Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : October 31, 1994

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(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

October 31,1994

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, IXC. 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 $.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
110

RATIO SCALE
MARCH 1973-100

145
135
125
115
105

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

100
90
80

95

BELGIAN FRANC

85
»

i

i

I

»

i

i

I

»

>

i

l

»

I

i i

•

1

»

I

1

1

1

1

'

1

1

1

1

1

JAPANESE YEN
SWISS FRANC
i

i

I

i

i

i

l

i

i

i

I

i

i

i

U.K. POUND
•

i

'

l

i

CANADIAN DOLLAR
'

i

I

i

i

»

1

»

i

i

•

«

'

i

•

DUTCH GUILDER
i

I

i

i

i

i




i

1

i

1

1

1

1

1

GERMAN MARK
i

l

i

i

i

I

i

i

i

i i
1992

I

i

i

i

I

i

ITALIAN LIRA

FRENCH FRANC

—

•

1

i

i

i

1

i

i i
1994

1992

1994

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2

PERCENT PER ANNUM

2

U.K. POUND

CANADIAN DOLLAR

JAPANESE YEN

SWISS FRANC

DUTCH GUILDER

FRENCH FRANC

ITALIAN LIRA

'




i

1

i

i
1992

i

I

i

i

i

I

i

i
1994

i
1992

1994

CHART3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
1 420

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380 - -

380

360 —

360

340 —

320

340

J

I
1991




J

1

1
1992

1

1

1

1
1993

I

I

I

I
1994

I

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANN

)ENT PER ANNUM

8
SWITZERLAND

10

8

U.S. FEDERAL FUNDS

6

6

4
JAPAN

4

2

0

2

10

10

9

9

8

8
GERMANY
7

NETHERLANDS

7
6

6

5

5

4
16

4
14

12

14

FRANCE

12

10

CANADA

10

8

8

6

6

4
UNITED KINGDOM

4
2

•

i

»




I

»

1

1992

1

I

1

•

i

2
I

»

» i
1994

1992

1994

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
12

PERCENT PER ANNUM

13
WEIGHTED AVERAGE
FOREIGN RATE
CANADIAN FINANCE PAPER

U.S. CD'S

U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

JAPANESE CD RATE

FRENCH INTERBANK RATE

SWISS INTERBANK
GERMAN INTERBANK RATE

'

•

«

I




•

i •
1992

I

•

•

•

I

•

• •
1994

1992

1994

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANN

ENT PER ANNUM

10

10
3-MONTH

OVERNIGHT

8

8

6

6

4

4

2
10

2
10

6-MONTH

7-DAY
8

8

6

6

4

4

1

1

2
10

i

l

•

•

•

I

•

•

•

1

«

•

•

'

i

l

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i

I

i

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i

i

i

1-YEAR

1-MONTH

8

i

2
10

8

6

6

4

4

2

i

i




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1

i

1

1

1

•

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l

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•

I

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

8

—

6

—

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4 —




90-DAY CD'S

FEDERAL FUN

DASHED LINE

DASHED LINE

JL_I

I

I

L_!

I

J

I

i

i

I

i

i
l
1992

I

I

I

I

i

I—L

I

I

I

L_L

DIFFERENTIAL

DIFFERENTIAL

•

I

l

l—I—l—I—I—
1994

J

I

I

I

1992

I

I

I

1994

L

CHART 8

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

8

PERCENT PER ANNUM

r —

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

DASHED LINE

i

i

'

DIFFERENTIAL

I

»

i

'

I

» '

i

I

i

DIFFERENTIAL
tpoLZ*

w^t\Kpj

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR

DASHED LINE

DASHED LINE

I
DIFFERENTIAL

I

I

I

I

I

I

DIFFERENTIAL
/wAu..

1

'

i

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I




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i i
1992

I

'

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•

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' i
1994

»

I

I

I

I

I I
1992

I

I

I

I

I

I

I I
1994

I 1

CHART9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

11

9

UNITED KINGDOM

UNITED STATES
8

6 —

5 —

» i

4
11

i

i

1

» • • '

1

'

'

'

'

»

•

I

I

I

1

I

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FRANCE

CANADA
10

8

—

i

i

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I

i

;

i

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i

i
JAPAN

SWITZERLAND

6

—

4 —
»

3
10

•

•

l

1

•

1

1

1

1

1

1

1

1

1

1

•

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I

«

1

'

I

I

I

1

'

I

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I

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I

I

GERMANY

NETHERLANDS

8 —

6

—

i

i

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l

i

i -1
1992

l

i

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i

I

i

i
1994

•

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1

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1 '
1992

I

' •
1994

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220
UNITED STATES

— UNITED KINGDOM

SWITZERLAND

ARAN

GERMANY

I

'

'

CANADA

I

'

'

'

I

'

'

'

I

'

'

FRANCE

'

»

1

'
NETHERLANDS

l




1

1

1992

1

i

1

•

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1994

1992

1994

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

12 -Oct -94 19-Oct-94 26-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

3.1364
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

3.2102
73.865
19.268
66.098
0.06478
1.01851
58.977
79.489
160.28

3.2434
73.978
19.496
66.802
0.06533
1.02930
59.593
80.157
162.86

123.59
74 .10
85.17
181.58
36.75
266.34
165.19
250.42
63.79

123.60
74.14
85.21
181.57
36.74
263.77
165.41
250.11
63.90

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

126.50
73.62
86.83
185.94
37.18
266.68
169.31
255.73
64.83

127.81
73.73
87.85
187.92
37.50
269.50
171.08
257.87
65.87

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

113.62
63.57
75.21
183.17
30.15
263.92
155.42
53.18
233.60
54.63
86.49

113.84
63.09
75.49
183.65
30.14
264.54
155.75
53.97
233.58
55.09
85.56

0.08
-0.07
0.42
-3.15
3.25
0.40
1.49
-0.34

0.17
0.01
0.47
-3.11
3.35
0.41
1.58
-0.32

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.

Italian lira

Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

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.

112.38
64.94
74.71
180.78
30.17
264.46
153.68
52.59
231.35
54.54
87.91

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark

Chart 3.

112.29
64.85
74.62
180.65
30.16
267.15
153.36
52.41
231.48
54.39
87.83

395.45

393.97

390 .51

388.91

389.98

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 .62
4 .69
4 .75
5 .25
4 .87
2 .18
4 .84
3 .52
5 .10

4.72
4.59
4.63
5.25
4.82
2.18
4.75
3.40
4.95

4.72
4.59
4.83
5.25
4.76
2.18
4.85
3.70
5.23

Call Money Rates

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




28-Sep-94 5-Oct-94
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.

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

5.45
5. 62
5.49
5. 10
2 .33
5. 10
4 .00
5. 80
5. 05

5. 52
5. 54
5. 50
5. 10
2 .34
5. 12
3.95
5. 81
5. 04

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

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

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

4 .59
4 .76
4.
,91
5..48
.71
5.
6.,26

4.
.59
4.
.68
4 .86
.
5..51
5,.81
6..38

Euro-Dollar Deposit Rates

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

12-Oct-94 19-Oct-94 26-Oct-94

Selected Euro-dollar & U.S. Mone;y Market Rates

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

4 .69
4 .66
0. 03

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

4.
.69
4.
.62
0..07

4.
.59
.72
4.
-0 .13
.

4 .59
,
4 .72
,
-0,.13

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

,18
5.
5..17
.01
0.

.44
5.
.39
5.
0..05

5..60
5..55
0..05

.48
5.
5..45
0..02

5 .51
5 .52
-0 .01

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

5..18
5..28
-0..10

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

5,.60
5 .58
,
0 .02

5..48
5..46
0..02

5 .51
5 .49
0 .02

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

5..16
5..41
-0,.25

5 .34
,
5,.58
-0..24

5 .55
5 .77
-0 .22

5..45
5 .70
,
-0,.24

5 .52
5 .71
-0 .19

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

5 .18
,
5 .15
,
0 .03

5 .44
5 .44
-0 .00

5 .60
5 .64
-0 .04

5 .48
5 .52
-0 .05

5 .51
5 .57
-0 .06

Euro-dollar deposit
Swiss interbank, covered
Differential

5 .18
5 .16
0 .01

5 .44
5 .40
0 .04

5 .60
5 .67
-0 .07

5 .48
5 .51
-0 .03

5 .51
5 .54
-0 .03

9 .00
8 .04
7 .38
4 .64
5 .44
7 .37
8 .60
7 .64

9 .12
8 .24
7 .52
4 .65
5 .47
7 .52
8 .76
7 .85

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

lond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

8 .97
8 .15
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

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

Stock Indices (Wednesday figures0

143 .99
145 .13
141 .74
145 .71
Canada
147 .72
149 .59
145 .54
151 .07
France
116 .66
117 .00
111 .06
116 .98
Germany
119 .51
121 .03
119 .63
118 .69
Japan
146 .72
146 .94
142 .82
146 .67
Netherlands
206 .37
211 .03
205 .89
215 .99
Switzerland
182 .86
184 .80
177 .43
182 .83
United Kingdom
189 .90
188 .45
184 .05
188 .47
United States
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 Times Ordinary, NYSE Composite



141 .96
144 .80
114 .25
118 .49
145 .37
202 .22
178 .33
186 .66
to SBF250

FEDERAL RESERVE statistical release
October 31, 1994

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

OCTOBER 26, 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:
(CURRENCY UNITS PER DOLLAR)
Oct. 27
Oct. 26
Oct. 25

MONETARY
UNIT

Oct. 24

^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

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

0.7363
10.538
30.840
1.3525
8.5490
5.8520
1.2716
4.5785
5.1330
1.4970
230.39
7.7275
31.370
1.6035
1531.50
97.20
2.5535
3.4190
1.6781
0.6125
6.5155
153.04
1.4737
3.5075
801.50
124.850
48.930
7.1115
1.2470
26.060
24.925
1.6275

0.7363
10.502
30.730
1.3495
8.5485
5.8280
1.2766
4.5484
5.1120
1.4920
229.90
7.7275
31.370
1.6150
1526.25
96.95
2.5490
3.4280
1.6727
0.6123
6.4930
152.23
1.4710
3.4950
800.60
124.550
48.930
7.0640
1.2450
26.070
24.920
1.6365

0.7420
10.525
30.790
1.3475
8.5485
5.8400
1.2777
4.5500
5.1170
1.4955
230.71
7.7275
31.373
1.6115
1528.50
97.05
2.5518
3.4260
1.6765
0.6130
6.5025
152.66
1.4775
3.5015
801.10
124.560
48.900
7.0775
1.2505
26.090
24.910
1.6320

0.7433
10.540
30.820
1.3490
8.5473
5.8505
1.2740
4.5615
5.1250
1.4974
230.97
7.7275
31.385
1.6135
1529.00
96.95
2.5520
3.4300
1.6787
0.6140
6.5105
152.89
1.4705
3.5020
800.70
124.540
48.900
7.1030
1.2515
26.080
24.890
1.6368

0.7427
10.628
31.080
1.3502
8.5466
5.9030
1.2627
4.6200
5.1690
1.5097
232.87
7.7277
31.370
1.6020
1544.75
97.40
2.5530
3.4340
1.6928
0.6152
6.5620
154.34
1.4722
3.5030
800.40
125.710
48.930
7.2095
1.2610
26.060
24.930
1.6230

MEMO:
"(UNITED STATES

DOLLAR

85.59

85.29

85.43

85.47

86.12

COUNTRY

Oct. 28

*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
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.