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(516/ 517) Selected Interest & Exchange Rates W eekly Series o f Charts October 14,2003 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table o f Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 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 o f Support Services and make payment remittance payable to the Board o f Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS 1. NOMINAL CURRENCY EXCHANGE VALUES 2. 3-MONTH FORWARD EXCHANGE RATES 3. PRICE OF GOLD IN LONDON 4. OVERNIGHT FUNDING RATES AND OFFICIAL INTEREST RATES 5. 3-MONTH INTEREST RATES 6. LONG-TERM GOVERNMENT BOND YIELDS 7. STOCK INDEXES Chart 1 Nominal Currency Exchange Values Dollar prices of foreign currencies and weighted average values of U.S. dollar (Average for week ending Wednesday, ratio scale, March 1973 = 100) 180 160 140 120 100 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) Averages for week ending Wednesday, percent per annum) 8 6 4 2 0 Chart 3 Price of Gold in London (Averages for week ending Wednesday) 400 400 380 380 360 360 340 340 320 320 300 300 280 280 260 260 240 240 Chart 4 Interbank Funding Rates and Official Interest Rates (Averages for week ending Wednesday, percent per annum) “ First observation: 1/9/2003 the minimum bid rate and weighted average rate are shown. Japan 0.75 0.50 0.25 0.00 Switzerland Chart 5 3-Month Interest Rates (Averages for week ending Wednesday, percent per annum) 7 5 3 1 6 4 2 0 Chart 6 Long-Term Government Bond Yields (Averages for week ending Wednesday, percent per annum) Chart 7 Stock Indexes (Averages for week ending Wednesday, ratio scale, December 29, 2000 = 100) 150 125 100 75 50 25 150 125 100 75 50 25 150 125 100 75 50 25 10-Sep-03 17-Sep-03 24-Sep-03 l-0ct-03 Chart 1. 8-Oct-03 Nominal Currency Exchange Values Noon buying rates (U.S. cents, weekly averages) Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound 65.0400 73.008 0.85651 110.96 12.1560 71.888 158.68 66.3160 73.147 0.85601 112.40 12.3556 72.280 159.86 67.5380 73.867 0.88579 114.03 12.6789 73.341 164.12 67.8260 74.004 0.89805 115.80 12.9088 75.114 166.23 68.6380 74.800 0.90638 117.22 13.0546 75.789 166.70 46.03 72.77 224.26 159.60 53.83 231.27 64.18 46.94 72.90 224.13 161.67 54.72 232.53 64.66 47.80 73.62 231.93 164.00 56.15 235.95 66.38 48.00 73.76 235.14 166.56 57.17 241.65 67.23 48.58 74.55 237.32 168.59 57.81 243.82 67.42 -3.76 -1.66 -1.04 1.18 0.92 -2.51 -3.84 -1.60 -1.05 1.20 0.95 -2.59 -3.80 -1.60 -1.02 1.22 0.97 -2.57 -3.83 -1.61 -1.03 1.22 0.96 -2.59 375.38 382.63 385.37 377.82 Indexes, March 1973 base rates = 100 Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound Chart 2. 3-Month Forward Exchange Rates, Premium or Discount Australian dollar Canadian dollar Euro Japanese yen Swiss franc U .K . pound Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. -3.71 -1.67 -1.04 1.16 0.90 -2.50 376.69 Interbank Funding Rates and Official Interest Rates United States Target federal funds rate Effective federal funds Primary credit rate (Discount rate) Canada Bank rate Call money Lower bound Euro area Marginal lending rate Eonia Repo rate Overnight deposit rate Japan Call money Discount rate Switzerland* Upper bound Libor rate Lower bound United Kingdom Call money Repo rate 1.00 0.96 2.00 1.00 1.02 2.00 1.00 1.00 2.00 1.00 1.07 2.00 1.00 0.99 2.00 3.00 2.75 2.50 3.00 2.75 2.50 3.00 2.75 2.50 3.00 2.75 2.50 3.00 2.75 2.50 3.00 2.08 2.00 1.00 3.00 2.08 2.00 1.00 3.00 1.82 2.00 1.00 3.00 2.07 2.00 1.00 3.00 2.06 2.00 1.00 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 0.75 0.26 0.00 0.75 0.25 0.00 0.75 0.24 0.00 0.75 0.24 0.00 0.75 0.24 0.00 3.31 3.50 3.25 3.50 3.83 3.50 3.74 3.50 3.10 3.50 10-Sep-03 17-Sep-03 24-Sep-03 l-Oct-03 Chart 5. 3 -Month Interest Rates U.S. 90-day CD's, secondary market 1.08 1.07 1.08 1.09 Australian bank bill 4.89 4.95 4.93 4.92 Canadian finance paper 2.71 2.70 2.66 2.62 Euro-area interbank 2.16 2.14 2.15 2.13 Japanese CD 0.08 0.08 0.08 0.08 Swedish treasury bill 2.92 2.91 2.92 2.90 Swiss interbank 0.17 0.16 0.18 0.16 U.K. interbank sterling 3.59 3.60 3.62 3.64 Weighted average foreign interest rate 1.81 1.81 1.80 1.78 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 6. 1.10 5.00 2.64 2.13 0.08 2.91 0.17 3.66 1.79 Long Term Government Bellwether Bond Yields 10-year maturity, where available Canada 4.71 4.85 4.81 4.60 France 4.30 4.20 4.16 4.09 Germany 4.30 4.20 4.12 4.04 Italy 4.42 4.32 4.25 4.19 Japan 1.53 1.42 1.48 1.33 Switzerland 2.67 2.80 2.71 2.60 United Kingdom 4.57 4.69 4.61 4.63 United States 4.20 4.39 4.28 4.03 Weighted average foreign interest rate 4.14 4.07 3.99 3.92 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 7. 8-Oct-03 4.72 4.22 4.18 4.32 1.38 2.64 4.72 4.19 4.02 Stock Indexes (Wednesday figures) Canada France Germany Euro area Italy Japan Switzerland United Kingdom United States 84.75 59.91 56.00 59.03 62.54 81.33 67.63 49.51 82.92 85.22 61.11 56.51 58.23 63.03 83.55 68.79 50.41 82.93 85.10 59.06 54.28 57.62 62.41 81.30 66.80 49.48 83.45 84.06 57.71 51.28 55.55 60.70 80.23 64.69 48.19 81.84 Indices (in order, rebased to December 29, 2000) are Toronto Composite, SBF250, FAZ Aktien, DJ Euro Stoxx Index, Banca Italiana General, Tokyo SE (Topix), Swiss Performance Index, Financial Times Ordinary, NYSE Composite 84.73 58.95 53.82 56.50 61.89 82.17 65.90 49.69 84.09
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