Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : October 1, 1990

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Selected Interest Sf
Exchange Rates
Weekly Series of Charts

October 1,1990

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DuC. 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 INDIES




SUBSCRIPTION RATES:
Weekly $24.00 per year or $.60 each in the United
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, 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
RATIO SCALE
MARCH 1973=100

140
130
120
110

RATIO SCALE
MARCH 1973=100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

_

140
130
120
110

BELGIAN FRANC

100

100

90

90

80 —

80

i

70
280
260
240
220

'

j

I

i

i

i

l

i

i

i

l

i

i

» I

SWISS FRANC

'

'

i

I

i

i

i

I

'

J_L

JAPANESE YEN

70
280
260
240
220

200

200

180

180

160

160

140 I—

140

i

120
100

i

90

i

I

i

i

i

l

'

i

'

l

i

i

i

I

I

I

_

U.K. POUND

I

I

I

I

I

I

I

I

I

_L_L

CANADIAN DOLLAR

120
100
90

80

80

70

70

60

60

i

50
200

'

180

i

l

i

i

'

I

'

' I

I

i

i

i

l

I

I

I

I

i

'

I

i

I

i

'

i

GERMAN MARK

DUTCH GUILDER

50
200

180

160

160

140

140

120
100
120
110
100

120
I

I

I

I

'

I

I

I

'

'

I

I

I

I

I

•

» I

i

i

i

I

i

i

i

I

i

i

i

—

ITALIAN LIRA

50

FRENCH FRANC

90

45

80

40

—

70

—

35

60
50

100
60
55

30
I

I

1




I

1

1 1
1988

I

1

Ii

i

i

1

1 1
1990

l

I

'

I

i

I
1988

'

'

'

I

'

i
1990

'

25

CHART 2

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

4

PERCENT PER ANNUM

|

CANADIAN DOLLAR

l

I

I

I

'

4

U.K. POUND

i

'

I

'

'

i

I

i

i

i

i

GERMAN MARK

i

i

I

i

i

i

I

i

i

i

I

i

i

i

JAPANESE YEN

— 4

V

I

1

I

I

1

1

1

I

1 1

1

1

1

1

1

i

SWISS FRANC

i

i

I

t

i

i

I

•

'

'

l

'

'

'

DUTCH GUILDER

V™
\ V

1
FRENCH FRANC

v

/

l

I




1

I

1

1

1

I

1 i

i

I

i

i

i

Z

W \ y y V

l

1

ITALIAN LIRA

v

12

1

--w

I

I I
1988

1

I

i

^

1

I

_

1

1 1
1990

r%
i

i

i

/vvWvA

i

i

i i
1988

i

i

V - V ^ v V ,

1

1

1 1

1 1
1990

12

CHART3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U S

U.S. D LLARS PER FINE OUNCE

520

520

500

500

12.5 Kg BARS

480

460

440

420

400

380

360




- DOLLARS PER FINE OUINCE

AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
— 1 16

16

12

12

FRANCE

U.S. FEDERAL FUNDS

JAPAN

'

0

'

I

'

'

'

I

•

'

•

'

•

•

•

'

'

'

'

•

'

•

'

•

•

•

'

» •

•

16

16

12

12
CANADA
GERMANY

i

i

'

I

i

» i

I

i

» i

i

«

i

UNITED KINGDOM

i

I

i

i

'

I

"

'

'

I

' '

SWITZERLAND

NETHERLANDS

i




»

1

1988

1

i

i

i

i

i

i

i
1990

i
1988

1990

'

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AN

:ENT PER ANNUM

10

12
10

8

SWISS INTERBANK RATE

—
U.S. CD'S

8

6

6

4
WEIGHTED AVERAGE
FOREIGN RATE

4
2
16

l

I

l

I

l

I

l

I

2

l

l

l

I

l

l

l

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

0
16

14

U.K. INTERBANK STERLING

14

CANADIAN FINANCE CO.
PAPER

12

12

10

10
8

8

I

6
10

l

I

l

l

l

I

l

l

l

I

l

l

GERMAN INTERBANK RATE

8

» i

l

—

i

I

i

i

» I

i

i

'

I

i

'

'

FRENCH INTERBANK RATE

6
12
10

6

8

4

6

2

I

I

l

I

I

l

I

I

I

l

l

I

l

l

l

l

l

I

I

l

l

l

I

l

l

I

I

l

l

10
NETHERLANDS INTERBANK RATE

8
6

6
4

4




4
10
8

JAPANESE CD RATE

2

l

i
1988

1990

i

i

I

i

i
1988

i

I

i

i

i

I

i

i
1990

2

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER AN WM

CENT PER ANNUM

14

14

OVERNIGHT

12

3-MONTH

12

10

10

8

8

6

6

4
14

i

i

i

l

i

i

i

l

i

i

i

l

i

« i

I

I

I

I

7-DAY

12

I

I

I

I

I

I

I

I

I

I

I

6-MONTH

4
14

12

10

10

8

8

6

6

4
14

1

1

i

I

i

1

1

I

1

1

i

l

» i

'

'

»

1

l

1-MONTH

12

1

1

1

I

» »

1

I

1

» '

4
14

1-YEAR

12

10

10

8

8

6

6

4

'

1

'




I

1

1

1988

1

1

1

1

1

I

1

1

» I I

1990

I

I

I

I

'

•
1988

'

I

•

'

'

I

'

'
1990

'

4

CHART 7

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

OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

J

L

I

I

I

I

DIFFERENTIAL

I

I

I

I

I

i

I

I

I

I

i

I

I

I

I

I

I

I

I

L

I

L

DIFFERENTIAL

I
I

I




I

I

I

I
1988

I

I

I

I

I

I

I

I
I
1990

I

I

i

I

i

1988

1990

CHART 8

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

PERCENT PER ANNUM

16

16

12

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

i

i

I

i

i

i

I

i

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

i

i

I

i

i

i

'

I

I

I

I

I

I

I

I

I

I

I

l

l

l

10
2

—

DIFFERENTIAL

DIFFERENTIAL

"
2
16

" i
i

i

12

i

l

i

i

i

l

i
1
1

1

1

1

1

1

1

I

1 I

INTERBANK DM

i

I

i

i

i

I

1 '

I

I

I

I

I

I

I

I

2
16

12

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

i

i

— 4

DASHED LINE

DASHED LINE

i

I

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

i

I

i

I

i

i

i

I

I

I

I

I

I

I

I

I

i

I

i

DIFFERENTIAL

DIFFERENTIAL

A V A . W v

I

I

I

I

I




I
1988

I

I

I

I

I

I

I

'
1990

I

i

i

i

I

i

i
1988

'

I

» i

i
1990

i

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNU M

CENT PER ANNUM

14

14
CANADA

UNITED STATES
12

12

10

10

8

8

6
14

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

1 •

I

I

» » I

I

» I

I

I

6
14

FRANCE

UNITED KINGDOM
12

12

10

10

8

8

6
10

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

6
10

JAPAN

SWITZERLAND
8

8

6

6

4

4

2
10

I

I

I

I

1 I

I

I

I

I

I

I

I

1 I

i

i

i

I

i

i

i

I

» i

i

I

i

i

i

2
10

GERMANY

NETHERLANDS
MONTHLY

8

8

6

6

4

4
1

2

•

1




l

'

1

1988

i

I

'

'

'

I

i

'
1990

»

•

i

» I

» i
1988

i

l

i

'

» I

i

'
1990

i

2

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200

— UNITED STATES

— NETHERLANDS

JAPAN

GERMANY

SWITZERLAND

FRANCE

CANADA

UNITED KINGDOM




1988

1990

1988

1990

SERIES
29-Aug-90 5-Sep-90
C h a r t 1.

Spot Exchange Rates and I n d i c e s

Noon b u y i n g r a t e s

CU. S. c e n t s ,

weekly averages)

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound
Indices,

3.1342
87.989
19.195
64.373
0.08676
0.69000
57.131
78.491
194.72

3.0975
86.687
18.978
63.602
0.08550
0.69756
56.437
76.639
189.73

3.0874
85.946
18.933
63.413
0.08502
0.71648
56.259
76.046
187.40

3.1134
86.156
19.112
64.008
0.08562
0.72885
56.794
77.168
189.61

3.0959
86.791
19.028
63.691
0.08525
0.73038
56.495
76.306
186.78

123.50
87.70
86.50
181.09
49.80
180.67
164.01
252.51
78.76

122.06
86.40
85.52
178.92
49.08
182.64
162.02
246.56
76.74

121.66
85.66
85.32
178.38
48.80
187.60
161.51
244.65
75.80

122.68
85.87
86.12
180.06
49.15
190.84
163.04
248.26
76.69

121.99
86.50
85.75
179.17
48.93
191.24
162.18
245.49
75.55

109.04
74.84
73.76
174.31
40.40
178.01
147.78
67.45
223.20
64.92
86.49

109.11
74.40
73.89
174.63
40.36
179.86
148.04
67.47
224.77
65.20
85.64

108.85
75.27
73.81
174.30
40.32
180.97
147.74
67.25
222.97
64.37
86.01

-4.52
-2.23
-0.48
-2.80
-0.22
-0.51
-0.52
-6.55

-4.38
-2.20
-0.42
-2.44
-0.32
-0.46
-0.31
-6.54

-4.35
-2.15
-0.31
-2.17
-0.20
-0.35
-0.03
-6.42

-4.09
-1.94
-0.13
-2.27
-0.03
-0.13
0.06
-6.29

398.81

385.79

385.38

386.06

395.04

8.08
7.89
13.23
9.86
7.93
7.43
8.06
7.43
14.80

8 .25
7 .96
12 . 8 1
9 .95
8 .02
7 .58
8 .11
7 .13
14 . 8 8

8.12
8.00
13.08
9.79
8.01
7.61
8.16
6.13
14.93

8 .18
8 .03
13 . 1 8
9 .74
7 .98
7 .48
7 .99
5 .88
14 . 8 3

ND
8.13
13.00
9.65
8.01
7.63
8.01
5.88
14.73

M a r c h 1973 b a s e r a t e s = 100

Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U . K . pound
Weighted average exchange v a l u e i n d i c e s ,
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swedish k r o n a
Swiss f r a n c
U . K . pound
U.S. d o l l a r
Chart 2.

U.S.

1973=100
109.34
75.48
73.90
174.80
40.61
172.62
148.18
67.43
224.84
65.77
86.42

3 - M o n t h F o r w a r d Exchange R a t e s , Premium o r D i s c o u n t
-4.58
-2.06
-0.25
-3.32
0.01
-0.32
-0.48
-6.39

Gold P r i c e i n

London, A f t e r n o o n F i x i n g

d o l l a r s per f i n e ounce

Chart 4.

Mar.
109.68
75.97
74.11
175.46
40.87
168.84
148.71
67.44
228.34
67.02
85.45

Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound
Chart 3.

12~Sep-90 19-Sep-90 26-Sep-90

C a l l Money R a t e s

U.S. f e d e r a l f u n d s
Overnight Euro-dollar
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




deposits

SERIES
29-Aug-90 5-Sep-90
Chart 5.

3-Month I n t e r e s t

Rates

U.S. 90-day CD's, secondary market
Canadian f i n a n c e paper
French i n t e r b a n k r a t e
German i n t e r b a n k r a t e
J a p a n e s e CD r a t e
Netherlands interbank rate
Swiss i n t e r b a n k r a t e
U.K. i n t e r b a n k s t e r l i n g
Weighted average f o r e i g n i n t e r e s t r a t e
CG-10 C o u n t r i e s )
Chart 6.

Interest

Arbitrage,

Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential
U.S. commercial paper
Canadian f i n a n c e paper,
Differential

8.00
12.59
10.20
8.35
8.42
8.40
8.05
14.88
9.98

8.21
12.54
10.24
8.34
8.39
8.40
7.95
14.89
9.98

7.89
8.05
8.08
8.14
8.24
8.38

7.96
7.96
7.96
7.98
8.00
8.13

8.00
8.01
8.00
7.95
7.98
8.09

8.03
8.04
8.08
8.03
8.04
8.13

8.13
8.48
8.24
8.24
8.26
8.33

7.96
8.25
-0.29

8.00
8.12
-0.12

8.03
8.18
-0.15

8.13
ND
ND

8.14
8.10
0.03

7.98
7.97
0.01

7.95
7.96
-0.01

8.03
8.00
0.03

8.24
8.21
0.03

8.14
8.27
-0.13

7.98
8.11
-0.14

7.95
8.08
-0.13

8.03
8.21
-0.19

8.24
8.37
-0.13

8.01
8.25
-0.23

7 .88
8.22
-0.34

7.87
8.19
-0.33

7.91
8.11
-0.19

8.09
8.32
-0.23

8.14
8.12
0.02

7.98
7.89
0.08

7.95
7.96
-0.01

8.03
8.03
-0.01

8.24
8.20
0.03

8.14
8.06
0.08

7.98
7.92
0.06

7.95
7.81
0.14

8.03
8.02
0.01

8.24
8.01
0.22

10.83
10.81
9.07
8.19
6.60
11.33
8.95

10.90
10.80
9.08
8.31
6.58
11.13
8.87

ND
10.94
9.07
8.42
6 .56
11.06
8.83

ND
10.82
9.10
8.58
6.58
11.06
8.87

ND
ND
9.17
ND
6.63
11.10
8.99

111 .30
126 .18
103 .50
144 .53
97 .97
121 .66
128,.70
130 .69

111 . 0 8
122 .96
101 .27
140 . 7 1
98 . 4 0
120 . 0 2
129 . 7 4
130 . 8 0

3 - M o n t h Funds
covered

covered

Euro-dollar deposit
I n t e r b a n k DM ( F r a n k f u r t ) ,
Differential

covered

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential
Long Term G o v e r n m e n t Bond Y i e l d s

Canada
France
Germany
Japan
Switzerland
U n i t e d Kingdom
United States
C h a r t 10.

7.96
12.71
10.26
8.39
8.36
8.45
8.13
14.86
10.03

7.89
8.08
-0.19

3-month E u r o - d o l l a r d e p o s i t
U.S. 90-day CD's, s e c o n d a r y market
Differential

Chart 9.

7.97
12.89
10.25
8.38
8.27
8.44
8.45
14.90
10.07

S e l e c t e d E u r o - d o l l a r & U . S . Mone y M a r k e t R a t e s

Overnight Euro-dollar deposits
U.S. f e d e r a l f u n d s
Differential

Chart 8.

8.10
12.98
10.24
8.37
8.23
8.46
8.55
14.90
10.13

E u r o - D o l l a r Deposit Rates

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

12-Sep-90 19-Sep-90 26-Sep-90

Stock I n d i c e s

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States

(Wednesday f i g u r e s )
109
124
102
144
100
121
127
130

.03
.76
.06
.71
.03
.43
.49
.18

109
119
94
136
96
116
122
127

.16
.27
.99
.09
.77
.42
.28
.85

106 .02
112 .98
87 .79
124 .88
92 .44
109,,20
118,.90
123,.15

I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e , CAC G e n e r a l , FAZ A k t i e n ,
Tokyo SE ( T o p i x ) , CBS A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l T i m e s O r d i n a r y , NYSE C o m p o s i t e



.••bfGOvA-

FEDERAL RESERVE statistical release
September 28, 1990

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

SEPTEMBER 28, 1990

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

Sep. 28

RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.8303
11.000
32.190
1.1495
4.7339
5.9620
1.3238
3.7350
5.2360
1.5640
156.00
7.7610
18.080
1.7170
1169.75
137.38
2.7015
1.7627
0.6204
6.0580
138.95
1.7670
2.5625
717.10
97.93
39.960
5.7600
1.3020
27.310
25.320
1.8768

0.8310
11.043
32.360
1.1534
4.7339
6.0000
1.3148
3.7250
5.2610
1.5720
155.50
7.7610
18.090
1.7100
1176.00
137.27
2.7015
1.7729
0.6183
6.0800
139.65
1.7670
2.5680
716.70
98.28
39.968
5.7800
1.3112
27.299
25.340
1.8640

0.8267
11.065
32.340
1.1553
4.7339
6.0130
1.3111
3.7270
5.2570
1.5705
156.00
7.7605
18.080
1.7070
1177.50
138.37
2.7015
1.7713
0.6160
6.0910
140.05
1.7635
2.5720
716.30
98.53
39.978
5.7880
1.3080
27.301
25.360
1.8710

0.8254
11.028
32.260
1.1565
4.7339
5.9780
1.3168
3.7170
5.2430
1.5665
155.00
7.7635
18.000
1.7145
1172.50
138.27
2.7015
1.7665
0.6150
6.0650
139.30
1.7655
2.5640
715.80
97.97
40.008
5.7630
1.2995
N. A.
25.360
1.8735

DOLLAR

85.39

85.77

86.15

86.18

85.99

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON

SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM
MEMO:
**UNITED STATES

(CURRENCY UNITS PER DOLLAR)
Sep. 27
Sep. 26
Sep. 25

0.8315
10.970
32.060
1.1503
4.7339
5.9480
1.3295
3.7160
5.2110
1.5568
156.00
7.7630
18.060
1.7200
1166.00
136.10
2.6995
1.7547
0.6215
6.0500
138.25
1.7670
2.5670
718.00
97.63
39.958
5.7480
1.2975
27.295
25.330
1.8840

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN

Sep. 24

PESETA

*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. 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.
THIS RELEASE IS NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.