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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts May 11, 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 AVERAGE VALUES (THIN LINE) AVERAGES FOR W EEK ENDING W EDNESDAY RATIO SC SCALE MARCH 1973==100 \1973=100 130 120 110 100 90 160 150 140 130 120 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 80 110 70 100 60 330 310 290 270 250 i i i l i i i l i i i l i i i 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 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 l i 40 195 185 175 165 155 210 145 160 135 150 125 140 120 100 70 60 50 40 90 30 110 80 200 190 180 170 20 70 60 10 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 1 + O I ^ CM CM ^ COCO CO + OI CM CD t- +O | -rCM CM CO in ^ CM 00 + O I CM T- CM +01 1Tf r t CM CM + O I +OI CM 2 4 6 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR W EEK ENDING W EDNESDAY U.S. DOLLARS PER FINE OUNCE u s - DOLLARS PER FINE OUNCE CHART 4 CALL MONEY RATES W EEKLY SERIES PERCENT PER ANNUM U.S. FEDERAL FUNDS CM I I I I I I I I I I I I I CO CO CO CM O) CHART 5 3-M ONTH IN TER EST RATES W EEKLY SERIES PERCENT PER ANNUM C\J CD co i\) PERCENT PER ANNUM CO cn o> LO m o -*■ ro co^. CM O) 2 1995 1997 1995 1997 CHART 6 EURO -DO LLAR DEPOSIT RATES, LONDON AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 8 OVERNIGHT 6 6 4 4 2 8 I I I 1 I I I 1 I 1 I I I I— L 2 8 7-DAY 6 6 4 4 2 l l l l l l l l - l l l l l . i l 8 2 8 1-MONTH 6 6 4 4 2 ii i l i i i l i i i I i i i 1995 1997 2 CHART 7 SELECTED EURO -DO LLAR AND U.S. MONEY M ARKET RATES D IF F E R E N T IA L : P L U S (+ ), F A V O R S B O R R O W IN G IN U .S . AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM DIFFERENTIAL ___ i___ i___ i___ l 1995 1997 1995 i I +o i +O I ’V -r- I II___I, ll___ I___ I___ I___ I 1997 I CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM + O I lo + PERCENT PER ANNUM CVJ ■»— -*ro CO co 4^ LO cn CO o> -si T- h - lo + + O I 1 1995 1997 1995 1997 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS W EEKLY SERIES PERCENT PER ANNUM cn cd "si oo cd cn PERCENT PER ANNUM cn -P* in co SW ITZERLAND I I I I I I I I I I I I I I I CHART 10 STOCK INDICES W EEKLY SERIES RATIO SCALE End-1994=100 RATIO SCALE End-1994=100 8-Apr-98 Chart 1. 15-Apr-98 22-Apr-98 29-Apr-98 6-May-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 2.6326 70.364 16.202 54.309 0.05503 0.74677 48.196 65.528 166.43 2.6707 69.856 16.447 55.126 0.05577 0.77222 48.928 66.439 167.56 2.6923 69.851 16.579 55.583 0.05623 0.75994 49.348 66.983 167.97 2.7001 69.584 16.629 55.746 0.05640 0.76058 49.546 67.062 166.90 2.7261 69.664 16.773 56.241 0.05699 0.75435 49.928 67.249 166.55 103.74 70.13 73.01 152.77 31.59 195.53 138.36 210.81 67.32 105.24 69.62 74.11 155.07 32.02 202.19 140.46 213.74 67.77 106.09 69.62 74.71 156.36 32.28 198.98 141.67 215.49 67.94 106.40 69.35 74.93 156.82 32.37 199.14 142.23 215.75 67.51 107.42 69.43 75.58 158.21 32.71 197.51 143.33 216.35 67.37 106.23 67.53 72.07 170.24 29.20 215.54 144.80 56.17 219.81 65.11 99.72 106.48 67.21 72.26 170.71 29.28 215.60 145.32 56.06 219.94 64.61 99.64 107.18 67.04 72.68 171.82 29.50 212.81 145.99 56.36 219.79 64.22 99.21 0.81 2.05 2.04 0.48 5.18 2.11 4.26 -1.77 0.74 2.04 2.02 0.59 5.20 2.11 4.28 -1.76 0.70 2.09 2.04 0.64 5.31 2.15 4.33 -1.71 0.73 2.07 2.04 0.71 5.31 2.07 4.28 -1.73 306.98 308.12 308.50 310.45 305.86 5.48 5.49 4.75 3.31 3.38 0.40 3.31 1.26 7.05 5.49 5.39 4.77 3.31 3.35 0.47 3.27 0.80 6.83 5.38 5.43 4.75 3.31 3.33 0.45 3.04 0.75 7.13 5.39 5.43 4.75 3.38 3.29 0.45 3.25 1.12 7.21 5.31 5.41 4.82 3.38 3.36 0.46 3.37 1.25 7.44 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. 0.84 2.04 2.03 0.36 5.19 2.12 4.16 -1.81 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 105.66 67.75 71.66 169.16 29.04 220.17 143.93 55.51 218.63 65.14 100.09 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. 105.33 69.13 71.38 168.44 28.98 214.78 143.36 54.98 218.09 65.48 101.55 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 8-Apr-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. 5.56 4.86 3.51 3.53 0.68 3.50 1.46 7.48 3.84 5.57 4.87 3.50 3.55 0.68 3.54 1.35 7.43 3.82 5.57 4.93 3.51 3.58 0.66 3.53 1.34 7.37 3.82 5.60 5.08 3.50 3.59 0.64 3.51 1.39 7.38 3.83 5.59 5.06 3.52 3.58 0.63 3.56 1.40 7.35 3.82 5.49 5.51 5.54 5.54 5.59 5.68 5.39 5.47 5.58 5.55 5.58 5.70 5.43 5.53 5.53 5.57 5.63 5.76 5.43 5.50 5.53 5.57 5.66 5.82 5.41 5.50 5.52 5.57 5.66 5.81 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 15-Apr-98 22-Apr-98 29-Apr-98 6-May-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.49 5.48 0.01 5.39 5.49 -0.10 5.43 5.38 0.05 5.43 5.39 0.03 5.41 5.31 0.11 5.54 5.56 -0.01 5.55 5.57 -0.02 5.57 5.57 -0.01 5.57 5.60 -0.03 5.57 5.59 -0.02 Euro-dollar deposit Interbank sterling (London), covered Differential 5.54 5.64 -0.10 5.55 5.63 -0.07 5.57 5.58 -0.01 5.57 5.64 -0.07 5.57 5.59 -0.02 U.S. commercial paper Canadian finance paper, covered Differential 5.47 5.71 -0.25 5.47 5.69 -0.22 5.48 5.68 -0.21 5.49 5.79 -0.30 5.50 5.80 -0.30 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.54 5.58 -0.04 5.55 5.61 -0.06 5.57 5.62 -0.05 5.57 5.65 -0.08 5.57 5.63 -0.07 Euro-dollar deposit Swiss interbank, covered Differential 5.54 5.63 -0.08 5.55 5.63 -0.07 5.57 5.63 -0.06 5.57 5.74 -0.17 5.57 5.69 -0.13 5.28 4.91 4.85 1.64 2.95 4.88 5.74 5.62 5.33 4.94 4.89 1.58 3.03 4.91 5.78 5.64 5.44 5.05 4.98 1.55 3.09 5.03 5.87 5.75 5.40 5.04 4.98 1.51 3.06 5.03 5.80 5.68 Canada 179.68 185.53 185.64 180.59 France 199.20 200.21 198.85 194.27 Germany 216.69 221.26 221.12 210.93 Japan 79.68 79.63 77.97 77.03 Netherlands 276.58 279.03 280.29 267.70 Switzerland 273.87 274.97 267.00 264.94 United Kingdom 161.99 162.66 160.31 158.95 United States 228.61 232.23 233.37 226.47 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Times Ordinary, NYSE Composite Digitized forFinancial FRASER 182.24 204.57 214.08 77.01 275.72 277.01 164.46 228.97 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. 5.25 4.92 4.87 1.71 2.88 4.89 5.80 5.53 Stock Indices (Wednesday figures)
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