERED

—

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

«

•

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1989

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1

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DIFFERENTIAL

DIFFERENTIAL

»

— 12

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1 1
1991

I

I

1 1 1
1989

8

I

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1991

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

b

CANADA

UNITED STATES
12

12

10

10

i iiIiiiIiiiIiii

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UNITED KINGDOM

14

FRANCE

6
14

12

12

10

10

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»

»

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6

10

10

SWITZERLAND

10

JAPAN

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NETHERLANDS

GERMANY

10

— 4

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1989

1991

I

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1989

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1991

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200
175 — UNITED STATES

200
175

— NETHERLANDS

150

150

125

125

100

100

400
350

50
200
175

— GERMANY

JAPAN

300

150

250

125

200

100

150

100
200
175

SWITZERLAND

200
175

FRANCE

150

150

125

125

100

100

50

200
175 — CANADA

—

— UNITED KINGDOM

200

— 175

150

— 150

125

125

100

100




1989

1991

1989

1991

SERIES
Chart 1.

20-Feb-91 27-Feb-91 6-Mar-91

13-Mar-91 20-Mai—91

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

3.2768
86.657
19.800
67.423
0.08980
0.76397
59.829
78.647
196.23

3.2120
86.821
19.454
66.133
0.08842
0.75523
58.664
77.065
193.20

3.1652
86.603
19.128
65.139
0.08721
0.74113
57.785
74.858
189.90

3.0958
86.400
18.720
63.788
0.08539
0.73225
56.580
73.348
186.46

2.9914
86.556
18.093
61.637
0.08266
0.72673
54.674
71.251
180.37

129 .12
86 .37
89 .22
189 .67
51 .54
200 .03
171 .76
253 .02
79 .37

126 .57
86 .53
87 .66
186 .04
50 .75
197 .74
168 .41
247 .93
78 .14

124 .72
86 .32
86 .19
183 .24
50 .06
194 .05
165 .89
240 .83
76 .81

121 .99
86 .11
84 .36
179 .44
49 .01
191 .73
162 .43
235 .97
75 .41

117 .88
86 .27
81 .53
173 .39
47 .45
190 .28
156 .96
229 .22
72 .95

110 .10
74 .19
73 .31
176 .65
40 .82
181 .64
149 .54
67 .38
216 .09
64 .75
84 .78

109 .14
75 .12
72 .69
175 .17
40 .51
182 .03
148 .40
N
67 .20
214 .67
64 .44
86 .30

107 .60
76 .99
71 .62
172 .36
40 .00
184 .77
146 .27
66 .90
212 .86
63 .56
88 .63

-3.09
-2.73
-2.30
-5.47
-1.19
-2.28
-1.35
-5.88

-2.58
-2.61
-2.30
-5.48
-1.28
-2.19
-1.37
-5.65

-3.13
-2.83
-2.52
-5.66
-1.56
-2.58
-1.73
-5.64

-3 .30
-3 .05
-2 .85
-5,
.45
.80
-1,
-2,
,89
-2 ,24
-5.
,66

365.01

359.59

365.15

366.22

364.38

6.26
6.35
10.93
9.25
8.67
8.18
8.94
7.38
13.65

6.31
6.61
10.10
9.16
8.63
8.14
8.82
7.38
13.80

6.47
6.43
10.28
9.18
8.81
8.18
9.04
7.38
13.13

6.17
6.30
10.30
9.21
8.71
8.15
9.03
7.38
12.95

6 .10
6 .10
10 .13
9 .36
8 .70
8 .24
8 .97
.
7 .58
13 .65

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
Chart 2.

-3.49
-2.89
-2.38
-5.48
-1.23
-2.37
-1.32
-6.10

Gold Price in London, Afternoon Fixing

tl.S. dollars per fine ounce
Chart 4.

110 .41
73 .44
73 .71
177 .32
40 .90
183 .05
150 .04
67 .44
219 .92
65 .12
83 .51

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.

111 .35
72 .35
74 .18
178 .89
41 .06
182 .96
151 .28
67 .62
221 .83
65 .38
82 .24

Call Money Rates

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




SERIES
Chart 5.

20-Feb-91 27-Feb-91 6-Mar-91

3-Month Interest Rates
6.47
10.34
9.49
8.91
7.89
8.97
7.58
13.05
9.83

6.64
10.10
9.39
8.94
8.01
8.95
7.85
12.81
9.78

6 .73
10 .03
9 .33
8 .95
8 .11
8 .97
7 .98
12 .61
9 .78

6 .51
9 .99
9 .27
8 .93
8 .13
8 .98
8 .00
12 .31
9 .72

6 .32
9 .95
9 . 38
8 .98
8 .15
9 .06
8 .28
12 .10
9 .72

6.35
6.40
6.41
6.50
6.50
6.71

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank hate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
(G-1Q Countries)
Chart 6.

6.61
6.48
6.58
6.73
6.69
6.89

6 .43
6 .41
6 .85
6 .78
6 .78
7 .04

6 .30
6 .26
6 .51
6 .50
6 .55
6 .90

6 .10
6 .16
6 .29
6 .29
6 .41
6 .86

Euro-Dollar Deposit Rates

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

13-Mar-91 20-rar-91

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

Overnight Euro-dollar deposits
U.S. federal funds
Differential

6.35
6.26
0.09

6.61
6.31
0.30

6 .43
6 .47
-0 .04

6 .30
6 .17
0 .13

6 .10
6 .10
0 .00

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

6.50
6.47
0.03

6.73
6.64
0.08

6 .78
6 .73
0 .04

6 .50
6 .51
-0 .01

6 .29
6 .32
-0 .03

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

6.50
6.75
-0.25

6.73
6.74
-0.02

6 .78
6 .78
-0 .01

6 .50
6 .50
-0 .00

6 .29
6 .27
0 .02

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

6.46
6.76
-0.30

6.56
6.94
-0.38

6 .65
7 .38
-0 .73

6 .47
6 .78
-0 .31

6 .29
6 .56
-0 .27

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

6.50
6.48
0.02

6.73
6.59
0.13

6 .78
6 .60
0 .18

6 .50
6 .35
0 .15

6 .29
6 .07
0 .22

Euro-dollar deposit
Swiss interbank, covered
Differential

6.50
6.23
0.27

6.73
6.47
0.25

6 .78
6 .58
0 .19

6 .50
6 .23
0 .27

6 .29
5 .99
0 .30

9.50
8.99
8.25
6.28
6.19
8.51
9.88
7.81

9.55
9.02
8.32
6.33
6.24
8.56
9.96
7.93

9 .64
9 .05
8 .36
6 .57
6 .25
8 .64
10 .12
8 .09

9 .56
8 .93
8 .32
6 .59
6 .18
8 .60
10 .06
8 .07

9 .62
9 .01
8 .42
6 .56
6 .16
8 .66
10 .18
8 .13

116.42
123.48
99.23
147.26
96.56
118.86
141.68
146.48

114.81
125.51
98.70
146.35
97.80
123.36
145.69
147.57

119 .02
133 .26
100 .83
148 .07
101 .98
127 .61
153 .42
151 .09

118 .33
131 .47
99 .63
148 .49
101 .38
126 .26
151 .45
150 .41

116 .02
128 .32
97 .94
149 .78
102 .30
124 .63
150 .33
147 .99

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.

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

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



GOi/f/.

FEDERAL RESERVE statistical release
•f^LRe^
March 25, 1991

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

MARCH 22, 1991

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
*1RELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEW 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:
**<JNITED STATES

DOLLAR

Mar. 18

(CURRENCY UNITS PER DOLLAR)
Mar. 21
Mar. 20
Mar. 19

Mar. 22

0.7679
11.498
33.620
1.1533
5.2352
6.2630
1.2586
3.8895
5.5585
1.6330
176.25
7.7930
19.230
1.6280
1218.00
138.15
2.7396
1.8412
0.5930
6.3770
142.45
1.7600
2.7035
728.30
101.63
40.748
5.9710
1.4120
N.A.
25.480
1.7910

0.7696
11.640
34.090
1.1558
5.2352
6.3500
1.2408
3.9340
5.6345
1.6540
178.35
7.7890
19.300
1.6110
1233.00
138.15
2.7435
1.8642
0.5940
6.4535
144.95
1.7680
2.7375
728.70
102.95
40.768
6.0330
1.4285
27.275
25.530
1.7650

0.7683
11.595
34.010
1.1584
5.2352
6.3220
1.2445
3.9055
5.6200
1.6495
177.85
7.7830
19.350
1.6160
1228.00
138.60
2.7450
1.8592
0.5953
6.4025
143.85
1.7710
2.6960
728.90
102.38
40.768
6.0020
1.4230
27.290
25.550
1.7765

0.7712
11.520
33.740
1.1560
5.2352
6.2850
1.2540
3.8990
5.5740
1.6375
176.85
7.7830
19.390
1.6270
1219.50
137.60
2.7450
1.8461
0.5957
6.3920
143.45
1.7700
2.6940
728.60
101.83
40.748
5.9750
1.4105
27.275
25.520
1.7920

0.7730
11.575
33.890
1.1576
5.2352
6.3115
1.2503
3.9055
5.5950
1.6445
178.80
7.7835
19.210
1.6175
1224.75
137.20
2.7449
1.8538
0.5945
6.4170
144.45
1.7690
2.7075
728.10
102.18
N.A.
5.9950
1.4093
27.270
25.490
1.7895

89.08

89.99

89.80

89.18

89.39

*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. WEIGHIS 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 NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL 1202) 377-1986.