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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts May 18,1998 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 W EIGHTED AVERAG E VALUES (THIN LINE) AVERAGES FOR W EEK ENDING W EDNESDAY RATIO SC SCALE MARCH 1973= I 1973=100 130 120 110 100 90 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 160 150 140 130 120 80 110 70 100 60 330 310 290 270 250 I I I I I I I l I l I l l 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 35 195 185 175 165 155 I I I I I I I I I I I I I I I 40 210 I GUILDER 200 190 180 170 145 160 135 150 125 I I I I I I I I I I I I I I I 120 ^10 100 FRENCH FRANC 140 70 60 50 40 90 30 80 20 70 60 I I I I I I I I I I I l I I I 1995 1997 10 1995 1997 CHART 2 3-M ONTH FO RW ARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 1 GERMAN MARK U.K. POUND + 0 1 2 1 1 I 1 I CANADIAN DOLLAR I 1 1 1 I 3 8 JAPANESE YEN 2 — 6 4 2 I I I I I SWISS FRANC I I 1 I I I I I 1 1 1 I I 0 4 DUTCH GUILDER 4 — 2 + 0 2 1 I I I FRENCH FRANC 4 2 ITALIAN LIRA + 0 2 4 6 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 400 400 380 380 360 360 340 340 320 320 300 300 280 280 1993 1995 1997 CHART 4 CALL M ONEY RATES W EEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 5 U.S. FEDERAL FUNDS 4 SW ITZERLAND 3 2 1 nd JAPAN vj 0 6 NETHERLANDS cd GERMANY cn 5 4 co 3 I I I .1.1.1 J__I__L 2 cd ro I I I 9 CANADA 8 UNITED KINGDOM 7 6 5 4 3 FRANCE I I I I I I I I I I I I 2 CHART 5 3-MONTH INTEREST RATES W EEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM CM GO IsCO in CM O) rt CO CO h- CM CO in rCO CM CO OlO CHART 6 EU RO -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 L . j - 1 i 1 i i i I i i i 2 8 7-DAY 6 6 4 4 2 8 i i i 1 i i i 1 i i i I i i i 2 8 6 6 4 4 2 2 CHART 7 SELECTED EURO-DOLLAR AND U S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM ■>v«r-^,fWh/Su. ,m+Amyp 1995 1997 1995 ■iT»u 1997 V +o I IO + DIFFERENTIAL CHART 8 INTEREST ARBITRAGE: 3-M ONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR W EEK ENDING W EDNESDAY PERCENT PER ANNUM CM •»- -*• ro CO co ^ LO cn CD o> T- h - -*> + O I |o + PERCENT PER ANNUM + O I lo + D IFFERENTIAL 1 1 i i i l i i i I i i i l i i i 1995 1997 1 1995 1997 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS W EEKLY SERIES 8 9 8 7 7 6 6 10 5 9 9 8 8 7 7 6 6 5 5 6 4 5 5 4 4 3 3 2 5 2 1 8 8 7 7 6 6 5 5 4 4 CHART 10 STOCK INDICES W EEKLY SERIES RATIO SCALE End-1994=100 RATIO SCALE End-1994=100 15-Apr-98 22-Apr-98 29-Apr-98 6-May-98 Chart 1. 13-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 2.6707 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 2.7323 69.568 16.819 56.393 0.05719 0.74965 50.048 67.594 163.64 105.24 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 67.37 107.66 69.34 75.79 158.64 32.83 196.28 143.68 217.46 66.19 106.48 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 99.21 107.53 67.01 72.98 172.56 29.64 211.53 146.50 56.66 221.16 63.04 99.32 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 0.69 2.10 2.06 0.67 5.36 2.08 4.22 -1.75 308.12 308.50 310.45 305.86 299.17 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 0.45 3.37 1.25 7.44 5.49 5.41 4.73 3.38 3.34 0.40 3.30 1.30 6.93 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 , 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. 0.81 2.05 2.04 0.48 5.18 2.11 4.26 -1.77 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 106.23 67.53 72.07 170.24 29.20 215.54 144.80 56.17 219.81 65.11 99.72 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. 105.66 67.75 71.66 169.16 29.04 220.17 143.93 55.51 218.63 65.14 100.09 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 15-Apr-98 22-Apr-98 29-Apr-98 6-May-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. 5.57 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 5.58 5.12 3.53 3.57 0.56 3.57 1.50 7.35 3.82 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 5.41 5.50 5.51 5.56 5.64 5.78 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 13-May-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.39 5.49 -0.10 5.43 5.38 0.05 5.43 5.39 0.03 5.41 5.31 0.11 5.41 5.49 -0.08 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 5.55 5.57 -0.02 5.57 5.57 -0.01 5.57 5.60 -0.03 5.57 5.59 -0.02 5.56 5.58 -0.02 Euro-dollar deposit Interbank sterling (London), covered Differential 5.55 5.63 -0.07 5.57 5.58 -0.01 5.57 5.64 -0.07 5.57 5.59 -0.02 5.56 5.56 -0.00 U.S. commercial paper Canadian finance paper, covered Differential 5.47 5.69 -0.22 5.48 5.68 -0.21 5.49 5.79 -0.30 5.50 5.80 -0.30 5.49 5.82 -0.32 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.55 5.61 -0.06 5.57 5.62 -0.05 5.57 5.65 -0.08 5.57 5.63 -0.07 5.56 5.65 -0.09 Euro-dollar deposit Swiss interbank, covered Differential 5.55 5.63 -0.07 5.57 5.63 -0.06 5.57 5.74 -0.17 5.57 5.69 -0.13 5.56 5.74 -0.18 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 1.47 3.06 5.03 5.80 5.68 5.43 5.05 5.00 1.39 3.06 5.05 5.87 5.70 Canada 185.53 185.64 180.59 182.24 200.21 198.85 194.27 204.57 France 221.12 Germany 221.26 210.93 214.08 77.97 Japan 79.63 77.03 77.01 275.72 Netherlands 279.03 280.29 267.70 274.97 Switzerland 267.00 264.94 277.01 United Kingdom 162.66 160.31 158.95 164.46 United States 232.23 233.37 226.47 228.97 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 182.92 207.42 220.53 77.39 278.81 276.98 165.17 230.81 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. 5.28 4.91 4.85 1.64 2.95 4.88 5.74 5.62 Stock Indices (Wednesday figures)
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