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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts May 21,1990 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION 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 $24.00 per year or $.60 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address. $22.50 per year or $.55 each. Elsewhere. $30.00 per year or S.70 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 1973=100 140 130 120 110 FOREIGN CURRENCY PRICE OF U.S. DOLLAR RATIO SCALE MARCH 1973=100 140 130 120 110 BELGIAN FRANC 100 100 90 90 80 80 70 280 260 — 240 220 • i » I i i i I i i i I i j i i i i I i i i I i ' i I i i i 70 280 260 240 220 JAPANESE YEN SWISS FRANC 200 200 180 180 160 —( 160 140 140 f— 120 100 i i 90 i l ' I i I i i i I i i i i I i i i l i i i I i i i CANADIAN DOLLAR U.K. POUND 120 100 90 80 80 70 70 60 60 50 200 • » i i ' 1 1 1 I 1 • 1 I 1 • ' ' ' i ' ' ' I i ' • l » ' i GERMAN MARK 180 50 200 180 DUTCH GUILDER 160 160 140 140 120 120 100 120 110 I I I I I I I I I I I I I I • I ' — I ' » ' I i i i l i • i ITALIAN LIRA 100 90 — i 100 60 55 50 FRENCH FRANC 45 ^ 80 40 — 70 35 60 30 50 I I I I I I I 1988 I I I I I l I I 1990 i i i I i i i 1988 I i i i I i i i 1990 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 4 CANADIAN DOLLAR U.K. POUND \ — I I I I I I I I 1 1 1 Il 1 1 1 i GERMAN MARK i i 1 i i i 1 i i i 1 i i i JAPANESE YEN \ • • ' I • ' • i • • i i i ' i i SWISS FRANC i i I i i i i i DUTCH GUILDER f/Vf — i — i 1 i i i v VV 1 1 1 1 1 1 1 1 1 M i l l 1 1 1 FRENCH FRANC 1 1 1 1 1 1 1 1 I1 I 1 i I I I I I ' ' 1988 i ITALIAN LIRA V/ 12 i I ' I I I » ' 1990 i i i 1 i i i 1988 1 i i 1 1 - 1 1 1990 1 12 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 520 U.S. DOLLARS PER FINE OUNCE 520 r — 500 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 480 460 460 440 440 420 420 400 400 380 380 360 360 340 340 320 320 1987 1988 1989 1990 CHART4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 — 12 FRANCE U.S. FEDERAL FUNDS JAPAN 0 i i i l i ' » I » » i I i i ' i i i I i i i I i » i I i i ' 16 0 16 12 12 CANADA GERMANY • • 1 l » i i » 1 1 i l i i i i i i I i i i I i i i l i i i 0 20 UNITED KINGDOM SWITZERLAND 16 12 NETHERLANDS • l • • 1988 » I • » • I « • 1990 • I l 1988 ' ' » I • ' 1990 ' CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANf =»ER ENT PER ANNUM 12 FRENCH INTERBANK RATE 10 U.S. CD'S 8 6 WEIGHTED AVERAGE FOREIGN RATE 4 2 ' » 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 i i i 1 I I I I I I l l 1990 16 14 — U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER 12 10 8 6 i i i I < i ' I ' i i I i i i ' • ' 1 ' i i I i 10 SWISS INTERBANK RATE GERMAN INTERBANK RATE 8 6 4 i 2 I i i i I i i i I i i i I I I I 10 NETHERLANDS INTERBANK RATE 8 JAPANESE GENSAKI RATE 6 4 2 i i ' I ' i 1988 i I i » i I i ' 1990 I I I I I I I 1988 I l l l CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 — 1 14 OVERNIGHT 12 3-MONTH 12 10 10 4 • 14 I I I I ' « I I I • ' I ' ' ' » 1 ' I 1 1 » I 1 1 i l i « i 14 7- DAY 12 6-MONTH 12 10 10 i ' i I i i 1 I « ' • l i i i ' ' 1 I 1 1 1 I 1 1 i 1 • » » 4 14 14 1-MONTH 12 1-YEAR — 10 12 10 i i i I i i i 1988 l i i i I i i i 1990 ' • » I » 1 1988 ' l 1 1 1 l 1 1 » 1990 *r 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 OVERNIGHT EURO-DOLLAR DEPOSITS FEDERAL FUNDS 90-DAY CD'S DASHED LINE J—I—I—I I 10 3-MONTH EURO-DOLLAR DEPOSITS DASHED LINE I I I I I I I i i i i DIFFERENTIAL i I i i i I i i I—J I I I L i DIFFERENTIAL 1 I 1 1 I I 1 1988 1 I 1 I 1 I I 1 1990 1 J I I 1988 I I 1990 I CHART 8 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 EURO-DOLLAR DEPOSITS U.S. COMMERCIAL PAPER DASHED LINE 0 1 1 1 1 1 ' 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON DASHED LINE 1 1 1 1 1 ' 1 • ' • • i I i i i I i » ' 1 1 1 l i i 1 1 1 i 10 2 DIFFERENTIAL lu 2 16 I DIFFERENTIAL 1 rvwv^ ^Vv I 12 I I I I I I I I I I I I I 1 1 1 INTERBANK DM EURO-DOLLAR DEPOSITS I I I I I I I I I I 1 i I ' 1 1 2 16 12 I I I I I I i i 1988 I I I I I I I I I I I I I I I I I I I I I DIFFERENTIAL •*\> i 1 DASHED LINE DIFFERENTIAL i 1 EURO-DOLLAR DEPOSITS DASHED LINE I 1 SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 0 I 2 1 I i i \s i tf » I ' i i 1990 I I I I I I 1988 I 1990 I o CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES SCENT PER ANNUM PERCENT PER ANNI 14 14 UNITED STATES CANADA 12 12 10 10 8 6 14 8 I » I I I I ' I ' ' ' 1 • 1 6 14 UNITED KINGDOM FRANCE 12 12 10 10 8 8 6 10 6 10 SWITZERLAND JAPAN 8 8 6 6 4 4 • 2 10 NETHERLANDS » ' i i i i i ' ' ' i i i i 2 10 GERMANY MONTHLY 8 8 6 6 4 4 2 J_L i i 1 1988 ' i » 1 1 i » « » 1990 1 i 1 I 1 1 1988 1 l 1 1 • i 1 • • 1990 2 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 200 200 175 „ l— NETHERLANDS UNITED STATES 175 150 150 125 125 100 100 75 75 50 400 • i • I ' » • I i i i I ' i • i I I I I 1 I I I » I I I I . GERMANY 350 — JAPAN 175 150 300 125 250 100 200 75 150 100 200 • I I I I I I I ' I I I 1 I I « • • I » I • I « I » I I » » . FRANCE 175 — SWITZERLAND 50 200 175 150 150 125 125 100 100 75 75 50 50 200 • i i I 1 ' 1 I 1 1 i 1 ' ' ' i i i l i 1 » I ' • • 1 » ' ' 50 200 200 . UNITED KINGDOM 175 L_ CANADA 175 150 150 125 125 100 100 75 75 50 I I I l 1 i ' l » ' i 1 i i i 1988 1990 • i i I • • 1988 • 1 1 1 1 l ' 1 • 1990 50 SERIES 18-Apr-9Q 25-Api—90 2-May-90 Chart 1. 9-May-90 16-May-90 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 2.8852 85.827 17.768 59.709 0.08122 0.62869 53.020 67.272 163.67 2.8664 86.121 17.644 59.233 0.08074 0.63333 52.639 67.369 163.71 2.8830 85.895 17.740 59.519 0.08122 0.63000 52.907 68.682 163.84 2.9158 85.874 17.917 60.203 0.08205 0.63385 53.531 69.758 166.35 113.69 85.54 80.07 167.97 46.62 164.61 152.21 216.42 66.20 112.95 85.84 79.51 166.63 46.35 165.83 151.12 216.74 66.22 113 .60 85 .61 79 .94 167 .43 46 .62 164 .96 151 .88 220 .96 66 .27 114 .90 85 .59 80 .74 169 .36 47 .09 165 .96 153 .68 224 .42 67 .28 116 .08 84 .79 81 .43 171 .50 47 .53 171 .09 155 . 6 8 230 .31 67 .94 107 .94 79 .68 73 .25 173 .37 40 .97 164 .61 147 .36 67 .82 213 .54 59 .73 93 .20 108 .35 79 .01 73 .43 174 .14 41 .08 164 .32 148 .00 67 .79 215 .26 60 .23 92 .30 108 .45 77 .42 73 .35 174 .81 41 .07 168 .24 148 .57 67 .64 218 96 60. 25 91. 20 -4.79 -1.20 0.27 -3.30 1.23 -0.02 -0.95 -6.26 -4 .75 -1 .01 0 .30 -2 .79 1..37 0 .02 -0 .64 -6 .39 -4 .72 -1..17 0..31 -3.,26 1 .26 -0. 04 -0..63 -6. 54 -5 .07 -1. 42 0. 16 -3.86 1. 14 -0. 14 -0.45 -6.57 374.75 375.05 370.01 370.54 369.38 8.27 8.23 12.65 9.92 7.82 6.92 8.28 8.38 14.81 8.24 8.20 12.75 9.60 7.69 7.07 7.68 8.78 14.89 8 .12 8 .06 12 .90 9 .72 7 .59 7 .14 8 .33 8 .50 14 .85 8 .20 8 .01 12 .80 9 .55 7 .85 6 .96 8..41 8. 38 14..95 8 .16 8 .04 13 .38 9 .88 7..83 6..94 < 8 .14 8..38 14..71 2.9459 85.072 18.070 60.965 0.08280 0.65343 54.228 71.588 167.97 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 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. -4.84 -1.48 0.25 -3.54 1.00 -0.07 -0.79 -6.41 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 107.54 80.11 72.99 172.85 40.81 166.02 146.93 67.78 209.84 59.83 93.48 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. 108.03 79.62 73.38 174.05 40.97 164.25 147.72 67.81 209.05 59.67 93.21 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom SERIES 18-Apr -90 25-Apr -90 2-May-90 Chart 5. 8 .34 13 .55 9 .96 8 .17 6 .62 8 .44 8 .88 15 .17 9 .93 8 .48 13 .68 9 .81 8 .22 6 .66 8 .50 9 .20 15 .16 9 .94 8 .58 13 .67 9 .63 8 .29 6 .70 8 .59 9 .16 15 .30 9 .94 8 .45 13 .65 9 .59 8 .28 6 .80 8 .52 9 .03 15 .22 9 .88 8 .29 13 .68 9 .71 8 .25 6 .84 8 .44 8 .75 15 .15 9 .93 8 .23 8 .25 8 .29 8 .38 8 .46 8 .71 8 .20 8 .25 8 .34 8 .49 8 .68 9 .01 8 .06 8 .24 8 .40 8 .59 8 .81 9 .19 8 .01 8 .18 8 .29 8 .48 8 .70 9 .03 8 .04 8 .13 8 .20 8 .30 8 .45 8 .71 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 16-May -90 3-Month Interest Rates U.S. 90-day CD's, secondary market Canadian finance paper French interbank rate German interbank rate Japanese gensaki rate Netherlands interbank rate Swiss interbank rate U.K. interbank sterling Weighted average foreign interest rate (G-10 Countries) Chart 6. 9-May-90 Selected Euro-dollar & U.S. Money Market Rates 8 .23 8 .27 -0 .05 8 .20 8 .24 -0 .04 8 .06 8 .12 -0 .05 8 .01 8 .20 -0 .19 8 .04 8 .16 -0 .12 8 .38 8 .34 0 .04 8 .49 8 .48 0 .01 8 .59 8 .58 0 .00 8 .48 8 .45 0 .02 8 .30 8 .29 0 .01 Euro-dollar deposit Interbank sterling (London), covered Differential 8 .38 8 .52 -0 .14 8 .49 8 .66 -0 .17 8 .59 8 .66 -0 .07 8 .48 8 .43 0 .04 8 .30 8 .33 -0 .03 U.S. commercial paper Canadian finance paper, covered Differential 8 .24 8 .54 -0 .30 8 .32 8 .72 -0 .40 8 .43 8 .76 -0 .33 8 .32 8 .78 -0 .45 8 .21 8 .44 -0 .23 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 8 .38 8 .42 -0 .05 8 .49 8 .50 -0 .01 8 .59 8 .59 -0 .01 8 .48 8 .59 -0 .12 8 .30 8 .42 -0 .12 8 .38 8 .07 0 .31 8 .49 8 .23 0 .26 8 .59 8 .50 0 .09 8 .48 8 .38 0 .10 8 .30 8 .29 0 .01 11 .76 10 .14 8 .88 7 .30 6 .61 11 .33 8 .74 11 .54 10 .14 8 .95 7 .25 6 .61 11 .47 8 .96 11 .69 10 .16 9 .01 7 .24 6 .69 11 .69 9 .07 11 .24 10 .16 8 .88 7 .14 6 .68 11 .35 8 .89 ND 9 .99 8 .86 ND 6 .55 11 .11 8 .68 111 .41 152 .33 116 .63 166 .39 105 .56 131 .46 130 .61 134 .01 111 .32 150 .65 116 .17 169 .97 104 .31 130 .41 130 .19 134 .78 115 .44 154 .20 120 .24 174 .58 104 .47 133 .69 131 .55 137 .83 116 .20 150 .98 117 .44 181 .76 106 .70 136 .59 134 .98 141 .98 Overnight Euro-dollar deposits U.S. federal funds Differential 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. Long Term Government Bond Yields Canada France Germany Japan Switzerland United Kingdom United States Chart 10. Stock Indices (Wednesday figures) Canada France Germany Japan Netherlands Switzerland United Kingdom United States 115 .85 152 .54 120 .12 163 .93 107 .67 132 .16 134 .42 137 .42 Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite Of GOVr FEDERAL RESERVE statistical release H.10(512) hay 21, 1990 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MAY 18, 1990 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified tor customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies: MONETARY UNIT May. 14 •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK *EUR0 COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA *1 RE LAND ITALY JAPAN MALAYSIA NETHERLANDS *NEW ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND •UNITED KINGDOM DOLLAR SCHILLING FRANC DOLLAR YUAN KRONE ECU 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 0.7669 11.575 34.020 1.1770 4.7339 6.2730 1.2432 3.8965 5.5430 1.6445 162.50 7.7910 17.310 1.6285 1209.50 152.77 2.6950 1.8479 0.5708 6.4005 145.86 1.8505 2.6425 710.50 104.11 40.018 6.0135 1.3957 N. A. 26.425 1.6840 0.7645 11.596 34.060 1.1810 4.7339 6.2890 1.2420 3.8995 5.5530 1.6471 162.75 7.7900 17.310 1.6280 1211.25 151.40 2.6930 1.8510 0.5725 6.4110 145.80 1.8495 2.6385 710.90 103.10 40.018 6.0185 1.3980 27.500 25.830 1.6770 MEMO: ^UNITED STATES DOLLAR 91.27 91.32 COUNTRY (CURRENCY UNITS PER DOLLAR) May. 15 May. 16 May. 17 0.7625 11.568 34.010 1.1757 4.7339 6.2770 1.2438 3.8945 5.5400 1.6430 162.95 7.7880 17.310 1.6297 1209.00 151.43 2.6990 1.8475 0.5728 6.3995 145.63 1.8540 2.6390 711.30 102.85 40.018 6.0140 1.4000 27.350 25.840 1.6800 91.16 May. 18 0.7617 11.590 34.080 1.1738 4.7339 6.2955 1.2421 3.8940 5.5515 1.6475 162.80 7.7875 17.330 1.6270 1211.25 152.35 2.6995 1.8520 0.5735 6.4000 145.87 1.8535 2.6350 711.70 103.06 40.018 6.0215 1.4040 N. A. 25.840 1.6917 0.7605 11.610 34.100 1.1783 4.7339 6.2960 1.2445 3.9010 5.5570 1.6480 163.00 7.7875 17.250 1.6245 1212.25 152.85 2.7005 1.8531 0.5725 6.4085 145.75 1.8538 2.6400 712.00 102.75 40.018 6.0200 1.4048 27.390 25.860 1.6908 91.28 91.39 **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.
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