Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : October 17, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

October 17,1994
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION O F
INTERNATIONAL FINANCE
BOARD O F GOVERNORS
F E D E R A L RESERVE S Y S T E M

Washington, DlC. 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




S U B S C R I P T I O N 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 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

120

RATIO SCALE
MARCH 1973=100

145
135
125
115

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110
100
90

105

80

95

BELGIAN FRANC

85

«

1

i

I

1

»

1

i

1

•

1

1

l

1

i

i

i

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I

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l

i

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i

i i i

i

JAPANESE YEN
SWISS FRANC

»

i

i

I

i

i

» I

i

'

» I

i

i

i

U.K. POUND
•

i

i

i

i

CANADIAN DOLLAR
»»

i

i

i

i

i

i

i

i

i

i

i

I

DUTCH GUILDER

'

•

'

I

•

•

i

i




i

l

'

'
1992

i

i

I

i

i

GERMAN MARK

•

•

I

ii

I

i

i

i

I

i

i

ITALIAN LIRA

FRENCH FRANC

—

i

i

I

i

i

i

I

i

i '
1994

1992

1994

i

CHART 2

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

PERCENT PER ANNUM

2

2

U.K. POUND

GERMAN MARK
/

I

I

I

I

I

I

I

I

1

1

1

I

'

l

l
JAPANESE YEN

CANADIAN DOLLAR

R°y

•; —

I I

—

I I I

1

l

«

1

—

1

1

1

1

I

1

I

I

^Ax/,e*-<Y
v

v

v
—

1

1

1

1

1

1

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

'

'

'




I

1

i
1992

1

I

»

1

1

I

1

1

1

i

i

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1

1994

1992

1994

i

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

320

J

I
1991




I

I

I

I
1992

L

J

I
1993

I

I

I

I
1994

L

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM

SWITZERLAND

U.S. FEDERAL FUNDS

JAPAN

I

I

I

1

I

'

'

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I

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1

I

I

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•

'

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I

'

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I
10

GERMANY
NETHERLANDS

—

'

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I




I

I

1

1

1

1

1

1

I

1

1

'

I

I

'

•

1 I

•

I

*

FRANCE
CANADA

UNITED KINGDOM

1992

1994

1992

1994

5

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
12

13
WEIGHTED AVERAGE
FOREIGN RATE

11
CANADIAN FINANCE PAPER

U.S. CD'S

i

i

'

I

i

'

•

I

' I

i

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•

i
11

13

U.K. INTERBANK STERLING

10

NETHERLANDS INTERBANK RATE

I

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<

i

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JAPANESE CD RATE

3
13

11

FRENCH INTERBANK RATE

i

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i

5
12

10

SWISS INTERBANK




GERMAN INTERBANK RATE

'
1992

1994

1

1

I

1

1

1

1992

I

»

1

1

I

1

1

•

1994

CHART 6

EURO-DOLLAR DEPOSIT RATES L O N D O N
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

OVERNIGHT

2
10

i

i

'

I

i

i

i

I

3-MONTH

i

'

i

I

•

i

'

7-DAY

i

»

i




I

i

i

i

6-MONTH

I

i

i

i

I

i

»

i

i

I

i

i

i

I

i

i

i

l

i

i

1-YEAR

1-MONTH

1992

i

1994

1992

1994

i

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: RLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM

10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUN

90-DAY CD'S

DASHED LINE

J

I

I

I

DASHED LINE

i

I

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I

I

I

J

I

I

i

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DIFFERENTIAL

i

I

J

I

I

I

L

DIFFERENTIAL
—

v

J — I — I




I

I

I
1992

L—J

I

—

vy^VvvvvvV/,g

I

I

I

I

I
i
1994

I

I

I

I

I

1
1992

1

I

1

1

1

1

1

1
1994

1

CHART 8

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

PERCENT PER ANNUM

8

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS
DASHED LINE

i

i

i

I

i

DASHED LINE

i

i

i

I

i

i

i

'

i

6

'

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I

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INTERBANK DM

i

I

i

i

i




i

I

i

'

i

I

JUL

'

DASHED LINE

i

i

i

I

i

i

i

I

i

i

i

i

i

DIFFERENTIAL

11

i

EURO-DOLLAR

DASHED LINE

i

•

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS'
i

i

i

COVERED FRANKFURT

—

I

DIFFERENTIAL

DIFFERENTIAL

•

'

i

i
1992

» i

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l

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i

DIFFERENTIAL

i

'

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'
1994

i

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l

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1992

1994

i

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNU

DENT PER ANNUM
9

UNITED KINGDOM

UNITED STATES
8
7

6
5

4
11

CANADA

FRANCE

10

9

8
7

6
8

JAPAN

SWITZERLAND
7

6
5

4

•

3
10

NETHERLANDS
9

8
7




'

i

I

GERMANY

i

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CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220
— UNITED KINGDOM

UNITED STATES

ARAN

SWITZERLAND

CANADA

GERMANY

165

140

150
135

120

120
100
105

»

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I

i

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FRANCE




i

•

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NETHERLANDS

1992

1994

994

14-Sep-94 21-Sep-94 28-Sep-94 5-Oct-94
Chart 1.

12-Oct-94

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

3.1422
73.425
18.903
64.727
0.06368
1.00870
57.715
77.644
155.86

3.1496
74.135
18.909
64.623
0.06407
1.01535
57.644
77.938
157.31

3.1364
74.347
18.900
64.550
0.06403
1.01723
57.543
77.839
157.71

3.1366
74.389
18.908
64.545
0.06401
1.00739
57.617
77.744
158.00

3.1439
74 .243
18.926
64.722
0.06367
0.99884
57.787
77.826
158.33

123 .82
73 .18
85 .18
182 .08
36 .55
264 .11
165 .69
249 .79
63 .04

.11
124 .
73 .
.89
85,.21
181..79
36..78
265..85
165..48
250,.74
.63
63 ,

.59
123 .
74 .
.10
85..17
181..58
36..75
266..34
165..19
250..42
.79
63 ,

123 ,
.60
.14
74 ,
85 .21
181,.57
36,.74
.77
263 ,
165,.41
250 .11
63 .90

123 ,
.89
.00
74 ,
85,.28
182,.07
36,.55
261,.53
165 .89
250 .38
64 .04

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, Mar. 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.

112 ,
.29
.85
64 ,
.62
74 ,
180 .65
30,.16
267,.15
.36
153 ,
.41
52 ,
231,.48
.39
54 ,
87 .83

112 .38
64 .94
74 .71
, 180 .78
30 .17
264 .46
153 .68
52 .59
231 .35
54 .54
87 . 91

.112 .66
64 .81
74.,79
181. 39
30. 01
261. 97
154 .18
53 .04
231. 62
54 67
87 .91

-0..59
-0..59
-0,.03
-3 .68
,
2,.65
-0,.04
1,.00
-0,.58

-0,.28
-0..53
-0 . 04
-3 .38
2 .78
-0 .04
1 .05
-0 .70

0 .00
-0 .35
0 .18
-3 .15
2 .93
0 .11
1 .24
-0 .56

0 .17
-0 .14
0 .35
-3 .14
3 .29
0 .31
1 .35
-0 .39

0.,17
-0..02
0. 47
-3,.16
3..37
0..43
1. 52
-0..27

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

112 .,79
64..65
74 ..65
180..89
30..18
266..59
153 ..64
52,.45
231..78
.24
54 ,
87.. 83

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.

112 .86
64 ..19
74 .,87
181.,89
30..08
265.,53
154 .,34
51. 98
231..59
53 .86
88. 16

390 .65

391 .34

395 .45

393 .97

390..51

4 .70
4 .66
5 .00
5 .25
4 .88
2 .13
4 .88
3 .45
4 .78

4 .73
4 .68
5 .01
5 .25
4 .84
2 .09
4 .89
3 .48
4 .70

4 .66
4 .69
4 .81
5 .25
4 .43
2 .13
4 .93
3 .29
4 .78

5 .07
4 .70
4 .83
5 .25
4 .50
2 .19
4 .88
3 .80
5 .50

4.
.61
4 .69
.
4 .75
,
5 .25
4 .87
2 .18
4 .84
3 .52
5 .10

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




ep- 94 21 -Sep- 94 28-Sep- 94 5-Oct-94
Chart*5V

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.

4. 94
5. 82
5. 49
4. 92
2. 32
4 .96
4 .00
5 .48
4 .99

5. 00
5. 54
5. 49
4 .99
2. 32
5. 01
3 .91
5. 79
4 .99

5. 17
5. 41
5. 52
4 .97
2. 30
5. 04
3 .91
5 .84
4 .97

5. 39
5. 41
5. 52
5. 09
2 .29
5 .10
4 .04
5. 86
5 .03

5. 55
5. 60
5. 56
5. 16
2 .33
5. 13
4 .14
5. 85
5. 09

4 .66
4 .69
4 .75
4 .91
5. 28
5. 80

4 .68
4 .69
.79
4.
4.
,93
5..36
5..89

4 .
,69
,84
4 .
4 .
,95
5.,18
5.
.59
6..08

.70
4 .
4.
.79
4.
.96
5..44
5..68
6..24

4.
.69
.86
4.
5..09
5,.60
5 .79
6,.34

Euro-Dollar Deposit Rates

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

12-0ct- 94

Selected Euro-dollar & U.S. Mone] • Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

4.
.66
.70
4 .
-0..04

4 .68
,
4 .73
-0 .05

.69
4.
4 .66
.
0..03

4 .70
.
5..07
-0..37

4 .69
4 .61
0 .08

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

.91
4 .
4.
.94
-0..02

4 .93
5 .00
-0 .07

5 .18
5 .17
0 .01

5 .44
5 .39
0 .05

5 .60
5 .55
0 .05

4 .91
.
4 .89
,
0..02

4 .93
5 .07
-0 .15

5 .18
,
5 .28
-0 .10

5,.44
5,.47
-0 .03

5 .60
5 .58
0 .02

4 .95
,
5 .22
-0 .28

4 .99
5 .26
-0 .27

5 .16
5 .41
-0 .25

5 .34
5 .58
-0 .24

5 .55
5 .77
-0 .22

4 .91
4 .89
0 .03

4 .93
4 .95
-0 .03

5 .18
5 .15
0 .03

5 .44
5 .44
-0 .00

5 .60
5 .64
-0 .04

4 .91
5 .01
-0 .10

4 .93
4 .97
-0 .05

5 .18
5 .16
0 .01

5 .44
5 .40
0 .04

5 .60
5 .67
-0 .07

8..89
8..18
7..65
.49
4.
.48
5.
7.
.58
8..96
7 .49
.

8..97
.15
8.
7.
.59
4 .45
.
5..49
7 .55
,
8 .94
7 .58
,

8..90
8.,18
7.
.63
4.
.52
5..47
7.
.58
8..89
7 .68
,

Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential
E u r o - d o l l a r 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
8 .90
8 .07
7 .53
4 .48
5 .44
7 .49
8 .74
7 .41

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10. #6tock Indices

;)
(Wednesday figures)

.74
141 .
145 .71
145 .25
144 .79
145 .54
151 .07
.10
152 ,
155 .32
111 .06
116 .98
117 ,
.52
121 .12
119 .63
118 .69
.92
119 ,
119 .77
142 .82
146 .67
146 .07
149 .22
205 .89
215 .99
215 .16
218 .97
177 .43
182 .83
182 .35
186 .00
184 .05
188 .47
187 .25
190 .02
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial T i m e s Ordinary, NYSE Composite

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




9 .04
.
8 .20
.
7 .64
.
4 .66
.
.51
5.
7 .63
.
8 .77
,
7 . 71

145 .13
149 .59
117 .00
121 .03
146 .94
211 .03
184 .80
188 .45
to SBF250

FEDERAL RESERVE statistical release
October 17, 1994

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

OCTOBER 14, 1994

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
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
*NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM
MEMO:
**UNITED STATES

MONETARY
UNIT
DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

DOLLAR

Oct. 10

H

0

L

I

D

A

Y

(CURRENCY UNITS PER DOLLAR)
Oct. 13
Oct. 12
Oct. 11

Oct. 14

0.7355
10.896
31.870
1.3438
8.5500
6.0645
1.2336
4.7955
5.2950
1.5480
236.45
7.7280
31.370
1.5600
1577.00
100.50
2.5720
3.4230
1.7340
0.6050
6.7435
158.10
1.4840
3.5700
802.20
128.390
49.280
7.4165
1.2905
26.210
25.050
1.5780

0.7358
10.856
31.760
1.3477
8.5500
6.0450
1.2373
4.7830
5.2775
1.5425
235.61
7.7276
31.370
1.5635
1567.75
99.95
2.5720
3.4240
1.7279
0.6054
6.7235
157.69
1.4829
3.5800
803.40
128.090
49.230
7.4270
1.2870
26.220
25.040
1.5810

0.7375
10.843
31.720
1.3488
8.5497
6.0390
1.2388
4.7800
5.2800
1.5405
235.70
7.7280
31.370
1.5640
1565.50
99.75
2.5700
3.4150
1.7266
0.6055
6.7125
157.67
1.4825
3.5830
803.80
128.060
49.270
7.3910
1.2840
26.190
25.040
1.5815

0.7350
10.699
31.290
1.3540
8.5497
5.9600
1.2540
4.7185
5.2095
1.5200
232.97
7.7275
31.373
1.5720
1551.00
98.43
2.5610
3.4220
1.7032
0.6061
6.6270
155.65
1.4765
3.5740
802.30
126.420
49.230
7.3315
1.2630
26.170
24.980
1.5910

88.12

87.86

87.77

86.86

'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. 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.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
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