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(516/517) Selected Interest 8f Exchange Rates Weekly Series of Charts September 12,1988 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 S C A L E MARCH 1 9 7 3 = 1 0 0 RATIO S C A L E MARCH 1 9 7 3 = 1 0 0 - 100 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 40 - - 220 200 180 160 ~ — — - GERMAN MARK ^ - 100 - y\l | 111111 11111 i l l ii h i l i i I - - 140 — - CANADIAN DOLLAR — — - - 80 - - - ^ I I 90 80 ~ U.K. POUND 70 - A ^ A I I I I l l II I , , I I I 11111111111 VV - DUTCH GUILDER ~ — - w I 111111111111 - — ^ I I I I I 11111111111 11111111111 W FRENCH FRANC - - 60 50 I - 70 I I - - I I - — Xzv__ I I ^ 90 60 — J - — 100 - — - 120 j — 180 160 - — - - " M l / ^ / ^ T - - 120 JAPANESE Y E I V - . — - 140 80 50 45 ITALIAN LIRA - - j\r 40 Ml I I I I 11111111111 Mil,llll," 140 120 - — 80 - 70 - '^ y y N C3z — SWISS FRANC V A ^ - - — - - - v 60 50 V BELGIAN FRANC 100 90 — t+y — - s\i - - i i i i i 1986 i 11111111111 M 1111 M i M 1988 - i i i 111111 M 111 11111111111 1986 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER A N N U M PERCENT PER ANNUM 8 4 CANADIAN DOLLAR JAPANESE YEN AxZ" S I I -v'A I I I 4 I . POUND 7 <= I 12 SWISS FRANC - I I I I I I I I 0 I 8 DUTCH GUILDER GERMAN MARK 0 I I I I I I I I I lllllllllll n h i l n h i ITALIAN LIRA FRENCH FRANC 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. c U.S. D O L L A R S PER F I N E < . L A R S PER F I N E OUNCE 520 520 500 500 480 480 460 460 12.5 Kg BARS A F T E R N O O N F I X I N G PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 I I I I I I I I I I 280 1985 1986 1987 280 1988 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER A N N U M PERCENT PER ANNUM 16 12 U. S. FEDERAL FUNDS - FRANCE 8 v 4 0 / - " — I I I I I I .ili.liiln JAPAN ,, I 16 CANADA 12 8 GERMANY 4 0 16 UNITED KINGDOM SWITZERLAND 12 8 4 NETHERLANDS 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES P E R C E N T PER A h :NT PER A N N U M 16 12 10 U . S . CD'S CANADIAN FINANCE CO. PAPER - 14 8 - 6 10 WEIGHTED AVERAGE FOREIGN RATE 4 - I 2 14 12 I I I I I I IIIIIIIIII 8 6 14 U K INTERBANK STERLING - 12 FRENCH INTERBANK RATE - 12 10 10 8 8 I 6 I I I I I 6 10 8 10 - GERMAN INTERBANK RATE NETHERLANDS INTERBANK RATE - 8 6 6 4 4 I 2 I I 2 10 8 8 JAPANESE GENSAKIRATE - SWISS INTERBANK RATE - 6 6 4 4 2 I 2 1986 1988 I 1986 I i l l 11 h i l i i 1988 0 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER A N N U M PERCENT PER AL 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 4 4 1986 1988 1986 1988 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 3-MONTH LINE EURO-DOLLAR DEPOSITS OVERNIGHT EURO-DOLLAR 90-DAY CD* S DEPOSITS DASHED 11 LINE 111111111iiIII 11111111 I III 2 2 DIFFERENTIAL DIFFERENTIAL + 0 M IIIIIIIIIIIIIII II II 1986 1 PERCENT ON D I F F E R E N T I A L SCALE 1988 = 2 P E R C E N T ON RATE S C A L E I I I I I 1986 I I I I I I I I I I I I I I 111 I I I I 11 1988 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER A N N U M PERCENT PER ANNUM 16 12 16 INTERBANK STERLING COVERED LONDON CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS U. S. COMMERCIAL PAPER D A S H E D LINE D A S H E D LINE 12 0 DIFFERENTIAL 2 DIFFERENTIAL + 0 I 2 I I III I I l l I I I i 2 16 12 16 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE D A S H E D LINE DIFFERENTIAL DIFFERENTIAL I IIII 1986 1 PERCENT ON DIFFERENTIAL 1988 SCALE = 2 P E R C E N T ON RATE S C A L E 1986 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Ah ENT PER ANNUM 16 16 14 __ UNITED STATES CANADA 14 12 - 12 10 10 8 8 I 6 I I I I I iilnliilii 6 10 14 12 UNITED KINGDOM 8 10 6 8 4 6 2 8 10 6 GERMANY SWITZERLAND 8 4 6 2 4 17 15 U. S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 5 MONTHLY 5 3 1986 1988 1986 1988 CHART 1 0 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO S C A L E 1969=100 RATIO S C A L E 1969=100 500 400 UNITED STATES UNITED KINGDOM - ^vvV~\ — __ 300 200 I I I I I I I I I ill I I I I I 650 550 - 450 - 350 /vvWvx Y J JAPAN / - - FRANCE - ' - 250 I 150 500 — 400 — I I I I I — r/< SWITZERLAND / — 200 - 150 CANADA 300 - I 200 500 400 y I I / w I ~ V ^ v I I V J i i l n h i l n 11111111111 I I I llll.llllll — - - NETHERLANDS - 400 — - 300 - - 200 GERMANY 300 - | t / 200 100 .ill I I I I I 1986 I 100 1988 1986 1988 SEBIES MIME LAST 7ALOE PLOTTED DATE iALOE CHART 1. SPOT EXCHANGE BATES AMD INDICES WEEKLY AVERAGES, MOO* BUYING BATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAB FRENCH FBANC SWISS FRANC BELGIAN FBANC ITALIAN LIBA SWEDISH KBONA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 7 7 7 7 7 7 7 7 7 7 53.91 0.73884 47.74 169.08 80. 86 15.85 63. 97 2.56984 0.07222 15.53 INDICES, HASCII 1973 BASE BATES = 100 GERMAN HARK JAPANESE YEN DUTCH GUILDER 0. K. POUND CANADIAN DOLLAB FRENCH FRANC SWISS FBANC BELGIAN FBANC ITALIAN LIBA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 151. 66 193. 45 137.04 68.39 80.59 71.41 205. 80 101.26 41. 03 [GHTBD AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAB GERMAN MARK JAPANESE YEN DUTCH GUILDEB U.K. POUND CANADIAN DOLLAB FRENCH FBANC SWISS FBANC BELGIAN FRANC ITALIAN LIBA SWEDISH KBONA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT.. 97.66 160. 94 205.04 137.30 64.40 77.67 67.28 206.13 99. 36 37. 56 66. 60 CHABT 2. 3-MONTH FORWARD EXCHANGE BATES, PREMIUM OB DISCOUNT CANADIAN DOLLAB U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE TEN ITALIAN LIRA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. -1.76 -3. 63 3.41 0.34 4.68 2.91 3.49 -2. 78 SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IS LONDON, AFTERNOON FIXING U.S. DOLLARS PER FIRE OUNCE SEPT. 7 428. 45 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT.. SEPT. SEPT. 7 a. is . CALL MONEY RATES U.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U. *. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND 7 7 7 7 7 7 7 7.94 11.02 9.63 4.68 3. 83 7.48 5.25 1.63 3-HO NTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SHISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS S8IT4ERLAND) SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 7 7 7 7 7 7 7 7 7 8. 32 4.95 4. 10 10.22 12.21 3.52 7.95 5.49 6.93 EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 7 7 7.94 8.00 8. 26 8.39 8.74 8.93 7 7 7 CHART 7. SELECTED EURO—DOLLAR AND U.S. HOME! MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL SEPT. SEPT. SEPT. 7 7 7 7. 94 8. 15 -0. 21 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL SEPT. SEPT. SEPT. 7 7 7 8.39 8. 32 0. 07 SBBIBS NAME LAST VALOB PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS BORO—DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL SEPT. SEPT. SEPT. 0. S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL SEPT. SEPT. SEPT. EOBO-DOLLAB DEPOSIT INTERBANK DM (FRANKFORT), COVERED DIFFERENTIAL SEPT. SEPT. SEPT. EOBO-DOLLAB DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL SEPT. SEPT. SEPT. CHART 9. LONG TERM GOVBRMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM SEPT. 2 SEPT. 2 AUG. 31 SEPT. 2 AUG. 31 AUG. 26 JULY SEPT. 2 9.21 6. 53 4.82 4. 28 10.65 9.46 6.53 9.33 MAI 9.33 U.S. CORPORATE AAA BONDS CHART 10. STOCK INDICES UNITED STATES ONITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 7 7 7 7 7 7 7 7 281.55 312.08 326.63 210.25 182.94 270.24 351.48 563.50 .'^OtCOVr, FEDERAL RESERVE statistical release H.101512) SEPTEMBER 9, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING SEPTEMBER 9, 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: COUNTRY MONETARY UNIT ^AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK FINLAND FRANCE GERMANY GREECE HONG KONG INDIA *1RELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH 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 MEMO: •UNITED STATES DOLLAR SEP. H 0 L I D A Y 0.25 5 (CURRENCY UNITS PER DOLLAR) SEP. 6 SEP. 7 SEP. 8 SEP. 9 80.37 12.960 38.640 1.2338 3.7314 7.0910 4.3850 6.2730 1.8428 149.850 7.8125 14.3900 145.10 1377.75 135.30 2.6575 2.0820 62.270 6.8500 152.850 2.0390 2.4165 724.20 123.050 32.962 6.4050 1.5535 28.860 25.590 170.33 80.19 12.980 38.690 1.2390 3.7314 7.1000 4.3850 6.2830 1.8437 149.900 7.8085 14.3800 144.90 1378.00 133.67 2.6510 2.0810 62.100 6.8650 152.650 2.0390 2.4050 723.70 123.650 32.960 6.4050 1.5547 28.860 25.540 170.80 80.40 13.010 38.790 1.2391 3.7314 7.1200 4.3950 6.3000 1.8485 150.400 7.8085 14.4000 144.93 1385.50 133.87 2.6480 2.0865 62.150 6.8975 153.300 2.0410 2.4150 723.20 123.850 32.962 6.4175 1.5630 28.840 25.520 169.70 80.47 13.017 38.800 1.2398 3.7314 7.1150 4.3925 6.2880 1.8490 150.100 7.8090 14.4300 144.90 1384.00 133.62 2.6465 2.0870 62.500 6.8975 153.150 2.0350 2.4125 723.3C 123.600 32.962 6.4200 1.5623 28.850 25.500 169.68 97.15 97.04 97.33 97.29 •INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. HEIGHTS 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. *VALUE IS U.S. CENTS
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