Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : May 2, 1988

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Selected Interest &
Exchange Rates
Weekly Series of Charts

May 2,1988

Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION O F

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 $21.00 per year or $.50 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $19.50 per
year or $.45 each. Elsewhere, $26.00 per year or $.60
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 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 1373=100

RATIO SCALE
MARCH 1973=100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

-

ITALIAN LIRA

-

^
yv

-

-

-

I
220
200
180

I

I

I

I

I

-

GERMAN MARK ^

140
—

100

-

80 • v f i

I

i

i

35

-

30

-

25

-

—

-

160

-

140

-

120

-

100

I IiiI 111111
I I I I I I I I111

80

JAPANESE YEN,

j

-

-

f

-

i

-

-

-

y\l

40

220
200
180

-

120

-

—

—

160 -

50
45

,|| I, hill |I, I,, hili i 20

—
—

—

I

11111111111 ,l| H hill i

I

I

I

I

I

—
VV

-

-

DUTCH GUILDER

x

-

—

- 140

CANADIAN DOLLAR

-

js

—

—

W

-

-

90
80 70

I

I

I

I

UK. POUND

—

-

70

11111111111

60

—

90
80

-

70

-

60

-

50

I I I I I I I In I IIn Ih i l i i

40

—

-

FRENCH FRANC

S

-

-

z /

-

- AT

-

40

I

I

I

-

\

||| I, hill I

I

I

I

I

I

—

280

—

J Vwv.

-

—

SWISS FRANC

BELGIAN FRANC
-

yX

200
180

-

160

-

140

-

120

11111 h 1111

100

Z/V

-

/AJ

-

-

I

I

I




I

I
1986

I

I
1988

I

I

I

I
1986

I

240

-

—
—

100
90
80

—

60
50

I

120

-

—

I

180
160

_

1988

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PE! :ENT PER ANNUM

PERCENT PER ANNUM

4

8
CANADIAN DOLLAR

JAPANESE YEN

0

A

V ~ j

4

8

A

V

I

I

I

I

I

I

I

v y

I

I

i

i

i

iiliilnln

4

4
12

U. K. POUND
+

0

4

I

8

I

\ / \ j
I

I

I

I

//V

„

I

SWISS FRANC

I

I

-

I

8
GERMAN MARK

DUTCH GUILDER

4

0

4

I

I

I

I

I

I

MIIIIMI.I

11

4
4

4
FRENCH FRANC

0

-

4

4

8

12

12




1986

1988

1986

1988

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S.

c

U.S. DOLLARS PER FINE <

LARS PER FINE OUNCE

520

520

500

500

480

480

460

460
12.5 Kg BARS

AFTERNOON FIXING PRICE

440

440

420

420

400

400

380

380

360

360

340

340

320

320

300

300

I I I I I I I I I I I

280
1985




1986

1987

1988

280

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PER<

R PER ANNUM

PERCENT PER AH

16

12

16

U. S. FEDERAL FUNDS

12

FRANCE

8

8

4

4

0

I

I

I

I

I

0

16

16
CANADA

12

8

12

GERMANY

8

4

4

0

0

16

20
UNITED KINGDOM
__

SWITZERLAND

16

12

12
8
8

4

NETHERLANDS

4

II

0




1986

1988

1986

I I LLUfl I
1988

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES

PERCENT PER Ah

NT PER ANNUM

16

12

10

CANADIAN FINANCE CO.
PAPER

-

U.S. CD'S

14

8

-

10

6
WEIGHTED AVERAGE
FOREIGN RATE

4

-

I

2

I

I

I

I

I

I

I

8
6

I

16

14
FRENCH INTERBANK RATE

UX. INTERBANK STERLING

14

-

12

10

12

10

\r*
I

8

I

I

I

I

-

I

8
6
10

10

8

__

GERMAN INTERBANK RATE

NETHERLANDS INTERBANK RATE

-

6

8

6

\

4
I

2

I

I

I

I

-

4
2

I

10

8
JAPANESE GENSAKI RATE

8 -

SWISS INTERBANK RATE

-

-

6

6

4

\ /

-

4

2

12

I

I

I




I

I
1986

I

I
1988

I

I

I

I
1986

I

-

2

0
1988

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PER :NT PER ANNUM

PERCENT PER AL

14

WM
14

OVERNIGHT

3-MONTH

12

12

10

10

8

8

6

6

4

4

14

14
7-DAY

6-MONTH

12

12

10

10

8

8

6

6

4

4

14

14
1-MONTH

1-YEAR

12

12

10

10

8

8

6

6

4

4




1986

1988

1986

1988

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 ANNUM

PERCENT PER ANNUM

14

14

12

12

10

10
FEDERAL FUNDS

3-MONTH

DASHED LINE

E U R O - D O L L A R DEPOSITS

OVERNIGHT

90-DAY CD* S

E U R O - D O L L A R DEPOSITS

DASHED LINE

111111111111111 n 111111

11111111111111111111111

2
2

DIFFERENTIAL

DFFERENTIAL
-

J\ .A zx aA 1A 4/^/VAjAurJL

M

I

I

M

I

111111111111111111111111

1986
1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E




f

1988

I

I

I

I

I
1986

I

I I I I I I I I III II II I I I I I I I
1988

CHART 0

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

PERCENT PER ANNUM

16

16

12

INTERBANK STERLING
COVERED LONDON

CANADIAN FINANCE
CO. PAPER, COVERED

EURO-DOLLAR DEPOSITS

U. S. COMMERCIAL PAPER

DASHED LINE

0

I

2

I

I

I

12

DASHED LINE

I

I

M i l l

I

DIFFERENTIAL

0
2

DIFFERENTIAL

+

0

2

I

I

I

I

I

I

I

I

I

l

I' I

I

2

16

12

16

12

INTERBANK DM
COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

0
2

J!
DIFFERENTIAL

I

I

I

I

I

I

I I

DIFFERENTIAL

11

1_1
1986

1988

1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE




I

1986

1988

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES

PERCENT PER AL

ENT PER ANNUM

16

16

1<

UNITED STATES

14

12

12

10

10

8

8

6

6

14

10

12

UNITED KINGDOM

8

10

6

8

4

*

2

8

10

6

SWITZERLAND

8

4

6

2

4

17

15

U. S. CORPORATE

MONTHLY

FRANCE

15

13

13

Aaa BONDS

11

11

9

9

7

NETHERLANDS

7

5

MONTHLY

5




3

1986

1988

1986

1988

CHART 10

INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100

RATIO SCALE
1969=TOO

500

500

400

-

400

UNITED STATES
300

UNITED KINGDOM

—

200 -

I

/

I

100

V

S

I

/v

Z

I

300

-

200

I M I I

Ml,

I I I

650

100

—

550

AA/WV

450 __
350

""

JAPAN

/
1

f

650
-

^

-

-

550
-

FRANCE

-

350

—

250

-

-

I

I l l

150

I

„ , n Ml,,!,,In

I

500

I

I

—

400

A .

450

I

[

i

SWITZERLAND

r

250

150
250

/

200

-

CANADA
300

V

—

I

200

I

I

I

I

/vV*

—

I

I

500

I

150

nliilnln

I

—

400 -

NETHERLANDS

-

GERMANY
300

v * v

—

-

/

200

100

S

I

I

I




I

I
1986

I

-

11111111111
1988

1986

1988

SERIES NAME

LAST VALUE PLOTTED
DATE
VALUE

CHABT 1. SPOT EXCHANGE BATES AMD INDICES
WEEKLY AVERAGES, BOOB BDYING RATES (U.S. CENTS)
GERMAN BARK
JAPANESE YEN
DUTCH GUILDER
O.K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
S1EDISH KRONA

59.76
0.80185
53. 29

APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL

27
27
27
27
27
27
27
27
27
27

APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL

27
27
27
27
27
27
27
27
27

168.16
209.95
152. 99
76. 15
80.95
79. 33
232.39

27
27
27
27
27
27
27
27
27
27
27

88. 95
166. 78
206.97
142.79
66.87
72.11
69.71
216.57
102. 85
38. 96
67. 83

27
27
27
27
27
27
27
27

-1.71

188.28
81.22

17.61
72.24
2. 85798
0.06041
17.01

INDICES, MARCH 1973 BASE BATES * 100
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
O.K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAS 1973
tG-10 COUNTRIES PLUS SWITZERLAND)
U.S. DOLLAR
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U. K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA

1 1 2 . 62

45. 68

100
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL

CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT
CANADIAN DOLLAR
U.K. POUND
GERMAN MARK
FRENCH FRANC
SWISS FBANC
DUTCH GUILDER
JAPANESE YEN
ITALIAN LIRA




APRIL
APRIL
APfilL
APRIL
APRIL
APRIL
APRIL
APRIL

-1.00

3.80

-1.08

5. 02
3. 19
3.21
-3. 43

SERIES HAHE

LAST VALUE PLOTTED
DATE
?ALUE

CHART 3. GOLD PRICE IN LOHDOH, AFTERNOOH FIXING
U.S. DOLLARS PER FIVE OUHCE

APRIL 27

450.07

CHART 4. CALL HONE? RATES
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL

27
27
27
27
27
27
27
27
27

6. 85
6.73
7.96
8.42
3.25
3.30
7.71
3. 85
1.77

APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL

27
27
27
27
27
27
27
27
27

6.99
3.36
3.80
9.04
8.21
2.00
8.00
3. 99
5.58

APRIL
APRIL
APRIL
APRIL
APRIL
APRIL

27
27
27
27
27
27

6. 73
6.84
7. 00
7. 18
7.36
7. 76

OVERHIGH! EURO-DOLLAR DEPOSITS
0.S., FEDERAL FUNDS
DIFFERENTIAL

APRIL 27
APRIL 27
APRIL 27

6.73
6.85
-0. 13

3-HOHTH E8RO-DOLLAR DEPOSIT RATE
8.S. 90-DAY CD'S* SECOHDARY HARKET
DIFFERENTIAL

APRIL 27
APRIL 27
APRIL 27

7. 18
6.99
0.19

0.5. FEDERAL FORDS
OVERSIGHT EURO-DOLLAR DEPOSITS

o.s.

CANADA
GBRHAHI
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART 5. 3-HOHTH U T E R E S ! RATES
90-DAY CD'S. SECONDAHI HARKET
GEBHAN INTERBANK LOAH
JAPANESE GEHSAKI RATE
CANADIAN FINANCE PAPER
INTERBANK STERLING
SWISS INTERBANK LOAN
FREHCH INTERBANK RATE
HETHERLAHDS INTERBANK RATE
WEIGHTED AVERAGE FOBEIGH INTEREST RATE
IS-10 COURTRIES PLUS SWITZERLAND)
CHART 6.,EURO-DOLLAR DEPOSIT RATES: LOMDOH
OVERHIGHS
7-DAY
1- HO NTH
3-BO NTH
6-HONTH
1-YEAR

CHART 7. SELECTED EURO-DOLLAR AID U.S. HOME! MARKET RATES




SEBIBS NAME

LAST VALUE PLOTTED
DATE
fALOE

CHART 8, INTBEEST ARBITRAGE, 3-MONTH FUNDS
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL

APRIL 27
APRIL 27
APRIL 27

7. 18
7. 19
-0. 01

U.S. COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFF ERE NTIAL

APRIL 27
APRIL 27
APRIL 27

6. 92
7. 29
-0. 37

E U R O D O L L A R DEPOSIT
INTERBANK DM (FRANKFORT), COVERED
DIFFERENTIAL

APRIL 27
APRIL 27
APRIL 27

7. 18
7. 19
-0. 02

EURO-DOLLAE DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL

APRIL 27
APRIL 27
APRIL 27

7. 18
7. 05
0. 13

CHART 9. LONG TERM GOVERMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
PRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM

APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
FEB.
APRIL

22
22
1
8
15
22
22

8.81
5.78
3.93
4.05
10.38
9.36
6.09
8.90

U.S. CORPORATE
AAA BONDS
CHART 10.

MAY

9.33

STOCK INDICES

UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN




APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL

20
20
20
20
20
20
20
20

236. 88
312.74
331.94
195.72
172.98
246.70
302.27
573.40

FEDERAL RESERVE statistical release
H.10(512) .

APRIL 29, 1988

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

APRIL 29, 1988

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

MONETARY
UNIT

"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

MEMO:
•UNITED STATES

DOLLAR

APR. 25

(CURRENCY UNITS PER DOLLAR)
APR. 26
APR. 27
APR. 28

APR. 29

75.47
11.792
35.100
1.2318
3.7314
6.4550
4.0050
5.6930
1.6775
134.400
7.8155
13.2300
159.25
1247.25
124.82
2.5730
1.8820
67.100
6.1835
137.250
2.0055
2.1510
743.80
110.900
30.962
5.8900
1.3885
28.700
25.180
187.48

75.50
11.778
35.030
1.2290
3.7314
6.4525
4.0090
5.6900
1.6752
134.400
7.8165
13.2000
159.45
1245.00
124.79
2.5750
1.8790
66.600
6.1900
137.000
2.0040
2.1520
743.80
110.550
30.965
5.8850
1.3866
28.700
25.180
187.50

75.47
11.783
35.050
1.2285
3.7314
6.4585
4.0105
5.6870
1.6750
134.620
7.8210
13.2700
159.40
1246.00
125.10
2.5800
1.8780
66.830
6.1770
137.150
2.0060
2.1533
743.90
110.780
30.965
5.8855
1.3880
28.700
25.180
187.70

75.79
11.733
34.900
1.2315
3.7314
6.4330
3.9950
5.6690
1.6687
134.000
7.8165
13.2200
159.73
1240.50
124.60
2.5770
1.8720
67.200
6.1530
136.750
2.0025
2.1510
744.00
110.350
30.962
5.8630
1.3846
28.700
25.170
187.40

75.76
11.775
35.020
1.2292
3.7314
6.4550
4.0050
5.6910
1.6746
134.200
7.8180
13.2100
159.40
1247.00
124.92
2.5750
1.8780
67.270
6.1750
137.100
2.0050
2.1545
743.30
110.830
30.962
5.8750
1.3935
28.700
25.150
187.85

89.17

89.07

89.09

88.86

89.08

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