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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.