Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : May 6, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

May 6,1991

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 collect
ible 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

140
130
120
110

RATIO SCALE
MARCH 1973=100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

__

BELGIAN FRANC

y*/

V v

A

—

100

140
130
120
110
100

90

90

80

80
i

70
280
260 —
240
220

i

i

I

i

'

'

l

'

i

i

I

i

i

i

•

i

i

SWISS FRANC

i

i

'

i

i

'

'

i

i

i

i

i

JAPANESE YEN

70
280
260
240
220

200

200

180

180

160

160

140

140
•

120
100

i

i

90

I

'

•

•

I

•

•

i

I

i

i

i

•

i

i

i

i

'

i

I

'

i

i

i

' J

I

CANADIAN DOLLAR

U.K. POUND

120
100
90

80

80

70

70

60

60

50
200

'

I

'

180

I

'

I

'

I

'

I

I

I

I

I

I

•

I

I

I

I

I

I

I

'

'

I

I

I

I

I

GERMAN MARK

DUTCH GUILDER

180

160

160

140

140

120
100
120
110

120
'

'

1

I

1

1

1

1

I

1

1

i

I

I

I

i

'

'

I

'

'

'

l

'

'

'

I

'

'

ITALIAN LIRA

100
90 —

100
60
55
50

FRENCH FRANC

45

80

40

70

35

60
50

50
200

30
'

i

'




I

'

i i
1989

l

i

i

i

l

i

i
1991

i

i

i

i

I

i

i '
1989

I

i

i

i

l

'

i i
1991

25

CHART 2

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

PERCENT PER ANNUM

4
CANADIAN DOLLAR

1

1

1

I

1

1

1 1

1

1

1

1 1

1

1

I

GERMAN MARK

1

1

1

1

1

4

U.K. POUND

I

I

I

1

I

1

1

1

1 1

1

1

1

1

JAPANESE YEN

1

1

1

1

X

1

1

1

V

X

1

1

1

1

SWISS FRANC

1

1

1

1

1 1

1

1 1

1

1

1

1

1

i

DUTCH GUILDER

—

"XV"

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

i

FRENCH FRANC

12

1

1

1




1

1

1 1
1989

i

i

1

i

i

i

i

i i
1989

1

i

i

i

1

i

i

I

i

i

i

I

i

' i
1991

ITALIAN LIRA

1

1

1 I

I

I

I I
1991

'

i

i

I

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
OLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE O
520

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

1988




1989

1990

1991

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

•

'

•

l

•

•

•

I

•

'

I

I

I

I

I

I

I

1

»

1

1

I

»

I

0
16

12

12

GERMANY




CANADA

i

i

UNITED KINGDOM

i

I

i

i

i

l

i

i

i

l

i

i

i

0
16

SWITZERLAND
12

NETHERLANDS

1989

•
1991

i

I

'

' i
1989

I

'

i

i

I

'

i
1991

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
)ENT PER ANNUM

PERCENT PER AN

12

10
U.S. CD'S

10

8

8

6
SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

6

4

4

2
16

2
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

0
16

14

14

12

12
U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

10

10

8
6

8
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

10

6
12

GERMAN INTERBANK RATE

8

10

6

8
FRENCH INTERBANK RATE

4
2

6
I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

l

l

l

I

I

l

l

I

l

l

l

I

l

l

l

10

10

8 —

JAPANESE CD RATE

8

6

6
NETHERLANDS INTERBANK RATE

4
2

4

•

i

I




i

i i
1989

I

i

i

i

I

i

i i
1991

I

I

I

I

I

I I
1989

I

I

I

I

4
I

I

I I
1991

2

CHART 6

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

PERCENT PER AN

14

14

OVERNIGHT

12

3-MONTH

12

10

10

8

8

6

6

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

6-MONTH

12

10

10

8

8

X

6

4
14

4
14

i

i

i

I

l

' •

i

l

i

6
i

'

I

I

I

I

1-MONTH

12

I

I

I

I

I

I

I

I

I

I

I

1-YEAR

4
14

12

10

10

8

8

6

6

4

I

I

I

I




I

I I
1989

I

I

I

I

I

I

I I
1991

I

I

I

I

I

I I
1989

I

I

I

I

I

I

I I
1991

4

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
)ENT PER ANNUM

PERCENT PER ANNl

14

12

OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS
10

8
FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

6

DASHED LINE

4

J

2
2

I

I

l

L

l

I

I

I

I

DIFFERENTIAL

_

1

+

.

0

1

i

i

i




.

.

1

i

I

I

I

J

I

I

L

I
I
1989

I

I

I

J

l__L

J

I
L
1991

DIFFERENTIAL

1
i
1989

i

1

i

i

i

1

1

1
1
1991

J

1

I

I

I

I

CHART 8

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

PERCENT PER ANNl

16

16

INTERBANK STERLING

12

CANADIAN FINANCE
CO. PAPER, COVERED

—

COVERED LONDON

12

8

8
EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

DASHED LINE

4

4

I

0
2

I

I

I

I

I

I

I

I

I

I

DIFFERENTIAL

I

I

I

I

I

I

I

I

I

I

I

I

I

0
2

DIFFERENTIAL

+

+

0

2
16

0

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

16

INTERBANK DM

12

_

COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

_

8
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

4

4

i

i

i

I

i

'

i

I

i

i

i

I

i

i

i

•

i

DIFFERENTIAL

i

I

i

'

i

I

i

i

i

I

i

i

0
2

DIFFERENTIAL

+

+

0

2

12

8

DASHED LINE

0
2

2

0

'

I

I




'

I I
1989

I

I

I

I

I

I

I
1991

I

I

I

I

I

I I
1989

I

I

I

I

I

I

I I
1991

2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
=tCENT PER ANNUM

PERCENT PER ANNlUM

14

UNITED STATES

CANADA
12

10

10

8

8
'

6
14

'

i

I

i

i

'

I

'

i

'

I

i

i

i

'

UNITED KINGDOM

'

'

l

•

•

•

'

'

•

•

'

•

•

6
14

FRANCE

12

12

10

10

8

6
10

8
'

i

i

I

i

'

i

l

'

' '

I

i

i

i

SWITZERLAND

'

i

I

i

i

i

I

•

'

'

i

'

•

•

JAPAN

6
10

8

8

6

6

4

4

2

i

i

i

I

i

i

i

l

i

'

i

I

'

'

i

'

i

'

l

'

•

•

i

'

•

i

i

i

i

i

10
NETHERLANDS

2
10

GERMANY

8

8

6

6

4

4

2

1

1

1

I




1

1

1989

1

i

1

•

•

I

i

i '
1991

•

'

'

I

'

' •
1989

I

'

'

i

I

i

i i
1991

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200
175

— UNITED STATES

200

— NETHERLANDS

150
125

100
75

•

50
400
350

i

i

I

i

'

'

I

i

'

i

I

i

i

i

— JAPAN

— GERMANY

300
250

200
150

100
200
175

I

I

I

I

I

'

I

I

I

'

I

I

I

I

I

— SWITZERLAND

— FRANCE

150
125

100
75

50

I

I

I

I

I

I

I

I

'

I

I

I

'

'

200
175

— CANADA

UNITED KINGDOM

150
125

100
75

50

I

I

I

I




I

I
1989

I

I

I

I

I

I

I

I
1991

I
1989

1991

SERIES
3-Api 91
Chart 1.

10-Ap;—91 17-Apr-91 24-Apr-91 l-May-91

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

2.8802
86.378
17.487
59.291
0.07963
0.71672
52.606
69.653
175.82

2.8998
86.679
17.628
59.653
0.08034
0.73362
52.927
70.534
177.93

2.9050
86.955
17.682
59.744
0.08057
0.73756
53.024
70.364
178.53

2.7999
86.531
17.069
57.568
0.07793
0.72381
51.098
68.267
171.72

2.7983
86.771
17.031
57.508
0.07785
0.72691
51.047
68.283
170.10

113 .49
86 .09
78 .80
166 .79
45 .71
187,.66
151. 02
224. 08
71. 11

114 .27
86 .39
79 .44
167 .81
46 .11
192,.09
151 .
.94
226 ,92
71 ,96

114 .47
86 .67
79 .68
168 .06
46 .
.25
193,.12
152. 22
226 .37
72. 21

110 .33
86 .24
76 .92
161 .94
44 .74
189 .52
146 .69
219 .62
69 .45

110 .27
86 .48
76 .75
161 .78
44 .69
190 ,33
146 ,
.55
219..68
68. 80

105 .74
78 .42
70 .81
168 .60
39 .45
190 .53
143 .50
66 .67
212 .90
63 .73
90 .05

104 .32
80 .07
69 .93
165 .98
39 .06
191 .66
141 .52
66 .50
211 .56
62 .70
92 .86

104 .35
80 .37
69 .82
165 .94
39 .05
192 .76
141 .50
66 .51
211 .78
62 .10
92 .95

-3 .34
-3 .16
-2 .96
-5 .31
-1 .67
-3 .03
-2 .28
-5 .65

-3 .33
-3 .13
-3 .01
-5 .37
-1 .78
,
-3 .07
-2 .34
-5..60

-3 .29
-3 .02
-2 .93
-5 .30
-1 .73
-2 .98
-2 .25
-5 .36

-3 .05
-3 .26
-3 .11
-5,.39
-1..86
-3 .13
-2 .53
-5 .46

357.45

361 .05

361 .13

356 .60

354. 37

6.00
6.49
9.34
9.33
8.80
8.21
9.22
7.88
12.50

5. 90
6 .03
9. 85
9. 16
8. 81
8. 19
8. 88
7. 88
12. 30

5. 69
5. 98
9. 75
9. 01
8. 77
8. 10
8. 71
7. 88
11. 81

5. 92
5. 98
9. 38
9. 29
8. 80
8. 16
8. 64
7. 88
11. 64

5. 92
5. 94
9. 35
9. 48
8. 88
8. 16
8. 85
7 .88
11. 78

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.

-3.27
-3.09
-2.97
-5.08
-1.41
-3.06
-2.31
-5.80

Gold Price in London, Afternoon Fixing
ixing

U.S. dollars per fine ounce
Chart 4.

105 .78
78 .33
70 .73
168 .72
39 .42
189 .84
143 .54
66 .64
213 .89
63 .65
90 .29

3-Month Forward Exchange Rates, Premi
'remium or Discount

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

105.88
78.69
70.71
169.04
39.37
186.54
143.79
66.59
212.82
63.35
91.18

Call Money Rates

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




SERIES
3-Api 91
Chart 5.

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
CG-10 Countries)
Chart 6.

91 17-Api—91 24-Apr-91 l-May-91

6.23
9.89
9.32
9.15
7.86
9.18
8.42
12.38
9.72

6 .07
9.81
9.29
9.11
7.92
9.10
8.20
12.06
9.66

5.95
9.64
9.13
9.05
7.98
9.08
8.28
11.88
9.59

6.09
9.60
9.18
9.07
7.99
9.09
8.20
11.73
9.58

6.49
6.23
6.21
6.25
6 .39
6 .86

6.03
6.05
6.08
6.13
6.26
6.69

5.98
5.91
5.91
6.01
6.19
6.63

5 .98
6 .04
6 .04
6 .13
6 .30
6 .74

5 .94
5 .94
5 .94
6 .04
6 . 18
6 .61

5 98
9. 43
9. 20
9. 08
7. 99
9. 11
8.31

11.66

9.58

Euro-Dollar Deposit Rates

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

10-Api

3-Month Interest Rates

Selected Euro-dollar & U. 1

Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

6.49
6.00
0.48

6.03
5.90
0.13

5.98
5.69
0.29

5 .98
5 .92
0 .06

5 .94
5 .92
0 . 02

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Di fferential

6.25
6 .23
0.02

6.13
6.07
0.06

6.01
5.95
0.06

6..13
6.,09
0. 04

6 .04
5 .98
0 .06

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

6.25
6.40
-0.15

6.13
6.24
-0.12

6.01
6.11
-0.10

6. 13
6. 21
- 0 . 09

6 .04
.
6 ,04
.
- 0 . ,00

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

6.25
6 .54
-0.28

6.07
6.39
-0.32

5.97
6.23
-0.26

6. 09
6. 23
- 0 . 14

6 .02
6 .31
-0. 29

Euro-dollar ^dey»osit
Interbank DM (Frankfurt), covered
Differential

6.25
6.11
0.14

6.13
6.Q8
0.04

6.01
5.97
0.04

6. 13
6. 07
0. 05

6 .04
5. 89
0. 15

Euro-dollar deposit
Swiss interbank, covered
Differential

6.25
6.06
0.19

6.13
5.87
0.25

6.01
5.88
0.13

6. 13
5. 90
0. 22

6 .04
5. 73
0. 30

9.55
9.07
8.49
6.61
6.13
8.72
10.11
8.05

9.46
8.92
8.35
6.61
6.05
8.57
10.07
8.02

9.48
8.83
8.33
6.65
6.00
8.52
10.13
7.99

9. 65
8. 85
8. 41
6. 65
6. 00
8. 58
10. 22
8. 09

9 .56
8 .88
8 .41
6 .66
6 .05
8 .60
10 .22
8 .05

117 .19
134 .94
100 .13
151 .80
107 .40
130 .53
156 .27
152 .47

116 .44
134 .86
99 .76
150 .10
105 .94
128 .76
154 .56
150 .28

118 .17
133 .80
102 .68
153 .41
108 .92
128 .98
155 .28
156 .74

116 .74
132 .02
101 .61
149 .27
108 .54
130 .20
151 .48
153 .77

116 .07
132 .11
101 .89
151 .11
108 .92
128 .95
152 .26
152 .93

Chart 8.

"hart 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
L,hart 10.

Stock Indices (Wednesday figures)

Ca na da
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




•-OfCOy/'.

FEDERAL RESERVE statistical release
PlV- .•
H.10(512)

May 6, 1991

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

MAY 3, 1991

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:
(CURREN CY UNITS PER DOLLAR)
Apr. 30
May. 1
May. 2

MONETARY
UNIT

Apr. 29

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
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

0.7792
12.425
36.330
1.1534
5.3036
6.7450
1.1647
4.0950
5.9650
1.7690
191.45
7.7960
20.240
1.5150
1304.50
137.70
2.7645
1.9927
0.5847
6.8660
152.15
1.7845
2.8025
727.50
108.83
40.968
6.2720
1.4840
27.381
25.710
1.6765

0.7814
12.080
35.290
1.1520
N. A.
6.5660
1.1975
4.0100
5.8130
1.7185
186.05
7.7955
20.180
1.5570
1271.00
136.38
2.7600
1.9358
0.5877
6.7000
147.85
1.7690
2.7675
728.00
105.83
40.938
6.1480
1.4490
27.360
25.670
1.7225

0.7788
12.000
35.080
1.1520
5.3007
6.5275
1.2050
3.9910
5.7700
1.7060
184.95
7.7940
20.200
1.5665
1262.00
137.60
2.7440
1.9220
0.5880
6.6565
146.95
1.7580
2.7660
727.30
105.42
40.938
6.1280
1.4450
27.285
N. A.
1.7265

0.7780
12.135
35.460
1.1497
5.3007
6.5900
1.1935
4.0070
5.8325
1.7242
186.95
7.7940
20.210
1.5523
1276.00
138.10
2.7515
1.9434
0.5853
6.7130
147.95
1.7660
2.7800
727.30
106.51
40.918
6.1580
1.4590
27.310
25.630
1.7170

0.7764
12.315
35.840
1.1515
5.3007
6.7100
1.1772
4.0625
5.9075
1.7480
190.65
7.7940
20.210
1.5280
1295.50
138.55
2.7560
1.9697
0.5848
6.8220
150.85
1.7755
2.8450
726.40
108.28
40.918
6.2290
1.4760
27.300
25.640
1.6950

MEMO:
^UNITED STATES

DOLLAR

94.10

92.02

91.71

92.42

93.41

COUNTRY

May. 3

•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.
THIS RELEASE IS NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.