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Selected Interest &
Exchange Rates
W eekly Series o f Charts

October 6, 1997

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the

BOARD OF GOVERNORS

FINANCIAL MARKETS

FEDERAL RESERVE SYSTEM

SECTION

W ashington, D .C . 20551




-2-

Table of Contents

TABLES

SUBSCRIPTION RATES:

1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE 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 Board of
Governors of the Federal Reserve
System in a form collectible at Par in
U.S. currency.

CHARTS
1. SPOT EXCHANGE RATES INDICES
2. 3-MONTH FORWARD EXCHANGE
3. GOLD PRICE - LONDON
4. CALL MONEY RATES
5. 3-MONTH INTEREST RATES
6. EURO-DOLLAR DEPOSIT RATES
7. SELECTED EURO-DOLLAR AND
8. INTEREST ARBITRAGE: 3-MONTH
9. LONG-TERM GOVERNMENT
10. INDUSTRIAL STOCK INDICES




CHART 1

SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
SCALE
I 1973=100

RATIO SC
MARCH 1973=

160
150

130

120
110
100

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

140
130

90

120

80

110

70

100
I I I I I I I I I < I I I I I

90

SWISS FRANC

290

380
350
320

270

290

250

260

230

230

210

200

60
330
310

190
105
95
85
75

I I I I I I I I I I I I I I I

170

U.K. POUND

110
100
90
80

65

70

55

60

45

50

35
195
185

i i i l i i i I i i i l i i i

40

DUTCH GUILDER

210
200

175

190

165

180

155

170

145

160

135

150

125

I » I I I I I I » I I I I I I

140

120
110 _ FRENCH FRANC
100

»

60
50
40

90

30

80

20
70
60

I I I




I I I I I I I I I I
1995

1997

10
1995

1997

CHART 2

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

PERCENT PER ANNUM

1
+ OI

+ OI

T-

CM

CM

Tfr CO

COCO

CM
CO
^

T-+OI

CM

CM
O

COlO

CM

CO

+OI

CM
r
+OI
rCM ^
CM
+OI




CHART 3

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

u.s. c )LLARS PER FINE OUNCE

425

425

12.5 Kg BARS
AFTERNOON FIXING PRICE

410

410

395

395

380

380

365

365

350

350

335

335

320

320




CHART 4

CALL MONEY RATES
WEEKLY SERIES

PERCENT PER ANNUM




O CO

-vj ro

PERCENT PER ANNUM

1995

1997

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

CM GO
h>
CD

in
CO

JAPANESE CD RATE

CM
tO lO

i i i I i i i I i i i I i i i




PERCENT PER ANNUM

CHART 6

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

PERCENT PER ANNUM

8

CM 00

CM CO




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

DIFFERENTIAL

+O I

+o I



J__ L
1995

1997

»

I__ I__ I__ I__ I__ I__ I__ I__ I__ I__ I— I
1995

1997

I!

CHART 8

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

PERCENT PER ANNUM

+ o
I

1h*.

INTERBANK DM
CO

COVERED FRANKFURT

lO

EURO-DOLLAR DEPOSITS
DASHED LINE

CO
C M -r-

i i i I i i i I i i i I i i
DIFFERENTIAL

+ O I

I I I I I




I I I I I I I I I
19T5

1997

1995

1997

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES

9

co o>

10

PERCENT PER ANNUM

oo

PERCENT PER ANNUM

vi

8

o>

7

in <o
m
co
cvi co



CJl CJl

6

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100




RATIO SCALE
1986=100

360
UNITED KINGDOM

320
280
—

240

—

200
160

I

I

l..I J„j J _ l _ L - L ....I—L. L..I

120
180

JAPAN

160
140

120
100
80

< i I i i < I i i i I i i i

60

360
320
280
240

200
—

160

120

3-Sep-97
Chart 1.

10-Sep-97 17 -Sep-97 24-Sep-97 l-Oct-97

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

2.6713
72.137
16.397
55.173
0.05649
0.82997
48.979
66.928
160.26

2.6787
72.245
16.451
55.333
0.05676
0.83180
49.123
67.336
158.75

2.7356
71.861
16.808
56.476
0.05786
0.82921
50.148
68.553
160.04

2.7172
71.962
16.695
56.076
0.05746
0.82227
49.807
68.191
160.98

2.7428
72.313
16.857
56.617
0.05790
0.82689
50.282
68.705
161.57

105.26
71.90
73.89
155.21
32.42
217.31
140.61
215.32
64.82

105.55
72.01
74.13
155.66
32.58
217.79
141.02
216.63
64.21

107.80
71.62
75.74
158.87
33.21
217.11
143.96
220.54
64.73

107.07
71.72
75.23
157.75
32.98
215.30
142.99
219.38
65.11

108.08
72.07
75.96
159.27
33.23
216.51
144.35
221.03
65.35

106.26
68.46
71.92
170.30
29.61
233.54
144.87
55.73
221.52
60.67
97.76

105.88
68.82
71.65
169.54
29.50
232.22
144.33
56.20
221.08
61.29
98.18

106.27
68.74
71.95
170.29
29.55
232.15
144.89
56.21
221.45
61.14
97.44

2.10
2.35
2.43
-1.11
5.22
2.31
4.26
-1.50

2.09
2.32
2.42
-0.99
5.20
2.31
4.31
-1.51

2.06
2.34
2.41
-0.71
5.21
2.32
4.34
-1.57

2.07
2.37
2.38
-0.74
5.40
2.37
4.36
-1.53

323.96

321.39

321.75

321.47

329.52

5.73
5.60
3.24
3.13
3.26
0.51
3.16
1.03
6.96

5.51
5.48
3.26
3.13
3.05
0.48
3.14
1.21
6.88

5.61
5.50
3.22
3.13
3.05
0.46
3.13
0.95
6.86

5.48
5.48
3.21
3.13
3.03
0.51
2.83
1.34
6.90

5.63
5.69
3.23
3.13
3.04
0.54
3.05
1.29
7.01

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, March 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.

2.12
2.33
2.40
-1.09
5.22
2.26
4.36
-1.52

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

105.09
69.64
71.05
168.29
29.33
237.12
143.30
55.23
219.84
60.83
99.07

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.

104.93
69.64
70.89
167.98
29.23
236.91
143.06
54.82
218.78
61.56
99.25

Call Money Rates

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




3-Sep-97

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.

5.60
3.67
3.29
3.23
0.55
3.34
1.34
7.20
3.70

5.60
3.64
3.27
3.24
0.55
3.37
1.31
7.19
3.70

5.60
3.64
3.29
3.23
0.56
3.33
1.35
7.16
3.68

5.59
3.65
3.30
3.23
0.56
3.35
1.39
7.19
3.67

5.63
3.71
3.31
3.29
0.54
3.35
1.40
7.21
3.68

5.60
5.57
5.55
5.59
5.74
5.94

5.48
5.50
5.56
5.58
5.75
5.94

5.50
5.49
5.56
5.59
5.73
5.93

5.48
5.59
5.61
5.61
5.74
5.91

5.69
5.54
5.56
5.60
5.69
5.88

Euro-Dollar Deposit Rates

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

10-Sep-97 17-Sep-97 24-Sep-97 l-Oct-97

Selected Euro-dollar & U.S. Money Market Rates

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

5.60
5.73
-0.13

5.48
5.51
-0.04

5.50
5.61
-0.11

5.48
5.48
-0.01

5.69
5.63
0.05

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

5.59
5.60
-0.01

5.58
5.60
-0.02

5.59
5.60
-0.01

5.61
5.59
0.02

5.60
5.63
-0.03

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

5.59
5.65
-0.07

5.58
5.66
-0.08

5.59
5.62
-0.03

5.61
5.59
0.03

5.60
5.65
-0.05

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

5.52
5.81
-0.29

5.51
5.76
-0.25

5.51
5.75
-0.24

5.50
5.73
-0.23

5.51
5.80
-0.29

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

5.59
5.66
-0.07

5.58
5.70
-0.12

5.59
5.67
-0.08

5.61
5.66
-0.05

5.60
5.69
-0.09

Euro-dollar deposit
Swiss interbank, covered
Differential

5.59
5.71
-0.12

5.58
5.59
-0.01

5.59
5.67
-0.09

5.61
5.75
-0.14

5.60
5.77
-0.17

6.01
5.58
5.67
2.09
3.39
5.62
6.97
6.35

5.95
5.54
5.63
2.04
3.40
5.58
6.84
6.23

5.80
5.48
5.54
2.00
3.36
5.50
6.64
6.08

5.74
5.48
5.52
1.93
3.38
5.49
6.46
6.09

233.67
230.58
204.50
107.69
336.68
471.04
254.33
363.35

234.61
232.74
208.01
104.99
350.56
469.14
263.40
368.36

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

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

5.95
5.59
5.67
2.04
3.35
5.63
7.03
6.32

Stock Indices (Wednesday figures)

225.59
223.41
229.88
Canada
221.71
224.69
225.20
France
203.16
205.27
199.14
Germany
108.97
109.63
103.89
Japan
328.16
Netherlands
343.51
334.45
447.43
457.57
Switzerland
457.81
243.85
245.68
United Kingdom
250.93
353.33
362.57
United States
355.59
Indices (in order, rebased to 1986=100) are Toronto Composite, SBF250,
FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite