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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts November 14, 1988 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 $24.00 per year or $.60 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $22.50 per year or $.55 each. Elsewhere, $30.00 per year or $.70 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 1973=100 RATIO SCALE MARCH 1973=100 - FOREIGN CURRENCY PRICE OF U.S. DOLLAR ITALIAN LIRA — — — — ' 40 — yv - - 35 - - 30 - - 25 1 1 1 III,I||,||| I I I I I I I I20 I I I T-l 220 200 180 — — JAPANESE Y E N / — v GERMAN MARK j — - v f l r I I I I I I I I I I Ii I i i 1 1 1 III,,lulu - 160 - 140 - 120 - 100 I I I I I I I I80 I I I — - J __ „ - DUTCH GUILDER - w — 1 UK. POUND 70 /VXA^. 1 1 1 1 - w JNT 1 1 I I I - 1 1 1 1 1 1 1 1 1n 1 I i 140 120 - i 1 1 1 - 70 - y 1 1 1 1986 50 v\/ 1 1 1988 1 1 1 1 1986 1 240 - 200 180 - 160 - 140 - 120 11111111111 1988 40 280 - 60 1 - 11111111111 11111111111 — 1 60 SWISS FRANC 80 50 - — BELGIAN FRANC 90 80 70 yv — 100 90 70 ^ - 1 80 - - j/ - 50 - - — — FRENCH FRANC — . 100 90 I I I I I I I II I1111I I I I I 60 11 I — 60 40 1 120 - •— — - 180 160 140 CANADIAN DOLLAR 90 80 ~ 50 45 100 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 8 CANADIAN DOLLAR JAPANESE YEN A I I I I I I I r^V I I I I I 4 12 U. K. POUND Ur- / \ j I I I I \ I I SWISS FRANC A.. i i - 0 i 8 GERMAN MARK DUTCH GUILDER + 0 I I I I I I I I I i ill Mill 11 4 4 FRENCH FRANC 12 1986 1988 1986 1986 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. D .LARS PER FINE OUNCE U.S. DOLLARS PER FINE I 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 i i I i i I i i I i i I i i I i i I i i I i 280 1985 1986 1987 1988 280 CHART 4 CALL MONEY RATES WEEKLY SERIES " PER ANNUM PERCENT PER At 16 12 16 U. S. FEDERAL FUNDS 12 FRANCE 8 8 4 4 I I I 0 I I I I 16 I I 0 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 0 4 0 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 8 14 ; 12 h < 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 III 2 14 8 - II I I I I 6 I 14 U.K. INTERBANK STERLING - 12 FRENCH INTERBANK RATE 12 - 10 10 \ 8 I I I I III I I 6 I I I I I 8 P*\ I 6 10 10 8 - GERMAN INTERBANK RATE NETHERLANDS INTERBANK RATE 8 - 6 6 ^ 4 2 I I I I — 2 I I 8 10 8 4 JAPANESE GENSAKI RATE SWISS INTERBANK RATE — 6 4 \/ 4 I 2 6 1986 1988 I I I I 1986 - 2 0 I 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ;NT PER ANNUM PERCENT PER AL 14 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 7-DAY 6-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 1-MONTH 1-YEAR 12 12 10 10 8 8 6 6 4 4 1986 1988 1966 1988 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: P L U S M , 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 EURO-DOLLAR DEPOSITS 90-DAY CD' S DASHED LINE 2 I L I I I IIIIIIIIIIIIIII I IIIIII I I IIII IIIII IIIIIIIIIIIIIIII 2 DEFERENTIAL DIFFERENTIAL - yAy^ 9 I I I I i i i f I 111111111111111111111 1986 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1988 I I I I I 1986 I I II I IIII I II I II IIII III I 1988 2 CHART- 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY NT PER ANNUM PERCENT PER Ah 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 0 2 I 4 I 0 DIFFERENTIAL 2 DIFFERENTIAL + 0 2 0 I I I I I _L_L I n 11111111111 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 4 8 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 4 0 0 2 2 DIFFERENTIAL DIFFERENTIAL 0 0 2 I I I I 1986 2 1966 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER AL ENT PER ANNUM 16 16 CANADA UNITED STATES 14 14 12 12 10 10 \ v \ 8 6 i 6 11 I I I 6 10 14 UNITED KINGDOM 12 10 8 6 8 V v/v I II I II - # 6 V—/Vy 4 I I I I I I T2 10 GERMANY SWITZERLAND 6 JAPAN - 6 4 6 2 4 17 16 U. S. CORPORATE MONTHLY 15 — 13 __ Aaa BONDS FRANCE 13 11 - 11 9 9 7 7 5 - I I I I I 1986 NETHERLANDS 5 MONTHLY 1111 i d u U i l i - . i l u l u l l i I 1988 1986 19M 3 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 — 400 500 400 - UNITED STATES 300 —" 200 - UNITED KINGDOM / A / I 300 — I 100 A I I I n i l Mill II M l M l . l h , I I - I I I 200 I I I 650 550 - 450 __ 350 - W\AA JAPAN / i f Y JT - 250 - i 150 500 i i I I I lllllllllll — — 400 SWITZERLAND 250 / - CANADA V I I I / \ 300 200 FRANCE - I I 198* I lllllllllll - lllllllllll 1988 200 150 I I I I I 1986 I 1988 LAST V A L U E PLOTTED . . DATE • VALUE SERIES NAMJS CHART 1. SPOT EXCHANGE BATES AND INDICES WEEKLY A V E R A G E S , NOON BUYING RATES (U.S. CENTS) GERMAN MARK J A P A N E S E YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS F R A N C BELGIAN F R A N C ITALIAN LIRA SWEDISH KRONA INDICES, M A R C H 1973 BASE RATES = 9 9 9 9 9 9 9 9 9 9 56.24 0.80122 49. 79 177.66 81.32 16.46 66.97 2.67850 0.07553 16. 18 NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 9 9 9 9 9 9 9 9 9 158.22 209.79 142. 94 71.86 81.05 74. 16 215.46 105. 55 42. 90 9 9 9 9 9 9 9 9 9 9 9 9 3. 38 16 2. 32 215.84 138.33 65. 43 75.24 67.48 208.40 100.01 37.95 67.01 9 9 9 9 9 9 9 9 -2.09 -3.28 3.77 0.60 4.65 3.33 4.33 - 2 . 69 100 GERMAN MARK J A P A N E S E YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS F R A N C BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR (G-10 COUNTRIES P L U S SWITZERLAND) U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS F R A N C BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 1973 = 100 NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. CHART 2. 3 - M O N T H F O R W A R D EXCHANGE RATES, PREMIUM OH DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS F R A N C DUTCH GUILDER JAPANESE YEN ITALIAN LIRA NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. SERIES SAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE NOV. 9 420.83 NOV. 9 NOV. 9 NOV. 9 NOV. 9 NOV. 9 NOV. 9 NOV. . 9 NOV. 9 NOV. 9 8.31 8.24 11.95 10.22 4.72 3.80 7.65 5. 19 1.63 NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 9 9 9 9 9 9 9 9 9 8. 50 4.93 4.27 10.77 12. 10 3.85 7. 88 5.28 6.99 NOV. NOV. NOV. NOV. NOV. NOV. 9 9 9 9 9 9 8.24 8.26 8.34 8.61 8.60 8. 73 CHART 4 . CALL MONEY 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 R A T E NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURO—DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL NOV. NOV. NOV. 9 9 9 8. 24 8. 31 -0.07 3-MONTH EURO-DOLLAR DEPOSIT RATS U . S . 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL NOV. NOV. NOV. 9 9 9 8. 61 8. 50 0.11 SERIES HAHE LAST VALUE PLOTTED DATE FALUE CHART 6. INTEREST ARBITRAGE, 3-MONTfl FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL NOV. NOV. NOV. 9 9 9 8.61 8. 72 -0. 10 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL NOV. NOV. NOV. 9 9 9 8. id 8.62 -0.24 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL NOV. NOV. NOV. 9 9 9 8.61 8.75 - 0 . 13 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL NOV. NOV. NOV. 9 9 9 8.61 8.54 0.07 NOV. 4 NOV. 4 NOV. 4 OCT. 28 NOVf 4 OCT. 7 SEPT. NOV. 4 8.72 5. 98 4. 28 4. 15 10.13 9.00 6.43 8. 72 CHART 9. LONG TEEM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM CORPORATE AAA BONDS 0. 9.33 MAY STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWIT4ERLA»? NETHERLANDS FRANCE JAPAN NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 9 9 9 9 9 9 9 9 290. 69 325.34 323.11 228.00 193. 66 293.66 399. 68 575. 53 FEDERAL RESERVE statistical release H.10(512) NOVEMBER 14, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING NOVEMBER 11, 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: COUNTRY MONETARY UNIT •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA "IRELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEN 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 DOIJLAR RUPEE POUND LIRA YEN RINGGIT GUILDER DOLLAR KRONE ESCUDO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND MEMO; SUNITED STATES DOLLAR NOV. 7 (CURRENCY UNITS PER DOLLAR) NOV. 8 NOV. 9 NOV. 10 83.12 12.540 37.380 1.2372 3.7314 6.8830 4.2190 6.0870 1.7840 147.100 7.8140 14.9900 149.80 1325.50 124.72 2.6860 2.0125 62.300 6.6500 147.950 1.9770 2.4550 700.50 117.600 32.992 6.1900 1.4940 28.140 25.240 177.50 83.00 12.602 37.530 1.2352 3.7314 6.9000 4.2270 6.1070 1.7895 147.200 7.8140 14.9800 149.45 1329.75 125.57 2.6860 2.0185 62.620 6.6700 148.400 1.9770 2.4520 699.60 118.050 32.992 6.1960 1.5017 28.140 25.210 177.02 84.24 12.403 36.950 1.2324 3.7314 6.8130 4.1840 6.0150 1.7610 145.400 7.8120 14.9400 151.65 1313.00 124.25 2.6830 1.9890 63.630 6.6000 146.350 1.9680 2.4410 699.70 116.420 32.992 6.1330 1.4815 28.140 25.250 179.08 84.35 12.368 36.870 1.2258 3.7314 6.7950 4.1780 6.0090 1.7575 145.200 7.8100 14.9600 151.80 1311.00 123.98 2.6780 1.9830 63.850 6.6000 146.200 1.9690 2.3975 698.20 115.980 32.992 6.1280 1.4770 28.150 25.180 179.55 93.56 93.86 92.58 92.47 NOV, 11 H 0 L I D A Y 0.25 •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
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