Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : May 31, 1994

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

May 31,1994
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION OF
INTERNATIONAL FINANCE
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DuC. 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

RATIO SCALE
MARCH 1973=100

120
110
100

145
135

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

125
115

90

105

80

95

BELGIAN FRANC

70

60

85

J

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•

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75

280

290

260

270

240

250

220

230

200

210

SWISS FRANC

i

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180

JAPANESE YEN

190

160

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140
100
90

80
70

U.K. POUND

55

45

•

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60

CANADIAN DOLLAR

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50

200

250

180

230
210

160

190
140
120
100

170

DUTCH GUILDER

•

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l

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GERMAN MARK

i

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'

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l

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150

I

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130
65

105
55

95

45

85
75

35
65 —

55

ITALIAN LIRA

FRENCH FRANC

i

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l

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1992

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1994

'

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1992

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1994

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25

CHART 2

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

PERCENT PER ANNUM

2

2

(

U.K. POUND

GERMAN MARK

4 —

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+

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JAPANESE YEN

CANADIAN DOLLAR

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SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

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2
4

6

10

8
14

10
12

•

•




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1992

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1994

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1992

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1994

I

18

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 OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400 —

400

380

380

360

360

340 —

340

320

320




1991

1992

1993

1994

CHART4

CALL MONEY RATES
WEEKLY SERIES
DENT PER ANNUM

PERCENT PER AN

8
SWITZERLAND
U.S. FEDERAL FUNDS

6

4

2
10

JAPAN

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9

8

GERMANY
NETHERLANDS

7

6

5

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16

14

FRANCE

CANADA

12

10

8

6
UNITED KINGDOM
4




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1992

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1994

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1992

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1994

i

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
13

PERCENT PER ANNUM
12
WEIGHTED AVERAGE
FOREIGN RATE

10

11
CANADIAN FINANCE PAPER

4 —

•

•

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•

•

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•

•

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•
11

U.K. INTERBANK STERLING

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' • ' I ' l l

11

JAPANESE CD RATE

FRENCH INTERBANK RATE

'

—

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SWISS INTERBANK




GERMAN INTERBANK RATE

1992

1994

1992

1994

CHART 6

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

PERCENT PER ANNUM

10

10




3-MONTH

OVERNIGHT

7-DAY

6-MONTH

1-YEAR

1-MONTH

1992

1994

1992

1994

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS B O R R O W I N G IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM
10

10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

90-DAY CD'S

FEDERAL FUN

DASHED LINE

DASHED LINE

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1992

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I — I — I — L

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1994

DIFFERENTIAL

DIFFERENTIAL

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1994

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'

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1992

'

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I

CHARTS

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

ENT PER ANNUM

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

6

4

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

2
1

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DIFFERENTIAL

DIFFERENTIAL
+

0

1
8

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SWISS INTERBANK (SF) COVERED

INTERBANK DM

COVERED FRANKFURT

6

—

4

EURO-DOLLAR DEPC

EURO-DOLLAR DEPOSITS'

DASHED LINE

DASHED LINE

I

2

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DIFFERENTIAL

DIFFERENTIAL
+

0

1

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1

1992

1

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1

1

1

1

1

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1994

I

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1 I

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1992

I

1994

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
9 |

PERCENT PER ANNUM

11

UNITED STATES

UNITED KINGDOM

8

4
11

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5
10

FRANCE

CANADA
10

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SWITZERLAND

4
7

JAPAN
6
5

4

3
3
10

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NETHERLANDS

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GERMANY

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1992

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1994

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1992

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2
10

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SC
1986

SCALE
1986= DO

220
200

— UNITED KINGDOM

UNITED STATES

180
160
140

120
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250
225

JAPAN

SWITZERLAND

200
175
150

125

100
160

•

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CANADA

GERMANY
140

120

100

80
210
195

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— NETHERLANDS

FRANCE

180
165
150
135

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1992

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1994

27-Apr-94 4-May-94
Chart 1.

ll-May-94 18-May-94 25-May-94

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

2.8864
72.571
17.321
59.445
0.06199
0.96937
52.881
69.814
149.67

2.9351
72.300
17.643
60.426
0.06276
0.98269
53.813
71.020
151.01

2.9158
72.417
17.517
60.049
0.06257
0.96803
53.476
70.405
149.41

2.9135
72.551
17.504
59.992
0.06259
0.95815
53.401
70.406
150.31

2.9454
72.562
17.720
60.637
0.06291
0.95795
54.040
71.041
150.77

113.74
72.33
78.05
167.22
35.58
253.81
151.81
224 .60
60.54

115 .6 6
72 .06
79 .50
169 .98
36 .03
257 .30
154 .49
228. 48
61. 08

114 .90
72 .18
78 .94
168 .92
35 .91
253 .46
153 .52
226 .,50
60.,43

114 .80
72 .31
78 .88
168. 76
35 .92
250. 88
153 .30
226 .50
60. 80

116 .06
72 .32
79 .85
170. 58
36. 11
250. 82
155. 14
228. 55
60. 98

.14
109 .
66..24
.16
72 .
.05
175 .
.91
30 .
266,.05
148 .
.93
.10
53 .
.86
218 .
.90
53 .
. 11
93 ,

109 .,14
66.,43
72 ..16
175..02
30..95
.27
263 .
148 .
.85
52 .
.96
219 .
.06
.31
54 .
.21
93 .

109 .,78
66.,06
72 .,72
176.,14
30 ..94
261..63
149 .
.89
.89
52 .
219 .
.88
54 .
.18
.57
92 .

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

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.

3-Month Forward Exchs

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

Gold Price in London,

U.S. dollars per fine ounce
Chart 4.

108.55
66.75
71.66
173.99
30.77
267.98
147.96
52.45
218.10
54.31
93.71

109 .24
65 .72
72 .27
175. 15
30 .82
268. 85
149 .02
53 .23
219 .54
54 .20
92 .43

Rates, Premium or Discount
-1.73
-1.67
-1.22
-3 .59
1.95
-1.09
0.21
-1.01

-1..72
-1..41
-0..89
- 3 .53
.
.16
2.
-0 .81
.
0 .48
.
-0 .87
.

-1 .68
-0 .91
-0 .41
-3 . 07
2 .52
-0 .38
0 .80
-0 .48

-1,.52
-0 .83
,
-0 .41
-2 .93
,
2 .61
,
-0 .33
0 . 71
-0 .47

-1..49
-1,.08
-0,.64
-3 .03
2 .47
,
-0 .56
0 .42
-0 .60

:ernoon Fixing
372.90

.01
375 ,

377 .91

380 .47

385 .64

3.59
3.55
5.56
5.94
5.32
2.11
5.25
3.78
5.05

3 .76
3 .61
5 .65
5 .85
5 .56
2 .15
5 .24
3 .83
4 .72

3 .70
3 .75
5 .63
5 .78
5 .40
2 .06
5 .23
4 .10
4 .85

4 .02
3 .80
5 .70
5 .67
5 .32
2 .02
5 .09
4 .08
4 .50

4 .23
4 .09
5 .71
5 .59
5 .19
1 .86
5 .13
4 .13
4 .78

Call Money Rates

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




27-Apr- 94 4--May- 94
Chart 5.

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.

4 .10
6 .14
5 .79
5 .35
2 .27
5 .24
3 .91
5 .09
5 .04

4 „22
6 .16
5 .68
5 .28
2 .27
5 .14
3 .88
5 .14
5 .01

4 .61
6 .48
5 .59
5 .08
2 .24
5 .04
3 .88
5 .19
4 .94

3 .55
3 .69
3 .80
4 .13
4.
,50
, 14
5.

3 .61
3 .71
3 .89
4 .21
4 .59
,23
5.

3
3
4
4
4
5

4 .61
6 .57
5 .43
4 .99
2 .17
4 .95
3 .88
5 .11
4 .83

4 .48
6 .25
5 .46
5. 04
2 .13
5 .04
3 .95
5 .09
4 .83

Euro-Dollar Deposit Rates

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

11-May- 94 18 -May- 94 25 -May- 94

.75
,91
.
.
,20
.
.60
.
.98
.60
.

3
4
4
4
5
5

,80
.
.
,01
.28
.
,63
, 05
.
.
,63

4.
.09
4 . 11
4.
.20
4.
.48
4 .80
.
5.
.34

Selected Euro-dollar & U.S. Money Market Rates
.55
3.
3.
.59
.04
-0 .

3 . 61
3 . 76
, 15
-0 .

, 75
3.
3 . 70
0 .05
.

3 . 80
4.
.02
-0 .22
.

4 .09
,
4 .23
,
-0 . 14

4.
.13
.10
4.
0 .03
.

.21
4.
4.
.22
-0 .01
.

4.
.60
4 . 61
-0 . 01

4.
.63
4.
.61
0 .02
.

4 .48
,
4 .48
,
-0 . 00

4.
, 13
,
4 .07
0 .05
.

4 .21
.
4 .26
.
-0 .05
.

4 .60
.
4.
, 70
-0 .10
,

4 .63
,
4.
, 63
-0,.01

4 .48
4 .49
-0 .01

4.
, 14
4 .39
,
-0,.25

4 .24
,
4 .41
.
- 0.18
,

4 .65
,
4 .77
-0 .13

4 .68
5 .03
-0,.35

4 .54
4 .73
-0 .19

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

4 .13
4 . 12
0 .01

4 .21
4 .38
-0 . 17

4 .60
4 .66
-0 .06

4 .63
4 .57
0 .05

4 .48
4 .39
0 .08

Euro-dollar deposit
Swiss interbank, covered
Differential

4 .13
4 .12
0 .00

4 .21
4 .36
-0 .15

4 .60
4 .68
-0 .08

4 .63
4 .59
0 .03

4 .48
4 .38
0 .09

8 .40
6 .84
6 .54
3 .90
4 .71
6 .60
8 .08
7 . 19

8 .35
6 .83
6 .59
3 .81
4 .75
6 .68
7 .93
7 .10

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
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

Long Term Government Bellwether Bond Yields
10-year maturity, where available
8 .04
6 .84
6 .61
4 .03
4 .79
6 .70
7 .76
6 .89

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

Stock Indices

8 .24
6 .85
6 .58
3 .97
4 .73
6 .64
7 .95
7 .09

8 .52
7 .04
6 . 70
4 .01
4 .77
6 .79
8 .21
7 .34

(Wednesday figures)

142 .
,56
138 ,
142 . 24
.90
142 .
.89
Canada
171 ,
. 70
169 ,
.38
168 .
.33
168 .
.85
France
127 ,
128 .61
127 .
.95
.03
127..68
Germany
.61
123 ,
.49
123 .
120 .
.64
.10
121 .
Japan
.74
151 .98
152 .
150 ,
.36
154 .
.20
Netherlands
227 .00
221 . 17
228 .64
233 .12
Switzerland
191 .21
193 .32
191 .15
. 72
194 ,
United Kingdom
179 .75
184 .32
184 ,
.33
184 ,
.08
United States
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



142 ,
.06
164 .
.08
123,.33
125 ,
.39
147 ,
.81
222 .73
186 .11
185 .30
to SBF250

FEDERAL RESERVE statistical release
H.10(512)

May 27, 1994

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

MAY 27, 1994

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
XAUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM
MEMO:
**UNITED STATES

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

May. 23

(CURRENCY UNITS PER DOLLAR)
May. 26
May. 25
May. 24

May. 27

0.7340
11.573
33.870
1.3790
8.6804
6.4360
1.1670
5.3940
5.6290
1.6455
244.75
7.7255
31.373
1.4870
1592.10
104.33
2.5927
3.3000
1.8467
0.5885
7.1200
170.16
1.5384
3.6580
809.70
135.670
49.180
7.6800
1.4070
26.860
25.170
1.5055

0.7352
11.628
34.050
1.3786
8.6802
6.4755
1.1658
5.4350
5.6580
1.6535
244.78
7.7253
31.375
1.4740
1594.49
104.90
2.5982
3.2860
1.8548
0.5877
7.1565
170.99
1.5375
3.6700
809.30
136.110
49.150
7.7445
1.4140
26.980
25.185
1.5058

0.7345
11.570
33.870
1.3825
8.6802
6.4435
1.1706
5.4340
5.6270
1.6450
243.69
7.7255
31.373
1.4830
1593.00
104.50
2.5955
3.3000
1.8456
0.5882
7.1255
170.36
1.5360
3.6710
809.40
135.710
49.150
7.7835
1.4017
27.040
25.180
1.5095

0.7323
11.560
33.850
1.3865
8.6800
6.4390
1.1713
5.4305
5.6180
1.6435
246.26
7.7257
31.373
1.4840
1596.00
104.45
2.5855
3.3150
1.8440
0.5877
7.1190
170.94
1.5343
3.6550
809.70
135.670
49.180
7.7460
1.4038
27.090
25.200
1.5108

0.7327
11.564
33.860
1.3864
8.6798
6.4405
1.1704
5.4130
5.6185
1.6440
246.66
7.7265
31.375
1.4800
1590.50
104.30
2.5895
3.3150
1.8439
0.5877
7.1225
170.99
1.5355
3.6475
809.80
135.660
49.200
7.7180
1.4025
27.080
25.210
1.5095

92.48

92.82

92.52

92.48

92.44

XVALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER 6-10
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.
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.