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Selected Interest &
Exchange Rates
Weekly Series of Charts
October 11,1988
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 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
RATIO SCALE
MARCH 1973=100
200
180
50
45
—
-
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
160
ITALIAN LIRA
^
-
*—•—-——
40
-
35
140
-
120
-
-
30
-
-
25
11111111111
20
100
-
I
80
I
yv
-
I
I
220
GERMAN MARK
160
-
120
~
/V
-
-
-
140
—
—
__
120
-
100
— Vzv—
—
—
-
-
-
CANADIAN DOLLAR
—
I,
220
200
I
—
180
-
160
-
140
-
120
-
100
1111 i 111111
-
VX
DUTCH GUILDER
80
180
160
140
-
—
w
—
Illl
I
I
I
I
I
I
100
-
90
-
80
—
70
11111111111 iiIiiImIii
60
90
U.K. POUND
-
70
-
60
-
50
n l H hill i Illllllllll
40
V v
60
j\r
40
80
FRENCH FRANC
—
-
50 -
I
^—7^ -
—
I I
90
80 -
140
280
~ ~
-
BELGIAN FRANC
100
90
- ^
80
-
70
-
xVi
-
/
SWISS FRANC
—
-
J
v
-
-
60
50
r
-
—
IV"
60
120
11111111111
j
I
180
160
70
I
-
80
80
I
—
140
70
I
JAPANESE Y E J V - ^
180
90
I
—
200
100
I
—
I
I
Illllllllll
1986
Illllllllll
1988
240
—
200
-
-
-
J\l
I
I
I
1986
180
160
140
-
120
Illllllllll
100
-
I
-
1988
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
8
4
JAPANESE YEN
CANADIAN DOLLAR
/V
- v / V ^
l
l
l
I
I
S — - v x
I
l
I
ill 11 hill i
I
MIMIMIM
4
12
—
U. K. POUND
„
I
I
I ill ill ill I
I
I
I
I
I
I
II I II I II I I I
I
I I I I I I I I I I I
I
I
I
I
ITALIAN LIRA
FRENCH FRANC
I
-
DUTCH GUILDER
GERMAN MARK
I
SWISS FRANC
-
4
-
8
12
1986
1988
1986
1988
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. c
U.S. DOLLARS PER FINE <
.LARS PER FINE OUNCE
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
280
280
1985
1986
1987
1988
CHART 4
CALL MONEY RATES
WEEKLY SERIES
T PER ANNUM
PERCENT PER Ah
16
12
16
U. S. FEDERAL FUNDS
FRANCE
-
8
12
8
4
~
4
JAPAN
niiiiiiiii
0
n i i i i i i i i i
16
0
16
CANADA
12
8
12
GERMANY
8
4
4
0
0
16
20
UNITED KINGDOM
-
SWITZERLAND
16
12
12
8
8
4
NETHERLANDS
4
0
0
1986
1988
1986
1988
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER AN
NT PER ANNUM
16
12
10
CANADIAN FINANCE CO.
PAPER
-
U.S. CD'S
14
8
-
6
10
WEIGHTED AVERAGE
FOREIGN RATE
4
-
2
14
I
I
I
I -I
I
8
6
i ill i hill i
14
UK. INTERBANK STERLING
-
12
FRENCH INTERBANK RATE
-
10
12
10
8
8
\j\S-
—
I
6
I
I
I
I
I
11 I n h i h i
i ill M i ill i
10
8
12
6
10
NETHERLANDS INTERBANK RATE
GERMAN INTERBANK RATE
8
6
6
4
4
2
2
10
8
8
JAPANESE GENSAKI RATE
SWISS INTERBANK RATE
-
6
6
4
\/
4
I
2
1986
1988
I
I
I
I
1986
~
2
0
I
1988
CHART 6
EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
ENT PER ANNUM
PERCENT PER At
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
I
I I III!I I I
4
I
I
I
I
I
I IIIIIIIIII I IIIIIIIIII
14
4
14
1-MONTH
1-YEAR
12
-
12
10
10
8
8
6
6
I
4
1986
1988
I
I
4
1986
1988
CHART 7
SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U. S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PER ANNUM
14
14
12
12
10
10
FEDERAL FUNDS
3-MONTH
DASHED LINE
E U R O - D O L L A R DEPOSITS
8
8
6
6
OVERNIGHT
90-DAY CD' S
E U R O - D O L L A R DEPOSITS
DASHED LINE
4
4
2
2
I
2
2
DIFF"T:NTIAL
DIFFERENTIAL
1
1
+
0
0
1
1
1986
PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE S C A L E
1988
1986
1988
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
12
16
INTERBANK STERLING
12
COVERED LONDON
CANADIAN FINANCE
CO. PAPER, COVERED
EURO-DOLLAR DEPOSITS
U. S. COMMERCIAL PAPER
DASHED LINE
DASHED LINE
111
DIFFERENTIAL
DIFFERENTIAL
2
2
16
16
12
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
DASHED LINE
DASHED LINE
I II I I I I
DIFFERENTIAL
1986
DIFFERENTIAL
1988
1 PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE S C A L E
1986
1988
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER Ah
ENT PER ANNUM
16
16
14
CANADA
UNITED STATES
14
12
12
10
10
8
8
6
6
14
10
12
-
UNITED KINGDOM
JAPAN
-
8
10
6
8
4
I
6
I
11111111111
I
2
10
8
6
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
7
5
MONTHLY
3
5
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
U 100
650
550
450 350
iVV\ Ay\
—
JAPAN
j
-
-
-
250
I I I
150
500
FRANCE
-
^
ill ii hill i
—
—
400
/ vX x
SWITZERLAND
-
-
200
j
CANADA
300
V
—
sT*
/v
—
I I I
I I I
200
I
500
250
/
I
| ,,
100
I
—
400 „
NETHERLANDS
GERMANY
300
-
\s*\f
y
200
100
]
An
/
I I I
-
-
I I I
1986
1988
150
1986
1988
SERIES NAM E
LAST VALUE PLOTTED
DATE
VALUE
CHART 1, SPOT EXCHANGE RATES AND INDICES
MEEKLY AVERAGES, NOON BUYING KATES {U.S. CENTS)
GERMAN MARK
JAPANESE ZEN
DUTCH GUILDER
U.K. POUND
CANADIAN DOLLAR
f'KENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KtiONA
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
5
5
5
b
5
5
5
5
5
5
53. 53
0.74776
4 7. 47
169.23
62. 47
15.72
63. 14
2.5544b
0.07182
15.59
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
5
5
b
5
5
5
5
5
5
150. 58
195. 79
136.27
68.45
82.20
70.85
203. 13
100.66
40.80
5
5
5
5
5
5
5
5
5
5
5
97.71
159.66
207. 92
13 6.55
64. 50
79.38
66.74
203.48
9 8. 78
37.36
6 6. 92
5
5
"j
5
5
b
b
b
-1.80
- 3. 24
3. 4o
O.o 2
5.00
2.99
3.81
-2. bb
INDICES, MARCH 1973 BASE RATES = 100
GERMAN MARK
JAPANESE YEN
DUTCH GUILDER
U. R. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
WEIGHTED AVERAGE EXCHANGE VALUE INDICES, HAS 1973 = 100
(G- 10 COUNTRIES PLUS SWITZERLAND)
U.S. DOLLAR
GERMAN MARK
JAPANESE IEN
DUTCH GUILDER
U.K. POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KtiONA
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT,
OCT.
OCT.
CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM 08 DISCOUNT
CANADIAN DOLLAR
U.K. POUND
GERMAN MARK
FRENCH FhANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
ITALIAN LIRA
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
SERIES NAilE
CHAM
LAST VALUE PLOTTED
DATE
VALUE
3. GOLD PRICE IN LONDON, AFTERNOON FIXING
U.J. DOLLARS PiiR Hhti OUNCE
CiiART 4. U U
OCT.
5
397.03
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
b
5
5
b
5
b
5
b
5
8. 38
8. 15
11.75
9.6b
4.09
4. 10
7.51
5. 22
1.63
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
5
5
5
b
5
b
5
b
b
8. 23
5. 05
4. 23
10. 55
11. 91
3. 50
7. 75
b. 55
6. 97
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
5
5
5
5
5
b
8. 15
8. 11
8.20
8. 50
8.61
8. 78
MONEY is AXES
U.S. FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR DEPOSITS
U. ft.
x»n i^i*i DA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
CHART 5. 3-MONTH INTEREST RATES
U.S. 90-DAY CD'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
(U-10 COUNTRIES Pi,OS SWITZERLAND)
CHART 6. EURO-DOLLAR DEPOSIT RATES; LONDON
OVERNIGHT
7-DAY
1—MONTH
3-flONTH
6-MONTH
1-YEAR
CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET KATES
OVERNIGHT EURO-DOLLAR DEPOSITS
U.S. FEDERAL FUNDS
DIFFERENTIAL
OCT.
OCT.
OCT.
5
b
b
8. 15
8. 38
-0. 23
3-MONTH EURO-DOLLAR DEPOSIT HATE
U.S. 90-DAY CD'S, SECONDARY MArtKET
DIFFERENTIAL
OCT.
OCT.
OCT.
5
5
5
8. 50
8. 29
0. 21
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 8 • INTEREST AixdlTtiAtit,, 3-MONTti FUNDS
EUtiO-DOLLAfi DEPOSIT
INTERBANK STERLING (LONDON), COVE&ED
DIFFERENTIAL
OCT.
OCT.
OCT.
5
5
5
8.50
8.58
-0. 08
O.S. COMMERCIAL PAPER
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
OCT.
OCT.
OCT.
5
5
5
8.22
8.70
-0. 48
EUEO-DOLLAR DEPOSIT
INTERBANK DM (FiiANKFURT) , COVERED
DIFFERENTIAL
OCT.
OCT.
OCT.
5
5
5
8.50
8.55
-0.05
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
OCT.
OCT.
OCT.
b
5
5
8.50
8. 54
-0.04
SEPT.
SEPT.
SEPT.
SEPT.
SEPT.
SEPT.
AUG.
SEPT.
30
30
zs
16
23
23
8.99
6.27
4.77
4.24
10. 56
9.15
6.61
9.02
CHART 9. LONG TERM GOVEMMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
NETHERLANDS (MONTHLY)
UNITED KINGDOM
30
U.S. COKPOEATE
AAA BONDS
CHART 10.
MAY
9.33
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CA NADA
GERMAN*
SWITZERLAND
NETHERLANDS
FRANCE
JAPA N
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
5
5
5
5
5
5
5
5
288. 16
323. 56
327. 86
222. 36
189. 64
28 8. 13
381. 97
561. 2d
FEDERAL RESERVE statistical release
H.10(512)
OCTOBER 11, 1988
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
OCTOBER
7, 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:
COUNTRY
MONETARY
UNIT
•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
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:
SUNITED STATES
DOLLAR
OCT.
3
(CURRENCY UNITS PER DOLLAR)
OCT. 4
OCT. 5
OCT.
6
OCT.
7
78.44
13.101
39.000
1.2105
3.7314
7.1500
4.4050
6.3380
1.8610
151.650
7.8125
14.5600
144.00
1387.00
133.65
2.6820
2.0990
61.130
6.8900
153.800
2.0400
2.4930
721.90
123.170
33.003
6.3980
1.5788
28.980
25.540
169.85
78.91
13.092
39.010
1.2099
3.7314
7.1750
4.3980
6.3400
1.8612
151.300
7.8130
14.5600
143.90
1387.50
133.26
2.6790
2.0995
61.360
6.8940
153.350
2.OS90
2.4915
721.40
123.040
33.000
6.3940
1.5801
28.980
25.510
169.45
79.10
13.111
39.040
1.2075
3.7314
7.1720
4.4025
6.3460
1.8630
151.350
7.8150
14.5900
143.90
1389.00
133.50
2.6850
2.1010
61.010
6.8950
153.600
2.0405
2.4990
720.90
123.050
33.005
6.3920
1.5833
28.980
25.520
169.55
79.64
13.110
39.090
1.2115
3.7314
7.1800
4.4075
6.3520
1.8649
151.450
7.8140
14.5700
143.95
1391.00
133.41
2.6890
2.1030
61.300
6.9050
153.550
2.0400
2.4950
721.00
123.240
33.003
6.3950
1.5830
28.980
25.520
169.40
79.88
13.090
39.010
1.2077
3.7314
7.1620
4.3950
6.3420
1.8618
151.650
7.8170
14.5600
144.05
1386.50
133.30
2.6880
2.0985
61.650
6.8950
153.300
2.0385
2.4920
720.10
123.100
33.005
6.3840
1.5800
28.980
25.520
169.80
97.42
97.42
97.47
97; 57
97.37
SINDEX 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.
*VALUE IS U.S. CENTS
@FedFRASER