Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : May 15, 1995

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Selected Interest 8f
Exchange Rates
Weekly Series of Charts

May 15,1995

DIVISION O F
INTERNATIONAL FINANCE

Prepared by the

BOARD O F GOVERNORS
F E D E R A L RESERVE S Y S T E M

FINANCIAL MARKETS
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.
5.
6.
7.

CALL MONEY RATES
3-MONTH INTEREST RATES
EURO-DOLLAR DEPOSIT RATES
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 $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 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
115
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

RATIO SCALE
MARCH 1973=100
150
140

BELGIAN FRANC

100

130
120

85

110

100
70

i

i

i

I

i

i

i

i

i

i

'

I

'

i

•

i

270

i

i

I

i

i

i

I

•

'

i

I

i

i

'

JAPANESE YEN

300

SWISS FRANC

250

90
340

230

260

210
220
190
170

•

'

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l

i

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l

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80

i

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I

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85

CANADIAN DOLLAR
U.K. POUND

70

75

60

50
200

180

65

i

i

180

i

I

/\ A

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I

DUTCH GUILDER

n i

1

i

1

1

I

1

1

1

1

1

1

I

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•

55
215

GERMAN MARK

(**

195

160

175
-

140

120
100

155

•

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•

•

135
55

90

ITALIAN LIRA

FRENCH FRANC

45

80

35

70
25
60

'

i

i




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i

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1993

'

I

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1995

i

1

1

1

I

1

1

1

1993

I

1

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1

I

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1995
15

CHART 2

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

PERCENT PER ANNUM

GERMAN MARK

U.K. POUND

8

8

2
CANADIAN DOLLAR

JAPANESE YEN

+

0

2

4

2

6
4
DUTCH GUILDER

SWISS FRANC
2

+
0
2
4
6
2
+

0

8
ITALIAN LIRA

FRENCH FRANC

2
4
6
8
10
12




1993

1995

18

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y
U.S. DOLLARS PER FINE OUNCE
— i 420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE
400

400

380

380

360

360

340

340

320

J

l_
1991




•

I

i

i
1992

»

I

i

i
1993

i

I

i

i
1994

i — I — i — i — l
1995

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANH

CENT PER ANNUM

10

7

6

8

SWITZERLAND
U.S. FEDERAL FUNDS

5

6

4

4
JAPAN

3

2
10

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1 I

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2

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I

'

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0
10
9

8
8

NETHERLANDS

7

6
GERMANY

6
4
5

2
16

•

i

i

14

I

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•

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i

FRANCE

4
9

8

12

7
CANADA

10

6

8
5
6
UNITED KINGDOM

4

2

I

I




» I

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1993

I

4

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1995

I

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1993

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1 i

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1995

i

3

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
;ENT PER ANNUM

PERCENT PER ANI

10

CANADIAN FINANCE PAPER

8

WEIGHTED AVERAGE
FOREIGN RATE

6

4

2

U.S. CD'S

i

'

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'

'

I

'

i

i

i

I

i

i

12

NETHERLANDS INTERBANK RATE
10
U.K. INTERBANK STERLING

8

6

4
7

1

1

1

I

1

1

1

1

1

1

•

I

I

'

'

'

'

•

I

•

5

'

•

I

'

I

I

I

I

I

I

I

I

FRENCH INTERBANK RATE

JAPANESE CD RATE

3

I

1
10

I

I

I

I

I

1 I

I

I

I

lV I

I

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GERMAN INTERBANK RATE

8
SWISS INTERBANK

6

4

2

I

I

I




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I

I
1993

'

I

I

'

'

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1995

I

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1993

'

'

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I

1995

CHART 6

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

PERCENT PER ANI

8

OVERNIGHT

3-MONTH

6

4

1

2

I

I

I

I

I

1 I

I

1 I

I

'

I

I

I

I

I

I

I

I

I

'

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'

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8

7-DAY

6-MONTH

6

4

'

2
8

i

l

i

i

'

I

'

•

'

I

'

'

'

i

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1-YEAR

1-MONTH

6

4

2

1

1

1




I

•

1

1

1993

I

1

1

I

I

I

I •
1995

•

•

•

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•

•
1993

'

I
1995

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
D I F F E R E N T I A L : P L U S ( + ) , F A V O R S B O R R O W I N G IN U.S.
A V E R A G E S FOR WEEK ENDING W E D N E S D A Y
PERCENT PER ANNUM
7

PERCENT PER ANNUM
7

OVERNIGHT
EURO-DOLLAR DEPOSITS

/JV k

3-MONTH
EURO-DOLLAR DEPOSITS

t

9 0 - D A Y CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE
J

I

I

I

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I

I

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I

L

DIFFERENTIAL

J




I

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1993

I

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DIFFERENTIAL

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L__L
1995

j — i — i — I — i — i
1993

i

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1995

i

11

CHART 8

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

PERCENT PER ANNUM

7

7

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

U.S. COMMERCIAL PAPER
DASHED

EURO-DOLLAR DEPOSITS
DASHED LINE

I

'

•

1 •

•

'

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DIFFERENTIAL

•

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DIFFERENTIAL

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I

INTERBANK DM
COVERED FRANKFURT

6 —

I

•

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'

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS
L\
DASHED LINE

^URO-DOLLAR DEPOSITS
DASHED LINE

uS
3 —
1

1

1

I

1

1

1

1

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1

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DIFFERENTIAL

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I

I

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DIFFERENTIAL

^

Y '"-Am

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1993

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1995

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1995

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNU

CENT PER ANNUM

11

9

UNITED KINGDOM

UNITED STATES

10
8
9
7
8
6

5
10

7

'

'

I

I

I

•

'

I

•

I

I

I

I

I

6
10
FRANCE

CANADA

9
9
8
8
7
7

6
8

6

I

I

'

I

I

I

I

I

I

I

I

I

I

I

I

5
6
JAPAN

SWITZERLAND
7

5

6

4

5

3

•

4
9

i

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i

1

1

l

1

1

1

I

•

1

1

2
9

GERMANY

NETHERLANDS
8

8

7

7

6

6

5

I

I




I

I

I

I
1993

I

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1995

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1993

1

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1

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1

1

1

1995

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
200

RATIO SCALE

1986=100

220
UNITED KINGDOM

UNITED STATES
200

180

180

160

160

140

140 — L
250

120
160

225 —

JAPAN

SWITZERLAND

140

200

120

175
—

100

150

125
160

180
CANADA

GERMANY

140

160

120

140

100

120

190

100
180
NETHERLANDS

FRANCE

170

160

150

140

130

120

110




1993

1995

1993

1995

100

12-Apr-95 19-Apr-95 26-Apr-95 3-May-95
Chart 1.

10-May-95

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

3.4868
72.121
20.596
71.682
0.05816
1.18862
63.937
87.237
159.72

3.5371
72.995
20.722
72.765
0.05867
1.21507
64.969
88.133
161.17

137 .40
71.88
92 .81
201.65
33.39
311.22
183 .55
280.65
64.60

139 .38
72 .75
93 .38
204 .69
33 .68
318. 15
186. 51
283. 53
65 .19

3.5316
73.179
20.574
72.717
0.05844
1.20472
64.930
87.905
161.04

3.5125
73.523
20.365
72.415
0.05973
1.19535
64.651
87.806
161.46

3.5302
73.625
20.542
72.801
0.06126
1.19772
64.998
88.167
159.91

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

139 .
.16
72 .
.94
92 . 71
204 .
.56
33 .
.55
.44
315 .
186 .
.40
282 .
.80
65 . 14

138..41
73 .
.28
91..77
.71
203 .
34 .
.29
312,.98
185 .
.60
282..48
.30
65 .

139 . 11
73 .
.38
.57
92 ,
204 ,
.79
35..16
313 .
.60
186 .
.60
283..65
64 ,
.68

119 .
.67
59 .
.88
76 .
.86
194 .
.30
25 .
.68
.48
302 .
.97
163 .
.87
49 .
247 .
.08
.20
52 .
81..56

119 .
.05
60..21
76 .
.03
.44
193 .
26,.30
300,.01
.29
163 .
.76
50 .
246 .
.91
52 .
.37
81..61

119 .
.18
60..05
76,.43
.76
193 ,
26..91
299 ,
.35
163 .
.54
50 ,
.99
246 ,
.95
51,.59
81,.21

-1. 68
-1.54
1. 62
-4 .40
4 .85
1. 56
2 .74
-0 .35

-1,.71
-1,.77
1,.61
-4 .56
,
4 .85
,
1 .59
,
2 .69
,
-0 .57
,

-1..58
-1 .90
,
1,.65
-4 .40
,
4 .91
,
1 .66
,
2 .79
,
-0 .75

391.17

392. 53

390 .59

388 .11

387 ,
.13

5.98
5.89
7.98
7.58
4.49
1.70
4.40
3.14
5.08

6. 07
5 .89
8 .02
7 .56
4 .50
1 .40
4.
,42
,42
3.
,29
5.

5 .99
5 .93
7 .91
7 .64
4 .47
1 .25
4 .25
3 .33
5 .48

6 .05
5 .90
7 .88
7 .63
4 .76
1 .26
4 .40
3 .39
5 .30

6 .00
5 .94
7 .85
7 .61
4 .45
1 .27
4 .35
3 .03
5 .57

Weighted average exchange value indices , Mar. 19731 = 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.

-1.85
-1.21
1.54
-4.35
4.64
1.49
2.84
-0.32

-1,.26
-1,.37
1,.57
-4 .
, 14
4 .84
,
1,.58
2 .72
,
-0 .66
,

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

119 .55
59 .55
77 .26
193 .86
25. 71
304 .51
163 .62
50 .41
247 .08
52 .09
81. 30

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.

119.02
59 .43
77.60
192.73
25.75
300.51
162.59
50.48
247.05
52.15
82.35

Call Money Rates

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




-95 19-Apr -95 26-Apr -95 3 -May-:95
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.

6 .12
8 .27
7 .33
4 .60
1 .71
4 .64
3 .26
6 .51
5 .20

6 .10
8 .08
7 .60
4 .57
1 .53
4 .62
3 .38
6 .52
5 . 12

6 .09
8 .02
7 .80
4 .55
1 .35
4 .55
3 .35
6 .74
5 .09

6 .09
7 .93
7 .92
4 .55
1 .34
4 .46
3 .38
6 .93
5 .08

6 .02
7 .58
7 .44
4 .50
1 .33
4 .46
3 .27
6 .75
4 .94

5 . 89
5 .95
6 .04
6 .15
6 .31
6 .63

5 . 89
5 .94
5 .99
6 .13
6 .26
6 .51

5 .93
5 .94
6 .00
6 .08
6 .21
6 ., 44

5 .90
5 .94
6 .00
6 . 11
6 .24
6 .49

5 .94
5 .94
5 .99
6 . 04
6 . 11
6 .29

Euro-Dollar Deposit Rates

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

10-May -95

Selected Euro-dollar & U.S. Mone]- Market Rates

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

5 .89
,
5 .98
,
-0 .09
,

5 .89
,
6.
, 07
-0 .
, 18

5 .93
,
5 .99
,
-0 .06
.

5 .90
6 . 05
-0 .15

6 .15
.
6 . 12
0 .03
.

.
6 .13
6 .10
.
0 .02
.

6 .08
.
.
6 .09
-0 . 01

6 . 11
6 .09
0 . 02

6 . 04
6 .02
0 .02

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

.
6 .15
6 .19
.
-0 . 04

6 ,13
.
6,
. 16
-0 .
, 04

6 .08
6 .16
-0 .08

6 . 11
6 ., 16
-0 .
, 05

. 04
6,
6 ,08
.
-0 .
,04

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

.
6 ,13
6 .38
.
- 0 ,25
.

6,
. 10
6 ,36
.
-0 .
,26

6 .08
6 .28
-0 .20

6 ., 12
6 .32
.
-0 .20

.
6 .06
6 .29
.
-0 .23
.

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

6.,15
.
6 .15
-0.,00

6 .13
.
6 ,20
.
-0 .08

6. 08
6 .17
-0 .09

6 . 11
6 .22
,
-0 .
, 11

6 . 04
6 .09
.
-0 . 05

6. 13
6. 14
-0 . 01

6 .08
6 .06
0 . 02

6 .11
.
6 .19
.
- 0 ..08

6 .04
6. 01
0 .04

8 .39
7 .80
7 .07
3 .44
4 .81
7 .17
8 .33
7 .04

8 .38
7 .83
7 .08
3 .47
4 .80
7 .17
8 .36
7 .01

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Swiss interbank, covered
Differential
Chart 9

6 .15
. 12
6,
0 .03
nd Yields

10-year maturity, where available

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

5 .94
,
6 .00
,
-0 .06
.

8 .46
7 .78
7 .09
3 .64
4 .89
7 .21
8 .41
7 .09

.
8 .34
7 .82
.
7 . 04
3 ,53
.
4 .82
.
7 .11
8 .40
7 .04

8. 05
7 .62
6. 92
3 .48
4 .75
7 .00
8 .24
6 .70

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States
Financial Times Ordinary, NYSE Composite



143 .18
142 . 74
144 .62
144 .99
110 .58
108 .
.47
98 .68
98 .80
147 .75
146 .99
210 .90
207 ,
.80
189 .89
187 ,
. 71
201 .46
200 .49
Toronto Composite,

142 ,
.73
143 .30
149 ,
.50
151 .54
111 .
.84
112 .
.40
100,.56
102 .34
150 ,
.79
154 . 04
213 ,
.51
217 ,
.54
190 ,
.06
192 .
.63
203,.26
205 .79
CAC General spliced

142 .67
153 .99
114 . 10
101 .05
154 .96
220 .26
194 .28
207 .61
to :
SBF250

••bSSlaii-.

FEDERAL RESERVE statistical release
May 12, 1995

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MAY 12, 1995

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
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM
MEMO:
**UNITED STATES

MONETARY
UNIT
DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

DOLLAR

May. 8

(CURRENCY UNITS PER DOLLAR)
May. 11
May. 10
May. 9

May. 12

0.7385
9.590
28.140
1.3581
8.3547
5.3535
1.3437
4.2110
4.8375
1.3635
222.61
7.7340
31.400
1.6430
1623.00
83.00
2.4625
5.8800
1.5270
0.6755
6.1455
144.35
1.3900
3.6240
765.50
121.200
49.300
7.1860
1.1245
25.410
24.540
1.6080

0.7292
9.654
28.320
1.3578
8.3447
5.3835
1.3364
4.2375
4.8500
1.3725
223.66
7.7340
31.390
1.6290
1626.75
82.95
2.4642
5.8600
1.5372
0.6752
6.1845
145.26
1.3916
3.6290
763.60
120.080
49.300
7.1745
1.1320
25.410
24.540
1.5885

0.7286
9.788
28.630
1.3568
8.3253
5.4515
1.3235
4.2710
4.8810
1.3915
226.06
7.7345
31.435
1.6225
1627.00
83.87
2.4665
5.9700
1.5588
0.6713
6.2435
146.36
1.3936
3.6410
762.90
120.630
49.340
7.1805
1.1540
25.410
24.590
1.5815

0.7328
10.000
29.090
1.3520
8.3150
5.5470
1.3016
4.3815
4.9920
1.4290
230.20
7.7340
31.380
1.6090
1653.00
85.80
2.4733
5.9300
1.5879
0.6695
6.2980
149.26
1.4010
3.6400
763.30
122.480
49.500
7.3108
1.1900
25.410
24.680
1.5576

0.7407
10.173
29.730
1.3535
8.3028
5.6315
1.2828
4.4290
5.0620
1.4465
233.54
7.7350
31.440
1.6050
1666.75
87.00
2.4915
5.9500
1.6203
0.6620
6.4395
151.57
1.4090
3.6590
764.10
124.820
49.490
7.3760
1.2050
25.410
24.740
1.5710

80.73

81.09

81.76

83.31

84.15

tfVALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S.
DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 100. WEIGHTS 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 AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD.
FOR INFORMATION, CALL (202) 482-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.