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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts November 23,1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND 8. INTEREST ARBITRAGE: 3-MONTH 9. LONG-TERM GOVERNMENT 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 Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. Chart 1 Spot Exchange Indices Ratio scale March 1973=100 Dollar prices of foreign currencies and weighted average values (dashed line) (Average for week ending Wednesday) Ratio scale March 1973=100 130 110 90 75 55 35 15 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) (Averages for week ending Wednesday) Percent per annum Percent per annum 1 0 -1 -2 -3 8 6 4 2 0 4 2 0 -2 -4 2 0 -2 -4 -6 Chart 3 Price of Gold in London (Averages for week ending Wednesday) u.s. dollars per fine ounce U.S. dollars per fine 420 420 12.5 Kg Bars Afternoon fixing price 400 400 380 380 360 360 340 340 320 320 300 300 280 280 260 ________I____________ I____________ I____________ I____________I_______ 1993 1994 1995 1996 1997 1998 260 Chart 4 Call Money Rates (Weekly series) Percent per annum Percent per annum 5 4 3 - 5 - 4 H 5 4 3 2 Chart 5 3-Month Interest Rates (Weekly series) Percent per annum Percent per annum 1995 1996 1997 1998 Chart 6 Euro-Dollar Deposit Rates, London (Averages for week ending Wednesday) Percent per annum C hart 7 Selected Euro-Dollar and U.S. Money Market Rates Percent Per Annum Differential: Plus(+), Favors Borrowing In U.S. (Averages for week ending Wednesday) Percent Per Annum Differential 1995 ____I____________ I____________ I____ 1996 1997 1998 Chart 8 Interest Arbitrage: 3-Month Funds Differential: plus(+), indicates favor dollar assets (Average for week ending Wednesday) Percent per annum Percent per annum -1 Differential Differential VvVy *nv\/ ± 1995 _L ± 1996 1997 1998 1995 1996 l 1997 1998 -1 Chart 9 Long-Term Government Bond Yields (Weekly series) 8 7 6 5 4 3 Chart 10 Stock Indices (Weekly series) Ratio scale End-1994=100 Ratio scale End-1994=100 1995 1996 1997 1998 1995 1996 1997 1998 300 260 Canada H 220 100 1995 1996 1997 1998 60 300 260 220 180 140 100 60 21-Oct-98 28-Oct-98 4-NOV-98 Chart 1. ll-Nov-98 18-NOV-98 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 2.9692 64.665 18.276 61.280 0.06194 0.85870 54.334 75.133 170.24 2.9413 64.815 18.102 60.701 0.06133 0.84612 53.798 74.360 168.24 2.9235 65.157 17.991 60.319 0.06097 0.86165 53.484 73.826 166.62 2.8939 65.256 17.797 59.670 0.06039 0.83182 52.973 72.418 165.94 2.8897 64.423 17.775 59.612 0.06023 0.82259 52.859 72.379 166.91 117.00 64.45 82.36 172.39 35.55 224.84 155.98 241.71 68.85 115.90 64.60 81.57 170.76 35.20 221.54 154.44 239.23 68.05 115.20 64.94 81.07 169.68 35.00 225.61 153.54 237.51 67.39 114.03 65.04 80.20 167.86 34.66 217.80 152.08 232.98 67.12 113.87 64.21 80.10 167.69 34.57 215.38 151.75 232.85 67.51 110.27 59.56 74.92 177.48 30.29 235.40 150.09 52.86 231.50 61.27 93.95 110.20 60.28 74.81 177.21 30.29 228.70 150.08 52.97 229.19 61.65 95.10 110.40 59.65 74.98 177.68 30.31 226.68 150.24 51.65 229.82 62.26 95.48 0.01 1.71 1.66 1.00 5.44 2.03 4.03 -1.90 0.09 1.76 1.73 1.09 5.60 2.05 4.06 -1.74 0.17 1.83 1.77 1.30 5.64 2.04 3.93 -1.48 0.18 1.80 1.72 1.45 5.52 1.91 3.96 -1.56 297.05 292.55 291.40 292.34 295.34 4.93 5.08 5.33 3.40 3.34 0.24 2.84 0.99 7.35 4.98 4.98 5.21 3.40 3.35 0.22 3.17 0.68 7.04 5.17 5.40 5.32 3.40 3.35 0.25 3.15 0.98 7.40 4.87 4.97 5.18 3.40 3.35 0.19 3.16 1.12 6.63 4.85 5.10 5.21 3.40 3.36 0.19 3.06 0.95 6.50 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 indicesi, March 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. 0.01 1.73 1.68 0.84 5.35 2.02 4.01 -1.84 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 110.76 59.11 75.28 178.42 30.42 230.16 150.72 53.32 232.76 61.80 93.72 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. 111.07 58.53 75.51 179.00 30.52 232.22 151.23 52.33 233.61 62.14 92.92 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 21-Oct-98 28-Oct-98 4-NOV-98 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. 5.17 5.30 3.44 3.49 0.50 3.18 1.17 7.04 3.64 5.16 5.56 3.45 3.50 0.50 3.19 1.17 7.06 3.65 5.22 5.55 3.46 3.54 0.50 3.65 1.23 7.03 3.69 5.31 5.55 3.48 3.54 0.51 3.26 1.46 6.79 3.64 5.27 5.44 3.50 3.57 0.51 3.43 1.42 6.85 3.63 5.08 5.14 5.18 5.13 4.88 4.64 4.98 5.13 5.13 5.12 4.86 4.67 5.40 5.14 5.13 5.16 4.94 4.73 4.97 5.13 5.19 5.28 5.09 4.95 5.10 5.05 5.14 5.26 5.06 4.96 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. ll-Nov-98 18-Nov-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.08 4.93 0.15 4.98 4.98 -0.01 5.40 5.17 0.23 4.97 4.87 0.10 5.10 4.85 0.25 5.13 5.17 -0.04 5.12 5.16 -0.04 5.16 5.22 -0.05 5.28 5.31 -0.03 5.26 5.27 -0.02 Euro-dollar deposit Interbank sterling (London), covered Differential 5.13 5.17 -0.05 5.12 5.13 -0.01 5.16 5.26 -0.10 5.28 5.28 -0.00 5.26 5.26 -0.00 U.S. commercial paper Canadian finance paper, covered Differential 5.05 5.31 -0.26 5.04 5.57 -0.53 5.10 5.64 -0.55 5.22 5.73 -0.51 5.19 5.62 -0.43 Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 5.13 5.19 -0.07 5.12 5.18 -0.06 5.16 5.28 -0.12 5.28 5.33 -0.05 5.26 5.31 -0.05 Euro-dollar deposit Swiss interbank, covered Differential 5.13 5.20 -0.07 5.12 5.21 -0.09 5.16 5.30 -0.13 5.28 5.40 -0.12 5.26 5.39 -0.13 5.01 4.25 4.14 0.90 2.61 4.21 5.14 4.66 5.12 4.26 4.16 0.87 2.56 4.22 5.07 4.71 5.22 4.28 4.19 0.87 2.58 4.28 5.06 4.86 5.16 4.23 4.14 0.87 2.52 4.23 4.92 4.83 Canada 138.80 143.20 151.08 149.02 176.14 178.98 France 189.03 182.83 Germany 185.35 185.84 194.50 191.77 Japan 68.75 65.98 71.03 70.43 Netherlands 226.26 226.69 245.68 242.12 Switzerland 225.74 234.85 246.98 244.34 United Kingdom 136.73 144.91 132.53 140.89 United States 210.97 210.27 221.22 220.51 Indices (in order, rebased to end-1994 =100) are Toronto Composite, SBF250 FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Financial Times Ordinary, NYSE Composite 150.52 184.94 191.57 71.41 242.45 249.81 139.46 224.54 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential Chart 8. Chart 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 Chart 10. 4.87 4.23 4.09 0.87 2.63 4.16 5.04 4.53 Stock Indices (Wednesday figures)
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