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#
i;
Selected Interest &
Exchange Rates
Weekly Series of Charts
1
j
.
November 27, 1989
DIVISION O F
INTERNATIONAL FINANCE
Prepared by the
BOARD OF GOVERNORS
FINANCIAL MARKETS
F E D E R A L RESERVE SYSTEM
SECTION
Washington, DLC. 20551
#
Table of Contents
TABLES
1. LATEST FIGURES PLOTTED
2. DAILY C E R T I F I E D SPOT
EXCHANGE RATES—
H.10 RELEASE
CHARTS
1
SPOT E X C H A N G E RATE I N D I C E S
2. 3 - M O N T H F O R W A R D E X C H A N G E RATES
3. G O L D P R I C E — L O N D O N
4. C A L L M O N E Y RATES
5. 3 M O N T H I N T E R E S T RATES
6
E U R O - D O L L A R DEPOSIT RATES
7. S E L E C T E D EURO DOLLAR A N D
U.S. M O N E Y M A R K E T RATES
8. I N T E R E S T ARBITRAGE: 3 - M O N T H F U N D S
9. L O N G - T E R M G O V E R N M E N T B O N D YIELDS
10
I N D U S T R I A L STOCK I N D I C E S
S U B S C R I P T I O N RATES:
Weekly $24.00 per year or $.60 e a c h in the U n i t e d
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, a n d m a k e payment remittance payable to the order of the B o a r d
of Governors of the Federal Reserve S y s t e m m 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
CALE
1973=100
140
120
RATIO S<
MARCH 19721=100
140
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
BELGIAN FRANC
120
100
100
V v
90
90
80
80
70
I
I
70
!
280
240
280
S W S S FRANC
JAPANESE YEN
240
200
200
180
180
160
160
140
140
120
120
100
100
CANADIAN DOLLAR
90
80
90
U.K. POUND
80
70
70
60
60
iiIiiliiIii
50
i In hili!
200
180
50
200
GERMAN MARK
DUTCH GUILDER
160
^y-Xy-'V
r
^
180
160
J
J
140
140
120
120
-_L L
100
i ill i h i l i i i i h i h i ! , i
l _
60
120
-
100
90
100
ITALIAN LIRA
50
FRENCH FRANC
45
80
40
-
35
70
60
-
I
50
1987
1989
I
I
I
I
1987
30
25
I
1989
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
4
4
U. K. POUND
CANADIAN DOLLAR
Ax/"
^ —
i
I
v
/
\ V
I
I
I
GERMAN MARK
I
I
I
I
I
JAPANESE YEN
\
I
I
f \
~~
I IIiIiIIIII I II!IIIiIII
llllilllll!
DUTCH GUILDER
SWI SS FRANC
-
-
I
I
I
I
I
I
I
'
FRENCH FRANC
I
I
I
I
I
nil ihill i
I I I ! 1111111
ITALIAN LIRA
12
12
1987
1989
1987
1989
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.
LLARSPER FINE OUNCE
U.S. DOLLARS PER FINE O'
520
520
500
500
12.5 Kg BARS
AFTERNOON FIXING PRICE
480
480
460
460
440
440
420
420
400
400
380
380
360
360
340
340
320
320
i
300
1986
1987
i
I
i
i
I
1988
i
i
I
i
i
I
i
i
I
i
i
I
1989
i
i
I
300
CHART4
CALL MONEY RATES
WEEKLY SERIES
JENIFER ANNUM
PERCENT PERANI
16
12
16
12
U.S. FEDERAL FUNDS
FRANCE
^
8
AA
A
k .
8
JAPAN
4
4
0
I
I
I
I
I
0
I
16
16
CANADA
12
12
GERMANY
8
8
4
4
0
0
16
20
UNITED KINGDOM
SWITZERLAND
16
12
12
8
8
4
NETHERLANDS
A
0
1987
4
1989
1987
0
1989
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
ENT PER ANNUM
PERCENT PER ANh
12
12
FRENCH NTERBANK RATE
10
10
U.S. CD'S
8
8
6
6
WEIGHTED AVERAGE
FOREIGN RATE
4
4
2
2
16
16
14
-
U.K. INTERBANK STERLING
12
J
—
10
-
6
I
I
I
I
I
8
X
JAPANESE GENSAKI RATE
SWISS INTERBANK RATE
J
~
4
6
4
2
-
I
I
I
I
I
—
I
I
I
I
I
I
I
2
0
10
10
-
8
6
8
6
I
8
0
12
10
8
6
14
CANADIAN FINANCE CO.
PAPER
NETHERLANDS INTERBANK RATE
Z -
GERMAN INTERBANK RATE
6
4
-
I
2
1987
8
1989
I
I
I
I
1987
I
4
2
1989
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANf
:ENT PER ANNUM
14
14
12
3-MONTH
OVERNIGHT
12
10
10
8
8
6
6
4
4
14
14
12
6-MONTH
7-DAY
12
10
10
8
8
6
6
4
4
14
14
12
1-MONTH
1-YEAR
—
—
12
10
10
8
8
6
-
4
I
1987
1989
I
I
I
I
1987
I
6
4
1989
CHART 7
SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
\
DIFFERENTIAL: PLUS(+),FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PERANI
14
12
10
3-MONTH
FEDERAL FUNDS
EURO-DOLLAR DEPOSITS
DASHED LINE
8
Y \ .
t
OVERNIGHT
/v
6
90-DAY CD'S
EURO-DOLLAR DEPOSITS
DASHED LINE
4
I
I
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i 11111
I II I II I I I I I I
I I
I I
I I
II I
I I
I I
I 2I
2
DIFFERENTIAL
DIFFERENTIAL
1
+
0
i
i
i
1111111111111111111111 M
1987
IENTIAL SCALE = 2 PERCENT ON RATE SCALE
1989
I
I
I
I
I
1987
I
11111111111
11111111111
1989
1
CHART8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER AM
>ENT PER ANNUM
16
16
12
12
CANADIAN FINANCE
CO. PAPER, COVERED
INTERBANK STERLING
COVERED LONDON
8
8
EURO-DOLLAR DEPOSITS
DASHED LINE
4
I
0
I
I
I
I
I
u l i i l i i l l 1 1 u l i i l u l u
I
I
I
U.S. COMMERCIAL PAPER
DASHED LINE
4
I
0
I
I
I
I
i i l n l i i l i i l i i h i l i i
2
2
DIFFERENTIAL
DIFFERENTIAL
+
0
+
0
I II I ill I I I
2
I
I
I IIIIIIIIIIIIIIIIIIIII
16
16
12
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
8
8
EURO-DOLLAR DEPOSITS
DASHED LINE
4
0
I
I
I
EURO-DOLLAR DEPOSITS
DASHED LINE
I l l I l l I II I I I l l I I I I I M I I I
I
I
4
I I I I llll I I I I I I I ill I I I
2
0
2
DIFFERENTIAL
DIFFERENTIAL
+
0
2
2
+
0
L L
I
l l
I
1987
I
1111111111 M I n 1111111 M I
1989
I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
I
I
I
I
1987
l l I l l I I I I I I 111 l l l l I I 111
1989
2
CHART9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER AW
;ENT PER ANNUM
14
14
12
CANADA
UNITED STATES
12
10
10
8
8
NIIIIMIIIIIIIMIIIIII
6
6
14
14
12
__
UNITED KINGDOM
FRANCE
12
10
10
8
8
I
JJIIIII
6
I
!
I ill Ih i l l I MIMIMIM
10
10
8
6
_
SWITZERLAND
JAPAN
8
6
6
4
4
I
2
I
I
I
I
I
I IIIIIIIIII
10
8
10
NETHERLANDS
MONTHLY
-
GERMANY
-
6
8
6
4
2
2
-
J_L
IIIIIIII
1987
1989
I
I
I
I
I
1987
I
11111111111
4
2
1989
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1969=100
RATIO SCALE
1969=100
NETHERLANDS
UNITED STATES
I
I I I I IIII I I I
—
GERMANY
JAPAN
600
300
-
500
250
400
200
300
150
200
I
I
J
I
uliilii
U
100
300
600
SWITZERLAND
250
FRANCE
500
200
— 400
150
-
100
600
500
CANADA
UNITED KINGDOM
400
300
200
I
I
I
1987
1989
1987
1989
300
L A S T VALUE PLOTTED
DATE
VALUE
SERIES S A M E
CHART 1- SPOT E X C H A N G E B A T E S AND INDICES
WEEKLY A V E R A G E S , NOON BUYING RATES
(U.S. CENTS)
G E R M A N HARK
J A P A N E S E YEN
DUTCH GUILDER
U. K. POUND
CANADIAN DOLLAR
FRENCH F R A N C
SWISS F R A N C
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KBORA
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
22
22
22
22
22
22
22
22
22
22
54.66
0. 69416
4 8. 44
156.71
85.44
16. 05
6 1.53
2.60465
.07425
15. 52
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
22
22
22
22
22
22
22
22
22
181. 75
139. 05
63. 38
85. 16
72. 32
197. 96
102. 64
116. 38
22
22
22
22
22
22
22
22
22
22
22
98. 40
10 0. 99
192. 23
139. 66
59. 65
82. 97
6 8. 40
198. 54
101. 22
38. 77
66. 90
22
22
22
22
22
22
22
22
- 3 . 72
- 6 . 43
0. 28
- 1 . 99
0. 64
- 0 . 01
1. 82
- 4 . 25
INDICES, MARCH 1973 BASE R A T E S = 100
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U. K. POUND
CANADIAN DOLLAR
FRENCH F R A N C
SWISS F R A N C
BELGIAN FRANC
ITALIAN LIRA
165.75
WEIGHTED A V E R A G E EXCHANGE V A L U E INDICES, MAR 1973 = 100
{G—10 C O U N T R I E S PLUS SWITZERLAND)
U. S. DOLLAR
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U.K. POUND
C A N A D I A N DOLLAR
FRENCH F R A N C
SWISS F R A N C
BELGIAN F R A N C
ITALIAN LIRA
SWEDISH KRONA
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
CHART 2. 3-MONTH F O R W A R D E X C H A N G E RATES, PREMIUM OR DISCOUNT
CANADIAN DOLLAR
U. K. POUND
GERMAN MARK
FRENCH FRANC
SWISS F R A N C
DUTCH GUILDER
J A P A N E S E YEN
ITALIAN LIRA
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
SERIES NAME
L A S T V A L U E PLOTTED
DATE
VALUE
CHART 3. G O L D P R I C E IN L O N D O N , A F T E R N O O N FIXING
U.S. D O L L A R S PER
CHART 4. C A L L
HONE!
FIHB OUNCE
NOV. 22
397.44
RATES
8. 40
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
22
22
22
22
22
22
22
22
22
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
22
22
22
22
22
22
22
22
22
8.35
8. 22
5. 74
12.36
15. 02
7.67
10.40
8. 42
9.61
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
22
22
22
22
22
22
8.44
8.40
8.38
8.38
8. 17
8. 10
O V E R N I G H T E U R O - D O L L A R DEPOSITS
U.S. F E D E R A L F U N D S
DIFFERENTIAL
N O V . 22
NOV. 22
NOV. 22
8. 44
8. 40
-0.04
3 - M O N T H E U R O - D O L L A R DEPOSIT R A T E
U.S. 90-DAY C D ' S , SECONDARY M A R K E T
DIFFERENTIAL
NOV. 2 2
NOV. 2 2
NOV. 22
8.38
8.35
0. 03
U.S. F E D E R A L F U N D S
OVERNIGHT EURO-DOLLAR DEPOSITS
U. K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
8.44
14.81
1 2. 03
7. 22
6. 07
10. 10
8.18
6.78
CHART 5. 3 - M O N T H I N T E R E S T R A T E S
U.S. 9 0 - D A T C D ' S , S E C O N D A R Y M A R K E T
GERMAN INTERBANK LOAN
JAPANESE GENSAKI RATE
C A N A D I A N F I N A N C E PAPER
I N T E R B A N K STERLING
SWISS I N T E R B A N K LOAN
FRENCH I N T E R B A N K R A T E
NETHERLANDS INTERBANK RATE
W E I G H T E D A V E R A G E FOREIGN I N T E R E S T R A T E
(G-10 C O U N T R I E S P L U S S W I T Z E R L A N D )
CHART 6. E U R O - D O L L A R D E P O S I T R A T E S : LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
.
S E L E C T E D E U R O - D O L L A R A N D U . S . MONEY M A R K E T R A T E S
SERIES N A M E
L A S T VALUE PLOTTED
DATE
VALUE
CHART 8 . I N T E R E S T A R B I T R A G E , 3 - M O N T H PONDS
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), C O V E R E D
DIFFERENTIAL
NOV. 22
NOV. 22
NOV. 22
8.38
8.35
0.02
U.S. C O M M E R C I A L PAPER
C A N A D I A N F I N A N C E PAPER, COVERED
DIFFERENTIAL
NOV. 22
NOV. 22
NOV. 22
8.31
8.53
-0.22
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFURT) , C O V E R E D
DIFFERENTIAL
NOV. 22
NOV. 22
NOV. 22
8.38
8. 51
-0. 13
EURO-DOLLAR DEPOSIT
SWISS I N T E R B A N K , COVERED
DIFFERENTIAL
NOV. 22
NOV. 22
NOV. 22
8.38
8.32
0.05
NOV.
NOV.
NOV.
NOV.
OCT.
NOV.
AUG.
NOV.
7. 86
7.72
5.71
5.45
9. 46
9.62
7.03
9.77
CHART 9 . LONG TERM G O V E R M E N T BOND YIELDS
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
17
24
17
17
27
10
24
U.S. C O R P O R A T E
AAA BONDS
CHART 10.
9.33
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE
JAPAN
MAY
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
22
22
22
22
22
22
22
22
360.88
385.64
388.30
275.79
249.46
342.70
517.31
725.80
nOtCOv/.
FEDERAL RESERVE statistical release
H.101512)
November 2 7 , 1989
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
NOVEMBER 2 4 , 1989
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
*NEW 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
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND
MEMO:
**UNITED STATES
DOLLAR
Nov. 20
(CURRENCY UNITS PER DOLLAR)
Nov. 21
Nov. 22
Nov. 23
78.130
12.915
38.520
1.1715
3.7314
7.1350
4.2760
6.2500
1.8360
165.45
7.8145
16.950
144.20
1350.50
144.50
2.7100
2.0717
58.970
6.9200
158.10
1.9620
2.628
675.00
117.90
40.018
6.4520
1.6325
26.020
25.910
155.90
77.730
12.820
38.200
1.1703
3.7314
7.0950
4.2650
6.2070
1.8205
164.30
7.8140
16.920
144.95
1340.00
143.75
2.7090
2.0542
58.720
6.8950
157.50
1.9600
26.300
675.10
116.75
40.018
6.4400
1.6183
26.050
25.900
156.70
77.610
12.771
38.090
1.1705
3.7314
7.0500
4.2550
6.1840
1.8137
164.20
7.8145
16.910
145.20
1336.50
143.85
2.7075
2.0462
58.340
6.8950
158.50
1.9610
2.618
675.00
116.22
40.018
6.4350
1.6147
26.115
25.870
156.50
98.45
97.82
97.64
H
0
L
I
D
A
Y
Nov. 24
78.320
12.720
37.920
1.1675
3.7314
7.0190
4.2390
6.1615
1.8053
164.45
7.8125
16.920
146.00
1331.00
143.50
2.7050
2.0365
58.750
6.8740
156.65
1.9550
2.620
675.80
115.98
40.018
6.4210
1.6150
26.165
25.840
156.20
97.35
LVALUE I S U.S. CENTS
**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.
@FedFRASER