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(516/517) Selected Interest & Exchange Rates W eekly Series o f Charts October 13, 1998 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE 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 Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. CHARTS 1. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND 8. INTEREST ARBITRAGE: 3-MONTH 9. LONG-TERM GOVERNMENT 10. INDUSTRIAL STOCK INDICES Chart 1 Spot Exchange Indices Ratio scale March 1973=100 Dollar prices of foreign currencies and weighted average values (dashed line) (Average for week ending Wednesday) Ratio scale March 1973=100 150 130 110 90 105 85 65 45 210 190 170 150 75 55 35 15 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) (Averages for week ending Wednesday) Percent per annum Percent per annum 4 2 0 -2 -4 Chart 3 Price of Gold in London (Averages for week ending Wednesday) u.s. dollars per fine ounce U.S. dollars per fine oi 420 420 12.5 Kg Bars Afternoon fixing price 400 400 380 380 360 360 340 340 320 320 300 300 280 280 260 _______ I___________ I___________ I___________ I___________ I_______ 1993 1994 1995 1996 1997 1998 260 Chart 4 Call Money Rates (Weekly series) Percent per annum Percent per annum 9 8 7 6 5 4 3 2 C h a rts 3-Month Interest Rates (Weekly series) Chart 6 Euro-Dollar Deposit Rates, London (Averages for week ending Wednesday) Percent per annum Overnight 4 - 1995 1996 1997 1998 Chart 7 Selected Euro-Dollar and U.S. Money Market Rates Differential: Plus(+), Favors B orrow ing in U.S. (Averages fo r w eek ending W ednesday) P ercent Per A nnum P ercent Per A nnum +1 D ifferential l 1995 1996 1997 1998 1995 1 1 1996 1997 1998 Chart 8 Interest Arbitrage: 3-Month Funds Differential: plus(+), indicates favor dollar assets (Average for week ending Wednesday) Percent per annum Percent per annum 8 Differential -1 _L 1995 1996 1997 1998 Swiss Interbank (SF) covered - 6 Euro-dollar deposits (dashed line) Differential -1 _L 1995 1996 1997 1998 1995 1996 1997 1998 5 Chart 9 Long-Term Government Bond Yields (Weekly series) 8 7 6 5 4 3 Chart 10 Stock Indices (Weekly series) Ratio scale End-1994=100 Ratio scale End-1994® 100 300 220 180 140 100 60 9-Sep-98 Chart 1. 16-Sep-98 23-Sep-98 30-Sep-98 7-Oct-98 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 2.8046 65.432 17.250 57.852 0.05863 0.74448 51.270 70.506 166.71 2.8650 66.229 17.622 59.069 0.05984 0.75019 52.380 71.725 167.88 2.8754 65.452 17.696 59.347 0.06000 0.74688 52.596 72.042 168.31 2.8928 66.115 17.808 59.712 0.06037 0.73900 52.934 72.163 170.14 2.9634 64.730 18.246 61.161 0.06187 0.75730 54.255 74.353 169.55 110.52 65.22 77.73 162.74 33.66 194.93 147.19 226.83 67.43 112.90 66.01 79.41 166.17 34.35 196.43 150.37 230.75 67.90 113.31 65.23 79.74 166.95 34.44 195.56 150.99 231.77 68.08 113.99 65.90 80.25 167.98 34.65 193.49 151.96 232.16 68.82 116.77 64.52 82.22 172.05 35.52 198.29 155.75 239.20 68.58 110.95 61.32 75.41 178.79 30.50 205.67 151.00 53.66 231.00 63.51 96.66 111.25 61.75 75.65 179.35 30.59 202.44 151.46 53.55 230.57 64.02 96.23 112.65 59.57 76.67 181.89 31.00 205.19 153.49 52.40 234.79 62.92 94.75 0.02 1.99 2.06 0.50 5.31 2.20 3.99 -1.87 -0.06 1.99 2.06 0.56 5.42 2.19 4.09 -1.85 -0.02 1.82 1.82 0.55 5.25 2.03 3.93 -2.00 -0.03 1.84 1.82 0.62 5.42 2.06 4.21 -1.89 284.25 290.59 290.27 294.89 297.96 5.51 5.58 5.74 3.40 3.38 0.43 3.22 1.38 7.45 5.57 5.60 5.84 3.40 3.36 0.26 3.22 1.15 6.55 5.44 5.46 5.72 3.40 3.36 0.25 3.07 1.05 7.20 5.61 5.48 5.73 3.40 3.63 0.30 3.22 1.10 7.15 5.16 5.38 5.57 3.40 3.35 0.24 3.23 1.03 7.90 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 Weighted average exchange value indices, March 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 Chart 2. -0.15 2.07 2.11 0.55 5.28 2.25 3.98 -1.88 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 110.61 62.15 75.12 177.95 30.44 206.86 150.45 53.95 230.13 63.38 96.75 3-Month Forward Exchange Rates, Premium or Discount Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound Chart 3. 109.62 62.19 74.41 176.24 30.19 208.05 149.07 53.95 229.10 63.79 98.33 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 9-Sep-98 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. 5.51 5.85 3.45 3.38 0.61 3.29 1.52 7.45 3.81 5.43 5.60 3.41 3.40 0.36 3.25 1.42 7.34 3.72 5.42 5.67 3.44 3.40 0.35 3.45 1.38 7.29 3.74 5.25 5.41 3.42 3.44 0.42 3.33 1.35 7.27 3.70 5.26 5.39 3.44 3.49 0.49 3.40 1.30 7.19 3.71 5.58 5.53 5.53 5.51 5.45 5.36 5.60 5.50 5.45 5.39 5.31 5.15 5.46 5.53 5.46 5.38 5.30 5.15 5.48 5.36 5.27 5.23 5.13 4.96 5.38 5.28 5.29 5.22 5.04 4.81 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 16-Sep-98 23-Sep-98 30-Sep-98 7-Oct-98 Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 5.58 5.51 0.07 5.60 5.57 0.03 5.46 5.44 0.03 5.48 5.61 -0.14 5.38 5.16 0.22 5.51 5.51 -0.00 5.39 5.43 -0.03 5.38 5.42 -0.05 5.23 5.25 -0.03 5.22 5.26 -0.04 Euro-dollar deposit Interbank sterling (London), covered Differential 5.51 5.54 -0.03 5.39 5.44 -0.04 5.38 5.41 -0.04 5.23 5.23 -0.00 5.22 5.26 -0.04 U.S. commercial paper Canadian finance paper, covered Differential 5.41 5.70 -0.29 5.36 5.62 -0.26 5.33 5.61 -0.28 5.16 5.39 -0.23 5.14 5.36 -0.22 5.51 5.51 0.00 5.39 5.48 -0.09 5.38 5.48 -0.10 5.23 5.27 -0.05 5.22 5.32 -0.11 5.51 5.52 -0.01 5.39 5.42 -0.03 5.38 5.48 -0.10 5.23 5.30 -0.07 5.22 5.53 -0.31 5.30 4.18 4.00 0.83 2.76 4.16 5.15 4.85 5.15 4.09 3.93 0.82 2.74 4.09 4.99 4.72 5.04 4.10 3.94 0.84 2.76 4.09 4.97 4.58 4.75 3.96 3.80 0.76 2.54 3.96 4.67 4.28 Canada 139.35 140.17 142.75 133.24 174.92 France 191.93 190.01 165.84 202.85 198.23 188.99 182.57 Germany 71.58 67.36 69.75 Japan 66.93 251.22 229.42 243.20 221.94 Netherlands 247.98 231.73 245.31 Switzerland 213.99 141.24 138.38 133.58 United Kingdom 129.03 199.48 209.99 206.44 United States 201.03 Indices (in order, rebased to end-1994=100) are Toronto Composite, SBF250, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Performance Index, Financial Times Ordinary, NYSE Composite 129.66 159.40 169.18 67.15 203.92 202.95 123.37 193.15 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 DM (Frankfurt), covered Differential 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. 5.48 4.36 4.23 1.10 2.89 4.36 5.34 5.01 Stock Indices (Wednesday figures)
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