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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts November 28, 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 s a m e 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 RATIOS MARCH 19711-100 SCALE 41973*100 200 180 160 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 50 45 ITALIAN LIRA 40 140 35 120 30 100 25 80 20 220 200 - 220 200 JAPANESE Y E N ^ ^ 180 180 160 GERMAN MARK — 140 140 120 — 100 120 100 80 I I I I I 80 I 180 180 160 160 DUTCH GUILDER 140 120 160 140 CANADIAN DOLLAR 120 100 100 90 90 80 80 70 70 60 60 90 80 90 80 FRENCH FRANC U.K. POUND 70 70 60 60 50 50 40 40 140 280 120 100 240 BELGIAN FRANC SWISS FRANC 200 90 — 80 70 — 60 140 120 50 180 160 i 1986 1988 i i i 1986 100 i 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 CANADIAN DOLLAR JAPANESE YEN Av^ l l l I I I I I I I I I 4 12 U. K. POUND / / A, IxT^ I I I i i i iiliilnlii - SWISS FRANC i i ( I I I I l X / z ^ x y w . DUTCH GUILDER GERMAN MARK I i - . . I n l n l n I I I I I I MIHIMIM u l u l u l n FRENCH FRANC 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. OLLARS PER FINE OUNCE U.S. DOLLARS PER FINE 0 UNCE 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 280 1985 1987 1988 280 CHART 4 CALL MONEY RATES WEEKLY SERIES PEP iJ PER ANNUM PERCENT PER AW 16 16 12 U.S. FEDERAL FUNDS 12 FRANCE 8 8 4 0 4 JAPAN I I I I I I I I I 0 16 16 CANADA 12 8 12 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 0 1986 1988 1986 SUu 1988 4 0 CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER ANN ENT PER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER U.S. CD'S 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 4 2 14 12 I 8 1 1 1 I I I I I I Illllllllll 6 14 U.K. INTERBANK STERLING FRENCH INTERBANK RATE 12 12 10 10 8 8 6 6 10 10 8 8 GERMAN INTERBANK RATE 6 6 4 4 2 2 10 8 8 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 PER EOT PER ANNUM PERCENT PER AW 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-YEAR 1-MONTH 12 12 10 10 8 8 6 6 4 4 1986 1988 1986 1988 CHART7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+),FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 14 12 12 10 10 FEDERAL FUNDS DASHED UNE 3-MONTH EURO-DOLLAR DEPOSITS OVERNIGHT EURO-DOLLAR DEPOSITS 90-DAY CD'S DASHED UNE - I I I " 1111111111111111' i I • 11111 I. I I I I I i I I 4 2 2 DIFFERENTIAL DIFFERENTIAL 1111111111111111111111 1986 1 PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE 1988 I I I I I 1986 I 11111111111 11111111111 1988 CHART8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY ENTPER ANNUM PERCENT PER ANN 16 16 12 INTERBANK STERLING COVERED LONDON 12 CANADIAN FINANCE CO. PAPER, COVERED 8 4 8 EURO-DOLLAR DEPOSITS DASHED LINE 0 2 U.S. COMMERCIAL PAPER DASHED LINE U iiliiliilnliiliiliiliil L l 4 iiliili11111iiliilii111 DIFFERENTIAL 2 DIFFERENTIAL + + 0 0 III I i l l 1 1 1 1 l l l l l l l l l 1 1 2 I I I I I I 11 III 111 l u l l 111111 i l l I 16 12 2 16 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 4 EURO-DOLLAR DEPOSITS DASHED LINE 0 I I I I I - EURO-DOLLAR DEPOSITS DASHED LINE 4 1111I'll111 i l l 1 1 1 i i l i 111llll1111llll1111 i l l I 2 0 2 DIFFERENTIAL DIFFERENTIAL + + 0 2 0 0 !_! I 1986 111111 h 1111 I n I n 111 h i 1988 I PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE I I 1986 I 111111llllI l l I l l l l l I I I 1988 2 CHARTS LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANI )ENT PER ANNUM 16 16 14 - UNITED STATES CANADA — 14 12 12 10 10 8 6 - I I I I I I I M l M I I I I II I I I I I I 6 10 14 12 __ UNITED KINGDOM JAPAN - Xvs 8 I I I I I I I I l I l -xVy l - 4 2 8 6 8 6 10 6 8 10 GERMANY SWITZERLAND 8 4 6 2 4 17 15 U.S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS MONTHLY 7 5 5 3 1986 1988 1986 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969-100 RATIO SCALE 1969-100 500 400 UNITED STATES UNITED KINGDOM 300 200 650 550 /VrXyVA — 450 - 350 - 1r JAPAN — 250 — I 150 I I 1 1 1 500 SWITZERLAND 400 — CANADA 300 V — I 200 I I — 1 1 1 500 400 300 - NETHERLANDS - ^ jk|™ J -y " 200 100 1 1 1 / I I 1986 I GERMANY - lllllllllll 1988 1986 1988 LAST VALUE PLOTTED DATE VALUE S E R I E S NAME CHART 1 . SPOT EXCHANGE RATES AMD I N D I C E S WEEKLY AVERAGES, NOOH BUYING RATES ( U . S . GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR iBENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KfiONA INDICES, WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , ( G - 1 0 COUNTRIES PLUS SWITZERLAND) U. S . DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KfiONA 23 23 23 23 23 23 23 23 23 23 57. 0. 51. 182. 82. 16. 68. 2. 0. 16. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 23 23 23 23 23 23 23 23 23 162.95 214.63 147.49 73.65 81.95 76.37 221.84 108.94 44.25 23 23 23 23 23 23 23 23 23 23 23 90. 163. 216. 139. 65. 74. 68. 210. 101. 38. 67. 93 81972 38 59 22 95 96 76462 07790 55 BAR 1 9 7 3 = 1 0 0 NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 92 96 27 86 88 43 11 15 13 36 12 3—MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. MARCH 1 9 7 3 BASE RATES = GE&MAN HARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA CHART 2 . CENTS) NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 23 23 23 23 23 23 23 23 - 1 . 72 - 2 . 85 4. 29 0. 83 4 ., 8 0 3. 85 4 . 84 - 2 ..58 LAST VALUE PLOTTED DAZE VALUE S E R I E S NAME CHART 3 . GOLD P R I C E I N LONDON, AFTERNOON F I X I N G U.S. CHART 4 . DOLLARS PER F I N E OUNCE NOV. 2 3 418.67 CALL MONEY RATES NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 23 23 23 23 23 23 23 23 23 8. 33 8 . 20 1 1 . 47 10. 02 4. 36 3. 59 7. 83 5. 21 3 ., 6 3 NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 23 23 23 23 23 23 23 23 23 8.92 4.89 4.18 10.. 89 12.11 4.20 8.13 5.31 7.02 NOV. NOV. NOV. NOV. NOV. NOV. 23 23 23 23 23 23 8.20 8.36 8.54 9.05 9.05 9 . 16 OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS DIFFERENTIAL NOV. 2 3 NOV. 2 3 NOV. 2 3 8 . 20 8. 33 - 0 . 13 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . 90-DAY C D ' S , SECONDARY MARKET DIFFERENTIAL NOV. 2 3 NOV. 2 3 NOV. 2 3 9 . 05 8 . 92 0. 13 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 C D ' S , SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE ( G - 1 0 COUNTRIES PLUS SWITZERLAND) CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1—MONTH 3-MONTH 6-MONTH 1-YEAB CHART 7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES f CHART 8 . LAST VALUE PLOTTED DATE VALUE S E R I E S NAME INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL NOV. 23 NOV. 23 NOV. 23 9. 0 5 9. 17 - 0 . 12 U . S . COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL NOV. 23 NOV. 23 NOV. 23 8. 79 9. 12 - 0 . 33 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT) , DIFFERENTIAL NOV. 23 NOV. 23 NOV. 23 9. 0 5 9. 23 - 0 . 18 NOV. 23 NOV. 2 3 NOV. 23 9. 0 5 9. 06 -o.. 00 NOV. 18 NOV. 18 NOV. 11 NOV. 11 NOV. 1 6 NOV. 18 SEPT. NOV. 1 8 8 . 99 6 . 08 4 . 30 4 . 13 1 0 . 38 8 . 96 6.43 8.82 COVERED EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL CHART 9 . LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM U.S. CORPORATE AAA BONDS CHART 1 0 . MAI 9.33 STOCK I N D I C E S UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 23 23 23 23 23 23 23 23 285.92 329.21 321.51 228.01 189.54 286.81 393.54 604.26 , FEDERAL RESERVE statistical release H.IOC512) NOVEMBER 2 8 , 1983 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING NOVEMBER 2 5 , 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: MONETARY UNIT NOV. 21 ^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 DOLLAR RUPEE POUND LIRA YEN RINGGIT GUILDER DOLLAR KRONE ESCUDO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND 85.92 12.153 36.180 1.2117 3.7314 6.6810 4.1165 5.9050 1.7275 144.900 7.8090 15.0600 154.40 1284.50 121.95 2.6730 1.9460 64.600 6.5500 144.200 1.9480 2.3700 693.70 113.890 32.985 6.0440 1.4520 28.170 25.120 182.35 86.35 12.100 36.060 1.2020 3.7314 6.6500 4.1000 5.8830 1.7207 144.000 7.8105 15.0200 155.15 1279.50 121.35 2.6400 1.9410 64.900 6.5175 143.500 1.9455 2.3630 692.90 113.300 32.990 6.0230 1.4473 28.180 25.090 183.18 86.96 12.078 35.960 1.2000 3.7314 6.6300 4.0860 5.8670 1.7170 143.600 7.8110 15.0000 155.60 1275.75 121.30 2.6420 1.9360 65.150 6.4950 143.200 1.9440 2.3510 692.10 112.690 NA 6.0060 1.4405 28.180 25.070 183.70 MEMO; SUNITED STATES DOLLAR 90.93 90.54 90.33 COUNTRY 1 CURRENCY UNITS PER DOLLAR ) NOV. 22 NOV. 23 NOV. 24 H 0 L I D A Y NOV. 25 87.31 12.070 35.930 1.1907 3.7314 6.6250 4.0825 5.8630 1.7155 143.200 7.8080 14.9900 155.60 1274.50 121.10 2.6610 1.9350 65.700 6.4815 143.200 1.9410 2.3200 690.70 112.700 32.980 6.0040 1.4370 NA 25.050 184.40 90.16 •INDEX OF WIGHTED AVERAGE EXCHANGE VALUE OF U . S . DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. HEIGHTS 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 I S U.S. CENTS
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