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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts May 3,1993 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 $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=100 120 110 RATIO SCALE MARCH 1973=100 140 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 130 100 120 90 110 80 70 270 100 BELGIAN FRANC 1 i i I » 1 » I i 1 1 I i i i » I I I ' 1 1 I ' » 1 I ' 1 ' 90 240 250 220 230 200 180 210 JAPANESE YEN 170 100 160 SWISS FRANC 190 1 1 \ 90 I 1 » • I 1 ' ' i 1 ' • » ' I I ' 1 1 I 1 ' • I 1 » ' 140 100 90 U.K. POUND 80 80 70 70 CANADIAN DOLLAR — 60 50 ' • • I I I I I I I i I i i I i i i I i i i l i i i 60 50 200 200 180 190 160 180 140 170 120 100 110 GERMAN MARK DUTCH GUILDER » 100 • i I 1 • ' I ' 1 1 I ' 1 ' i • ' I » f ' I » ' FRENCH FRANC 90 80 70 60 ' 1 1 I 1990 1 1 1 l ' i » 1 » ' 1992 i 1990 1992 » l 160 • i » CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM M OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 2 e PERCENT PER ANNUM 2 GERMAN MARK U.K. POUND 2 — 4 — 6 — i i ' I i ' ' I ' i i I ' ' i CANADIAN DOLLAR 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 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 I I I 1992 I I I I I I I I ITALIAN LIRA FRENCH FRANC I I DUTCH GUILDER I I I 1990 i JAPANESE YEN SWISS FRANC I i I I I I I I 1992 I I I I I I I 1990 I CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE — 420 12.5 Kg BARS AFTERNOON FIXING PRICE — 400 — 380 — 360 — 340 320 1990 1991 1992 1993 320 CHART4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 10 16 FRANCE U.S. FEDERAL FUNDS JAPAN NETHERLANDS GERMANY UNITED KINGDOM CANADA SWITZERLAND i » i 1990 l i i i I ' i ' 1992 I ' i i I I I 1990 I I I I I I I I 1992 I I I I CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM WEIGHTED AVERAGE FOREIGN RATE CANADIAN FINANCE PAPER 8 6 U.S. CD'S 4 3 2 16 13 10 U.K. INTERBANK STERLING NETHERLANDS INTERBANK RATE 7 7 4 9 7 FRENCH INTERBANK RATE 5 JAPANESE CD RATE 3 8 10 8 4 GERMAN INTERBANK RATE SWISS INTERBANK 6 1990 1992 1990 1992 7 CHART6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 10 10 3-MONTH OVERNIGHT 1 1 1 1990 I 1 7-DAY 6-MONTH 1-MONTH 1-YEAR » 1 i 1 ' i 1992 i i i i 1990 1992 CHART7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: P L U S H , FAVORS BORROWING IN U.S. * AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 10 OVERNIGHT 8 — 3-MONTH EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 6 — FEDERAL FUNDS 90-DAY CD'S DASHED LINE DASHED LINE 4 — J I I I I I l _ l I I I I I I L J I I I I I DIFFERENTIAL I I I I—I I I I L I I I L DIFFERENTIAL m l\f,. 9 m<\ m .ft . J I I 1990 I I I I I I I I 1992 I I I L J—J I 1990 I I I I I I I I 1992 CHART8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES TOR WEEK ENDING WEDNESDAY =tCENT PER ANNUM PERCENT PER ANN I 10 8 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 6 4 EURO-DOLLAR DEPOSITS' 2 — 0 U.S. COMMERCIAL PAPER DASHED LINE • i i I 1 i DASHED LINE i l i i i I i i 1 » 1 1 I ' ' » I ' 1 ' I » I • 2 — — DIFFERENTIAL 1 DIFFERENTIAL + 0 2 10 fvv^ I I I I I I I I I I I I I I I I I I I I I I I II 1 1 I ' l l 8 INTERBANK DM SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 6 4 EURO-DOLLAR DEPOSITS DASHED LINE 2 0 2 1 1 1 I 1 EURO-DOLLAR DEPOSITS — 1 I I I I I I I 1 DASHED LINE I DIFFERENTIAL ' I I I • 1 I ' I ' 1 1 I » I I 1 1 DIFFERENTIAL + 0 2 1 1 ' I 1990 ' ' 1 » 1 1 1 1992 I 1 » « » I I 1990 I I » I ' ' 1992 I I CHART9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PI SCENT PER ANNUM PERCENT PER ANN I 10 14 UNITED STATES UNITED KINGDOM 9 12 8 10 7 8 6 5 12 1 ' 1 I ' ' ' I ' • ' 1 i ' i 1 1 ' ' ' ' ' I 1 ' 1 I ' I I 6 12 CANADA FRANCE 11 11 10 10 9 9 8 8 7 8 7 8 SWITZERLAND JAPAN 7 7 6 6 5 5 4 10 4 10 NETHERLANDS GERMANY 9 9 8 8 7 7 6 ' • • 1990 i ' • ' i • • • 1992 i • • i I I I 1990 i I I I I I I I 1992 I I I I 6 CHART 10 STOCK INDICES WEEKLY SERIES SCALE 1986: 100 RATIOS 198< 200 180 UNITED STATES UNITED KINGDOM 160 140 120 100 190 170 ' ' i I i i i I i ' ' l ' ' i i SWITZERLAND i i I ' i i l i » ' l ' ' I ' i ' I i i i I i i i i 1 I ' ' ' I i • i » • ' I ' ' ' 1992 i ' ' JAPAN 150 130 110 90 130 I I I I I I I I I I I I I I I i ERMANY FRANCE 120 110 100 90 80 140 i ' i I » i » I ' » i I » • i CANADA i • ' I ' NETHERLANDS 130 120 110 100 90 j » • 1990 I » i » I i » » I 1992 • • » i ' ' 1990 I SERIES Chart 1. 31-Mar-93 7-Apr-93 14-Apr-93 21-Apr-93 28-Apr-93 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 2.9845 80.073 18.103 61.506 0.06248 0.85916 54.727 66.431 149.18 3.0210 79.341 18.358 62.254 0.06288 0.87781 55.366 67.310 151.71 3.0467 79.326 18.534 62.703 0.06440 0.88231 55.796 68.291 154.24 3.0283 79.480 18.442 62.308 0.06505 0.89459 55.456 68.139 153.70 3.0692 79.032 18.694 63.129 0.06738 0.90132 56.167 69.788 157.24 117 .60 79 .81 81 .58 173 .02 35 .87 224 .96 157 .11 213 .72 60 .34 119 .04 79 .08 82 .73 175 .13 36 .09 229 .84 158 .94 216 .55 61 .36 120 .05 79 .06 83 .52 176 .39 36 .97 231 .02 160 .18 219 .70 62 .38 119 .33 79 .22 83 .11 175 .28 37 .34 234 .23 159 .20 219 .21 62 .17 120 .94 78 .77 84 .24 177 .59 38 .67 236 .00 161 .24 224 .52 63 .60 111 .97 71 .55 75 .18 180 .08 31 .22 234 .63 152 .63 53 .49 207 .88 54 .64 90 .82 111 .26 71 .69 74 .76 178 .71 31 .56 238 .27 151 .63 54 .05 207 .40 54 .43 90 .82 111 .48 70 .38 74 .94 179 .05 32 .37 237 .22 151 .83 54 .69 210 .06 55 .11 89 .50 -2.28 -6.56 -4.73 -8.44 -0.02 -4.37 -1.97 -2.67 -1 .99 -5 .79 -4 .70 -7 .95 -0 .03 -4 .37 -1 .89 -2 .65 -1 .87 -5 .65 -4 .70 -7 .91 -0 .02 -4 .34 -1 .96 -2 .82 -2 .03 -5 .19 -4 .59 -7 .61 -0 .04 -4 .28 -1 .94 -2 .86 333.84 338.17 337 .48 339 .05 346 .91 3.18 3.09 4.55 10.83 7.06 3.38 7.96 5.50 5.45 3.11 3.03 4.60 10.39 8.14 3.04 7.91 5.38 5.45 2 .93 2 .95 4 .56 9 .70 8 .13 3 .11 7 .85 5 .00 5 .54 2 .91 2 .90 4 .38 9 .28 8 .10 3 .14 7 .65 5 .33 5 .68 2 .92 2 .85 4 .40 8 .80 7 .59 3 .13 7 .67 5 .05 5 .93 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 Chart 2. -1.99 -7.21 -4.75 -8.24 -0.11 -4.34 -1.90 -2.67 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 111.89 72.16 75.03 180.19 30.68 235.31 152.62 53.18 206.44 54.11 91.72 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. 111.55 73.62 74.64 179.60 30.78 232.13 152.25 52.81 205.64 53.66 92.81 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom SERIES Chart 5 . 31-Mar-93 7-Apr-93 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. 3 .12 5.37 10.30 7.83 3.29 7.45 5.01 5.90 6.94 3 .12 5 .63 9 .66 7 .87 3 .22 7 .51 5 .04 5 .81 6 .89 3.09 5.41 8.81 7.83 3.22 7.43 4.90 5.81 6.72 3.09 5.22 8.63 7.84 3.22 7.47 4.99 5.93 6.69 3..07 5..45 8..19 7,.78 3,.21 7..39 4 .93 , 5 .99 6 .63 3 .09 3 .06 3 .06 3 .11 3 .23 3 .50 3 .03 , 3 .00 3 .06 3 .11 3 .25 3 .50 2.95 3.03 3.06 3.13 3.23 3.48 2 .90 2 .98 3 .05 3 .11 3 .19 3 .44 2 .85 2 .96 , 3 .00 3 .06 3 .18 3 .36 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 14-Apr-93 21-Apr-93 28-Apr-93 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 3..09 3..18 -0..09 3. 03 3. 11 -0. 08 2, .95 2..93 0,.02 2..90 2. ,91 -0..01 2 .85 2. 92 -0.07 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 3..11 3..12 -0..01 3.,11 3.,12 -0..00 3..13 .09 3. 0..04 3..11 3..09 0..02 3. 06 3.,07 -0.,01 Euro-dollar deposit Interbank sterling (London), covered Differential 3,.11 3..19 -0,.08 .11 3. 3..10 0..01 3,.13 3,.12 0 .00 3..11 3..07 0..05 3..06 3..08 -0..02 U.S. commercial paper Canadian finance paper, covered Differential 3 .18 3 .35 -0 .17 .18 3. 3..32 -0..14 3 .16 , 3 .40 -0 .24 3,.14 3 .33 , -0..19 3 .11 3..39 -0,.28 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 3 .11 2 .99 0 .12 3..11 3,.05 0,.06 3 .13 3 .04 0 .08 3,.11 3 .05 0,.06 3,.06 3,.10 -0,.03 Euro-dollar deposit Swiss interbank, covered Differential 3 .11 3 .09 0 .03 3 .11 3 .05 0 .07 3 .13 2 .98 0 .15 3 .11 , 3 .00 0 .11 3,.06 2 .96 0 .10 7 .48 7 .28 6 .65 4 .35 4 .66 6 .67 7 .75 6 .04 7 .61 7 .15 6 .70 4 .42 4 .66 6 .71 7 .68 6 .10 7 .45 7 .01 6 .57 4 .49 4 .62 6 .54 7 .67 5 .93 7 .33 7 .02 6 .57 4 .37 4 .63 6 .52 7 .80 5 .87 7 .45 7 .06 6 .66 4 .38 4 .67 6 .58 7 .92 5 .95 119 .53 150 .20 99 .27 108 .27 119 .76 170 .44 172 .66 183 .36 120 .01 148 .65 97 .70 117 .90 119 .49 169 .09 169 .33 179 .61 120 .96 149 .02 98 .59 120 .44 120 .25 167 .60 170 .62 182 .11 121 .90 145 .30 98 .46 115 .89 120 .68 169 .37 174 .06 180 .16 123 .50 144 .95 96 .23 120 .44 118 .30 167 .28 171 .33 177 .83 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. Stock Indices (Wednesday figures) Canada France Germany Japan Netherlands Switzerland United Kingdom United States 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 FEDERAL RESERVE statistical release cms *li. Rt April 30, 1993 H.10(512 ) FOREIGN EXCHANGE RATES FOR THE MEEK ENDING APRIL 30, 1993 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 *EUR0 COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA ^IRELAND 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 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 MEMO: **UNITED STATES DOLLAR Apr. 26 (CURRENCY UNITS PER DOLLAR) Apr. 29 Apr. 28 Apr. 27 Apr. 30 0.7210 11.027 32.250 1.2585 5.7076 6.0325 1.2450 5.3550 5.3000 1.5675 213.40 7.7255 31.600 1.5553 1459.00 110.45 2.5695 1.7617 0.5463 6.6300 145.70 1.6160 3.1450 799.10 115.90 N. A. 7.1830 1.4180 25.942 25.170 1.5900 0.7170 11.110 32.460 1.2715 N. A. 6.0800 1.2374 5.3975 5.3320 1.5800 215.20 7.7275 31.650 1.5425 1474.50 111.25 2.5710 1.7750 0.5450 6.6800 146.90 1.6150 3.1500 799.20 116.25 N. A. 7.2475 1.4262 25.918 25.170 1.5775 0.7130 11.160 32.600 1.2732 N. A. 6.1050 1.2333 5.4325 5.3470 1.5848 215.70 7.7277 31.650 1.5370 1472.00 112.40 2.5710 1.7825 0.5433 6.6975 147.20 1.6160 3.1600 799.20 116.00 N. A. 7.2575 1.4330 25.900 25.220 1.5710 0.7133 11.111 32.540 1.2724 N. A. 6.0900 1.2365 5.4425 5.3350 1.5820 215.00 7.7300 31.650 1.5395 1475.25 111.75 2.5705 1.7775 0.5433 6.6905 146.84 1.6150 3.1550 799.00 116.02 N. A. 7.2975 1.4290 25.871 25.220 1.5705 0.7045 11.179 32.660 1.2702 N. A. 6.1100 1.2310 5.5675 5.3555 1.5876 215.60 7.7310 31.650 1.5325 1493.50 111.27 2.5680 1.7839 0.5410 6.7250 147.30 1.6156 3.1615 799.00 116.35 N. A. 7.3250 1.4350 25.905 25.230 1.5695 88.63 89.33 89.66 89.53 89.75 *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. HEIGHTS 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. THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 482-1986. FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.