Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : May 22, 1995

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

May 22,1995

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 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 $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

RATIO SCALE
MARCH 1973=100
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

100

BELGIAN FRANC

130

80

60

—

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300

90
390
330

JAPANESE YEN
SWISS FRANC

260

110

270
220

180
100

210

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•

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•

CANADIAN DOLLAR
80

85

U.K. POUND

65

60

40
195

1

1

1

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1

1

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1

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1

1

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1

1

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195

155

—
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175

155
75

ITALIAN LIRA

FRENCH FRANC

95

55

75

55

45
215

GERMAN MARK

DUTCH GUILDER

175

135
115

150
105

35

1

•

1




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1

1

1993

•

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1

1

1

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1

'
1995

»

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1993

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1995
15

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM M OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2

PERCENT PER ANNUM
2

U.K. POUND

1
CANADIAN DOLLAR

1

\

1

1

1

i

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1

i

i

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA




1

1

1
i

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1

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JAPANESE YEN

i

1993

1

1995

1992

i

1

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1994

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1

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i

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE OUNCE
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

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1991




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1992

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1993

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1994

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1995

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320

CHART 4

CALL MONEY RATES
WEEKLY SERIES

7

PERCENT PER ANN

DENT PER ANNUM

6

8

SWITZERLAND
U.S. FEDERAL FUNDS

5

10

6

4

4
JAPAN

3
1

2

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2
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0
10

10

9
8
8

NETHERLANDS

7

6

GERMANY
6
4
5
i

2

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4
9

16

14

FRANCE

8

12

7
|N

10

CANADA
6

8

5
6
UNITED KINGDOM

4
2

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1993

4
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1995

1993

1995

3

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES

PERCENT PER ANNUM

PERCENT PER ANNUM
CANADIAN FINANCE PAPER
WEIGHTED AVERAGE
FOREIGN RATE

U.S. CD'S
3

2
12

NETHERLANDS INTERBANK RATE
10

U.K. INTERBANK STERLING
8

6

3

4
7

5

FRENCH INTERBANK RATE

JAPANESE CD RATE

3

5

1

10

GERMAN INTERBANK RATE

—

8
SWISS INTERBANK
6
4
2



1993

1995

1993

1995

9

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
[CENT PER ANNUM
8

OVERNIGHT

3-MONTH

6

4

2
8

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7-DAY

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6-MONTH

6

4

2
8

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1-YEAR

1-MONTH
6

4

2

•

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1993

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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

7

7

3-MONTH

OVERNIGHT

/A k

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

90-DAY CD'S

DASHED LINE

FEDERAL FUNDS

DASHED LINE

J

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DIFFERENTIAL

J

1




1

1

1
1993

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L

DIFFERENTIAL

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1995

J—i—i

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1993

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1995

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
7

3CENT PER ANNUM
7

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

6

5

4

U.S. COMMERCIAL PAPER
DASHED

EURO-DOLLAR DEPOSITS
DASHED LINE

3

2
1

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DIFFERENTIAL

DIFFERENTIAL
+
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1
7

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/v^V^~-'Vvvv\/vr

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INTERBANK DM
COVERED FRANKFURT

6

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SWISS INTERBANK (SF) COVERED

5

4

EURO-DOLLAR DEPOSITS
l\
DASHED LINE
uS

EURO-DOLLAR DEPOSITS
DASHED LINE

/N

3

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1

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1995

DIFFERENTIAL

DIFFERENTIAL
+
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1993

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNL

iCENT PER ANNUM
9

11

UNITED KINGDOM

UNITED STATES

10

8
9
7
8
6

5

7
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6
10

10

FRANCE

CANADA

9

9

8
8
7
7

6
8

6
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5
6
JAPAN

SWITZERLAND
7

5

6

4

5

3
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4
9

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2
9

GERMANY

NETHERLANDS
8

8

7

7

6

6

5

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1

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1993

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5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE

RATIO SCALE
1986=100
200

220
UNITED STATES

UNITED KINGDOM

200

180

180

160

160

140

140
250

120
160
JAPAN

SWITZERLAND
225

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

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

10-May-95 17-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 .5371
72.995
20.722
72.765
0.05867
1.21507
64.969
88.133
161.17

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

3.3861
73.767
19.778
69.513
0.06055
1.15586
62.171
83.301
156.63

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

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

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

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

133 .43
73 .52
89 . 13
195 .55
34 ,
. 75
302 ,
. 64
178 .
.48
267 .
.99
63 .
.35

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

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

117 . 12
61 . 82
75 .35
188 .93
27 .30
295 . 85
160 .19
51 .34
239 .03
51 .84
83 .84

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

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

-1 .22
-0 .98
1 .56
-3 . 77
4 .86
1.. 62
2 .59
,
-0 .60
.

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

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

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

Chart 2.

3-Month Forward Exchange Rates, Premium or Discount
Canadian dollar
-1 .68
-1 .71
French franc
-1 .54
-1 . 77
German mark
1 .62
1 .61
Italian lira
-4 .40
-4
.56
Japanese yen
4.
, 85
4 .85
Netherlands guilder
1..56
1,.59
Swiss franc
2 . 74
2 .69
.
U.K. pound
-0 .35
.
-0..57
Chart 3.

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

392 .53

390 .59

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

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

388., 11

387 .13

383 ..54

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

6 .02
5 .94
7 .62
7 .56
4 .45
1. 29
4 .32
3 .31
6. 38

Call Money Rates

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




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

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 .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

6 .03
7 .44
6 .96
4 .50
1 .34
4 .44
3 .39
6 .60
4 .88

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

5 .94
5 .94
,
5..98
6,.03
6,.06
6..09

Euro-Dollar Deposit Rates

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

10 -May-95 17-May -95

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

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

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

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

5 .90
6 .05
-0 .15

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

5 .94
.
6 .02
.
-0 .08
.

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

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

6 .11
6 .09
0 .02

6 .04
.
6..02
0..02

6..03
6..03
0..00

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

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

.
6 ,08
6 ,16
.
-0.,08

6 . 11
6 .16
-0 .05

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

6. 03
5 .99
0. 04

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

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

6. 08
6 .28
-0.20

6 .12
6 .32
-0 .20

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

6. 07
6. 19
-0.13

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

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. 03
6 .08
-0 .05

Euro-dollar deposit
Swiss interbank, covered
Differential

6. 13
6. 14
- 0 . 01

6. 08
6. 06
0. 02

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

6. 04
6. 01
0. 04

6. 03
6 .00
0 .03

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

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

8. 07
7 .45
6. 84
3 .43
4 .77
6 .95
8 .14
6. 61

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

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

Stock Indices (Wednesday figures)

Canada
142 .74
142 ,
.73
143 .30
142 .
.67
France
144 ,
149 ,
.99
.50
151 .54
153 ,
.99
Germany
108 .47
111,.84
112 .40
114 ,
.10
Japan
100,.56
98 .80
102 ,
.34
101,.05
Netherlands
146 ,
150..79
.99
154 ,
.04
154 .
.96
Switzerland
207,.80
213 .
.51
217 ,
.54
220..26
United Kingdom
187 ,
.71
190..06
192 ,
.63
194 .
.28
United States
200 .49
203 .
.26
205 ,
.79
207 .
.61
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



145 .74
154 ,
.67
116 ,
.63
99 ,
.20
155..61
226..12
194 .
.57
208..42
to SBF250

FEDERAL RESERVE statistical release
May 22, 1995

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK

ENDING

M A Y 19, 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 C O M M U N I T Y
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^ I R E LAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*NEW Z E A L A N D
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
* U N I T E D KINGDOM

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

(CURRENCY U N I T S PER D O L L A R )
M a y . 18
May. 17
May. 16

0.7333
10.158
29.720
1.3592
8.2916
5.6400
1.2833
4.4300
5.0610
1.4445
232.86
7.7329
31.450
1.6055
1646.75
86.86
2.4940
5.9700
1.6179
0.6616
6.4190
151.36
1.4060
3.6580
766.30
124.720
49.540
7.3525
1.2085
25.500
24.730
1.5652

0.7273
10.099
29.540
1.3562
8.2982
5.6195
1.2891
4.4070
5.0580
1.4360
230.58
7.7345
31.450
1.6010
1641.75
86.20
2.4820
5.9500
1.6082
0.6628
6.3830
150.44
1.4013
3.6550
766.20
123.980
49.580
7.3130
1.1985
25.580
24.710
1.5690

0.7305
10.105
29.590
1.3572
8.3063
5.6840
1.2833
4.4145
5.1085
1.4370
231.72
7.7347
31.440
1.5970
1650.00
86.73
2.4725
5.9400
1.6084
0.6666
6.4090
150.90
1.3998
3.6620
765.50
125.220
49.800
7.3690
1.2005
25.590
24.740
1.5685

0.7175
10.246
29.980
1.3570
8.3107
5.6880
1.2684
4.4585
5.1680
1.4570
234.59
7.7362
31.440
1.5910
1667.25
87.43
2.4740
5.9400
1.6308
0.6610
6.4715
153.12
1.3980
3.6930
764.90
126.240
49.800
7.4400
1.2180
25.650
24.800
1.5625

84.07

83.69

83.97

84.79

M a y . 19
0.7150
10.128
29.650
1.3570
8.3132
5.6310
1.2819
4.4110
5.1060
1.4402
232.45
7.7357
31.420
1.6030
1668.00
86.77
2.4640
5.9200
1.6122
0.6560
6.4075
151.05
1.3940
3.6920
764.50
125.140
49.800
7.3905
1.2010
25.650
24.760
1.5735

tr

DOLLAR

May. 15

eo

MEMO:
t*UNITED S T A T E S

MONETARY
UNIT

*VALUE IS U.S. D O L L A R S
**INDEX OF W E I G H T E D A V E R A G E EXCHANGE VALUE OF U.S.
DOLLAR A G A I N S T C U R R E N C I E S OF OTHER G-10
COUNTRIES.
M A R C H 1973 = 100.
W E I G H T S ARE 1972-76 GLOBAL T R A D E OF EACH OF THE 10 C O U N T R I E S .
S E R I E S REVISED AS OF A U G U S T 1978.
FOR D E S C R I P T I O N A N D BACK D A T A , SEE " I N D E X OF THE
W E I G H T E D - A V E R A G E E X C H A N G E VALUE OF THE U.S. D O L L A R : R E V I S I O N " ON PAGE 700 OF THE A U G U S T
1978 FEDERAL R E S E R V E B U L L E T I N .
T H I S RELEASE IS A V A I L A B L E ONLINE THROUGH THE F A C I L I T I E S OF THE D E P A R T M E N T OF C O M M E R C E ' S
ECONOMIC B U L L E T I N B O A R D .
FOR I N F O R M A T I O N , CALL (202) 4 8 2 - 1 9 8 6 .
FOR I N F O R M A T I O N A B O U T YOUR S U B S C R I P T I O N TO THIS RELEASE OR ABOUT R E C E I V I N G IT IN D O C U M E N T
F O R M , PLEASE CALL P U B L I C A T I O N S S E R V I C E S AT THE F E D E R A L R E S E R V E B O A R D AT (202) 4 5 2 - 3 2 4 4 .