Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : November 29, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

November 29,1993

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 $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
SCALE
1973=100
120

RATIO SC;
MARCH 1973=

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

100
90
80

BELGIAN FRANC

•

70
290

I

'

•

'

I

i

i

i

I

270
JAPANESE YEN

250
230
210
SWISS FRANC

190
170

•

'

i

I

i

i

i

I

i

i

100
90

U.K. POUND

80
70

CANADIAN DOLLAR

60
50
200

180
160
140
120

100

GERMAN MARK

DUTCH GUILDER

i

i

i

l

i

i

i

l

i

i

i

I

i

i

i

i

i

i

l

i

'

•

I

•

'

110
100

FRENCH FRANC

90
80
ITALIAN LIRA

70

60

•

'
1990




i

I

'

'

•

I

•

•
1992

i

I

i

'

i
1990

1992

i

l

'

i

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2(
GERMAN MARK

I

I

I

I

PERCENT PER ANNUM
2
U.K. POUND

I

I

•

I

I

I

I

I

I

_L_L

•

CANADIAN DOLLAR

1

1

1

I

1

i

i

I

i

i

i

I

'

i

i

'

I

' I

'i

I

i

i

i

i

I

i

i

i

JAPANESE YEN

1

1

I

1

1

1

1

1

1

i

1

SWISS FRANC

i

i

I

i

DUTCH GUILDER
v
—

i
FRENCH FRANC

i

i

1

i

i

i

1

i

i

i

1

i

i

i

ITALIAN LIRA
2

2
4

6

6

10

8
14

10
12

i

i

i

I

1990




i

'

'

l

'

'
1992

i

I

i

i

'

I
1990

•

I

•

'

'

I

•

•
1992

I

I

'

I

18

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OUNCE

U.S. DOLLARS PER FINE OUNCE

420

420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

320

J

1
1990




1

1

1

l
1991

I

I

i

i
1992

i

I

i

i
1993

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANF

;ENT PER ANNUM

16

10

14
8

12

FRANCE

U.S. FEDERAL FUNDS

10

6
8

4

6

JAPAN

4
2
10

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

2
10

9

9

8

8
NETHERLANDS
7

GERMANY

7

6

6

5

5

16

16

14

14

12

CANADA

UNITED KINGDOM

12

10

10

8

8

6

6

4

2

4

SWITZERLAND

1990




1992

1990

1992

2

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

15

12

WEIGHTED AVERAGE
FOREIGN RATE

CANADIAN FINANCE PAPER

U.K. INTERBANK STERLING

—

NETHERLANDS INTERBANK RATE

JAPANESE CD RATE
FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

SWISS INTERBANK

I
1990




1992

1990

i

i

i

I

i

i
1992

i

I

i

i

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10
3-MONTH

OVERNIGHT

7-DAY

6-MONTH

1-YEAR

1-MONTH

1990




1992

1990

1992

•

•

•

#

e

•

•

•

•

•

•

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
D I F F E R E N T I A L : P L U S ( + ) , F A V O R S B O R R O W I N G IN U . S .
AVERAGES FOR WEEK ENDING W E D N E S D A Y
PERCENT PER ANNUM
10 |

PERCENT PER ANNUM

OVERNIGHT
EURO-DOLLAR DEPOSITS

8

3-MONTH
EURO-DOLLAR DEPOSITS

6

FEDERAL FUNDS
DASHED LINE

9 0 - D A Y CD'S
DASHED LINE

4

2
2

2

DIFFERENTIAL

1990




1992

DIFFERENTIAL

1990

1992

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8 —

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON
6 —

4 —
U.S. COMMERCIAL PAPER
DASHED LINE

EURO-DOLLAR DEPOSITS'
DASHED LINE

•

i

i

I

i

•

'

I

•

•

'

I

i

'

_L_L

i

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I

1

I

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I

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'

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I

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I

I

I

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•

I

I

DIFFERENTIAL

DIFFERENTIAL

2
10

I

1

1

1

1

'

1 I

1 I

I

I

I

I

'

'

'

10

SWISS INTERBANK (SF) COVERED

INTERBANK DM
COVERED FRANKFURT

EURO-DOLLAR DEPOSITS
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

2 —

•

•

I

I. I

I

I

I

I

I

1 I

I

I

I

'

I

I

I

1

1

1

I

1

1

1

I

DIFFERENTIAL

DIFFERENTIAL
!a

I '
1990

I




I

I

1 I

I

1 I
1992

I

I

I

I

I I
1990

I

I

I

•

I

'

' '
1992

I

'

•

'

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
=TCENT PER ANNUM

PERCENT PER ANN!

10

14

UNITED STATES

UNITED KINGDOM

9
12
8
10

7
8

6

5

1

'

'

I

1

1

>

I

'

'

i

I

i

i

i

'

•

I

I

'

'

'

I

I

'

I

I

I

'

I

12

6
11

CANADA
11

10

10

9

9

8

8

7

7
6

6

I

I

I

I

I

I

I

1

1

1 1

I

I

'

'

5

8

8

SWITZERLAND

JAPAN

7

7

6

6

5

5

4

4

3

1

'

•

I

1

»

1

i

1

1

'

i

'

'

i

3

10

10

NETHERLANDS

GERMANY

9

9

8

8

7

7

6

6

5

i

i

1990




1

i

•

•

I

»

'

1992

i

i

'

'

'

•

I

1990

I

I

I

I

I

I

• I
1992

I

•

I

I

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO S
198<

SCALE
1986: 00

230
210

UNITED KINGDOM

UNITED STATES

190
170
150
130
110

»

i

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i

i

i

I

i

i

i

I

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'

i

I

i

'

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i

l

•

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i

I

'

i

i

'

•

I

'

' '
1992

I

I

I

I

230
210

JAPAN

, SWITZERLAND

190
170
150
130
110

90
140
130

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

•

i

GERMANY

'

FRANCE

120
110
100

90
80
160

150

'

i

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l

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I

i

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l

i

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CANADA

•

i

i

I

i

NETHERLANDS

140
130
120
110
100

90

i i i I i i i I i i i I i i i
1990




1992

'

' '
1990

I

•

27-Oct-93 3-Nov-93
Chart 1.

10-Nov-93 17-Nov-93 24-Nov-93

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

2.7544
76.098
17.089
59.692
0.06193
0.92340
53.133
67.740
148.01

2.7420
76.040
16.936
59.207
0.06105
0.92594
52.726
66.847
148.24

2.7659
76.801
16.974
59.090
0.06069
0.92580
52.652
66.925
147.79

2.7670
75.909
16.968
58.872
0.06006
0.93693
52.468
66.808
148.30

2.7629
75.338
16.889
58.591
0.05946
0.92548
52.220
66.798
147.96

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

108 .54
75 .85
77 . 01
167 .92
35 .55
241 .78
152 .53
217 .93
59 .86

108 .05
75 .79
76 .32
166,.55
35,.05
242 .
.44
151..36
215 .
.05
59 .
.96

108 .99
76 .55
76 .49
166 .23
34 ,
. 84
242 ,
.40
151,.15
215 ,
.31
. 78
59 ,

109 .03
75 .66
76 .46
165 .61
34 ,
.48
245 ,
.32
150 ,
.62
214 ,
.93
59 ,
.98

108 .87
75 .09
76 . 11
164 ,
.82
34 ,
.13
242 ,
.32
149 ,
.91
214 .
.90
59 .
.85

105 .05
71 .84
70 .96
175 .14
30 .45
257 .83
149 .09
50 .96
211 .31
54 .24
95 .08

105 .22
71 .02
71 .02
174 .60
30 .15
261 .62
148 .71
50 .64
211 .17
54 .51
95 .22

105 .60
70 .82
71 .04
174 .62
29 .98
259 .46
148 .74
50 .19
212 .20
54 .67
95 .81

-1 .02
-3 .41
-3 .07
-5 .46
1 , .13
-2 .79
-1,.20
-2 .24
,

-0 .79
-3 .40
-3 .02
-5 .54
1,.16
-2 .74
,
-1,.21
-2 .22
,

-0 .79
-3 .29
-2 .86
-5 .51
1 .08
-2 .55
-1,.16
-2 .21

-0 .78
-3 .27
-2 .78
-5 .60
1,.15
-2 .44
,
-1,.11
-2 .04
.

370 .
.73

365..59

375 .
.26

375 .
.00

377 .
.32

2.
.97
2.
,93
4 .36
6. 86
6. 45
2 .44
6. 08
4 .65
5. 55

3.
.04
2.
.96
4.
.38
6. 88
6. 40
2 .45
6. 13
4 .65
5 .83

2.
.96
2.
.94
4.
.23
6.,84
6.,40
2.
,46
6. 02
4 .63
5. 45

3.
.03
2.
,94
3.
,94
6. 75
6. 26
2 .46
6. 03
4 .48
5. 45

2.
,98
2.
,93
3 .75
6. 74
6. 31
2 .42
6. 05
4 .56
5. 93

Weighted average exchange value indices, Mar. 1973=100
Belgian franc
Canadian dollar
French franc
1
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
| U.S. dollar
Chart 2.

3-Month Forward Exchange Rate

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
1
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

Chart 4.

104 .13
71 .09
70 .81
175 .61
30 .66
257 .95
149 .36
50 .95
211 .12
54 .44
95 .12

Premium or Discount
-1 .22
-3 .34
-3 .17
-5 .24
1,.00
-2 .86
-1,.25
-2 .28
,

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
1

104 .14
70 .82
71 .17
176 .41
30 .98
255 .90
149 .89
51 .36
213 .06
54 .08
94 .59

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
f
Netherlands
Switzerland
United Kingdom




:t-93 3-Nov-93
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.

3 .26
4 .62
6. 56
6. 37
,40
2.
6.,08
.41
4.
.56
5.
.53
5.

3.34
4.53
6.64
6.35
2.37
6.06
4.46
5.65
5 .55

3 .36
4 .36
6. 68
6. 32
2 .34
.98
5.
,51
4.
,59
5.
.49
5.

3 .34
4 .36
6. 53
6. 20
2 .32
5 .87
4 .45
,61
5.
.45
5.

3 .35
4.
,30
6.,49
6.,05
2.
,32
5.,71
4.
.39
5..44
5..32

2 .93
3. 00
3 .06
3 .26
3 .28
3 .44

2 .96
3 .00
3 .06
3 .33
3 .38
3 .56

2 .94
3 .00
3 .06
3 .38
3 .41
,64
3.

2 .94
3 .00
3 .04
3 .35
3 .38
3 .75

2 .93
3 .00
3 .04
3 .36
3 .41
3 .66

2.
,93
2.
.98
-0..05

Euro-Dollar Deposit Rates

Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.

10-Nov- 93 17-Nov- 93 24-Nov-•93

Selected Euro-dollar & U.S. Mone> Market Rates
2.
.93
.97
2.
-0..05

2 .96
3 .04
-0. 08

.94
2.
2.
.96
-0..03

2 .94
3 .03
,10
-0 .

.26
3.
.26
3.
0 .00
.

,33
3.
,34
3.
,01
-0 .

3.
.38
.36
3.
0 .01
,

.35
3.
.34
3.
0 .01
.

3 .26
3 .25
0 .02

.33
3.
.38
3.
-0..05

3 .38
3 .34
0 .03

3 .35
3 .37
-0 .02

3 .36
3 .37
-0 .00

3 .26
3 .39
-0 .13

3 .34
,
3 .50
,
-0 .17

3 .40
3 .56
-0 .16

3 .40
3 .56
-0 .16

3 .41
3 .51
-0 .10

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

3 .26
3 .15
0 .12

3 .33
3 .23
0 .10

3 .38
3 .25
0 .12

3 .35
3 .30
0 .05

3 .36
3 .23
0 .14

Euro-dollar deposit
Swiss interbank, covered
Differential

3 .26
3 .15
0 .12

3 .33
3 .25
0 .08

3 .38
3 .28
0 .09

3 .35
3 .28
0 .07

3 .36
3 .27
0 .10

6.,87
6.,01
,87
5.
,74
3.
.14
4.
5.
.81
6 .8
.
5.

6. 84
6. 04
,89
5.
,63
3.
, 14
4.
.84
5.
6 .86
.
5 .
. 70

6. 82
5 .98
.87
5.
3.
.66
.15
4.
.80
5.
6 .76
,
5 .67
,

6. 90
,97
5.
5.,85
,65
3.
4.
, 14
5..79
6..70
5.
.82

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

Long Term Government Bellwether Bond Yields
10-year maturity, where available
6.,78
,90
5.
.86
5.
.80
3.
4.
.13
.78
5.
6 .73
,
5,.42

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

.36
3.
.35
3.
0 . 01

Stock Indices

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

;)
(Wednesday figures)

139
167
117
123
142
203
184
189

.88
.34
.57
.40
.48
.23
.93
.27

141
165
120
122
147
208
184
188

.45
.88
.29
.64
.03
.09
.94
.56

143 ,
.01
162 .78
117 .49
116 .05
144 .10
208 .24
181 .76
188 .61

141 .18
164 .56
119 .04
116 .51
142 .80
207 .24
183 .39
188 .79

.74
140 ,
162 .31
117 .32
110 .86
141 .83
207 .60
180 .76
187 .55

Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite



FEDERAL RESERVE statistical release
H.10(512)

November 29, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

NOVEMBER 26, 1993

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
*AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURQ 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
MEMO:
^UNITED STATES

MONETARY
UNIT

Nov. 22

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

0.6608
11.980
36.180
1.3300
5.8195
6.7570
1.1250
5.7815
5.9220
1.7035
243.61
7.7275
31.440
1.4040
1682.50
108.27
2.5510
3.1022
1.9112
0.5472
7.41
173.7100
1.5975
3.37
809.50
137.570
49.1500
8.3225
1.494
26.900
25.430
1.4745

0.6630
11.965
36.100
1.3270
5.8195
6.7585
1.1271
5.8130
5.9040
1.7005
244.21
7.7255
31.440
1.4055
1693.50
108.45
2.5525
3.1026
1.9080
0.5475
7.40
173.4000
1.5995
3.36
809.80
138.050
49.5000
8.3700
1.489
26.899
25.450
1.4870

0.6645
11.978
35.980
1.3293
5.8195
6.7555
1.1275
5.8105
5.9020
1.7022
243.51
7.7255
31.440
1.4150
1682.50
108.15
2.5508
3.1030
1.9105
0.5486
7.39
173.7500
1.5975
3.36
810.30
138.350
49.1700
8.3765
1.493
26.922
25.400
1.4880

95.83

95.70

95.63

DOLLAR

(CURRENCY UNITS PER DOLLAR)
Nov. 23
Nov. 24
Nov. 25

H

O

L

I

D

A

Y

Nov. 26
0.6620
12.038
36.200
1.3288
5.8195
6.7840
1.1230
5.9575
5.9140
1.7116
245.66
7.7275
31.440
1.4100
1693.25
108.75
2.5570
3.1140
1.9217
0.5468
7.43
175.0600
1.6013
3.37
810.90
139.690
48.7800
8.4080
1.498
26.915
25.430
1.4795

96.07

"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) 482-1986.
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.