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(516/517) 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)