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Selected Interest &
Exchange Rates
W eekly Series o f Charts

March 30, 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
SCALE

RATIO 8C
MARCH 19 7 3 -

h 1973=100
i

160
150
140

130

120
110
100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

130

90

120

80

110

70

100

60

1

I I J. I„ l 1.1 -I_1 1 1 L .1 1
—
.

90

270

380
350
320
290

250

260

230

230

210

200

330
310
290

190
105
95 —
85
75

SWISS FRANC

I I I I I I I I I » I I I I »

170

110
U.K. POUND

100
90
80

65

70

55

60

45

50

35
195
185
175

I I I I I I I I I I I I I I I

40
210
200

CH GUILDER

190

165

180

155

170

145

160

135

150

125

1 1 1 I I I I I 1 I I I I I I

120
110

FRENCH FRANC

140

100

70
60
50
40

90

30

80

20

70
60

1 I I I I » * I I I » I 1 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

1
+ O I

+ O I

T-

CM

CM

CO

COCO

CM
CO

TTj-

+ O I
r-

CM

CM
O

co m
^

CM

CO

+ O I

CM
t-

t o i

2

-rCM

4
0

CM

2
+ O I

4

6

4

1995




1997

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

J _ I_ » l l l __ I__ I_ I__ U
_ _
_
__I__ I_ L
_

280

1993




1995

1997

280

CHART 4

CALL MONEY RATES
W EEKLY SERIES

PERCENT PER ANNUM

PERCENT PER ANNUM

7

5
U.S. FEDERAL FUNDS

6

4

5

3

4

2

3

1

2

I L- 1 J _ l_l

l
.I

I I I l I

0

7

6
GERMANY

6
5
5
4
4
3
3

2
9

i i i l i i i l i i i l i i i

2
9

8

8

7

7

6

6

5

5

4

4

______ i
—

3

2

3

FRANCE

I I I I I I I l I I I I I I I
1995




1997

2
1995

1997

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

CM O)

"r CO
f

CO
hCO
IO
CO
CM CO




PERCENT PER ANNUM

CHART 6

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

PERCENT PER ANNUM

8 1
—

—

1 ----

---- 1 8
3-MONTH

OVERNIGHT

—

—

—

C I CO
V

o

1

1

1

1

1

1

1

1

1

1

1

1

1

1

8 1
—

1

I

I

I

I

I

I

I

I

I

I

I

I

I

I

—

I

6-MONTH

—

l

l

4

---- 1 8

7-DAY

n

6

l

1

l

l

l

1

I

l

l

1

I

I

8 1
—

I
—

—

I

I

I

I

I

I

I

I

I

I

I

I

I

I

1 —

4

I
—

i 8

1

2

1-MONTH

2

»

1 1
1995




l

1

I

1

I

I

I 1
1997

I

I

1

I

I

I I
1995

I

I

I

I

I

I

I I
1997

I

I

I

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

+ OI

IO +

DIFFERENTIAL

J I__ I__ I__ I__ I__ I__ I__ I__ I__ I
__
1995




1997

1995

1997

I

I

I

I

I1

CHART 8

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

PERCENT PER ANNUM

+ O I
T - h*
CO
lO
rt
CO
CVJ T + O I

1995



1997

1995

1997

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

in o)
co
Is
*.
in in

o O
> l

co

SWITZERLAND

I I I I I I I I I I I I I I I




1995

1997

CHART 10

STOCK INDICES
W EEKLY SERIES
RATIO SCALE
End-1994=100

60

i i i I i i i I i i i I i i i




RATIO SCALE

2 5 -F e b -9 8 4 - M a r - 98

Chart 1.

1 1 - M a r - 98 1 8 - M a r - 98 2 5 - M a r - 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

2.6755
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

2.6503
70.539
16.311
54.676
0.05554
0.76918
48.497
66.958
167.20

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

104.43
70.31
73.50
153.81
31.88
201.40
139.22
215.41
67.63

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

105.21
68.73
71.30
168.24
29.02
220.10
143.13
54.85
221.22
65.25
100.56

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

0.88
2.12
2.14
0.30
5.15
2.27
4.47
-1.80

294.21

296.50

294.19

293.36

295.29

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

5.48
5.51
4.77
3.31
3.34
0.41
3.31
0.88
7.23

5.46
5.45
4.70
3.31
3.36
0.42
4.00
1.10
7.43

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 indicesi 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.

0.71
2.10
2.11
-0.40
5.11
2.20
4.65
-1.80

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

105.51
68.10
71.49
168.95
29.11
225.74
143.64
54.19
223.77
63.79
99.86

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.

105.78
68.15
71.73
169.47
29.13
223.04
143.98
53.86
225.07
63.68
100.01

Call Money Rates

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




25-Feb-98 4-Mar-98

Chart 5.

3-Month Interest Rates
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

5.58
4.92
3.43
3.42
0.75
3.38
1.00
7.44
3.82

5.58
4.91
3.46
3.44
0.71
3.36
1.14
7.49
3.82

5.61
5.54
5.56
5.56
5.58
5.68

5.48
5.50
5.56
5.56
5.57
5.69

5.51
5.49
5.54
5.55
5.57
5.68

5.45
5.53
5.56
5.56
5.59
5.68

Euro-Dollar Deposit Rates

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

5.54
4.99
3.43
3.45
0.85
3.34
0.88
7.46
3.87

5.49
5.51
5.41
5.53
5.53
5.59

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.

ll-Mar-98 18-Mar-98 25-Mar-98

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

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

5.49
5.52
-0.04

5.61
5.61
0.01

5.48
5.47
0.01

5.51
5.48
0.02

5.45
5.46
-0.01

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

5.53
5.54
-0.01

5.56
5.58
-0.02

5.56
5.58
-0.02

5.55
5.58
-0.03

5.56
5.58
-0.02

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

5.53
5.63
-0.10

5.56
5.60
-0.04

5.56
5.60
-0.04

5.55
5.59
-0.04

5.56
5.66
-0.09

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

5.45
5.71
-0.26

5.49
5.77
-0.28

5.49
5.80
-0.30

5.48
5.80
-0.32

5.48
5.80
-0.32

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

5.53
5.58
-0.06

5.56
5.63
-0.07

5.56
5.62
-0.06

5.55
5.60
-0.05

5.56
5.59
-0.03

Euro-dollar deposit
Swiss interbank, covered
Differential

5.53
5.53
-0.01

5.56
5.68
-0.11

5.56
5.65
-0.09

5.55
5.69
-0.14

5.56
5.62
-0.05

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

5.40
4.91
4.87
1.58
2.63
4.88
5.93
5.56

5.37
4.91
4.86
1.57
2.77
4.88
5.91
5.59

Canada
166.18
169.52
174.34
176.26
France
173.31
175.63
182.95
188.87
Germany
190.99
194.93
199.48
203.27
Japan
79.55
82.80
80.37
80.89
Netherlands
251.33
256.26
260.11
262.27
Switzerland
253.47
256.09
262.47
259.08
United Kingdom
148.47
150.79
156.54
159.40
United States
215.34
216.97
225.40
222.08
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

179.88
196.00
210.13
79.32
272.27
269.76
160.54
228.25

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.

5.47
4.99
4.95
1.69
2.66
4.95
5.99
5.59

Stock Indices (Wednesday figures)