Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : October 25, 1993

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

October 25,1993

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 $30.00 per year or S.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

RATIO SCALE
MARCH 1973=100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

BELGIAN FRANC
•

«

i

i

»

i

•

1

i

1

•

I

1

1

1

JAPANESE YEN

—

SWISS FRANC
•

i

i

i

1

i

•

1

•

1

•

•

•

U.K. POUND

CANADIAN DOLLAR

•

»

i

i

i

»

•

i

i

i

1

i

i

•

1

i

•

•

•

'

•

•

•

1

1

1

I

1

i"

1

I

1

i

i

FRENCH FRANC

ITALIAN

1990




i

GERMAN MARK

DUTCH GUILDER
•

1

i

1992

1990

1992

•

1

1

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM M OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER A N N U M

PERCENT PER A N N U M

2

2

e

U.K. POUND

GERMAN MARK

j_J_1
CANADIAN DOLLAR

i

i

i

i

i

I

i

i

'i

I

'

i

i

i

I

i

i

i

I

'

•

i

JAPANESE YEN

A
A
v^;
i

i

i

i1

1

1

1

1

i

i

'

i

SWISS FRANC

'

i

I

i

•

DUTCH GUILDER
v

2

—

4

6
8
2
+
0

1

1

1

1

1

1

1

1

1

1

1

1

i

i

i

1

1

1

1

1

1

1

1

1

'

i

'

l

'

1

1

1

1

1

1

i

i

I

'

i

'

ITALIAN LIRA

FRENCH FRANC

2
4

6
8
10
12

1

1
1990




1

1

1

1

1

1

I I
1992

1

1

i

i

i

'

i
1990

'

I

1992

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

U.S. DOLLARS PER FINE OUNCE

420

420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

320

J

L
1990




i

I

I

'
1991

I

I

I

I
1992

I

1

1

1
1993

L

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER A N N U M
16

PERCENT PER A N N U M

10

FRANCE

U.S. FEDERAL FUNDS

JAPAN

NETHERLANDS
GERMANY

CANADA

UNITED KINGDOM

SWITZERLAND
i
1990



1992

1990

i

l

i

i i
1992

I

i

i

i

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
15

PERCENT PER ANNUM

12
WEIGHTED AVERAGE
FOREIGN RATE
10

CANADIAN FINANCE PAPER

8
6

U.S. CD'S

4
2 —

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

16

13 —

10 —
U.K. INTERBANK STERLING

i

' I

I

i

i

'

I

—

i

»

i

I

i

i

i

NETHERLANDS INTERBANK RATE

I

I

I

I

1

•

I

•

•

•

I

5 —
JAPANESE CD RATE
FRENCH INTERBANK RATE
3 —

i

i

i

I

i

•

'

I

i

i

i

I

i

i

i

GERMAN INTERBANK RATE

SWISS INTERBANK

'
1990




'

i

I

'

'
1992

i

I

'

I

•
1990

•

•

•

I

•

•
1992

•

I

•

•

'

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
DENT PER ANNUM

PERCENT PER AN

10

10

3-MONTH

OVERNIGHT
8

8

6

6

4

4

2
10

i

i

i

I

i

i

i

I

i

'

i

I

i

i

i

I

' •

I

7-DAY

I

I

'

I

'

'

I

I

I

I

2
10

6-MONTH

8

8

6

6

4

4

2
10

i

•

i

l

«

'

'

l

'

'

i

l

'

i

•

i

i

i

I

'

'

I

'

' I

l

i

i

i

2
10

1-YEAR

1-MONTH

8

«

8

6

6

4

4

2

'

'
'
1990

i




'

'

'

i

'

'
i
1992

I

'

i

i

i

i i
1990

I

i

i

i

l

i

i
i
1992

I

i

i

'

2

CHART 7

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

PERCENT PER ANNUM

10

10

OVERNIGHT

8 —

6

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

—

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

DASHED LINE

4 —

J

I

I

I

I

I

I

I

I

I

l

I

I

I

L

J

I

I

I

I

I

DIFFERENTIAL

I

I

I

I
1990




I

A

I

I

I

I

I

I

1
1992

I

I

I

I

L

DIFFERENTIAL

W - K A y - y r

I

I

I

I

I

I

I

J—I

1990

I

I

I

I

I

I

I

A. ^ . r^~\ -

I
1992

I

L_1

l__L

CHART 8

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

PERCENT PER ANNUM

10

10

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

6 —

4 —

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS'

DASHED LINE

DASHED LINE

2 —

i

i

i

I

i

i

i

I

i

i

i

I

i

i

I

i

•

I

I

'

I

'

I

I

'

•

I

•

•

•

I

•

'

I

I

I

•

I

I

'

DIFFERENTIAL

DIFFERENTIAL

2 1—I—L

•

I

'

'

I

I

'

I

I

'

'

I

I

'

I

I

I

10

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

'

i

i

I

i

'

i

I

'

i

'

I

i

i

'

i

i

^

I

I

I

i

'

i

I

i

I

'

i

'

I

i

i

'

'

I

I

I

DIFFERENTIAL

DIFFERENTIAL

'

i

A./Ww

I

1990




'

' I

I

I

I
1992

'

I

I

I

I

I

I
1990

I

I

I

•

'

1992

I

2
10

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNl

CENT PER ANNUM

10
UNITED KINGDOM

UNITED STATES
9

8
7

6
I

5
12

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

1

I

•

I

I

I

I

I

FRANCE

CANADA
11

10
9

8
7

»

6
8

'

I

I

I

»

I

I

I

I

«

I

I

JAPAN

SWITZERLAND
7

6
5

4

3
10

GERMANY

NETHERLANDS
9

8
7

6
5

•

'

1990




I

'

i

i

I

•

'
1992

'

I

'

'

i

'

I
1990

'

I

I

1992

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCy
1986=

>CALE

1986= 10
230

210

UNITED KINGDOM

UNITED STATES

190
170
150

130

110
210
190

•

'

i

I

i

i

'

i

•

•

•

I

'

•

•
JAPAN

SWITZERLAND

170
150
130

110

90
140
130

FRANCE

GERMANY

120
110

100
90

80

'

'

'

I

I

I

I

I

I

I

I

I

I

I

150

I

I

1990




I

I

I

I

I

I

I

I

»

I

I

I

I

I

I

I

I

I

I

I

'

NETHERLANDS

CANADA

I

I

I

I

I

I

I

I

I

»
1992

I

I

I

I

I

I

I
1990

I

l

I

1992

22-Sep-93 29-Sep-93 6-Oct-93
Chart 1.

13-Oct-93 20-Qct-93

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
Indices, March 1973 base rates
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.8586
75.115
17.715
62.220
0.06292
0.94633
55.330
70.966
152.79

2.8028
75.379
17.380
61.427
0.06279
0.93221
54.613
69 .600
150.09

2.8905
75.840
17.734
61.731
0.06379
0.95019
54.958
70.874
152.44

2.8610
75.542
17.573
61.317
0.06315
0.94614
54.617
70.184
150.93

2.8388
74.760
17.605
61.459
0.06285
0.94506
54.722
70.246
151.14

113 .90
75. 59
79 .91
173 .65
36. 61
248. 79
157. 77
228. 01
61. 66

112 .74
75. 29
79 .19
172. 49
36. 25
247. 73
156. 79
225. 79
61. 04

111..86
74 ..51
79 ..33
172 ..89
36..08
.45
247 .
157..10
225 .
.99
61..13

.64
112 .
.87
74 .
79 .
.83
175..03
36.. 12
247..78
158..84
228..31
61..80

.44
110 .
.13
75 .
78..32
172 .
.80
36..04
244 .
.08
156..78
.91
223 .
.71
60 ,

105 .
.66
68..25
.23
72 .
179 .
.11
30..93
257..83
151,.99
50..45
217 .
.45
54 .
.35
92 ,
.63

105,.76
68 .15
72 ,
.25
180 .44
30 .76
256 .47
152,.80
50,.89
218,.38
.64
54 ,
91 .92

.61
104 ,
.11
69 ,
71,.46
179 .70
31,.01
254 ,
.85
152 ,
.20
51,.78
216,.13
.13
54 ,
93 .02

-1. 59
-3 .95
-3 .46
-5. 62
0..66
,18
-3 .
-1.,49
,72
-2 .

-1 .53
-3 .87
-3 .49
-5 .41
0 .89
-3 .12
-1 .33
-2 .58

-1 .37
-3 .89
-3 .46
-5 .47
0 .87
-3 .17
-1 .34
-2 .48

-1 .35
-3 .63
-3 .39
-5 .35
0 .92
-3 .07
-1 .27
-2 .43

353.55

356.04

354.26

360.84

367.19

3 .12
2 .90
4 .28
7 .13
6 .84
2 .70
6 .27
4 .63
5 .58

3 .05
.
2.
.95
4 .20
.
7 .09
.
6..76
2 .45
,
6,.30
4 .65
,
6,.20

3.24
3.08
4.35
7.06
6.89
2 .59
6.28
4.60
5.90

2,
.91
2,
.94
4 .53
.
7 .04
.
6..75
.47
2,
6..43
4 .60
.
5,.35

2.
.97
.91
2.
4 .61
.
6..98
6..69
2 .48
,
6,.19
4 .10
,
5,.63

100

indices, Mar. 19731 = 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.

3-Month Forward Exchan

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

106 .43
68. 96
72 .01
178. 42
31. 06
257. 91
151. 53
50. 60
217. 06
54 .21
92 .53

Rates, Premium or Discount
-1..60
.04
-4 .
.46
-3 .
-5..81
0..58
-3 .13
.
-1..54
-2 .72
.

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

106 .96
68. 84
72 .30
178 .68
31. 21
257. 54
151. 65
50. 17
218. 01
54 .48
91. 88

Call Money Rates

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




ep- 93 29 -Sep-93 6 -Oct-93
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.

3 .12
4 .86
7 .03
6. 53
2 .55
6. 21
4 .63
5. 85
5. 79

3 .10
4 .86
7 .02
6. 58
2 .51
6. 25
4 .54
5. 91
5 .79

3. 24
4 .94
7 .04
6. 64
2 .48
6. 30
4 .51
5 .96
5. 80

3 .22
4 .84
7 .08
6. 64
2 .47
6. 29
4 .46
5 .84
5 .78

3 .22
4 .74
6. 84
6. 55
2 .46
6. 21
4 .40
5 .71
5 .69

2 .90
2..96
3.,06
3..06
3..25
.45
3.

2 .95
3. 05
3 .06
,06
3.
.25
3.
.43
3.

,08
3.
.01
3.
.06
3.
.25
3.
.25
3.
3 .43
.

2.
.94
.00
3.
.06
3.
.25
3.
3..25
.41
3.

2 .91
.00
3.
.06
3.
.25
3.
3 .25
.
3 .38
.

Euro-Dollar Deposit Rates

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

13 -Oct -93 20 -Oct -93

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

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

.90
2.
3,.12
-0,.22

2.
.95
3 .05
.
-0,.10

3 .08
,
3 .24
-0 .17

2 .94
,
,
2 .91
0 .03

2 .91
2 .97
-0 .05

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

3 .06
3 .12
-0 .06

3 .06
,
3 .10
-0 .03

3 .25
3 .24
0 .01

3 .25
3 .22
0 .03

3 .25
3 .22
0 .03

Euro-dollar deposit
Interbank sterling (London), covered
Differential

3 .06
3 .09
-0 .03

3 .06
3 .15
-0 .09

3 .25
3 .35
-0 .10

3 .25
3 .32
-0 .07

3 .25
3 .24
0 .01

U.S. commercial paper
Canadian finance paper, covered
Differential

3 .15
3 .24
-0 .09

3 .17
3 .25
-0 .08

3 .23
3 .39
-0 .15

3 .26
3 .46
-0 .19

3 .24
3 .38
-0 .14

3 .06
3 .01
0 .05

3 .06
3 .06
0 .00

3 .25
3 .09
0 .16

3 .25
3 .13
0 .12

3 .25
3 .11
0 .14

3 .06
3 .07
-0 .01

3 .06
3 .03
0 .03

3 .25
3 .16
0 .09

3 .25
3 .11
0 .14

3 .25
3 .12
0 .13

7. 01
6. 13
6. 11
4 .09
.42
4.
5..96
7..03
5..42

6. 95
6. 10
6.,11
,99
3.
.41
4.
5..94
6..98
5..35

7 .02
6.,05
6.,04
3.,90
.34
4.
5..89
6..88
5..36

6.,82
5.,99
.96
5.
.87
3.
.23
4.
5 .87
.
6..83
5 .28
,

6.,68
5..92
5.
.90
.86
3.
4 .15
.
5,.80
6,.80
5,.24

131,.79
157 .96
109 .00
123 .11
130 .44
183 .88
180 .70
186 .19

132 .74
161 .42
109 .81
122 .34
131 .74
189 .29
180 .20
187 .90

135 .15
164 .40
113 .66
125 .05
136 .03
191 .92
182 .74
188 .38

137 .02
161 .64
115 .66
124 .43
136 .68
193 .26
181 .02
188 .75

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.

Stock Indices (Wednesday figures)
0

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

139 .37
162 .94
117 06
124 . 07
141 . 12
200 . 0c
184 IL
189 , 3'.

Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite



FEDERAL RESERVE statistical release
October 25, 1993

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

OCTOBER 22, 1993

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
XIRELAND
ITALY
JAPAN
MALAYSIA
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
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

DOLLAR

Oct. 18

(CURRENCY UNITS PER DOLLAR)
Oct. 21
Oct. 20
Oct. 19

0.6610
11.451
35.620
1.3275
5.8013
6.6025
1.1650
5.6650
5.7520
1.6275
237.90
7.7258
31.530
1.4410
1588.25
107.47
2.5440
1.8310
0.5515
7.1450
168.20
1.5718
3.3450
813.50
130.90
N.A.
7.8825
1.4345
26.877
25.250
1.4980

0.6642
11.525
35.790
1.3253
5.8013
6.6540
1.1580
5.6800
5.7860
1.6383
239.40
7.7315
31.530
1.4290
1594.50
107.07
2.5445
1.8424
0.5550
7.1810
169.78
1.5765
3.3525
812.70
132.06
N.A.
7.9040
1.4450
26.877
25.285
1.4924

0.6680
11.585
35.990
1.3220
5.8013
6.6770
1.1535
5.7240
5.8150
1.6455
240.30
7.7335
31.530
1.4210
1601.50
107.31
2.5445
1.8503
0.5557
7.2070
170.44
1.5790
3.3525
812.80
132.11
48.930
7.9355
1.4552
26.876
25.280
1.4893

0.6700
11.710
36.030
1.3170
5.8013
6.7195
1.1445
5.7425
5.8400
1.6640
242.40
7.7370
31.530
1.4095
1604.50
108.35
2.5450
1.8704
0.5560
7.2670
172.27
1.5770
3.3610

93.01

93.34

93.65

94.21

812.7a
133.31
48.950
7.9990
1.4685
26.882
25.300
1.4863

Oct. 22
0.6690
11.768
36.200
1.3050
5.8013
6.7280
1.1415
5.7720
5.8460
1.6750
244.60
7.7378
31.530
1.4040
1611.75
108.16
2.5480
1.8820
0.5568
7.2940
172.66
1.5760
3.3645
812.40
133.89
49.000
8.0520
1.4758
26.912
25.350
1.4725

94.51

KVALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. M A R C H 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
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 482-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.