Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : November 7, 1994

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

November 7,1994

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




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Elsewhere. $35.00 per year or $.80 each. Address
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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

120
110
100

145
135
125
115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

90

105

80

95

BELGIAN FRANC

70
60

85

•

i

i

I

i

i

i

I

i

i

i

l

i

i

i

i

i

i

I

i

i

i

l

i

i

i

I

i

i

i

290

75
280
260

270

240

250

220

230

200

210
190
SWISS FRANC

•

'

i

I

i

i

180

JAPANESE YEN

160

i

I

i

i

i

I

i

i

1 » I

i

I

I

'

1

1

1

»

1

1

I

I

»

140
100
90
80
70

U.K. POUND

55
45
200

i

i

i

I

i

60

CANADIAN DOLLAR

i

i

l

i

i

i

I

i

i

i

I

I

I

I

I

'

'

1 '

I

'

I

'

I

'

50
250
230

180

210

160

190
140

170
DUTCH GUILDER

120
100

•

'

'

I

i

i

GERMAN MARK

i

l

i

'

i

I

i

i

i

I

•

•

'

'

1

'

1

1

1

150

'

1

'

1

130
65

105
55

95

45

85
75

35
FRENCH FRANC

65 —

55

ITALIAN LIRA

i

i

i




I

i

i
1992

'

I

•

i

i

I

i

i
1994

i

i

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I

« » '
1992

I

'

» i

l

» » '
1994

25

CHART 2

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

PERCENT PER ANNUM
2
U.K. POUND

r

f

—

—

—

—

—

—

I

I

I

I

1

I

I

1

1

1

1

1

1

1

i

1

CANADIAN DOLLAR

i

i

l

i

1 1

1

1

1

1

1

1

1

1

i

i

1

1

1

1

JAPANESE YEN

"

i\

—

r

* v

/r

—

V

y y

—
1

1

l

1

I

I

I

A v "• -

A

Z

^

—

1

i

i

i

1

1

1

1

1

SWISS FRANC

1

1

1

1

1

1

1

i

DUTCH GUILDER

r
2
4
—

—

1

1

1

1

1

1

1

1

I

1

1

1

1

1

1

ITALIAN LIRA

FRENCH FRANC

6
, 8
2
2
6
10
14

» i

|




I

|

» •
1992

i

•

'
1994

'

•

I

1

'
1992

'

I

1

•

» l

'

i
1994

i

18

CHART 3

PRICE OF GOLD IN LONDON
AV E RAGE S FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

0

h

360

360

340

340

320

I

I
1991




1

J

1
1992

I

I

i

i
1993

i

—I
1994

L

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
CENT PER ANNUM

PERCENT PER AN

8
H

SWITZERLAND
—

U.S. FEDERAL FUNDS

6

v

—

4

2
10

vA*v\ v . ——

JAPAN LA

i

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I

' '

i

I

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i

•

I

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i

i

1

1

1

1

i

i

i

i

i

i

1

l

l

1

i

i

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l

i

i

i

I

I

I

I

I

1

9
8
GERMANY
7

NETHERLANDS

6
5
1

4
16

1

'

i

1

•

1

14

1

I

1

1

I

1

1

«

i

i

l

i

i

i

l

FRANCE

12

CANADA

10

8

6
UNITED KINGDOM

4

2

» •




i

'

'
1992

•

i

'

•

» i

I
1994

I

I

I

I

I
1992

I

I

I

I

1994

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
:ENT PER ANNUM

PERCENT PER AN

12
WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER

8

6
U.S. CD'S
4

2
16

13

i

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I

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'

•

I

'

•

•

I

•

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I

U.K. INTERBANK STERLING

10

NETHERLANDS INTERBANK RATE

7

•

4
9

'

I

'

'

'

'

'

'

'

I

'

'

'

'

'

'

I

'

'

'

'

'

'

'

I

•

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I

'

'

JAPANESE CD RATE

7

5
FRENCH INTERBANK RATE

3

1
10

I

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I

'

I

•

I

'

I

'

I

•

'

'

'

' <

I

I

I

I

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8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2

'

I

I




I

I
1992

•

I

'

•

'

I

» '
1994

1

1

1

I

1

1

1992

'

I

1

1

1

I

•

•

•

1994

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

'

i




I

i

i
1992

i

I

i

i

i

I
1994

i

i
1992

i

I

i

i

i
1994

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: RLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

FEDERAL FUN
DASHED LINE

90-DAY CD'S
DASHED LINE

DIFFERENTIAL

J

I




I

I

I

I
1992

I

I

l_l

DIFFERENTIAL

I

I

I

J
1994

I

L

J

i
1992

i

i

i

i

i

i

i

i
1994

i

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
8

PERCENT PER ANNUM

W ^

INTERBANK STERLING
COVERED LONDON

EURO-DOLLAR DEPOSITS
DASHED LINE

CANADIAN FINANCE
CO. PAPER, COVERED

U.S. COMMERCIAL PAPER
DASHED LINE

DIFFERENTIAL

DIFFERENTIAL

INTERBANK DM
— C O V E R E D FRANKFURT

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS
DASHED LINE

EURO-DOLLAR DEP
DASHED LINE

DIFFERENTIAL

•

'

i

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i

•
1992

'

I

i

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i

DIFFERENTIAL

i
1994

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I

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I

I

I

I I
1992

I

'

I

I

I

'

' '
1994

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
11

PERCENT PER ANNUM
9
UNITED KINGDOM

FRANCE

CANADA

JAPAN

SWITZERLAND

GERMANY

NETHERLANDS




i
1992

1994

i

i

I

i

i
1992

i

I

i

i

i

I

i

i i
1994

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
220
UNITED STATES

RATIO SCALE
1986=100
— UNITED KINGDOM

SWITZERLAND

ARAN

I

I

I

I

I

I

I

GERMANY

CANADA

FRANCE

NETHERLANDS




1992

1994

1992

1994

/
5-Oct-94
Chart 1.
(t

12-Oct-94 19-Oct-94 26-Oct-94 2-Nov-94

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
Indices, March 1973 base rates
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

3.1366
74.389
18.908
64 .545
0.06401
1.00739
57.617
77.744
158.00

3.1439
74.243
18.926
64.722
0.06367
0.99884
57.787
77.826
158.33

3.2102
73.865
19.268
66.098
0.06478
1.01851
58.977
79.489
160.28

3.2434
73.978
19.496
66.802
0.06533
1.02930
59.593
80.157
162.86

3.2342
73.944
19.438
66.562
0.06494
1.03089
59.370
79.752
163.23

123 .60
74 .14
85 .21
181,.57
36..74
263,.77
165..41
250..11
63,.90

123 .89
74 .00
85 .28
182 .07
36 .55
261 .53
165 .89
250 .38
64 .04

126 .50
73 .62
86 .83
185 .94
37 .18
266 .68
169 .31
255 .73
64 .83

127 .81
73 .73
87 .85
187 .92
37 .50
269 .50
171 .08
257 .87
65 .87

127..44
73 ..70
87.,59
187.,24
37. 28
269 .92
170. 44
256. 57
66. 02

113 .62
63 .57
75 .21
183 .17
30 .15
263 .92
155 .42
53 .18
233 .60
54 .63
86 .49

113 .84
63 .09
75 .49
183 .65
30 .14
264 .54
155 .75
53 .97
233 .58
55 .09
85 .56

113 .72
63 .19
75 .40
183 .26
30 .01
265 .54
155 .43
53 .50
232 .81
55 .34
85 .77

0.17
-0.02
0.47
-3.16
3.37
0.43
1.52
-0.27

0 .08
-0 .07
0 .42
-3 .15
,
3.
.25
0..40
1..49
-0..34

0 .17
0 .01
0 .47
-3 .11
3..35
0..40
1..38
-0..32

0..14
0..04
0.,50
-3 .00
3 .38
0. 45
1. 66
-0. 35

393.97

390.51

388.91

389.98

385.81

5.07
4.70
4.83
5.25
4.50
2.19
4.88
3.80
5.50

4 .62
4 .69
4 .75
,
5,.25
4 .87
.
2,
.18
4.
.84
3..52
5..10

4.72
4.59
4.63
5.25
4.82
2.18
4.75
3.40
4.95

4.72
4.59
4.83
5.25
4.76
2.18
4.85
3.70
5.23

4 .77
4 .66
4 .98
5 .25
4 .87
,
2 .21
,
4 .90
.
3,
.53
4.
.88

100

Weighted average exchange value indices, Mar. 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

112.38
64 .94
74.71
180.78
30.17
264.46
153.68
52.59
231.35
54.54
87.91

112.66
64.81
74.79
181.39
30.01
261.97
154.18
53.04
231.62
54.67
87.91

Exchange Rates, Premium or Discount
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

0.17
-0.14
0.35
-3 .14
3.29
0.31
1.35
-0.39

Call Money Rates

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




5-Oct-94
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. 39
5.,41
5.,52
5.,09
,29
2.
5.,10
,04
4.
5..86
5.,03

5. 55
5. 60
5. 56
5. 16
2. 33
5. 13
4 .14
5 .85
5 .09

5. 45
5. 62
5. 49
5 .10
2 .33
5 .10
4 .00
5. 80
5. 05

5. 52
5. 54
5. 50
5.,10
2.
.34
, 12
5.
3.,95
5..81
5., 04

5..56
5..58
5..50
5..10
2.
.34
5..12
.91
3.
5..90
5.
.04

,70
4.
.79
4.
4.
.96
.44
5.
5.
.68
6..24

4 .69
4 .86
5. 09
5. 60
5. 79
6. 34

4 .59
4 .76
4 .91
5 .48
5.,71
6. 26

4.
.59
4.
,68
4 .86
5.,51
5.,81
6.,38

4.
.66
4.
.69
4 .95
.
5..54
5,.85
6..45

Euro-Dollar Deposit Rates

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

12 -Oct- 94 19-Oct- 94 26-Oct- 94 2-Nov-94

Selected Euro-dollar & U.S. Money Market Rates
4.
.70
5..07
-0..37

4 .69
4 .62
0. 07

4.
.59
4.
,72
-0.,13

4.
.59
.72
4.
.13
-0 .

4 .66
,
4 .77
,
-0 .11

.44
5.
5.
.39
0..05

5 .60
5 .55
0. 05

.48
5.
,45
5.
.02
0.

.51
5.
.52
5.
-0.. 01

5 .54
5 .56
-0 .03

Euro-dollar deposit
Interbank sterling (London), covered
Differential

5..44
5..47
-0,.03

5 .60
5 .58
0. 02

.48
5.
5.
.46
0..02

.51
5.
5..49
0..02

5 .54
5 .54
-0 .01

U.S. commercial paper
Canadian finance paper, covered
Differential

5 .34
,
5,.58
-0,.24

5 .55
5 .77
-0.,22

.45
5.
5..70
-0,.24

.52
5.
5..71
-0..19

5 .59
5 .72
-0 .13

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

5 .44
5 .44
-0 .00

5 .60
5 .64
-0..04

5.
.48
5 .52
,
-0 .05
,

5 .51
,
5 .57
,
-0,.06

5 .54
5 .60
-0 .07

5 .44
5 .40
0 .04

5.
,60
,67
5.
-0.,07

5 .48
,
5 .51
.
-0 .03
,

5..51
5.
.34
0..17

5 .54
5 .59
-0 .05

.04
9.
8..20
7.
.64
4.
.66
5..51
7.
.63
8..77
7.
.71

9 .00
,
8 .04
,
7 .38
,
4 .64
,
5,.44
7 .37
,
8 .60
7 .64
,

9.
, 12
8 .24
,
7 .52
,
4 .65
,
5 .47
7 .52
,
8 .76
7 .85

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
Swiss interbank, covered
Differential
Chart 9.

Long Term Government Bellwether Bond Yields
10-year maturity, where available

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

Stock Indices

8 .90
8 .18
7 .63
4 .52
5 .47
7 .58
8 .89
7 .68
(Wednesday figures)

141,.96
Canada
143 .99
141,.74
145,.13
France
147 .72
144 ,
.80
145..54
149 ,
.59
Germany
116 .66
114 ,
.25
Ill,.06
117 ,
.00
Japan
121..03
119 .51
118 ,
.49
119 .
.63
Netherlands
146 .72
145,.37
142 ,
.82
146,.94
Switzerland
.22
206 .37
202 ,
205,.89
211,.03
United Kingdom
177,.43
184 ,
182 .86
178,.33
.80
United States
184 ,
189 .90
186,.66
.05
188,.45
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



9 .13
8 .37
7 .62
4 .64
5 .48
7 .64
8 .81
7 .88

140 ,
.93
147,.28
115,.81
118 ,
.62
147 ,
.43
205 .87
182 ,
.74
188 .18
to SBF250

FEDERAL RESERVE statistical release
H.10(512)

November 7, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

NOVEMBER 4, 1994

The Board of Governors of tne receral Reserve System is advised that the Federal Reserve Bank of New York has certified
for customs purposes the following noon buying rates m New York City for cable transfers payable in foreign currencies:
MONETARY
UNIT

Oct. 31

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO 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

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

0.7420
10.591
30.950
1.3527
8.5460
5.8860
1.2675
4.6270
5.1500
1.5043
231.89
7.7275
31.380
1.6085
1539.25
96.90
2.5555
3.4380
1.6867
0.6150
6.5415
153.76
1.4690
3.5010
800.00
125.230
49.050
7.1935
1.2550
26.050
24.910
1.6350

0.7410
10.536
30.800
1.3545
8.5454
5.8555
1.2735
4.6130
5.1210
1.4965
230.83
7.7277
31.390
1.6120
1538.00
96.77
2.5590
3.4390
1.6779
0.6152
6.5270
152.99
1.4680
3.4970
800.20
124.720
49.000
7.2060
1.2480
26.020
24.910
1.6320

0.7423
10.565
30.950
1.3555
8.5454
5.8850
1.2665
4.6395
5.1575
1.5040
232.00
7.7277
31.430
1.6110
1548.50
97.00
2.5570
3.4390
1.6858
0.6165
6.5635
153.78
1.4680
3.5030
800.30
125.380
48.970
7.2185
1.2540
26.030
24.920
1.6345

0.7424
10.726
31.350
1.3573
8.5438
5.9710
1.2508
4.6940
5.2280
1.5240
235.09
7.7295
31.405
1.5890
1563.75
98.20
2.5600
3.4370
1.7081
0.6147
6.6505
155.75
1.4703
3.5140
800.50
126.890
48.980
7.3905
1.2740
26.040
24.960
1.6125

0.7490
10.711
31.320
1.3576
8.5438
5.9615
1.2521
4.6970
5.2165
1.5215
234.69
7.7303
31.410
1.5840
1560.50
97.65
2.5640
3.4300
1.7058
0.6185
6.6375
155.47
1.4705
3.5205
800.40
126.750
49.000
7.3510
1.2720
26.050
24.955
1.6105

MEMO:
^UNITED STATES

DOLLAR

85.79

85.57

85.89

86.95

86.79

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Nov. 1
Nov. 2
Nov. 3

Nov. 4

*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.