Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : September 12, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

September 12,1994,

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DtC, 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

RATIO SCALE
MARCH 1973=100

120

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

BELGIAN FRANC

I

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•

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•

GERMAN MARK

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ITALIAN LIRA

FRENCH FRANC

—

I

CANADIAN DOLLAR

DUTCH GUILDER

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U.K. POUND

•

I

JAPANESE YEN

SWISS FRANC

'

I

1

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1

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l

1

•

»

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•

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» •

CHART 2

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

PERCENT PER ANNUM

2

2

U.K. POUND

JAPANESE YEN

CANADIAN DOLLAR

DUTCH GUILDER

SWISS FRANC

ITALIAN LIRA

FRENCH FRANC

i

i




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1992

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*

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1994

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1992

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I
1994

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
420

U.S. DOLLARS PER FINE OUNCE
420

400

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

380

380

360

360

340

320

340

J

L

1991




L

1

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1992

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J
1993

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1994

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANI

DENT PER ANNUM

10

8
SWITZERLAND

8
U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

2
10

» '

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0
10

9

9

8

8
GERMANY
7

NETHERLANDS

7

6

6

5

5
1

4

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1

1 '

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16

14

4
14

12

FRANCE

12

10

CANADA

10

8

8

6

6

4

UNITED KINGDOM

4

2

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1992

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2

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1994

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1

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1992

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1

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» » »
1994

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
12

PERCENT PER ANNUM

WEIGHTED AVERAGE
FOREIGN RATE

10

CANADIAN FINANCE PAPER

8

6
U.S. CD'S
4

3

2

6

13

U.K. INTERBANK STERLING

10

NETHERLANDS INTERBANK RATE

7

4
9

3

JAPANESE CD RATE

7

5
FRENCH INTERBANK RATE
3

1
10

8

6

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2




1992

1994

1992

1994

4

CHART 6

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

PERCENT PER ANNUM

10

10

3-MONTH

OVERNIGHT
8 —

6 —

'

2
10

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6-MONTH

7-DAY
8 —

6

—

4 —

•

•




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•

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•

1

•

•

'

1

1

1

1

i

»

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•

1

1

I

1-YEAR

1-MONTH

1992

•

1994

1992

1994

2
10

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

3-MONTH

EURO-DOLLAR DEPOSITS

OVERNIGHT

EURO-DOLLAR DEPOSITS

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE




DIFFERENTIAL

DIFFERENTIAL

1992

1994

1992

1994

CHART 8

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

PERCENT PER ANNUM

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

U.S. COMMERCIAL PAPER
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

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DIFFERENTIAL

DIFFERENTIAL

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11

™1

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

_

4 —
EURO-DOLLAR DEP SITS

EURO-DOLLAR DEPOSITS'
DASHED LINE




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DASHED LINE

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1992

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DIFFERENTIAL

DIFFERENTIAL

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I

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1994

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1992

I I
1994

I 1

CHAAT9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

UNITED STATES

UNITED KINGDOM

4
11

5
FRANCE

CANADA
10
9

8
7

6

4

8
SWITZERLAND

JAPAN

7

6
5
4
3
10

2
NETHERLANDS

GERMANY

9
8
7

6
5




1992

1994

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

220
UNITED STATES

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UNITED KINGDOM

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SWITZERLAND

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ARAN

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GERMANY

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CANADA

165

140 —

150
120

135

——

120

100
105

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. FRANCE

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i

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i

i

i

— NETHERLANDS

90
160
145
130
115
100

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1994

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85

10-Aug-94 17-Aug-94 24-Aug-94 31-Aug-94 7-Sep-94
Chart 1.

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

3.0714
72.411
18.480
63 .281
0.06324
0.99150
56.325
75.046
154.02

3.1109
72.501
18.699
64.159
0.06281
0.99634
57.118
76.347
154.19

3.1467
72.648
18.935
64.912
0.06366
1.01534
57.821
77.156
155.04

3.0921
72.984
18.601
63.699
0.06313
1.00021
56.743
75.406
153.88

3.1193
73.110
18.756
64.269
0.06348
1.00795
57.287
76.591
154.67

121..03
.17
72 .
.27
83 .
.01
178 ,
36 .30
.61
259 .
161 .70
241 .43
62 .30

.59
122 .
.26
72 .
.26
84 ,
.49
180 ,
36 .05
260 .87
163 .97
245 .62
62 .36

.00
124 .
.41
72 .
85..33
.60
182 ,
.54
36 ,
265 .85
165 .99
248 .22
62 .71

121..84
.74
72 .
83..82
.19
179 .
36 .24
261 .89
162 .90
242 .59
62 .24

.92
122 .
.87
72 .
.52
84 ,
180,.79
36 .44
263 .91
164 .46
246 .40
62 .56

113 .08
63 .,49
75 .,05
.61
182 .
.08
30 .
.61
267 ,
.71
154 .
51,.18
230,.20
53 .58
88 .21

112 ..24
.53
64 .
.43
74 .
.77
180 .
.15
30 .
266..24
.32
153 .
51,.48
227,.24
53 .75
89 .39

112 .58
64 .24
74 .64
181. 42
30. 14
266. 78
153 .93
51.,56
229 .,52
53..70
88..72

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.

-0.83
-0.69
-0.18

-3 .71
2 .60
-0.18

0.50
-0.72

-0 .73
-0 . 80
-0 .07
-4 .64
2 .70
-0 .08
0 .53
-0 .69

-0 .55
-0 .67
-0 .02
-4 .00
2 .75
-0 .01
0 .64
-0 .47

-0 .52
-0 .68
-0 .04
-3 . 63
2 .64
-0 . 03
0 .6S
-0 .54

-0 .71
-o .66
-0 .04
-3 .72
2 .60
-0 .03
0 .72
-0 .52

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

112 .82
63 .98
74 .78
182 ..08
29 ..95
.73
264 .
.22
154 .
50,.52
.88
229 .
53..80
89 .25
Discount

3-Month Forward Exchange Rates,

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

111 .95
64.27
74.24
180.26
30.34
264.89
152.81
51.34
227.12
54.05
89.87

378.07

377.18

382.06

385.22

387.38

4.26
4.23
5.16
5.25
4 .88
2.06
4.84
3.88
4.65

4.35
4.33
5.00
5.27
4.82
2.08
4.87
3.83
4.65

4.66
4.60
4.98
5.25
4.79
2.05
4.87
3.75
4.55

4.72
4.68
5.20
5.25
4.68
2.09
4.83
3.83
4.59

4.74
4.66
5.09
5.26
4.88
2.09
4 .84
3.80
4.63

Call Money Rates

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




10-Aug-94 17-Aug-94 24-Aug-94 31-Aug-94 7-Sep-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.

4 .82
5 .78
5 .50
4 .89
2 .29
4 .91
4 .30
5 .54
5 ,03

4 .88
5 .68
5 .52
4 .90
2 .29
4 .87
4 .18
5 .39
5 .00

4.87
5.63
5.50
4.90
2.32
4.89
4 .19
5.36
4.96

4.87
5.81
5.50
4.90
2.32
4.92
4.18
5 .44
4.99

4 .23
4 .23
4 .41
4 .71
5 .11
5. 64

4 .33
4 .41
4 .58
4 .81
5. 23
5 .71

4 .60
4 .65
4 .69
4 .88
5. 19
5 .68

4.68
4 .68
4.71
4.86
5.18
5.68

4.66
4.70
4.75
4.88
5.20
5.70

Euro-Dollar Deposit Rates

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

4 .75
5 .68
5 .37
4 .89
2 .28
4 .88
4 .19
5 .51
4 .92

Selected Euro-dollar & U.S. Mone% • Market Rates

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

4 .23
4 .26
-0. 03

4 .33
4 .35
-0 .02

4 .60
4 .66
-0 .
.06

4.68
4 .72
-0.04

4.66
4.74
-0.08

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

, 71
4.
.75
4.
-0..04

.81
4.
.82
4.
-0..01

4.
.88
4.
.88
-0..01

4.86
4.87
-0.01

4.88
4.87
0.00

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

4 .71
,
4 .78
-0 .07

4 .81
4 .84
-0 .03

,
4 .88
4 .92
,
-0 .04

4 .86
4.81
0.05

4.88
4.91
-0.04

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

4 .77
4 .84
-0 .07

4 .87
5 .04
-0 .16

4 .91
5 .13
-0 .22

4.89
5.11
-0.21

4.90
5 .10
-0.20

Chart 8.

Interest Arbitrage, 3-Month Funds

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

4 .71
4 .71'
0 .00

4 .81
4 .82
-0 .00

4 .88
4 .88
-0 .00

4.86
4.86
0.01

4.88
4.86
0.02

Euro-dollar deposit
Swiss interbank, covered
Differential

4 .71
4 .70
0 .02

4 .81
4 .84
-0 .03

4 .88
4 .82
0 .06

4.86
4.85
0.02

4.88
4.91
-0.03

9 .01
7 .72
7 .18
4 .57
5 .23
7 .20
8 .59
7 .25

8 .86
7 .89
7 .27
4 .54
5 .33
7 .30
8 .68
7 .27

8.70
7.85
7.22
4.63
5.36
7.28
8.57
7.23

8.83
7.98
7.38
4.60
5.41
7.38
8.59
7.24

Chart 9.

Dnd Yields
-UUiiy iCIiU (JUVCilllllCUL UCAAWCUliti
10-year maturity, where available
9 .03
7 .39
6 .91
4 .57
5 .09
6 .96
8 .42
7 .26

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

Stock Indices

(Wednesday figures)

.94
144 .
142 .
.09
140..14
140 .13
160..33
157 ,
.06
.90
159 .
162 .82
124 .
.65
120,.41
.77
122 .
122 .18
.04
124 .
123 ,
.91
125,.81
125 .64
.85
152 .
149 ,
.27
150 .14
150 .84
221,.09
215 .23
218 .36
217 .27
196,.67
194 .54
193 .77
192 .27
.60
192 .
190 .11
188 .49
186 .87
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

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom



144 .
.60
156..61
122 ,
.52
119 ,
.93
151,.55
221 .83
.07
192 ,
190 .97
to SBF250

FEDERAL RESERVE statistical release
H.10(512)

September 12, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

SEPTEMBER 9, 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:

COUNTRY

MONETARY
UNIT

^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
XUNITED 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

MEMO:
^UNITED STATES

DOLLAR

Sep. 5

H
O
L
I
D
A
Y

(CURRENCY UNITS PER DOLLAR)
Sep. 6
Sep. 7
Sep. 8

Sep. 9

0.7404
10.867
31.830
1.3680
8.5691
6.1095
1.2336
5.0365
5.2960
1.5441
235.08
7.7281
31.373
1.5295
1570.75
98.77
2.5540
3.4000
1.7322
0.6041
6.7920
157.99
1.5001
3.5680
804.40
128.840
49.210
7.6385
1.2950
26.210
24.970
1.5487

0.7435
10.900
31.920
1.3685
8.5670
6.1285
1.2285
5.0440
5.3120
1.5487
235.81
7.7275
31.375
1.5260
1579.00
99.25
2.5555
3.3965
1.7370
0.6067
6.8130
158.45
1.5000
3.5655
804.40
129.070
49.180
7.6070
1.2955
26.210
24.980
1.5462

0.7450
10.968
32.110
1.3710
8.5648
6.1620
1.2238
5.0755
5.3400
1.5584
237.41
7.7275
31.373
1.5320
1582.25
99.48
2.5590
3.4010
1.7473
0.6046
6.8490
158.77
1.4999
3.5605
804.70
129.590
49.260
7.6595
1.3055
26.200
25.000
1.5436

0.7450
10.831
31.710
1.3674
8.5622
6.0885
1.2369
5.0045
5.2720
1.5390
234.46
7.7275
31.375
1.5270
1570.25
99.20
2.5555
3.4150
1.7258
0.6040
6.7675
157.03
1.4967
3.5570
804.50
128.320
49.250
7.5525
1.2830
26.200
24.960
1.5503

88.28

88.52

88.90

88.09

•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
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