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(516/517) * « Selected Interest & Exchange Rates Weekly Series of Charts May 23,1988 Prepared by the FINANCIAL MARKETS SECTION DIVISION O F INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, OiC. 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 CALE 1973=100 200 180 160 RATIO ! MARCH 197 FOREIGN CURRENCY PRICE OF US. DOLLAR 140 120 100 80 — 220 — — 200 JAPANESE Y E N z ~ ^ x 180 160 GERMAN MARK - 140 120 100 I 80 I I I I I I I I I I I I Illllllllll I I I I 180 160 DUTCH GUILDER 140 120 CANADIAN DOLLAR — 100 90 80 70 - - I I I I I I I I I I I 60 90 80 FRENCH FRANC UK. POUND j/ 70 - - 60 50 - 40 1 1 1 l l I 140 120 100 BELGIAN FRANC SWISS FRANC 90 — 80 70 60 50 1 1986 1988 1 1 1 1 1986 1 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM ( • ) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 CANADIAN DOLLAR JAPANESE YEN A/ I I I I I M I I I I I I ' I 4 12 U. K. POUND V l\T" I I I I I SWISS FRANC n i I i GERMAN MARK i i i I I i DUTCH GUILDER I I FRENCH FRANC - I I I I I lllllllllll ITALIAN LIRA - 8 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. c LLARS PER FINE OUNCE U.S. DOLLARS PER FINE ( 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 280 280 1985 1986 1987 1988 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER AL T PER ANNUM 16 16 12 U. S. FEDERAL FUNDS 12 FRANCE 8 8 4 4 0 '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 II I| 0 1986 1988 1986 4 u 0 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES :NT PER ANNUM PERCENT PER A h 12 16 10 U.S. CD'S CANADIAN FINANCE CO. PAPER ~ 14 8 - 6 10 WEIGHTED AVERAGE FOREIGN RATE 4 8 I 2 I I I I I iiliiliiln I I I I I I I I I 6I I 16 14 14 UK. INTERBANK STERLING - FRENCH INTERBANK RATE - 12 10 12 10 - I 8 I I I I I 8 6 10 10 8 12 __ GERMAN INTERBANK RATE NETHERLANDS INTERBANK RATE - 8 6 6 4 4 2 I I I I I I ill 11hilii 8 10 8 2 SWISS INTERBANK RATE JAPANESE GENSAKI RATE - 6 6 4 4 2 2 I 1986 1988 I I I I I I I I 11 I I I 1986 1988 0 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER AL ENT PER ANNUM 14 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 - I 4 1986 1988 I I I I 1986 I lllllllllll 6 4 1988 CHAhT 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS(*) t FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY NT PER ANNUM PERCENT PER ANNUM 14 14 12 12 10 10 FEDERAL FUNDS 3-MONTH DASHED LINE 8 6 OVERNIGHT 90-DAY CD' S E U R O - D O L L A R DEPOSITS DASHED LINE 4 I 2 I I I I 111111111111111111111111 I I I I I I I 11111111111 2 2 DIFFERENTIAL DIFFERENTIAL 1 + 2 - 0 J\ .A 1 1 zx 1 AA 1A 1 1 — V V fX /«AVA/->JV» 1 1 I f 11111111111111111111111 1986 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 0 f 1988 1 1 1 1 1 1986 1 11111111111 1 1 1111II 11 1 1988 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY -NT PER ANNUM PERCENT PER Ah 16 16 12 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 8 EURO-DOLLAR DEPOSITS 4 DASHED LINE 0 I 2 I I U. S. COMMERCIAL PAPER 4 DASHED LINE I I J_J_ 0 2 DIFFERENTIAL DIFFERENTIAL + 0 2 ,>rvv I 1_1 I I I I I I I I I 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 4 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 0 2 liilnli I DIFFERENTIAL I I I 4 I 0 I 2 DIFFERENTIAL 0 0 2 0 I I I I 1986 I J_L 11111111111 1988 I PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE S C A L E 1986 2 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER A t ENT PER ANNUM 16 16 UNITED STATES 14 CANADA — 14 12 12 10 10 8 - 6 I I I I I 6 I 10 14 12 - UNITED KINGDOM JAPAN - - 8 6 10 8 4 6 U L I I I I I 2 I 8 6 8 10 GERMANY SWITZERLAND 8 4 6 2 4 15 17 U.S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 i 5 5 MONTHLY 1986 1988 i i i i i 1986 i 3 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 C UNITED STATES FRANCE SWITZERLAND CANADA NETHERLANDS GERMANY SBSIBS BABE LAST TALOE PLOTTBB DATE VALOE CHABT 1. SPOT SXCBAH6B B A M S AMD INDICES BEEKLI AfEBAGBS, MOO* BOIING BATES (0.S. CENTS) GEBHAN SABS JAPANESE IBB DOTCB GOILDEB D.B- POUND CANADIAN DOLLAB FBEBCB FBANC SBISS FBABC BELGIAN FBANC ITALIAN LISA SMBDISH BBOBA HAT HAI HAI HAI HAI HAI HAI HAI HAI HAI 18 18 18 18 18 18 18 18 18 18 59. 10 0.79982 52.71 187.85 80. 97 17.44 71.01 2.82783 0.07953 16.94 HAY HAI HAT HAT HAT HAT HAT HAT HAI 18 18 18 18 18 18 18 18 18 166. 24 209.42 151.31 75.£8 80.70 78.60 228.45 111.43 45.18 18 18 18 18 18 18 18 18 18 18 18 89.66 165.73 207.82 142.06 67. 16 72.34 69. 47 214. 15 102.37 38.76 67. 96 18 18 18 18 18 18 18 18 -1.59 -0.53 3.88 -0.63 5.08 3.27 3.42 -2.94 INDICES, HABCB 1973 BASS BATES = 100 GEBttAN HABI JAPANESE IBM DUTCH GOILDEB U.$. POO ID CANADIAN DOLLAB PBENCH FBABC SMISS FBABC BELGIAN FBABC ITALIAN LIBA 8EISBTED AVEBAfiS EICHANGE YALOE INDICES# HAS 1973 = 100 (G-10 COOBTBIES PLUS SBITZBBLAND) 0.5. DOLLAB GEBHAB HABK JAPANESE IBB DOTCB GOILDEB 0.1. POOMD CANABIAB DOLLAB FBEBCB FBABC SWISS FBABC BBLGIAB FBABC ITALIAN LISA SHEDISH CBOBA HAI HAI HAI HAI HAI HAI HAI HAI HAI HAI HAI CHABT 2. 3-HOMTB FOBSABO EXCHANGE BATES, PBEHIOH OB DISCOUNT CANADIAN DOLLAB 0.Km POOMD CEBHAN HABK FBEBCB FBANC SilSS FBABC D0TC8 G OIL DEB JAPANESE TEN ITALIAN LISA HAI HAT HAI HAI HAI HAI HAI HAY SERIES HAM* LAST VALUE PLOTTED DAM VALUE C H A M 3. GOLD M I C E IE LONDON, AFTERNOON FIXING 0* S* . DOLLARS PES PIES OUNCE HA I 18 452.49 CHANT 4. CALL EOHEX BATES 0.5. FEDERAL FUNDS OVERNIGHT E8R0-D0LLAE DEPOSITS 0.*. CANADA GERMAN! JAPAN FRANCE NETHERLANDS SWITZERLAND HAX MAI MAI MAI MAI MAI MAI MAI MAI 18 18 18 18 18 18 18 18 18 7.04 6.99 7,20 8.57 3.21 3.40 7 # 3.63 1.38 MAI MAI MAI MAI MAI MAI MAI MAI MAI 18 18 18 18 18 18 18 18 18 7.2# 3.56 3.79 9.03 8.05 3.25 7.89 4. 14 5.69 MAI MAI MAI MAX MAI MAX 18 18 18 18 18 18 6.99 7.03 7.18 7.40 7.63 8.04 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL PONDS DIFFERENTIAL MAI 18 MAI 18 MAX 18 6.99 7.04 05 3-MONTH EURO-DOLLAR DEPOSIT RATE O.S.,90-DAI CD'S, SECONDARI MARKET DIFFERENTIAL MAI 18 MAI 18 MAI 18 7.40 7.24 0, 16 CHANT 5. 3-HONTH INTEREST BATES O.S.,90-SAI CD'S, SECONDARI MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI BATE CANADIAN FINANCE PAPER INTERBANK STERLING S1ISS INTEEBANK LOAM FBENCH INTERBANK RATE NETHERLANDS INTERBANK BATE 8EIGHTED AVERAGE FOREIGN INTEREST RATE 46-10 COUNTRIES PLUS SHITSEBLAND) CHART 6. E0RO-9OLLAR DEPOSIT BATES; LONDON OVERNIGHT 7—DAI 1—MONTH 3-MONTH 6-MOm 1-IEAB CHART 7. SELECTED EURO-DOLLAB AED U.S. HONEX HAHNET BATES SBBIBS 1 M B LAST TALOB PLOTTED M M TILDE CBABT 8. I1TBBBST ABBITBAGB, 3-80*18 FOHDS BOBO-DOLLAB DEPOSIT IBTBBBAK SIBBLISS (LOMDOI), COTBBBD DIMBBBMIAL HAI 18 HAI 18 BAT 18 7.40 7,51 -0.11 D.S. COfiflEBCIAL FAPBB CABADIAB FIBAMCB PAPER, COVERED 0IF7BBBHIXAL HAI 18 BAI 18 BAI 18 2. ^0 7.40 -0.20 BOBO-DOLLAB DEPOSIT IBMBBABX DB (PBAM&FQBT) , COTBBBD DIP? BBEXTIAL BAI 18 BAI 18 BAI 18 7.40 7.47 -0..07 BOBO-DOLLAB DEPOSIT S8XSS IBTBBBABB, COTBBBD DirZBBBMIAL BAI 18 BAI 18 HAI 18 7.40 7.36 0.Q4 CBABT 9. LOBG TBBB GOTBBBBBT BOID IIBLDS OIITBD STATES GBBBABI JAPAB S8ITZEBLASD CAMADA FBAJCB HBZBBBLABDS (BOHXBLI) OHITBD KEBGDOB HAI BAI HAI BAI BAI BAI BABCB HAI 13 13 6 13 6 6 13 9.04 6.12 4.01 4.08 10.. 46 9.42 6. pi 8.92 B.S..COBPOBATB AAA BOMDS CBABT 10. BAI 9. STOCB IBDICBS OMITED StATBS OHITBD BIB6D0B CABADA GBBBABI SBIMBBLABD BBTHBBLABDS FBABCB JAPAB BAI HAI HAI BAI HAI HAI BAI BAI 18 18 18 18 18 18 18 18 269.57 313.38 314.81 190, 17 169.63 240.21 311.03 583.37 . . FEDERAL RESERVE statistical release . # m ills®; ^ 1 1 1 ® ? ; - H.10(512) MAY 20, 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING MAY 20, 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 c % MONETARY UNIT ^AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA ^IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEM 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 MAY 16 (CURRENCY UNITS PER DOLLAR) MAY 17 MAY 18 MAY 19 MAY 20 77.27 11.870 35.270 1.2335 3.7314 6.4730 4.0200 5.7260 1.6890 135.350 7.8100 13.2600 158.25 1254.30 124.95 2.5830 1.8945 69.000 6.1650 138.000 2.0075 2.2050 738.30 111.710 30.990 5.8910 1.4045 28.660 25.160 188.90 76.61 11.985 35.590 1.2360 3.7314 6.5330 4.0555 5.7700 1.7043 136.450 7.8150 13.3300 156.93 1265.00 125.73 2.5900 1.9100 68.600 6.2100 139.450 2.0150 2.2130 738.40 112.630 30.988 5.9350 1.4195 28.660 25.170 186.38 77.04 12.005 35.620 1.2409 3.7314 6.5370 4.0460 5.7700 1.7054 136.850 7.8155 13.3100 156.72 1265.75 125.40 2.5930 1.9100 68.640 6.2100 139.450 2.0145 2.2230 738.50 112.850 30.988 5.9370 1.4215 28.660 25.210 186.40 77.50 11.960 35.500 1.2434 3.7314 6.5025 4.0370 5.7535 1.7006 136.400 7.8185 13.3300 157.20 1261.75 124.87 2.5890 1.9050 68.970 6.1975 138.850 2.0150 2.2200 738.60 112.490 31.008 5.9225 1.4172 28.670 25.180 186.68 78.31 11.980 35.560 1.2423 3.7314 6.5020 4.0395 5.7585 1.7034 136.420 7.8155 13.3700 156.90 1263.75 124.84 2.5845 1.9075 68.230 6.2050 139.300 2.0155 2.2220 737.70 112.630 31.010 5.9285 1.4207 28.670 25.180 186.18 89.46 90.20 90.23 90.01 90.11 •INDEX OF NEIGHTEO AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. MEIGHTS 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 NEIGHTED-AVE1CAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN. "VALUE IS U.S. CENTS
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