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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
October 16, 1989
Prepared by the
FINANCIAL MARKETS
SECTION
DIVISION O F
INTERNATIONAL FINANCE
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DiC. 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 S<
MARCH 19721=100
RATK SCALE
MARC 11973=100
140
140
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
120
__
BELGIAN FRANC
120
100
100
90
90
80
80
70
70
280
280
-
SWISS FRANC
240
JAPANESE YEN
—
240
200
200
180
180
160
-
160
140
140
I
120
I
I
I
I
120
I
100
100
-
90
CANADIAN DOLLAR
90
U.K. POUND
80
80
70
70
60
60
50
200
180
l
l
I
l
I
l
I
Hill III
__
DUTCH GUILDER
50
200
180
GERMAN MARK
160
160
140
140
120
120
100
100
120
60
ITALIAN LIRA
100
90
50
FRENCH FRANC
45
80
40
70
35
60
30
50
25
1987
1989
1987
1989
CHART2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
PERCENT PER ANNUM
4
4
U. K. POUND
CANADIAN DOLLAR
A
\
Z
"
^
\
I
I
I
i
i
I
i
I
GERMAN MARK
I
I
I
I
I
I
I
~
I
I
I
I
I
I
I
I
I
I
I
DUTCH GUILDER
/
I
I
JAPANESE YEN
SWISS FRANC
x
I
-
V
V
A ,
V
I
I
FRENCH FRANC
I
I
I
I
I
ITALIAN LIRA
—
4
12
1987
1989
1987
1989
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S.
U.S. DOLLARS PER FINE Ol NCE
LLARS PER FINE OUNCE
520
520
500
500
12.5 Kg BARS
480
480
AFTERNOON FIXING PRICE
460
460
440
440
420
420
400
400
380
380
360
360
340
340
320
320
300
1986
I I I I I I I I I I M
1987
1988
I
N
I
M
I
1989
300
CHART4
CALL MONEY RATES
WEEKLY SERIES
ENTPER ANNUM
PERCENT PER ANh
16
16
12
U.S. FEDERAL FUNDS
12
FRANCE
AA
8
.A
N..
rV
A V A
7
,
8
JAPAN
4
0
4
I
I
I
I
I
I
I
I
I
I
I
I
II LII HILI I
0
16
16
CANADA
12
12
8
GERMANY
8
4
4
0
0
16
20
UNITED KINGDOM
SWITZERLAND
16
12
12
8
8
4
4
NETHERLANDS
0
0
1987
1989
1987
1989
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANN
PEF ENT PER ANNUM
12
12
FRENCH INTERBANK RATE
10
10
U.S. CD'S
8
8
6
6
WEIGHTED AVERAGE
FOREIGN RATE
4
4
II
hill
2
2
16
16
14
-
U.K. INTERBANK STERLING
CANADIAN FINANCE CO.
PAPER
12
f
-
10
14
12
10
8
-
6
I
I
I
8
6
8
8
-
6
SWISS INTERBANK RATE
jJ
-
4
6
4
2
-
0
I
I
I
I
I
2
0
I
10
10
-
8
NETHERLANDS INTERBANK RATE
/
-
8
JAPANESE GENSAKI RATE
6
6
4
-
I
2
1987
1989
I
I
I
I
1987
I
4
2
1989
CHART 6
EURO-DOLLAR DEPOSIT RATES
LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANh
SENT PER ANNUM
14
14
12
3-MONTH
OVERNIGHT
12
10
10
8
8
6
6
4
4
14
14
12
6-MONTH
7-DAY
12
10
10
8
8
6
6
4
4
14
14
12
1-MONTH
1-YEAR
—
12
10
10
8
8
6
6
I
4
1987
1989
I
I
I
I
1987
I
4
1989
CHART7
SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+),FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
14
12
10
3-MONTH
FEDERAL FUNDS
EURO-DOLLAR DEPOSITS
DASHED LINE
8
6
OVERNIGHT
90-DAY CD'S
EURO-DOLLAR DEPOSITS
DASHED LINE
4
_LL
2
M1111111M
2
DIFFERENTIAL
DIFFERENTIAL
1
+
0
n
1
1987
ENTIAL SCALE = 2 PERCENT ON RATE SCALE
1I I I I 1 I I I I I
1989
1987
CHART8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
ENT PER ANNUM
PERCENT PER ANN
16
12
16
INTERBANK STERLING
12
CANADIAN FINANCE
CO. PAPER, COVERED
COVERED LONDON
8
4
8
EURO-DOLLAR DEPOSITS
U.S. COMMERCIAL PAPER
DASHED LINE
0
I
4
DASHED LINE
ii t i l l i i I
i l l u l i 11 u l u h i l l 11
2
0
2
DIFFERENTIAL
DIFFERENTIAL
+
+
2
2
16
16
0
12
0
12
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
8
4
8
EURO-DOLLAR DEPOSITS
EURO-DOLLAR DEPOSITS
DASHED LINE
0
4
DASHED LINE
11 l u l l 11111II l l I
I
I'llllllllllllllllllllI
I
2
0
2
DIFFERENTIAL
DIFFERENTIAL
+
+
0
0
liilnliiliili
2
1987
J
1989
1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
1987
I
llllll I'lull 'lull
1989
2
CHART9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
)ENT PER ANNUM
PERCENT PER ANf JM
14
14
12
UNITED STATES
-
CANADA
\
10
, /U
12
a
V
10
8
8
6
I
I
I
I
I
I
6
14
12
14
UNITED KINGDOM
FRANCE
v
10
8
6
I
I
I
12
10
W
v
v
A - v .
8
i
i
i
6
10
8
10
SWITZERLAND
JAPAN
-
6
6
4
-
I
2
I
I
I
I
I
4
2
10
10
NETHERLANDS
8
8
-
MONTHLY
GERMANY
-
8
6
6
4
4
I
2
1987
1989
I
I
I
I
1987
I
i l l ii h i l i i
1989
2
CHART 10
INDUSTRIAL STOCK INDICES
WEEKLY SERIES
RATIO SCALE
RATIO SCALE
1969=100
1969=100
NETHERLANDS
UNITED STATES
800
GERMANY
600
-
-
500
-
-
-
J\f
300 -J
I
200
I
I
I
I
I
-
300
-
-
250
-
-
—
200
-
-
-
150
iihiliiln
I
I
I
I
I
I
100
600
300
SWITZERLAND
250
-
200
150
100
400
400
—
JAPAN
400
-
-
FRANCE
500
- A J\T
—
-
I
I
I
I
I
I
M
| I I | I. | M
iilnliihi
I
I
I
-
400
-
300
, 1111111111
200
600
500
UNITED KINGDOM
CANADA
400
300
200
-
I I I
200
1987
1989
1987
1989
LAST VALUE PLOTTED
DATE
VALUE
SERIES NAME
CHART
1. SPOT E X C H A N G E K A T E S A N D I N D I C E S
MEEKLY A V E R A G E S , NOON B U Y I N G
RATES
(U.S. CENTS)
G E R M A N MARK
J A P A N E S E YEN
DUTCH G U I L D E R
U.K. P O U N D
CANADIAN DOLLAR
FRENCH F R A N C
SWISS F R A N C
BELGIAN FRANC
ITALIAN LIRA
S W E D I S H KRONA
I N D I C E S , M A R C H 1973
BASE RATES =
WEIGHTED AVERAGE EXCHANGE VALUE INDICES,
(G-10 C O U N T R I E S PLUS S W I T Z E R L A N D )
MAa
1973 =
U.S. D O L L A R
G E R M A N MASK
J A P A N E S E YEN
DUTCH GUILDER
U.K. P O U N D
CANADIAN DOLLAR
FRENCH F R A N C
SWISS F R A N C
BELGIAN FRANC
ITALIAN LIRA
SWEDISH KRONA
CHART 2. 3 - M O N T H F O R W A R D E X C H A N G E B A T E S , PREMIUM OR
1
1
1
1
1
1
1
1
1
1
157. 86
85.09
15.55
60.45
2.50654
0.0/195
15. 36
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
11
11
11
11
11
11
11
11
11
148.21
182. 49
133.95
63. 85
84. 81
70.07
194.48
98. 77
40. 87
O C T . 11
O C T . 11
O C T . 11
OCT. 11
O C T . 11
O C T . 11
O C T . 11
OCT. 11
O C T . 11
O C T . 11
O C T . 11
10 4. 64
160.30
196.35
136. 85
61. 01
83. 82
67.34
19 8.45
98.81
38. 21
67.18
52. 69
0. 6 9 6 9 5
46. 66
100
G E R M A N MARK
J A P A N E S E YEN
DUICH GUILDER
U.K. P O U N D
CANADIAN DOLLAR
FRENCH F R A N C
SWISS F R A N C
BELGIAN F R A N C
ITALIAN LIRA
CANADIAN DOLLAR
U.K. POUND
G E R M A N MARK
FRENCH F R A N C
SWISS F R A N C
DUTCH GUILDER
J A P A N E S E YEN
ITALIAN L I R A
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
100
DISCOUNT
O C T . 11
O C T . 11
OCT. 11
O C T . 11
OCT. 1 1
O C T . 11
OCT. 11
O C T . 11
- 3 . 17
- 5 . 88
0. 88
- 0 . 96
1. 16
0. 79
2. 99
- 3. 38
L A S T V A L U E PLOTTED
DATE
VALUE
SERIES N A M E
CHART 3. GOLD PRICE
IN L O N D O N , AFT
FIXING
U.S. D O L L A R S PER F I N E O U N C E
OCT.
11
363.01
CHART 4, CALL MONEY R A T E S
U.S. F E D E R A L F U N D S
O V E R N I G H T E U R O - D O L L A R DEPOSITS
U.K.
CANADA
GERMANY
JAPAN
FRANCE
NETHERLANDS
SWITZERLAND
O C T . 11
O C T . 11
O C T . 11
O C T . 11
O C T . 11
O C T . 11
OCT. 11
O C T . 11
OCT. 1 1
8.93
8. 81
14.90
12. 22
7. 83
5.51
9.46
6.08
6.38
CHART 5. 3 - M O N T H I N T E R E S T R A T E S
U.S. 90-DAY CD'S, S E C O N D A R Y MARKET
G E R M A N INTERBANK L O A N
JAPANESE GENSAKI RATE
C A N A D I A N F I N A N C E PAPER
INTERBANK STERLING
SWISS I N T E R B A N K LOAN
FRENCH I N T E R B A N K B A T E
NETHERLANDS INTERBANK RATE
WEIGHTED A V E R A G E FOREIGN I N T E R E S T R A T E
{G-10 C O U N T R I E S P L U S S W I T Z E R L A N D )
OCT. 1
OCT. 1
OCT. 1
OCT. 1
OCT. 1
OCT. 1
OCT. 1
OCT. 1
OCT. I
CHART 6. E U R O - D O L L A R D E P O S I T R A T E S : LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
OCT. 1
OCT. 1
OCT. 1
OCT. I
OCT. 1
OCT. 1
CHART 7. S E L E C T E D E U R O - D O L L A R AND U.S. MONEY M A R K E T R A T E S
O V E R N I G H T E U R O - D O L L A R DEPOSITS
U.S. FEDERAL F U N D S
DIFFERENTIAL
OCT.
OCT.
OCT.
11
11
11
8. 81
8.93
-0. U
3—MONTH E U R O - D O L L A R DEPOSIT R A T E
U.S. 90-DAY C D ' S , S E C O N D A R Y MARKET
DIFFERENTIAL
OCT. 11
OCT. 1 1
O C T . 11
8. 80
8. 75
0. 05
SERIES NAME
- L A S T VALUE P L O T T E D
DATE
VALUE
CHART 8 . I N T E R E S T A R B I T R A G E , 3 - M O N T H F U N D S
EURO-DOLLAR DEPOSIT
I N T E R B A N K S T E R L I N G (LONDON), C O V E R E D
DIFFERENTIAL
OCT.
OCT.
OCT.
11
11
11
8. 80
8. 91
- 0 . 09
U.S. C O M M E R C I A L P A P E R
CANADIAN FINANCE PAPER, COVERED
DIFFERENTIAL
OCT.
OCT.
OCT.
11
11
11
8. 68
9. 08
40
EURO-DOLLAR D E P O S I T
I N T E R B A N K DM ( F R A N K F U R T ) , C O V E R E D
DIFFERENTIAL
OCT.
OCT.
OCT.
11
11
11
EURO-DOLLAR DEPOSIT
SWISS I N T E R B A N K , C O V E R E D
DIFFERENTIAL
OCT.
OCT.
OCT.
11
11
11
8. 60
3. 68
0. 15
OCT.
OCT.
SEPT.
SEPT.
SEPT.
SEPT.
MAY
OCT.
6
13
29
29
15
15
8. 18
7.23
5. 12
5.40
9.66
8. 97
7.37
9.57
-o.
8. 80
8. 86
03
-ti.
CHART 9. LONG TERM G O V E R M E N T BOND Y I E L D S
UNITED STATES
GE RMANY
JAPAN
SWITZERLAND
CANADA
FRANCE
N E T H E R L A N D S (MONTHLY)
UNITED KINGDOM
13
U.S. CORPORATE
AAA B O N D S
CHART 10.
MAX
9.33
STOCK INDICES
UNITED STATES
UNITED KINGDOM
CANADA
GERMANY
SWITZERLAND
NETHERLANDS
FRANCE.
JAPAN
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
OCT.
11
11
11
11
11
11
11
11
376. 42
39 5. 14
397. 01
291. 75
270. 57
363. 88
565. 10
705. 46
FEDERAL RESERVE statistical release
H.10(512)
OCTOBER 16, 1989
FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING
OCTOBER 13, 1989
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:
•UNITED STATES
DOLLAR
OCT.
H
0
L
I
D
A
Y
9
(CURRENCY UNITS PER DOLLAR)
OCT. 11
OCT. 10
OCT. 12
OCT. 13
77.64
13.345
39.890
1.1734
3.7314
7.3910
4.3220
6.4280
1.8965
166.480
7.8070
16.8500
140.68
1392.00
143.95
2.6960
2.1418
58.500
7.0275
158.300
1.9680
2.7150
673.50
120.400
40.017
6.5150
1.6570
NA
25.890
155.75
77.55
13.502
40.340
1.1758
3.7314
7.4850
4.3650
6.4895
1.9172
169.300
7.8080
16.9000
138.55
1403.00
144.80
2.7005
2.1643
58.420
7.0875
163.000
1.9740
2.7450
673.80
121.700
40.017
6.5700
167.8000
25.705
25.970
154.45
76.82
13.427
40.040
1.1755
3.7314
7.4580
4.3540
6.4680
1.9078
168.330
7.8090
16.8600
139.55
1398.00
144.20
2.6970
2.1534
58.120
7.0730
162.370
1.9690
2.7275
674.10
121.430
40.017
6.5640
1.6730
25.702
25.960
155.15
76.83
13.310
39.750
1.1745
3.7314
7.3830
4.3140
6.4155
1.8910
168.100
7.8110
16.8600
140.45
1388.25
143.20
2.6985
2.1343
58.350
7.0180
161.100
1.9075
2.7070
674.00
120.450
40.018
6.5200
1.6615
25.720
25.950
156.40
100.31
101.18
100.78
100.05
•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.
*VALUE IS U.S. CENTS
@FedFRASER