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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts May 9,1994 DIVISION O F INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS SECTION Washington, DLC. 20551 FEDERAL RESERVE SYSTEM 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 60 95 BELGIAN FRANC 70 85 i ' i l ' I ' ' I I i i i I I I I I I ' I • ' I I I I I ' » I • ' ' i ' i i i 290 270 250 230 210 190 JAPANESE YEN SWISS FRANC 170 150 i i i I ' i i I ' i i I i i i 85 75 65 U.K. POUND 55 45 • i i l ' CANADIAN DOLLAR i i I i ' ' i ' ' • i i I i i i I i 200 180 160 140 DUTCH GUILDER 120 100 • i ' I ' i GERMAN MARK i l i ' ' I ' _L_L » i i l i i ' I ' I 105 55 95 85 45 75 65 — 55 • i • l • 1 1992 35 ITALIAN LIRA FRENCH FRANC 1 I 1 1 i I i i 1994 ' i i i l i i 1992 » I i i » I i i 1994 i 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 2 PERCENT PER ANNUM 2 , U.K. POUND GERMAN MARK • I • I I I I I I I I I I I i I i i l i 1 'i l i i i I i i i JAPANESE YEN CANADIAN DOLLAR r\ . IT i i i l i i i I i i1 i 1 1 1 1 — 1 I I ' I I I I I I I I I I ' i I i i i l i i i DUTCH GUILDER SWISS FRANC 4 ' V / 6 1 8 2 + 1 1 1 1 1 1 1 1 1 1 1 1 1 ' i i I i ITALIAN LIRA FRENCH FRANC 0 2 1 — 4 6 8 10 12 1 1 1 1 1 1 1992 1 1 1 1 1 1 1 1 1994 1 1992 1994 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 420 400 12.5 Kg BARS AFTERNOON FIXING PRICE 400 380 380 360 360 340 340 320 j i 1991 i I L 1992 I i 1993 I I I I 1994 L 320 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANf )ENT PER ANNUM 8 SWITZERLAND U.S. FEDERAL FUNDS 6 4 2 JAPAN i i i l 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 9 8 GERMANY NETHERLANDS 7 6 i 5 I i i i I i i i I i i ' 16 14 FRANCE CANADA 12 10 8 6 UNITED KINGDOM 4 i i i i i 1992 i i i i i i r i 1994 i i i I i i 1992 i I i i 1994 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANNUM 12 PERCENT PER ANNUM WEIGHTED AVERAGE FOREIGN RATE 10 CANADIAN FINANCE PAPER 8 6 U.S. CD'S 4 3 2 16 13 U.K. INTERBANK STERLING 10 NETHERLANDS INTERBANK RATE 7 3 4 9 7 JAPANESE CD RATE 5 FRENCH INTERBANK RATE 3 5 10 8 6 SWISS INTERBANK GERMAN INTERBANK RATE 4 2 4 1992 1994 1992 1994 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANN ;ENT PER ANNUM 10 3-MONTH OVERNIGHT 8 6 4 2 10 • I I I I ' < I ' I < I I I i I i i I 7-DAY i i i l i i i l i i I i i i I i i L ' I 6-MONTH 8 6 4 2 10 • ' I I I • ' I • • ' L ' I I i i i l i i 1-YEAR 1-MONTH 8 i 6 4 2 I ' I I I ' 1992 I I ' I ' L I I 1994 ' ' ' ' I I I 1992 I 1994 i CHART 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), F A V O R S B O R R O W I N G IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 10 8 6 3-MONTH OVERNIGHT EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 4 90-DAY CD'S FEDERAL FUN DASHED LINE DASHED LINE 2 2 2 DIFFERENTIAL DIFFERENTIAL 1 + 0 1 1992 1994 1992 1994 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 8 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON U.S. COMMERCIAL PAPER EURO-DOLLAR DEPOSITS DASHED LINE i i i I i i i I DASHED LINE i i i I i i i i i I I I I I I l I I l l l I I I INTERBANK DM I I I I I i i I i i i 1992 ' 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 DIFFERENTIAL ^Aa/Av/M/yVV^ i I DASHED LINE DIFFERENTIAL 11 i EURO-DOLLAR DASHED LINE I i SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS' I i I COVERED FRANKFURT I I DIFFERENTIAL DIFFERENTIAL 1 i A,/WV^ma.. I i i i I i i i 1994 I I I I I I I 1992 I I 1994 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 9 11 b UNITED KINGDOM UNITED STATES 8 4 11 i i i I i i i I i i i I i i i < ' i I • i i i i ' » I • ' ' l i i i I i i i i i i 5 10 FRANCE CANADA 10 i i i I ' i i l ' i ' l i i i i i i SWITZERLAND I JAPAN 6 5 4 3 i 3 10 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 2 10 NETHERLANDS i i i l » ' 1992 GERMANY ' l ' » ' l ' ' 1994 ' i 1 1 l ' 1 1992 1 l 1 1 1 I i i i 1994 CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1986=100 RATIO SCALE 1986=100 220 — UNITED KINGDOM UNITED STATES • i i l i i i 250 225 ARAN SWITZERLAND 140 200 175 150 100 125 • ' 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 80 180 CANADA GERMANY 165 150 135 120 105 i i l i i i l i i i l i ' i — NETHERLANDS FRANCE i 90 160 145 130 115 100 I 1992 1994 I I I I 1992 I I I I I I I I 1994 I 85 6-Apr-94 Chart 1. 13-Apr-94 20-Apr-94 27-Apr-94 4-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 .8590 72 .1085 17.:241 58.!921 0 .06121 0.96576 52.471 69. 886 147 .20 2.8324 72.:339 17.1038 58.:328 0.06125 0.96064 51.!957 69.:177 147 .35 112 .66 71 .85 77 .69 165 .75 35 .14 252 .87 150 .63 224 .83 59 .54 111 .61 72 .10 76 .78 164 .08 35 .16 251 .53 149 .16 222 .55 59 .60 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 71.020 151.01 112 . 11 71 .95 77 .05 164 .79 35 .15 252 .89 149 .76 222 .24 59 .74 113 .74 72 .33 78 .05 167 .22 35 .58 253 .81 151 .81 224 .60 60 .54 115.66 72.06 79.50 169.98 36.03 257.30 154.49 228.48 61.08 107 .91 67 .01 71 .33 172 .77 30 .66 269 .53 147 .20 52 .46 217 .71 54 .04 94 .76 108 .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 -1 .73 -1 .67 -1 .22 -3 .59 1 .95 -1 .09 0 .21 -1 .01 -1.72 -1.41 -0.89 -3.53 2.16 -0.81 0.48 -0.87 2.8450 72. 194 17.'099 58.!580 0.06123 0.96586 52. 167 69. 080 147 .70 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 .94 -2 . 11 -1 .70 -4 . 11 1 .74 -1 .37 -0 . 17 -1 .44 -1 .66 -2 . 14 -1 .72 -4 .03 1 .73 -1 .37 -0 . 14 -1 .27 -1 .79 -1 .86 -1 .44 -3 . 70 1 .86 -1 .15 0 .09 -1 .06 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 107 .65 67 .31 71 .21 172 .31 30 .73 268 .53 146 .90 52 .68 218 .50 54 .03 95 .01 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. 108 .21 66 .74 71 .81 173 .50 30 .57 268 .81 147 .75 52 .33 219 .80 53 .71 94 .49 385 .95 381 .60 375 .44 372 .90 375.01 3 .69 3 .48 4 .56 6 .06 5 .77 2 .41 5 .48 4 .08 4 .75 3 .37 3 .43 5 .53 6 .06 5 .69 2 .09 5 .39 4 .15 4 .43 3 .59 3 .50 5 .67 6 .01 5 .50 2 .10 5 .27 3 .93 4 .83 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 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom -94 Chart 5. 13-Apr- 94 20-Apr- 94 27-Apr- 94 4-May-94 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 .88 5 .92 5 .98 5 .56 2 .26 .23 5. 4. ,03 .15 5. .11 5. 4 .00 6. 04 5 .91 5 .50 2 .27 ,20 5. .91 3. .10 5. .07 5. 4 .10 6. 14 5 .79 5 .35 2 .27 5 .24 3 .91 ,09 5. 5..04 4 .22 6.16 5.68 5.28 2.27 5.14 3 . 88 5.14 5.01 3.48 3.53 3.65 3.89 4 .24 4.78 3.43 3.50 3.63 3.88 4 .25 4.85 3 .50 3.58 3 . 70 4 .00 4 .39 5.04 3 .55 3 .69 3 .80 4 .13 4 .50 5 .14 3.61 3.71 3.89 4 .21 4 .59 5.23 3 . 61 3.76 -0.15 E u o r D o l l a r Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 3.95 6.01 5.99 5.65 2.24 5.25 4.06 5.28 5.16 Selected Euro-dollar & U.S. Mone} • Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 3 .48 3 .69 -0.21 3 .43 3.37 0.06 3 .50 3.59 -0.09 3 .55 3 .59 -0 .04 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 3.89 3.95 -0.06 3.88 3.88 -0.01 4 .00 4.00 -0.00 4 .13 4 .10 0 .03 4 .21 4 .22 -0.01 4 . 00 4 .03 -0.03 4 . 13 4 . 07 0 .05 . 4 .21 4.26 -0.05 Chart 8. Interest Arbitrage, 3-Month Funds 3.89 3.82 0.06 Euro-dollar deposit Interbank sterling (London), covered Differential 3.88 3.87 0 . 01 U.S. commercial paper Canadian finance paper, covered Differential 3.98 4.05 -0.06 3 .95 4.23 -0.28 4.05 4.23 -0.18 4. , 14 4 .39 -0 .25 4.24 4.41 -0.18 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 3.89 3.93 -0.04 3.88 3.82 0.06 4.00 4 .04 -0.04 4 .13 4 .12 0 .01 4.21 4.38 -0.17 Euro-dollar deposit Swiss interbank, covered Differential 3.89 3.89 -0.01 3.88 3.88 -0.01 4 . 00 4.00 -0.00 4 .13 4 .12 0 . 00 4.21 4.36 -0.15 8.00 6.49 6.26 4.09 4.45 6.36 7.51 6.90 8.22 6.73 6.46 4.03 4 .56 6.61 7.70 7.05 8 .04 6 .84 6 .61 4 .03 4 .79 6 .70 7 .76 6 . 89 Chart 9, J l U l i y i C J U lU W V C J i J U U C l i L . I - J - Dnd Yields ~ 10-year maturity, where available Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart 10. 8.20 6.45 6.33 3.94 4.49 6.37 7.50 6.96 8.24 6.85 6.58 3.97 4 . 73 6.64 7.95 7.09 Stock Indices (Wednesday figures) 142.89 136.83 141.59 143 .74 Canada 168.85 165.91 170.49 169.53 France 127.68 124.80 125.22 123.93 Germany 121.10 122.00 122 41 121.02 Japan 154.20 152.47 154 15 149.54 Netherlands 233.12 235.14 237 68 234 .86 Switzerland 194.72 191.07 192 69 191.86 United Kingdom 184.08 179.86 181 92 182.80 U U A U C U States United 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 142.24 168.33 127.95 120.49 150.36 228.64 191.15 184.33 to SBF250 FEDERAL RESERVE statistical release Hay 9, 1994 H.10(512) FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MAY 6, 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 MONETARY UNIT "AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK "EURO COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA •IRELAND ITALY JAPAN MALAYSIA MEXICO 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 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 MEMO: »*UNITED STATES DOLLAR May. 2 (CURRENCY UNITS PER D O L L A R ) May. 5 May. 3 May. 4 May. 6 0.7115 11.569 33.910 1.3630 6.7097 6.4530 1.1722 5.3390 5.6395 1.6473 241.55 7.7253 31.380 1.4836 1567.25 101.79 2.6780 3.2700 1.8496 0.5767 7.1380 169.57 1.5540 3.5250 810.70 134.660 48.750 7.6020 1.4000 26.420 25.190 1.5187 0.7060 11.541 33.770 1.3640 6.6984 6.4240 1.1748 5.3350 5.6220 1.6405 241.50 7.7253 31.370 1.4775 1583.50 101.20 2.6738 3.3100 1.6426 0.5755 7.1165 169.20 1.5539 3.5500 811.10 134.380 48.770 7.5965 1.3995 26.460 25.180 1.5130 0.7117 11.671 34.160 1.3663 6.6936 6.4940 1.1608 5.4045 5.6806 1.6590 244.50 7.7265 31.370 1.4572 1606.50 102.00 2.6785 3.3120 1.8632 0.5765 7.2010 170.78 1.5560 3.6045 810.30 136.680 48.800 7.6940 1.4105 26.460 25.210 1.4995 0.7146 11.723 34.330 1.3647 8.6882 6.5245 1.1556 5.4225 5.7120 1.6666 245.30 7.7264 31.370 1.4535 1607.50 102.70 2.6550 N.A. 1.8719 0.5776 7.2365 171.72 1.5580 3.6250 810.30 137.350 48.800 7.7190 1.4166 26.530 25.230 1.4980 0.7155 11.694 34.250 1.3836 8.6664 6.5120 1.1582 5.4165 5.7020 1.6630 244.65 7.7267 31.380 1.4530 1596.25 102.72 2.6420 3.3200 1.8674 0.5765 7.2125 170.79 1.5555 3.5780 609.20 136.990 48.850 7.6915 1.4147 26.550 25.200 1.4935 92.08 91.86 92.76 93.10 92.96 "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 AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 462-1966. 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.
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