Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : May 29, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

May 29,1990
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION OF

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 $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 m a
form collectible at par m u 5 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

BELGIAN FRANC

—

110
100

100

90

90

80

80
70
280
260 —
240
220

•

»

'

i

i

i

i

i

»

i

i

l

i

i

i

I

I

—

SWISS FRANC

i

I

i

i

I

i

i

i

JAPANESE YEN

200

200

180

180

160

160

140

140
120
100

70
280
260
240
220

•

90

i

i

i

i

•

i

i

i

i

1

i

i

I

i

I

I

I

I

I

I

I

I

I

I

I

I

CANADIAN DOLLAR

—

U.K. POUND

I

120
100
90

80

80

70

70

60

60
»

50

I

»

I

I

I

1

1

1

1

I

1

1

_L_JL

200

•

I

'

•

»

I

I

I

I

I

I

I

I

200

GERMAN MARK

180

50
180

DUTCH GUILDER

160

160

140

140

120

120

100
120

» • ' ' •1

1 1 1 1 1 1 1 1

I

I

I

I

»

1

'

I

1

1

«

>

1

'

»

100

60

110

55

ITALIAN LIRA

50

100
90 _

45

FRENCH FRANC

80

40

70

35

60

30

50

I

I




I

I

I I
1988

I

I

I

I

I

I

I I
1990

I

I

l

I

I

1

1988

1

I

»

1

'

1

I

'
•
1990

25

CHART 2

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

4

PERCENT PER ANNUM

(

CANADIAN DOLLAR

•

'

I

1 •

•

•

I

'

•

•

I

'

•

'

i

GERMAN MARK

'

» •

I

'

4

U.K. POUND

i

i

I

i

i

i

I

i

i

i

I

i

i

i

JAPANESE YEN

•

•

I

•

•

'

» •

•

SWISS FRANC

DUTCH GUILDER

I
FRENCH FRANC

I

1

»

1

1

1

I

1

•

»

I

»

1

'

ITALIAN LIRA

V/ 12

1

1

1

1




1

1

1

1988

1

1

'

'

I

'

'
1990

- L I

I

I

I

1
1988

1

I

1

1

1

1

1

1 1
1990

12

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OL

U.S. c >LLARS PER FINE OUNCE
520

520

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

•




•
1987

i

I

I

I
1988

I

I

I

I
1989

I

I

I

L_
1990

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

16

12

FRANCE

U.S. FEDERAL FUNDS

12

JAPAN

'

0
16

'

'

I

'

'

'

I

•

•

'

I

i

i

i

'

I

I

I

I

I

I

I

I

I

I

I

I

I

I

o
16

12

12
CANADA
GERMANY

0

I

1

1

1

1

1

1

1

1

UNITED KINGDOM




SWITZERLAND

NETHERLANDS

1988

1990

1988

1990

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

12

12
FRENCH INTERBANK RATE

10

10

U.S. CD'S

WEIGHTED AVERAGE
FOREIGN RATE

I

I

'

' I

I

I

•

I

U.K. INTERBANK STERLING




'

I

I

I

I

I

I

I

I

CANADIAN FINANCE CO.
PAPER

SWISS INTERBANK RATE

GERMAN INTERBANK RATE

NETHERLANDS INTERBANK RATE
JAPANESE GENSAKI RATE

1988

1990

1988

1990

CHART 6

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

PERCENT PER ANNUM

14

14

OVERNIGHT

12

3-MONTH

12

10

10

I

4
14

I

I

I

I

I

I

I

I

I

I

I

I

I

7-DAY

12

I

I

I

I

I

I

I

I

I

I

6-MONTH

—

10

12

10

i

4
14

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

'

i

I

1-MONTH

12

i

i

'

I

i

'

»

l

»

i

1-YEAR

4
14

12

10 —

8

4
14

10

—

i

i

i

l




i

'
i
1988

l

'

'

i

I

i

i i
1990

I

I

I

I

I I
1988

I

I

I

I

I

I

I I
1990

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

J

L

L_L

DIFFERENTIAL

J

I

I

I

I

I

I

I

I

I

I

i

i

I

i

i
1990

DIFFERENTIAL

1
I

I

I




I

I

I
1988

I

I

I

I

I

I

I

I
1990

1

J—I

I

I

I
1988

L

CHART 8

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

PERCENT PER ANNl

16

12

INTERBANK STERLING

CANADIAN FINANCE
CO. PAPER, COVERED

—

COVERED LONDON

8

EURO-DOLLAR DEPOSITS

4

0
2

U.S. COMMERCIAL PAPER

DASHED LINE

i

i

i

I

i

i

DASHED LINE

'

I

i

i

i

I

i

i

i

I

I

DIFFERENTIAL
+

0

2
16

1

12

1

1

1

1

1

I

I

I

I

I

I

I

I

I

I

1

1

i

i

1

i

DIFFERENTIAL

a / - u - V " ^ V N "VVVy^A/V"1 "V vA_^

1

I

1

r W

1

I I

1

1

1

1

1

I

1

INTERBANK DM

1

1

1

1

1

i

i

I

I

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

EURO-DOLLAR DEPOSITS

4

0

EURO-DOLLAR DEPOSITS

DASHED LINE

I

I

I

I

I

I

DASHED LINE

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

2
DIFFERENTIAL

DIFFERENTIAL

+

0

2

I

I

I

I




I

I I
1988

I

I

I

I

I

I

I I
1990

I

I

I

I

I

I I
1988

I I
1990

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

14

PERCENT PER ANNUM

14

(

UNITED STATES

CANADA

12

12

10

10

'

•

•

I

'

'

'

l

•

•

i

I

i

'

i

•

i

i

I

'

i

'

I

'

'

i

I

i

i

i

14

14

UNITED KINGDOM

FRANCE

12

12

10

10

'

i

i

l

•

i

i

l

'

'

i

l

i

i

'

•

'

•

l

•

•

'

I

•

i

i

I

i

i

i

10

10

SWITZERLAND

1

1

1

I

1

JAPAN

1

1

1

I

1

•

1

i

•

•

i

i

I

i

'

'

I

'

'

•

i

•

10

J__L

GERMANY

MONTHLY

i

i




I

i

i
'
1988

2
10

NETHERLANDS

•

6

I

i

'

i

I

i

'
1990

i

1

1

1

I

1

1

1

1988

I

1

•

i

I

i

'

'

1990

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200
— UNITED STATES

.NETHERLANDS

175
150
125

100
75

i

i

i

l

i

i

i

l

i

i

i

l

i

i

i

I

I

I

I

I

•

I

I

I

I

1

1

I

<

50

200
— JAPAN

— GERMANY

175
150
125

100
75

•

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

,FRANCE

— SWITZERLAND

50
200
175
150
125

100
75

1

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

. UNITED KINGDOM

— CANADA

50
200
175
150
125

100
75

'

'




I

i

i
1988

i

I

i

i

i

I

i

i
1990

i

i

i

i

I

i

i i
1988

I

i

i

i

I

i

i i
1990

50

SERIES
25-Apr-90 2-May-90
Chart 1.

9-May-90

16-May-90 23-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

2.8664
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

2.9459
85.072
18.070
60.965
0.08280
0.65343
54.228
71.588
167.97

2.9174
84.642
17.880
60.233
0.08198
0.65657
53.572
70.793
169.18

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 .68
230 .31
67 .94

114 .96
84 .36
80 .57
169 .44
47 .06
171 .91
153,,79
227,,75
68. 43

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

107 .88
77 .39
72 .88
173 .28
40 .84
170 .05
147 .39
67 .53
217 .51
61 .05
91 .75

-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

-5 .17
-1 .42
0 .15
-3 .50
1..02
-0. 02
-0.40
-6.35

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

107.54
80.11
72.99
172.85
40.81
166.02
146.93
67.78
209.84
59.83
93.48

107 .94
79 .68
73 .25
173 .37
40 .97
164 .61
147 .36
67 .82
213 .54
59 .73
93 .20

Chart 2

3-Month Forward Exchange Rates, Premium
Premi
or Discount
Canadian dollar
-4.79
-4 .75
French franc
-1.20
-1 .01
German mark
0.27
0 .30
Italian lira
-3.30
-2,.79
Japanese yen
1.23
1.,37
Netherlands guilder
-0.02
0. 02
Swiss franc
-0.95
-0.64
U.K. pound
-6.26
-6.39
Chart 3.

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

375.05

370. 01

370. 54

369. 38

370. 36

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

8. 22
8. 08
13. 56
9.65
7. 90
7. 17
8. 03
8. 38
14.83

Call Money Rates

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




SERIES
pr-90 2-May-90
Chart 5.

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. 30
13.79
9.71
8.25
6.87
8. 31
8.65
14. 97
9. 91

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

8. 08
8. 15
8. 18
8. 30
8. 43
8. 68

Euro-Dollar Deposit Rates

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

16-May-90 23-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. Mone^' Market Rates
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. 08
8. 22
- 0 . 14

8.49
8.48
0.01

8.59
8.58
0.00

8.48
8.45
0.02

8. 30
8. 29
0 . 01

8. 30
8. 30
0 . 00

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

8.49
8.66
-0.17

8.59
8.66
-0.07

8.48
8.43
0.04

8 .30
8 .33
-0 .03

8 .30
8 .38
-0 .08

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

8.32
8.72
-0.40

8.43
8.76
-0.33

8.32
8.78
-0.45

8 .21
8 .44
-0 .23

8 .19
8 .44
-0 .25

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

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 .30
8 .40
-0 .10

8.49
8.23
0.26

8.59
8.50
0.09

8.48
8.38
0.10

8 .30
8 .29
0 .01

8 .30
8 .24
0 .06

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
6 .88
6 .55
11 .11
8 .68

ND
ND
8 .96
ND
6 .45
10 .74
8 .71

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

117. 29
155, 06
116, 29
181,.10
107 ,51
139 .35
140 .43
143 .78

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




111,.41
152,.33
116,.63
166 .39
105 .56
131 .46
130 .61
134 .01

'nO' 00W"7*".

FEDERAL RESERVE statistical release
RLS
H.10(512)

Hay 29, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MAY 25, 1990

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
*EUR0 COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
"IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
•NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM
MEMO:
••UNITED STATES

MONETARY
UNIT

Hay. 21

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUOO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7640
11.715
34.360
1.1795
4.7339
6.3455
1.2332
3.9230
5.6070
1.6637
164.20
7.7850
17.290
1.6120
1223.00
153.53
2.7025
1.8709
0.5735
6.4450
147.20
1.8542
2.6525
712.80
103.55
40.018
6.0590
1.4240
27.440
25.870
1.6912

DOLLAR

92.00

(CURRENCY UNITS PER DOLLAR)
May. 22
Hay. 23
Hay. 24
0.7640
11.753
34.390
1.1922
4.7339
6.3580
1.2291
3.9275
5.6220
1.6697
164.50
7.7820
17.300
1.6050

1226.00

151.60
2.7058
1.8770
0.5735
6.4495
147.40
1.8544
2.6400
714.50
104.03
N.A.
6.0735
1.4180
N.A.
25.880
1.6915
92.08

0.7653
11.740
34.460
1.1836
4.7339
6.3650
1.2279
3.9275
5.6280
1.6725
164.70
7.7810
17.290
1.6040
1226.50
151.23
2.7010
1.8807
0.5737
6.4505
147.20
1.8500
2.6481
714.80
104.03
40.018
6.0725
1.4123
27.500
25.850
1.6940
92.03

0 7623
11 780
34 570
1 1855
4 7339
6 .3780
1 .2270
3 .9350
5 .6460
1 .6780
165 .50
7 .7825
17 .310
1 .5970
1233 .75
151,.55
2,.7000
1..8863
0..5739
6..4600
148..00
1..8480
2.,6420
714. 30
104. 60
40. 018
6.0800
1. 4200
27 498
25 850
1 6895
92.31

Hay. 25
0.7668
11.828
34.630
1.1841
4.7339
6.3950
1.2237
3.9400
5.6645
1.6825
165.20
7.7840
17.300
1.5945
1234.50
149.69
2.6985
1.8933
0.5733
6.4775
148.00
1.8480
2.6550
714.60
104.90
40.018
6.0955
1.4255
27.500
25.840
1.6892
92.31

•VALUE IS U.S. DOLLARS
••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.