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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts October 31,1988 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DuC. 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 ! MARCH 197 5=100 DALE MARCH 1973=100 200 180 160 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 50 45 ITALIAN LIRA 40 140 35 120 30 100 25 80 20 220 220 200 200 JAPANESE YEN, 180 160 - GERMAN MARK 180 160 140 140 120 120 100 100 I nliilii 80 I I I I I I I II I II I III 180 160 180 160 - 140 120 80 DUTCH GUILDER 140 CANADIAN DOLLAR 120 100 100 90 90 80 80 70 70 60 60 90 80 90 - U K POUND FRENCH FRANC 80 j / 70 70 60 60 50 - 40 1 1 1 1 1 1 50 40 280 140 120 240 BELGIAN FRANC SWISS FRANC 100 90 — 160 80 70 — 140 120 60 50 200 180 1 1986 1988 1 1 1 1 1986 100 1 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 CANADIAN DOLLAR JAPANESE YEN s — - v v A - ~ v I I I I I I I I I 0 I I I l l l l l l l l l l l 4 12 U. K. POUND l\T* \/ I I I i A / / A . V i i i i l i i l u l i i SWISS FRANC r— l l GERMAN MARK I I I I I - l DUTCH GUILDER I I I I I I 4 I 4 ITALIAN LIRA FRENCH FRANC - 8 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. Di U.S. DOLLARS PER FINE OUNCE PER FINE OUNCE 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 280 280 1985 1986 1987 1988 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 U. S. FEDERAL FUNDS FRANCE — 12 JAPAN 0 I I I I I I I I I I I IIIIIIIII 0 16 16 CANADA 12 12 - GERMANY UNITED KINGDOM SWITZERLAND NETHERLANDS 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AN NT PER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER U.S. CD'S 14 8 12 6 10 WEIGHTED AVERAGE FOREIGN RATE 4 II 2 14 8 6 14 UK. INTERBANK STERLING FRENCH INTERBANK RATE 12 - 10 10 8 \ / V I 6 I I I I AJ - I 8 6 10 8 12 10 8 GERMAN INTERBANK RATE 6 6 V^y-J V 4 J - 4 2 2 10 8 8 JAPANESE GENSAKI RATE SWISS INTERBANK RATE - 6 4 \/ 4 I 2 6 1986 1988 I I I I 1986 - 2 0 I 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY NT PER ANNUM PERCENT PER At 14 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 7-DAY 6-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 1-MONTH 1-YEAR 12 12 10 — 10 8 8 6 6 I 4 1986 1988 I I I I 1986 I I IIIIIII III I I II IIIIII I 1988 4 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 14 14 12 - 12 — 10 10 FEDERAL FUNDS DASHED LINE 3-MONTH EURO-DOLLAR DEPOSITS A xW . w OVERNIGHT EURO--DOLLAR DEPOSITS I I I I I I 90-DAY CD* S DASHED LINE 11111111111 11111111111111111111111 11111111111 2 2 DIFFERENTIAL DIFFERENTIAL - v I I I I I I I 11111111111 11111111111 1986 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1988 ^ V I / I y — I 0 I I 1986 I I I I I I I I I I I I 11111111111 1988 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY r PER ANNUM PERCENT PER AN 16 16 12 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 4 8 EURO-DOLLAR DEPOSITS U. S. COMMERCIAL PAPER DASHED LINE DASHED LINE 4 0 0 2 2 DIFFERENTIAL DIFFERENTIAL + 0 0 I ill I 2 2 16 16 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 4 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 4 0 liii 0 2 2 DIFFERENTIAL DIFFERENTIAL + 0 0 2 2 1986 1988 1 PERCENT ON D I F F E R E N T I A L S C A L E = 2 PERCENT ON RATE S C A L E 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER M [NT PER ANNUM 16 16 - UNITED STATES 14 CANADA — 14 12 12 10 10 8 — I 6 I I I I 8 6 I 10 14 - UNITED KINGDOM 12 JAPAN - 8 6 10 8 - I 6 I I 4 2 10 8 GERMANY SWITZERLAND 6 8 4 6 2 4 17 15 U . S . CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 lllllilll 5 5 MONTHLY 1986 3 1988 1986 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 400 UNITED STATES UNITED KINGDOM 300 200 100 650 650 /vvyvx - - __ - 350 - - 250 - - 550 450 - JAPAN I 150 I f I I I * FRANCE J I I I — 500 400 vw/ f V I I I I SWITZERLAND — - 550 - 450 - 350 - 250 M l M l M l M 150 — / 200 KsS\ - 250 CANADA V 300 I 200 I I I I — I I 500 400 150 I I I I I l l l l l l l l l l l lllllllllll — __ NETHERLANDS — GERMANY W 300 - 200 -y-s 100 I S .ill Y I I I I 1986 ,- I 1988 1986 1988 100 SERIES MAHE LAST VALUE PLOTTED DATE VALUE CHABT 1. SPOT EXCHANGE BATES AND INDICES WEEKLY AVEBAGES, NOON BUYING BATES (U.S. CENTS) GEB8AN HABK JAPANESE YEN DUTCH GUILDER O.K. POUND CANADIAN DOLLAB FBENCH FRANC SWISS FBANC BELGIAN FBANC ITALIAN LIBA SWEDISH KBONA OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. 26 26 26 26 26 26 26 26 26 26 55.97 0.79018 49.61 175.82 83.37 16.38 66.07 2.66958 0.07511 16.13 OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. 26 26 26 26 26 26 26 26 26 157.44 206.89 142. 43 71.11 83.09 73.81 212.56 105. 19 42.67 26 26 26 26 26 26 26 26 26 26 2b 93. 77 161. 99 213. 28 138. 28 6 4.91 77. 55 67. 37 206. 20 100. 00 37. 86 67. 03 26 26 26 26 26 26 26 26 -1.76 -3.37 3.70 0.27 4.92 3.31 4.23 -2.71 INDICES, HABCB 1973 BASE BATES = 100 GEBflAN MASK JAPANESE YEN DUTCH GUILDEB O.K. POUND CANADIAN DOLLAB FBENCH FBANC SBISS FBANC BELGIAN FBANC ITALIAN LIBA WEIGHTED AVEBAGE EXCHANGE VALUE INDICES, NAB 1973 = 100 (@-10 COUNTBIBS PLUS SMITZBBLAND) U.S. DOLLAB GEBHAN HABK JAPANESE YEN DUTCH GUILDEB U. K. POUND CANADIAN DOLLAB FBENCH FBANC SWISS FBANC BELGIAN FBANC ITALIAN LIBA SWEDISH KBONA OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. CHABI 2. 3-MONTH FOBWABD EXCHANGE BATES, PBEHIUH OB DISCOUNT CANADIAN DOLLAB U.K. POUND GEBflAN HABK FBENCH FBANC SWISS FBANC DUTCH GUILDEB JAPANESE YEN ITALIAN LIBA OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. SERIES NAME LAST VALUE DATE PLOTTED VALUE CHABX 3. GOLD PB1CE IN LONDON* AFTERNOON FIXING 0. S. DOLLARS PER FINE OUNCE OCT. 26 408.60 CHART 4. CALL HON81 RATES U.S. FEDERAL FONDS OYERNIGHT EURO-DOLLAR DEPOSITS U. K. CANADA GERMAN! JAPAN FRANCE NETHERLANDS SWITZERLAND OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. 26 26 26 26 26 26 26 26 26 8.29 8.19 11.74 10.22 4.76 3.89 7.73 4.83 1.63 OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. 26 26 26 26 26 26 26 26 26 8.41 5.01 4.27 10.45 12.01 3.63 8.04 5.27 6.99 OCT. OCT. OCT. OCT. OCT. OCT. 26 26 26 26 26 26 8.19 8.21 8.25 8.56 8.59 8.73 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL OCT. 26 OCT. 26 OCT. 26 8. 19 8. 29 - 0 . 10 3-MONTH EURO-DOLLAR DEPOSIT MATE U.S. 90-DAY CD'S, SECONDARY HAtiKET DIFFERENTIAL OCT. 26 OCT. 26 OCT. 26 a. 56 CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAI 1-MONTH 3-MONTH 6-MO NTH 1-YEAR CHART 7. SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES 8. 41 0. 15 SERIES NAMB LASI VALUE PLOTTED DATE VALUE CHART 6. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL OCT. 26 OCT. 26 OCT.,26 8.56 8.54 0.02 O.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL OCT. 26 OCT. 26 OCT. 26 8.27 8.65 -0.38 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL OCT. 26 OCT. 26 OCT. 26 8.56 £.76 -0.19 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL OCT. 26 OCT. 26 OCT. 26 8.56 8.59 -0.03 OCT. OCT. OCT. OCT. OCT. OCT. AUG. OCT. 8.80 6.08 4.39 4. 14 10. 11 9.00 6.61 8.76 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM 21 21 21 21 21 7 21 U.S. CORPORATE AAA BONDS CHART 10. 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMAN! SWITZERLAND NETHERLANDS FRANCE JAPAN MAI OCT. OCT. OCT. OCT. OCT. OCT. OCT. OCT. 19 19 19 19 19 19 19 19 294.59 332.68 334.76 231.41 193.59 298.34 383.18 561.66 FEDERAL RESERVE statistical release '•< H.10(512) OCTOBER 3 1 , 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING OCTOBER 2 8 , 1988 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: MONETARY UNIT OCT. 24 •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA •IRELAND 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 81.71 12.565 57.500 1.1975 3.7314 6.8650 4.2300 6.1100 1.7885 146.900 7.8115 14.7800 149.45 1332.25 126.83 2.6720 2.0180 62.020 6.6150 148.200 2.0080 2.4470 707.00 117.750 32.980 6.1750 1.5159 28.790 25.280 175.15 81.98 12.570 37.470 1.2000 3.7314 6.9025 4.2500 6.1100 1.7880 147.050 7.8110 14.8000 149.50 1331.50 126.70 2.6760 2.0165 62.080 6.6750 148.250 2.0075 2.4590 707.10 118.000 32.980 6.2150 1.5175 NA 25.290 175.35 MEMO: SUNITED STATES DOLLAR 93.87 93.87 COUNTRY (CURRENCY UNITS PER DOLLAR) OCT. 25 OCT. 26 OCT. 27 OCT. 28 82.45 12.485 37.210 1.1991 3.7314 6.8480 4.2295 6.0620 1.7745 146.150 7.8100 14.8200 150.60 1323.00 125.70 2.6715 2.0015 62.800 6.6325 147.450 2.0015 2.4570 707.20 117.500 32.985 6.1950 1.5041 28.800 25.280 176.10 81.91 12.485 37.240 1.2041 3.7314 6.8600 4.2280 6.0600 1.7758 145.700 7.8100 14.8800 150.85 1321.25 125.90 2.6690 2.0020 62.780 6.6300 147.050 1.9995 2.4640 705.70 117.650 32.985 6.1920 1.4955 28.720 25.240 176.80 82.21 12.515 37.270 1.2039 3.7314 6.8550 4.2300 6.0730 1.7775 147.050 7.8115 14.8700 150.15 1323.50 125.85 2.6730 2.0050 62.760 6.6300 147.200 2.0015 2.4775 704.20 117.520 32.988 6.1800 1.4980 28.640 25.260 176.80 93.27 93.27 93.33 SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MUCH 1973 = 100. HEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES. SERIES REVMBB AS OF AUGUST 1978. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE NEIGHTED-AMEMGC EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST 1978 FEDERNt RESERVE BULLETIN. •VALUE I S U.S. CENTS
@FedFRASER