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(516/517) t I Selected Interest & Exchange Rates Weekly Series of Charts May 31,1988 Prepared by the FINANCIAL MARKETS SECTION DIVISION O F 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 $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 RATIO SCALE MARCH 1 9 7 3 = 1 0 0 RATIO SCALE MARCH 1 9 7 3 = 1 0 0 200 180 FOREIGN CURRENCY PRICE OF U.S. DOLLAR - 160 - — 50 45 - 40 - 35 - 30 - 25 M 1111 M i M 11111111111 20 ITALIAN LIRA - / ^ . ^ — 140 120 100 - - aA/ I 80 220 200 i i i _ GERMAN MARK ^ - /A/ 160 - 140 - 120 - 100 111111 M 111 80 f - I 80 I I i i i 11111111111 — — - y v DUTCH GUILDER - — - CANADIAN DOLLAR — - 180 - / — — v - v y - - 120 220 200 — JAPANESE Y E i y — x 140 100 I — 180 160 I w - - 180 160 - 140 — 120 — 100 - 90 - 80 - 70 I I I I I I I I60 I I I 90 80 - U.K. POUND — 70 - 60 - 50 40 — S - 90 80 — - 70 - 60 — 50 II1111IIIII 40 — J\f I I - FRENCH FRANC I 140 — 120 - I I i i i 11111111111 y VVwv^ " - 80 - 70 - - j\j 60 I I I I 1986 - 240 — 200 — 180 - 160 - 140 - 120 SWISS FRANC 90 50 280 — BELGIAN FRANC 100 pa - 111111111 n I — - 1988 I I i i 1986 i 100 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 CANADIAN DOLLAR JAPANESE YEN A/ I I I I I I s - 11111111111 I I I 4 12 U. K POUND - r-K 11111111111 I I I I - ~S\ - 11111111111 GERMAN MARK I SWISS FRANC DUTCH GUILDER l I l I 4 4 FRENCH FRANC ITALIAN LIRA 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. ( L L A R S PER FINE OUNCE U.S. D O L L A R S PER FINE OUNCE 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 T PER ANNUM PERCENT PER Ah JUM 16 12 16 U. S. FEDERAL FUNDS ~ FRANCE - 8 12 8 4 ~ 0 - JAPAN I I 4 0 I 16 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 0 0 1986 1988 1986 1988 CHART- 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER Ah :NT PER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER - U.S. CD'S 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 - 2 I I 8 6 I 16 14 12 14 U.K. INTERBANK STERLING FRENCH INTERBANK RATE 12 12 10 10 8 8 6 10 10 8 NETHERLANDS INTERBANK RATE GERMAN INTERBANK RATE - 8 6 6 4 4 2 2 10 8 8 JAPANESE GENSAKI RATE - SWISS INTERBANK RATE - 6 6 4 4 2 > 2 0 1986 1988 1986 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER Al 14 14 OVERNIGHT 3-MONTH 12 - 12 10 10 8 8 6 6 4 1 1 1 1 1 1 h I I I I I I iilnlnlii 4 14 14 7-DAY 6-MONTH 12 12 10 — 10 8 8 6 - I 4 I u l i Mi i l l i I 6 4 14 14 1-YEAR 1-MONTH 12 12 10 10 8 8 6 6 4 4 1986 1988 1986 1988 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 10 FEDERAL FUNDS 3-MONTH DASHED LINE E U R O - D O L L A R DEPOSITS OVERNIGHT 90-DAY CD* S E U R O - D O L L A R DEPOSITS DASHED LINE 11111111111111111111111 J I I 11111111111 1111111 2 2 DIFFERENTIAL DIFFERENTIAL - J\ I X/ A aA lA zx I I I I I I 111111111111111111111111 1986 1 P E R C E N T 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 1988 + 0 ^VVVvAvXaV— I I I III I II II I I 1 1I1 1 1 1 1 1 1 1 1 1986 1988 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PER :NT PER ANNUM PERCENT PER A h 16 16 12 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 8 EURO-DOLLAR DEPOSITS 4 U. S. COMMERCIAL PAPER DASHED LINE DASHED LINE I I III I I I 0 2 4 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 III I 2 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 4 DASHED LINE DASHED LINE I 0 2 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 4 I nil I I I II II 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 11 I I I I I I I I I I I 2 1986 1988 I 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 2 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Af ENT PER ANNUM 16 16 14 - UNITED STATES CANADA 14 12 12 - 10 10 8 8 I I I 6 I I II I II I II I I II I II I 6I 10 14 12 I UNITED KINGDOM — JAPAN - 8 10 6 8 4 II II I I I 6 I I 2 I 8 6 10 GERMANY SWITZERLAND 8 4 6 2 4 17 15 U. S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 5 MONTHLY 5 3 1986 1988 1986 1988 I CHART 10 INDUSTRIAL STOCK INDICES W E E K L Y SERIES RATIO S C A L E 1969=100 RATIO SCALE 1969=100 500 400 UNITED STATES UNITED KINGDOM 300 200 11 100 LI 100 650 650 550 - 450 - 350 jVv\yvv\ JAPAN / 'V 250 400 - - FRANCE - f — I I I I 150 500 - - r* — - I I J - — — SWITZERLAND — 450 - 350 — 250 - 200 V 150 300 200 150 250 — / — V* VU ^ CANADA 550 i l l ii h i l l i 11111111111 11111111111 r— - I I I I I I I,, I,, 1 1 1 1 1 1 lllllllllll 100 NETHERLANDS GERMANY - 1986 1988 1986 1988 200 SERIES NAHE LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE KATES AND INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN HARK JAPANESE TEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN -LIRA SWEDISH KRONA MAI HAY MAX MAX HAY HAY HAY HAY HAY MAY 25 25 25 25 25 25 25 25 25 25 58. 73 80262 52. 43 18b. 55 80. 47 17. 38 70. 40 2. 81516 07913 16. 88 MAY MAY MAX HAY HAY HAY HAX HAY HAY 25 25 25 25 25 25 25 25 25 16 5.21 210. 15 150. 51 75. 45 80. 20 78. 31 226. 48 110. 93 44. 95 25 25 25 25 25 25 25 25 25 25 25 90. 04 165. 17 209. 43 141. 77 66. 90 72. 13 69. 45 213. 00 102. 26 38. 69 67. 96 25 25 25 25 25 25 25 25 -1. 57 -Q. 14 3. 99 -0. 31 5. 03 3. 36 3. 36 -2. 88 0. 0. INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN HARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA HAY HAY HAY HAY HAY MAY HAY HAY HAY HAY HAY CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERHAN HARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA HAY HAY HAY HAX HAY HAY MAY HAX SERIES NAME L A S T VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE MAY 25 456.24 MAY MAY MAY MAY MAY MAY MAY MAY MAY 25 25 25 25 25 25 25 25 25 7. 14 7. 00 7. 13 8. 69 3. 15 3.24 7.34 3. 86 1.63 MAY MAY MAY MAY MAY MAY MAY MAY MAY 25 25 25 25 25 25 25 25 25 7. 26 3.51 3.80 9.08 7.58 2.25 7.72 4. 08 5.62 MAY MAY MAY MAY MAY MAY 25 25 25 25 25 25 7. 00 7. 07 7. 19 7. 44 7. 66 8. 13 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL MAY 25 MAY 25 MAI 25 7. 00 7. 14 -0.14 3-MONTH EURO—DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL MAY 25 MAY 25 MAY 25 7. 44 7. 28 0.16 CHART 4. CALL MONEI RATES U.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U. K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAI 1-MONTH 3-MO NTH 6-MONTH 1- YEAR CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES SERIES NAME LAST IA1UE PLOTTED DATE VALUE CHART 6. IMTEEEST ABBITBAGE, 3-HONTH FONDS EUBO-DOLLAB DEPOSIT INTERBANK STEALING (LONDON), COVEBED DIFFEBENIIAL MAY 25 MAY 25 MAY 25 7. 44 7. 44 0. 00 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPSB, COVEBED DIFFERENTIAL MAY 25 MAY 25 MAY 25 7. 24 7. 48 -0.24 EURO-DOLLAR DEPOSIT INTEBBANfi DM (FBANKFOBT) , COVEBED DIFFEBENTIAL MAY 25 MAY 25 MAY 25 7. 44 7. 54 -0, 10 EOBO-DOLLAB DEPOSIT SBISS INTERBANK, COVEBED DIFFEBENTIAL MAY 25 MAY 25 MAY 25 7. 44 7. 31 0. 13 . LONG TEBM GOVEBMENT BOND YIELDS UNITED STATES GEBMANY JAPAN SMITZEBLAND CANADA FBANCE NETMSBLANDS (MONTHLY) UNITED KINGDOM WEEK ENDING MAY 20 MAY 20 MAY 20 MAY 13 HAY 13 MAY 20 HABCH HAY 20 9. 14 6. 14 4. 12 4. 08 10. 53 9. 51 6. 01 8. 93 0.5. COBPOBATE AAA BONDS CHABT 10. HAY 9.33 STOCK INDICES ONITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETBEBLANDS FBANCE JAPAN BAY MAY MAY MAY MAY MAY MAY MAY 25 25 25 25 25 25 25 25 271.25 314.54 314.92 189.87 168.96 240.93 319.98 572.27 FEDERAL RESERVE statistical release H.101512) MAY 27, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MAY 27, 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: MONETARY UNIT MAY 23 •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK 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 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 78.60 11.981 35.520 1.2431 3.7314 6.4930 4.0350 5.7540 1.7015 136.420 7.8160 13.3600 156.95 1263.50 124.55 2.5845 1.9068 69.520 6.1925 139.000 2.0155 2.2215 737.80 112.490 31.010 5.9225 1.4175 28.670 25.180 186.90 78.38 11.975 35.510 1.2415 3.7314 6.4890 4.0350 5.7495 1.7025 136.300 7.8170 13.3400 157.00 1264.00 124.35 2.5850 1.9070 69.370 6.1875 138.750 2.0170 2.2195 736.90 112.470 31.010 5.9200 1.4220 28.670 25.170 186.70 MEMO: •UNITED STATES DOLLAR 90.00 89.99 COUNTRY (CURRENCY UNITS PER DOLLAR) MAY 24 MAY 25 MAY 26 MAY 27 78.90 11.995 35.520 1.2433 3.7314 6.4980 4.0375 5.7555 1.7058 136.700 7.8150 13.3900 156.90 1265.50 124.35 2.5855 1.9105 69.750 6.1975 138.900 2.0175 2.2220 735.90 112.600 31.015 5.9250 1.4250 28.670 25.160 186.30 79.73 12.012 35.610 1.2375 3.7314 6.5150 4.0500 5.7570 1.7079 136.800 7.8160 13.3900 156.50 1268.00 124.44 2.5860 1.9125 69.740 6.2075 139.400 2.0180 2.2265 736.00 112.840 31.012 5.9375 1.4240 28.670 25.170 186.25 80.50 12.088 35.820 1.2400 3.7314 6.5350 4.0575 5.7810 1.7185 137.100 7.8160 13.3900 155.90 1274.00 125.00 2.5860 1.9240 69.760 6.2240 139.600 2.0180 2.2290 736.10 113.250 31.012 5.9550 1.4365 28.670 25.170 185.55 90.11 90.15 90.59 •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. •VALUE IS U.S. CENTS
@FedFRASER