Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : May 16, 1994

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

May 16,1994

DIVISION O F
INTERNATIONAL FINANCE

Prepared by the

BOARD OF GOVERNORS

FINANCIAL MARKETS
SECTION

Washington, DlC. 20551




FEDERAL RESERVE SYSTEM

Table of Contents

TABLES

1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS

1.
2.
3.
4.

SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
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 $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

120

RATIOS
MARCH 197'

SCALE
H1973=100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

100
90
80

—

BELGIAN FRANC

70
60

i i i l i i i l i i ' l i i i

I

I

I

I

I

I

I

I

I

I

I

I

I

I

» i

i

I

I I

i

I

i

290
270
250
230
210
190

JAPANESE YEN

SWISS FRANC
170
150

i

i

i

l i i

i

I

i i i

l

i

i i

i

i

i

l

i

i i i

i

85
75
65
U.K. POUND

55
45
200

i

i

I I

II

CANADIAN DOLLAR

i

I

II

i

I

III

i

i

I i

i

i

I

i

i

I

180
160
140

120

DUTCH GUILDER

GERMAN MARK

100
105
95
85
75
65

FRENCH FRANC

55




ITALIAN LIRA

1992

1994

i

CHART 2

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

PERCENT PER ANNUM

2

2

U.K. POUND

GERMAN MARK

—

1

1

1

I

1

1

1

1

1

1

1

1

1

1

1
JAPANESE YEN

CANADIAN DOLLAR

/ "

A

/

II
1

1

1

1

VaZ^'

1

1 1

1

f

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1
1 1 1 1 1

1

1

1

DUTCH GUILDER

SWISS FRANC

r

—

—

1 1 1 1 1 I I

t

i

l

l

l

i

i

i
2

+
0

ITALIAN LIRA

FRENCH FRANC

2

—

6

i

i




i

I

i

i
1992

i

I

'

i

i

I

i

i
1994

I

—

10

—

14
i

i

i

1

i

i
1992

i

I
1

1

1

1

I1

1

1
1994

1

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
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380

360

340

320

J

1
1991




1

1

I

i
1992

I

I

I

I
1993

i

I

i

i
1994

i

CHART4

CALL MONEY RATES
WEEKLY SERIES
CENT PER ANNUM

PERCENT PER AN

8

10

SWITZERLAND
8
U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

2
10

i

i

i

l

i

i

i

I

i

' I

I

i

i

i

•

•

I

i

i

i

l

'

i

'

I

i

i

i

0
10

9

9

8

GERMANY

8
NETHERLANDS

7

7

6

6

5
16

i

i

i

I

i

i

i

14

I

'

i

'

I

i

'

'

i i i I i i i l i i i l i i i

5
14

12

FRANCE

CANADA

12

10

10

8

8

6

6

4
UNITED KINGDOM

4




I

'

•
1992

•

I

•

'

'

i

J_L
1994

i

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'

I

'

'
1992

•

l

'

'

i

I

i

i
1994

i

2

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
12
WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER

8

6
U.S. CD'S

4

16

13

U.K. INTERBANK STERLING

10

NETHERLANDS INTERBANK RATE

7

4
9
JAPANESE CD RATE

7

5
FRENCH INTERBANK RATE

3

1
10

8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2




1992

1994

1992

CHART 6

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

PERCENT PER ANNUM

10

10

3-MONTH

OVERNIGHT

I

I

I

•

I

1

I

I

I

>

1

'

I

» '

I

7-DAY

'

I




•

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•

» I

i

i

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I

'

•

'

1 I

I

I

I

'

'

2
10

6-MONTH

I

«

1

1

1

I

1

1

I

I

2
10

1-YEAR

1-MONTH

—-

I
1992

i

i

i

I

i

i
1994

i

•

'

'

l

i

i
1992

i

I

i

i

'

l

'

i
1994

'

6

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS B O R R O W I N G IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

10

10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

90-DAY CD'S

FEDERAL FUN

DASHED LINE

DASHED LINE

J

I

I

I

l




I

I

J

L
1992

l

l

l

I—I—l—L

I

I

I

rA%

/ A - y i y V V j SAy^y^V'''^/
I

I

DIFFERENTIAL

DIFFERENTIAL

J

l

I

I

I

I

I
1994

L

J_J

I

I
1992

I

I

I

I

I
1994

L

CHART 8

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

PERCENT PER ANNUM

8

8

V l

INTERBANK STERLING

CANADIAN FINANCE
CO. PAPER, COVERED

COVERED LONDON

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

i

i

i

DASHED LINE

1 i

'

'

I

i

'

'

I

i

•

DIFFERENTIAL

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i

'

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I

i

'

i

I

i

i

INTERBANK DM

&

—

I

DIFFERENTIAL

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

4 —

EURO-DOLLAR DEPOSITS'

EURO-DOLLAR

DASHED LINE

•

i

i

I

DASHED LINE

i

i

i

I

i

i

1

I

'

1

1

DIFFERENTIAL

i

i

'

I




• • •
1992

DIFFERENTIAL

I

'

'

i

I

i

i
1994

i

i

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i

I

i

i
1992

i

1 i

i

i

l

'

•
1994

'

11

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
9 (

PERCENT PER ANNUM

11

UNITED STATES

UNITED KINGDOM

8

i

4
11

i

i

I

i

i

'

I

'

i

'

l

'

i

'
FRANCE

CANADA
10

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

SWITZERLAND

6

—

5

—

3
10

•

i

i

I

JAPAN

i

i

i

I

'

'

'

I

•

'

'

NETHERLANDS

1

1

1




l

1

i

'

'

I

l

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'

'

l

i

•

I

i

i

i

l

' '

'

GERMANY

1

1992

1

I

1

•

i

l

1

1

1

1994

i

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I

i

i
1992

i

1994

i

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220
UNITED STATES

210

— UNITED KINGDOM

190
170
—

150

130

•
SWITZERLAND

i

'

I

i

i

'

I

'

i

i

I

i

i

'

110
160

JAPAN
140

120
150

100
125

100
160

i

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I

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l

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i

l

i

i

•

i

i

i

i

i

i

l

•

•

•

I

'

•

•

80

180

GERMANY

CANADA

165

140

150
120

135
120

100
105

80
210
195

i

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l

i

i

i

I

'

i

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I

i

i

i

,FRANCE

i

i

I

i

'

i

l

i

'

'

I

i

i

i

— NETHERLANDS

90
160

180

145

165

130

150
115
135

100

120
105

•

•

'

I




•

•
1992

'

i

•

•

i

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i

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1994

i

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•
1992

» I

I

I

'

I

'

I
1994

'

85

13-Apr-94 20-Apr-94 27-Apr-94 4-May-94
Chart 1.

11-May-94

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

2.8324
72.339
17.038
58.328
0.06125
0.96064
51.957
69.177
147.35

2.8450
72.194
17.099
58.580
0.06123
0.96586
52.167
69.080
147.70

2.8864
72.571
17.321
59.445
0.06199
0.96937
52.881
69.814
149.67

2.9351
72.300
17.643
60.426
0.06276
0.98269
53.813
71.020
151.01

2.9158
72.417
17.517
60.049
0.06257
0.96803
53.476
70.405
149.41

111 .61
72 .10
76 .78
164 .08
35 .16
251 .53
149 .16
222 .55
59 .60

112 .11
71 .95
77 .05
164 .79
35 .15
252 .89
149 .76
222 .24
59 .74

113 .74
72 .33
78 .05
167 .22
35 .58
253 .81
151 .81
224 .60
60 .54

115 .66
72 .06
79 .50
169 .98
36 .03
257 .30
154 .49
228 .48
61 .08

114 .90
72 .18
78 .94
168 .92
35 .91
253 .46
153 .52
226 .50
60 .43

108 .55
66 .75
71 .66
173 .99
30 .77
267 .98
147 .96
52 .45
218 .10
54 .31
93 .71

109 .24
65 .72
72 .27
175 .15
30 .82
268 .85
149 .02
53 .23
219 .54
54 .20
92 .43

109 .14
66 .24
72 .16
175 .05
30 .91
266 .05
148 .93
53 .10
218 .86
53 .90
93 .11

-1.79
-1.86
-1.44
-3.70
1.86
-1.15
0.09
-1.06

-1.73
-1.67
-1.22
-3.59
1.95
-1.09
0.21
-1.01

-1.72
-1.41
-0.89
-3.53
2.16
-0.81
0.48
-0.87

-1.68
-0.91
-0.41
-3.07
2.52
-0.38
0.80
-0.48

381.60

375.44

372.90

375.01

377.91

3.37
3.43
5.53
6.06
5.69
2.09
5.39
4.15
4.43

3.59
3.50
5.67
6.01
5.50
2.10
5.27
3.93
4.83

3.59
3.55
5.56
5.94
5.32
2.11
5.25
3.78
5.05

3.76
3.61
5.65
5.85
5.56
2.15
5.24
3.83
4.72

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.

-1.66
-2.14
-1.72
-4.03
1.73
-1.37
-0.14
-1.27

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

107.91
67.01
71.33
172.77
30.66
269.53
147.20
-52 .*46
217.71
54.04
94.76

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.

107 .65
67 .31
71 .21
172 .31
30 .73
268 .53
146 .90
52 .68
218 .50
54 .03
95 .01

Call Money Rates

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




3.70
3.75
5.63
5.78
5.40
2.06
5.23
4.1CT
4.85

>r -94 20-Apr -94 27-Apr -94 4-May-94
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.

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

U.S. commercial paper
Canadian finance paper, covered
Differential
Euro-dollar deposit
Interbank DM (Frankfurt), covered
..Differential
Euro-dollar deposit
Swiss interbank, covered
Differential
10-year maturity, where available

4.22
6.16
5.68
5.28
2.27
5.14
3.88
5.14
5.01

4 .61
6. 48
5. 59
5. 08
2 .24
5. 04
3. 88
5. 19
4 .94

3 .43
,
3,.50
3 .63
3 .88
4 .25
,
4 .85
,

3 .50
3 .58
,
3 .70
,
4 .00
,
4 .39
5 .04

3 .55
3 .69
3 .80
4 .13
4 .50
5 .14

3 .61
3 .71
,
3,.89
.
4 .21
4 .59
.
5..23

3 .75
3 .91
,
4 .20
,
4 .60
,
4 .98
,
5 .60

3 .43
3 .37
0 .06

3 .50
3 .59
,
-0 .09

,
3 .55
3 .59
.
-0 .04
,

.
3 .61
3 . 76
-0..15

3 .75
3 .70
0.05

3 .88
,
3 .88
,
-0 .01

4 .00
,
4 .00
,
- 0 ,.00

4 .13
,
4 .10
,
0,.03

4 .21
,
4 .22
,
- 0 ..01

4,60
4.61
-0.01

,
3 .88
3,.87
0,.01

4 .00
4 .03
-0 .03

4 .13
4 .07
0 .05

4 .21
,
4 .26
,
-0 .05

4 .60
,
4,.70
-0 .10

3 .95
.
4 .23
,
-0..28

4 .05
4 .23
-0 .18

4 .14
4 .39
-0 .25

4 .24
4 .41
-0 .18

4 .65
4 .77
>0 .13

3,.88
3 .82
,
0,.06

4 .00
4 .04
-0 .04

4 .13
4 .12
0 .01

4 .21
4 .38
-0 .17

4 .60
,
4 .66
,
-0 .06

3 .88
,
3 .88
-0 .01

4 .00
4 .00
-0 .00

4 .13
4 .12
0 .00

4 .21
,
4 .36
,
-0,.15

4 .60
4 .68
,
-0 .08

8 .22
6 .73
6 .46
4 .03
4 .56
6 .61
7 .70
7 .05

8 .04
6 .84
6 .61
4 .03
4 .79
6 .70
7 .76
6 .89

8 .24
6,.85
6 .58
3 .97
,
4 .73
,
6 .64
7 .95
,
7 .09
,

8 .52
7 .04
,
6 .70
4 .01
4 .77
6 .79
8 .21
7 .34

>nd Yields

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

4 .10
6 .14
5 .79
5 .35
2 .27
5 .24
3 .91
5 .09
5 .04

Interest Arbitrage, 3-Month Funds

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

Chart 9.

4 .00
6 .04
5 .91
5 .50
2 .27
5 .20
3 .91
5 .10
5 .07

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

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

Chart 8.

3 .88
5 .92
5 .98
5 .56
2 .26
5 .23
4 .03
5 .15
5 .11

Euro-Dollar Deposit Rates

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

11 - May -94

8,.00
6..49
6..26
4 .09
.
4 .45
.
6,.36
7 .51
.
6,.90

Stock Indices (Wednesday figures)

Canada
141 .59
136 .83
142 .89
142 .24
France
170 .49
165 .91
168 .85
168 .33
Germany
125,.22
124 .80
127 .68
127 .95
Japan
122 ,
122 .00
.41
121 .10
120 .49
Netherlands
154 ,
.15
152 .47
154 .20
150 .36
Switzerland
237,.68
235 .14
233 .12
228 .64
United Kingdom
192 ,
191 .07
.69
194 .72
191 .15
United States
181,.92
179 .86
184 .08
184 .33
Indices (in order, rebased to 1986=100)
OJ
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite




138 .90
169 .38
127 .03
123 .64
151 .98
221 .17
193 .32
179 .75
to SBF250

FEDERAL RESERVE statistical release
May 13, 1994

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MAY 13, 1994

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
XIRELAND
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

May. 9

(CURRENCY UNITS PER DOLLAR)
May. 12
May. 11
May. 10

May. 13

FRANC
DOLLAR
BAHT
POUND

0.7190
11.633
34.060
1.3797
8.6853
6.4750
1.1645
5.3905
5.6695
1.6540
244.06
7.7274
31.370
1.4635
1587.50
102.70
2.6115
3.3380
1.8574
0.5790
7.1750
170.98
1.5497
3.6125
809.60
136.230
48.900
7.6820
1.4125
26.640
25.210
1.4975

0.7242
11.757
34.420
1.3784
8.6840
6.5400
1.1540
5.4460
5.7280
1.6715
246.50
7.7265
31.370
1.4500
1598.00
104.00
2.6165
3.3350
1.8770
0.5815
7.2470
172.85
1.5535
3.6180
811.50
137.600
48.890
7.7535
1.4302
26.770
25.230
1.4905

0.7221
11.756
34.420
1.3781
8.6829
6.5405
1.1527
5.4475
5.7320
1.6715
246.70
7.7260
31.370
1.4590
1602.50
104.42
2.6130
3.3250
1.8765
0.5805
7.2480
172.91
1.5537
3.6420
810.00
138.350
49.030
7.7570
1.4280
26.780
25.250
1.4911

0.7175
11.735
34.350
1.3808
8.7120
6.5255
1.1550
5.4315
5.7220
1.6682
246.40
7.7262
31.373
1.4625
1596.00
104.23
2.6120
3.3300
1.8793
0.5817
7.2310
172.07
1.5535
3.6440
809.40
137.640
48.950
7.7415
1.4270
26.880
25.250
1.4995

0.7224
11.745
34.390
1.3785
8.6810
6.5345
1.1544
5.4500
5.7265
1.6700
247.55
7.7265
31.370
1.4615
1601.25
104.90
2.6100
3.3220
1.8749
0.5835
7.2360
172.25
1.5542
3.6500
809.10
138.400
49.250
7.7580
1.4255
26.820
25.250
1.4985

DOLLAR

92.60

93.40

93.48

93.30

93.43

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

*VALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER J>-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.