Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : March 5, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

March 5,1990
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION OF

INTERNATIONAL FINANCE
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
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 ,n 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
140
FOREIGN CURRENCY
130
PRICE OF U.S. DOLLAR
120

RATIO SCALE
MARCH 1973=100
140
130
120

BELGIAN FRANC

110

110

100

100

90

90

80

80
•

70

'

•

280
260 —

l

i

»

•

I

»

•

»

i

i

i

i

SWISS FRANC

•

'

—

240

I

'

'

•

I

'

'

» I

'

•

'

JAPANESE YEN

240

220
200

220
200

180

180

160

160

140

140
1

120
100

1

'

90

1

'

1

1

1

I

1

I

I

I

•

1

I

I

I

1

I

1

»

1

I

1

I

I

I

I

I

CANADIAN DOLLAR

U.K. POUND

80

70 —

70

60

60
1

1

'

1

l

1

•

1

I

•

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i

'

'

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50
200

200
180

GERMAN MARK

DUTCH GUILDER

180

160

160

140

140

120
100
120

120

'

1

1

I

1

1

1

I

1

1

'

I

I

I

I

I

1

I

1

1

1

I

1

1

1

I

I

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I

100

60

110

55

ITALIAN LIRA

100
90 —

50

FRENCH FRANC

45

80

40

70

35

60
50

120
100
90

80

50

70

280
260

30
1

1

1




1

1

1

1988

1

'

1

1

'

I

I

'

'

1990

'

•

'

I

'

'
1988

'

I

'

•

'

'

•

•
1990

•

25

CHART 2

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

PERCENT PER ANNUM
4t
CANADIAN DOLLAR

'

'

I

I

'

I

4
U.K. POUND

I

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1

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l

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I

•

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1

1

1

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1

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l

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i

DUTCH GUILDER

SWISS FRANC

—

I

I

JAPANESE YEN

GERMAN MARK

i

1

X

JVj

A/\

x :

i

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

i

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1

1

1

1

1

1

—

ITALIAN LIRA

FRENCH FRANC

X

yx/

12

rV^

i i i 1 i i i 1 i i 1 1 1 I I




1988

1990

1

1

1

1

1

1 1
1988

1 1
1990

12

CHARTS

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

U.S.
520

OLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE O

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

320




1987

1988

1989

1990

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16

PERCENT PER ANNUM
16

12

—

U.S. FEDERAL FUNDS

12

FRANCE

JAPAN

0
16

i

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0
16

12

12
CANADA
GERMANY

•

I

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<

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I

•

•

I

•

'

SWITZERLAND

UNITED KINGDOM




I

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

I

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2
16

U.K. INTERBANK STERLING

14

CANADIAN FINANCE CO.
PAPER

12

10

i

i

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I

i

i

'

I

i

i

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I

i

'

i
16

—

GERMAN INTERBANK RATE

SWISS INTERBANK RATE

i

i

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I

i

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i

12

i

i

I

i

i

i
10

NETHERLANDS INTERBANK RATE
JAPANESE GENSAKI RATE

i

i

i




I

i

'
'
1988

I

i

• •

I

i

i
1990

i

i

i

i

I

i

i
i
1988

I

i

'

i

I

'

J_L
1990

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
14

PERCENT PER ANNUM
14

3-MONTH

OVERNIGHT

12

12

10

10

—

4
14

i

i

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I

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l

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I

i

i

i

•

i

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I

•

i

I

'

'

i

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i

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6-MONTH

7-DAY

12

i

4
14

12

10

10

4
14

8

'

i

i

I

'

'

'

l

'

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•

I

'

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I

i

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I

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4
14

1-YEAR

1-MONTH

12 —

i

12

10

10

i

i

'




I

'

i
•
1988

I

i

i

i

I

i

i i
1990

I

I

I

I

»

I •
1988

I

I

I

I

I

I

I I
1990

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 ANNU

:ENTPER ANNUM
14

12

10

OVERNIGHT
EURO-DOLLAR DEPOSITS

3-MON TH
EURO-DOLLAR DEPOSITS ,

8

6
90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE
4

i

2
2

i

I

I

I

I

I

I

I

I

I

I

L

I

DIFFERENTIAL

I

I

I

I

I

I

I

I

I

I

i

i

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I

i

i

DIFFERENTIAL

1

+

0

1

I

I

I




I

I

I
1988

I

I

I

I

I

I

I

I
1990

I

i

I

i

1988

I

i

1990

CHART 8

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

PERCENT PER ANNUM
16

12

—

0 I

I

I

12

INTERBANK STERLING
COVERED LONDON

CANADIAN FINANCE
CO. PAPER, COVERED

EURO-DOLLAR DEPOSITS
DASHED LINE

U.S. COMMERCIAL PAPER
DASHED LINE

I

I

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•

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l

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0

2

2
DIFFERENTIAL

DIFFERENTIAL
g

i

2

i

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V v^y/vvv' \ /

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t

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2
16

16

12

—

0

I

'

•

INTERBANK DM
COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

•

I

1

1

1

1

1

1

1

1

1

1

I

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I

I

I

I

I

I

I

I

I

I

I

12

I

DIFFERENTIAL

DIFFERENTIAL

^ . / A Y / V V A v r - v y

I

1 1 1 I




1

1988

1

'

1

1

1

I

1

1

1990

I

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I

I I
1988

I

I I
1990

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNL

(CENT PER ANNUM

14

14
CANADA

UNITED STATES
12

12

10

10

8

8

6

•

'

'

I

'

i

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I

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I

i

i

i

< i

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6
14

14
FRANCE

UNITED KINGDOM
12

12

10

10

8

8

6

i

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I

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l

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i

'

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l

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6
10

10
JAPAN

SWITZERLAND
8

8

6

6

4

4

2

•

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'

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l

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l

i

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<

2
10

10
GERMANY

NETHERLANDS
MONTHLY

8

8

6

6

4

4

2

'

i

'




I

i

i
1988

i

I

i

i

i

I

i

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1990

i

i

i

i

I

i

'
1988

i

l

i

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i

I

i

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1990

i

2

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
NETHERLANDS

. UNITED STATES

175
150
125
100
75

i

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50

200
„

. GERMANY

JAPAN

175
150
125
100
75

I

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50
200

— FRANCE

. SWITZERLAND

175
150
125
100
—

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l

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i

i

I

i

i

i

I

i

i

— UNITED KINGDOM

— CANADA

i

75

50
200
175
150
125
100
75

i

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i




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1988

i

I

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1990

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1988

I

I

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1990

50

SERIES
31-Jan-90 7-Feb-90
Chart 1.

14-Feb-90 21-Feb-90 28-Feb-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

2.8368
84.044
17.463
59.317
0.07978
0.69489
52.642
66.963
167.07

2.8630
84.085
17.613
59.882
0.08050
0.68845
53.076
67.263
169.18

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

111 .78
83 .77
78 .69
166 .86
45 .80
181 .94
151 .12
215 .43
67 .57

112 .82
83 .81
79 .37
168 .45
46 .21
180 .26
152 .37
216 .39
68 .43

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

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

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

-4.03
-2.50
0.18
-4.43
1.28
-0.47
-1.31
-6.39

-4.27
-2.72
-0.31
-4.58
1.16
-0.81
-1.34
-6.38

-4.49
-2.65
-0.21
-4.56
1.01
-0.78
-0.99
-6.34

-4 .73
-2 .42
-0 .13
-4 .59
1 .02
-0 .62
-0 .82
-6 .49

417.12

420.31

417.00

417.92

412 .01

8.24
8.09
12.30
10.63
6.55
6.48
8.33
8.88
14.74

8.22
8.14
12.00
10.39
7.81
6.42
8.44
8.90
14.89

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

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.

-3.97
-2.55
0.05
-4.36
1.29
-0.49
-1.47
-6.31

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

106.04
77.05
71.87
172.58
40.15
179.82
146.32
67.09
206.89
61.22
92.04

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.

105.54
77.40
71.56
171.60
39.97
182.66
145.77
66.78
206.94
60.69
92.59

Call Money Rates

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




SERIES
31-Jan-90 7-Feb-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
(G-10 Countries)
Chart 6.

8.22
12.56
10.79
8.06
6.20
8.72
9.45
15.06
9.94

8.21
12.81
11.08
8.34
6.21
9.03
9.45
15.08
10.14

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 .09
8 .13
8 .19
8 .25
8 .31
8 .51

8 .14
8 .13
8 .19
8 .25
8 .31
8 .51

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

8.22
13.17

11.11

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

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.

8.19
12.40
10.98
8.16
6.15
8.78
9.58
15.06
9.96

Euro-Dollar Deposit Rates

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

14-Feb-90 21-Feb-90 28-Feb-90

8 .09
8 .24
-0 .15

8 .14
8 .22
-0 .09

8.16
8.21
-0.05

8 .14
8 .25
-0 .11

8 .19
8 .27
-0 .08

8 .25
8 .19
0 .06

8 .25
8 .22
0 ,03

8.23
8.21
0.02

8 .23
8 .22
0 • 00

8 .25
8 .24
0 .01

Interest Arbitrage, 3-Month Funds

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

8 .25
8 * 52
-0 .27

8. 25
8, 43
-0. 18

8.23
8.46
-0.23

8 .23
8 .52
-0 .29

8 .25
8 .32
-0 .07

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

8 .13
8 .30
-0 .05

8. 15
8. 40
- 0 . 15

8.12
8.41
-0.18

8 .14
8 .53
-0 .31

8 .16
8 .40
-0 .15

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

8 .25
8 .21
0 .04

8. 25
8. 24
0 . 01

8.23
8.02
0.21

8 .23
8 .16
0 .07

8 .25
8 .17
0 .08

Euro-dollar deposit
Swiss interbank, covered
Differential

8 .25
8 .07
0 .18

8. 25
8. 11
0 . 14

8.23
8.08
0.14

8 .23
8 .26
-0 .04

8 .25
8 .23
0 .02

10 .04
10 .26
8 .03
6 .58
6 .15
10 .09
8 .47

10. 13
10. 27
8. 15
6.61
6. 18
10. 20
8. 51

10.33
10.49
8.66
6.64
6.24
10.23
8.38

10 .55
10 .58
8 .99
ND
6 .28
10 .40
8 .52

10 .64
ND
8,.96
ND
6, 37
10, 42
8. 49

125. 94
143. 70
118. 34
207. 97
103.78
134.75
141.68
135. 49

124.98
139.74
115.10
205.92
103.67
134.80
141.44
134.68

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

Chart 9.

Long Term Government Bond Yields
elds

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

Stock Indices (Wednesday figures)
gures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

123 .45
143 .01
113 .97
207 .00
105 .08
131,.85
144,.62
133 .43

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



FEDERAL RESERVE statistical release
H. 10(512)

March 2, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MARCH 2, 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:
MONETARY
UNIT

Feb. 26

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM

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

76.500
11.903
35.230
1.1980
4.7339
6.4950
4.0000
5.7210
1.6915
159.35
7.8100
17.050
157.25
1250.00
148.85
2.7045
1.9050
58.820
6.5150
148.47
1.8650
2.5530
695.10
108.50
40.018
6.1125
1.4870
26.153
25.780
169.30

76.050
11.873
35.120
1.1948
4.7339
6.4900
3.9750
5.7050
1.6850
159.60
7.8085
17.070
157.65
1246.00
148.63
2.7040
1.8990
58.770
6.5075
148.30
1.8655
2.5525
696.00
108.45
40.018
6.1115
1.4833
26.153
25.800
169.20

76.010
11.950
35.280
1.1923
4.7339
6.5200
3.9835
5.7350
1.6965
159.90
7.8090
17.070
157.00
1252.00
148.82
2.7040
1.9105
58.800
6.5290
148.90
1.8670
2.5570
696.70
108.75
40.018
6.1265
1.4915
26.152
25.820
168.92

76.350
12.080
35.670
1.1902
4.7339
6.5930
4.0200
5.7930
1.7150
161.18
7.8095
17.070
155.30
1265.00
149.67
2.7070
1.9317
58.720
6.5850
150.60
1.8750
2.5820
N. A.
109.98
40.018
6.1750
1.5060
26.155
25.850
166.50

MEMO:
^UNITED STATES

DOLLAR

92.94

92.71

93.07

93.92

COUNTRY

(CURRENCY UNITS PER DOLLAR )
Feb. 27
Feb. 28
Mar. 1

Mar. 2
75.960
12.098
35.710
1.1940
4.7339
6.6000
4.0300
5.8090
1.7200
161.87
7.8110
17.080
155.30
1267.00
150.28
2.7070 ~
1.9376
58.840
6.6050
150.90
1.8750
2.5850
696.70
110.33
40.018
6.1850
1.5135
N.A.
25.870
165.10

94.25

*VALUE IS U.S. CENTS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 100. HEIGHTS 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.
*