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(516/517)
Selected Interest &
Exchange Rates
Weekly Series of Charts
September 13,1993
DIVISION O F
INTERNATIONAL FINANCE
Prepared by the
BOARD O F GOVERNORS
FEDERAL RESERVE SYSTEM
FINANCIAL MARKETS
SECTION
Washington, DlC. 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
RATIO SCALE
MARCH 1973=100
140
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
110
130
100
120
90
110
80
100
BELGIAN FRANC
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i
JAPANESE YEN
—
SWISS FRANC
I
I
I
I
I
I
1
I
1
I
1
I
I
'
'
U.K. POUND
CANADIAN DOLLAR
»
» i
I
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1
1
'
«
1
i
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1
1
i
i
GERMAN MARK
DUTCH GUILDER
»
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1
1
1
1
1
1
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r
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i
FRENCH FRANC
ITALIAN
1990
1992
1990
1992
i
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CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM W OR B
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
2
PERCENT PER ANNUM
2
U.K. POUND
—
CANADIAN DOLLAR
1
1
1
1
1
1
JAPANESE YEN
1
i1
i
i
i
I
I
I
i
I
SWISS FRANC
2
—
4
—
6
—
i
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I
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i
—
i
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iI
I
1
1
'
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1
I
'
1
I
1 '
I
'
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» I
1
1
ITALIAN LIRA
—
2
4
l
—
FRENCH FRANC
0
i
DUTCH GUILDER
\
i
8
2
+
i
—
/ \ r —
6 —
/ ' —
\
8
10
12
1
1
1
1
1990
1
1
1
1
i
i
1992
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I
» '
1990
I
I
» I
1992
I
I
I
I
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
U.S. DOLLARS PER FINE OUNCE
420
420
12.5 Kg BARS
AFTERNOON FIXING PRICE
400
400
380
380
360
360
340
340
320
i
i
1990
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1991
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1992
1
L
1993
320
CHART4
CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16
PERCENT PER ANNUM
*10
14
8
—
12
FRANCE
U.S. FEDERAL FUNDS
10
6
—
8
4 —
6
JAPAN
4
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2
10
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|
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« |
1
I
1
|
•
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1
i
1
1
1
I
1
2
10
NETHERLANDS
GERMANY
•
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i
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I
i
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i
6
14
12
CANADA
UNITED KINGDOM
10
SWITZERLAND
»
» i
1990
i
i
•
»
1
1
1992
1
'
•
1
•
•
1
1990
1
I
1
1
1
I
1
'
•
1992
I
•
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
15
PERCENT PER ANNUM
12
WEIGHTED AVERAGE
FOREIGN RATE
10
13
CANADIAN FINANCE PAPER
—
11
9
7
5
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I
i
i
i
16
3
11
13
10
U.K. INTERBANK STERLING
i
'
i
I
i
i
i
I
NETHERLANDS INTERBANK RATE
'
i
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I
'
'
'
i
i
i
I
i
i
i
I
i
i
i
5
13
11
JAPANESE CD RATE
FRENCH INTERBANK RATE
i
i
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I
i
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i
I
i
i
i
I
i
i
i
i
i
i
I
» i
i
I
i
i
i
I
i
i
i
10
10
GERMAN INTERBANK RATE
SWISS INTERBANK
i
i
i
1990
I
i
i
i
I
i
i
1992
i
I
i
i
i
i
1990
i
I
i
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i
I
i
« '
1992
I
i
i
i
CHART 6
EURO-DOLLAR DEPOSIT RATES L O N D O N
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10
PERCENT PER ANNUM
10
3-MONTH
OVERNIGHT
8
——
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l
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l
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i
•
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i
I
7-DAY
i
i
I
1
1990
i
1
1
•
» I
i
i
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I
» •
»
i
i
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i
I
i
i
i
I
i
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i
1-YEAR
1-MONTH
1
i
2
10
6-MONTH
i
1
i
•
•
1992
•
i
1
1
•
1
1
1990
1
>
1
»
1
I
1
» I
1992
I
I
•
»
2
10
#
e
#r~
#
•
*
*
*
^
e
#
CHART 7
SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
D I F F E R E N T I A L : PLUS(+), F A V O R S B O R R O W I N G IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10
PERCENT PER ANNUM
10
OVERNIGHT
EURO-DOLLAR DEPOSITS
8 —
3-MONTH
EURO-DOLLAR DEPOSITS
FEDERAL FUNDS
DASHED LINE
90-DAY CD'S
DASHED LINE
4 —
J
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<
i
J
I
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DIFFERENTIAL
"
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«
1990
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l
l
1
1992
L_J
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L
1—1—1
I
I
I
L
DIFFERENTIAL
1
1
I
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I
1990
I
I
l—l
I
I
1992
CHART 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10
RCENT PER ANNUM
10
8
CANADIAN FINANCE
CO. PAPER, COVERED
INTERBANK STERLING
COVERED LONDON
6
4
0
U.S. COMMERCIAL PAPER
DASHED LINE
EURO-DOLLAR DEPOSITS'
DASHED LINE
2
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»
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2
DIFFERENTIAL
DIFFERENTIAL
+
0
2
10
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I
10
8
INTERBANK DM
COVERED FRANKFURT
SWISS INTERBANK (SF) COVERED
6
4
EURO-DOLLAR DEPOSITS
DASHED LINE
2
0
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I
EURO-DOLLAR DEPOSITS
DASHED LINE
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l
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I
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l
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i
2
DIFFERENTIAL
DIFFERENTIAL
JL
+
0
2
i
i
i
1990
I
A
i
i
i
I
i
i
1992
i
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i
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i
1990
i
l
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i
1992
CHART 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNL
{CENT PER ANNUM
14
10
UNITED KINGDOM
UNITED STATES
9
12
8
10
7
8
6
6
11
5
12
FRANCE
CANADA
11
10
10
9
9
8
8
7
7
6
6
8
8
5
JAPAN
SWITZERLAND
7
7
6
6
5
5
4
4
3
10
3
10
GERMANY
NETHERLANDS
9
9
8
8
7
7
6
6
5
'
'
i
l
1990
i
i
i
I
i
'
1992
i
I
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i
i
1
1
1990
•
I
•
1
1
I
1
'
1992
'
1 '
»
1
5
CHART 10
STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
230
RATIO SCALE
1986=100
230
UNITED STATES
•
'
'
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'
UNITED KINGDOM
I
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'
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I
'
'
JAPAN
SWITZERLAND
FRANCE
GERMANY
NETHERLANDS
CANADA
1990
1992
1990
1992
ll-Aug-93 18-Aug-93 25-Aug-93 l-Sep-93
Chart 1.
8-Sep-93
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
Indices, March 1973 base rates
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
2.7523
77.349
16.734
58.575
0.06204
0.95791
52.041
66.127
148.72
2.7688
76.053
16.691
58.853
0.06206
0.98121
52.272
66.262
148.12
2.8182
75.845
17.050
59.344
0.06269
0.96047
52.781
67.454
149.93
2.8038
75.738
17.113
59.904
0.06265
0.95648
53.313
68.003
149.69
2.8360
75.491
17.456
61.539
0.06340
0.95075
54.792
69.929
152.74
108.45
77.09
75.41
164.78
35.61
250.81
149.40
212.74
60.15
109 .11
75 .80
75 .21
165 .56
35 .62
256 .91
150 .06
213 .17
59 .91
111 .05
75 .59
76 .83
166 .94
35 .98
251 .48
151 .52
217 .01
60 .64
110 .48
75 .49
77 .11
168 .51
35 .96
250 .44
153 .05
218 .77
60 .54
111 .75
75 .24
78 .66
. 173.11
36 .39
248 .94
157 .30
224 .97
61 .78
106 .05
70 .14
70 .55
174 .00
31 .20
265 .76
147 .94
51 .35
210 .91
54 .52
93 .92
105 .33
69 .92
70 .73
175 .67
31 .14
264 .10
149 .31
50 .65
212 .37
54 .34
93 .75
105 .28
68 .79
71 .36
178 .87
31 .14
258 .87
151 .80
50 .68
215 .90
54 .84
92 .35
-1 .56
-4 .94
-3 .40
-6 .04
0 .26
-3 .31
-1 .53
-2 .67
-1 .55
-4 .20
-3 .41
-6 .21
0 .33
-3 .29
-1 .53
-2 .66
-1 .52
-4 .19
-3 .45
-6 .05
0 .40
-3 .27
-1 .59
-2 .67
-1 .71
-4 .33
-3 .41
-6 .07
0 .47
-3 .28
-1 .60
-2 .72
381.04
372 .36
372 .91
370 .28
360 .57
2.98
2.93
3.78
9.85
6.66
3.20
6.61
4.68
5.90
3 .06
2 .99
4 .15
9 .00
6 .67
3 .09
6 .62
5 .00
5 .63
2 .98
2 .88
4 .30
7 .81
6 .83
2 .97
6 .59
4 .75
5 .48
3 .08
2 .91
4 .38
7 .51
6 .96
2 .95
6 .58
4 .98
5 .84
2 .99
2 .89
,
4 .28
7 .44
6 .81
2 .94
6 .61
5 .00
5 .95
100
;, Mar. 19731=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.
3-Month Fc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
104.20
72.17
69.63
172.74
: 31.09
267.03
146.81
51.96
208.12
54.45
94.75
104 .65
70 .73
69 .28
173 .33
31 .04
273 .74
147 .21
51 .38
208 .16
54 .10
94 .53
Premium or Discount
-0.86
-5.16
-3.39
-6.08
0.08
-2.93
-1.46
-2.66
Fixing
U.S. dollars per fine ounce
Chart 4.
Call Money Rates
U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
ig--93 18-Aug -93 25-Aug -93 l-Sep-93
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.
3 .16
4 .14
8 .01
6 .49
3 .22
6 .12
4 .54
5 .79
5 .97
3 .13
4 .74
7 .68
6 .44
3 .00
6 .39
4 .58
5 .81
5 .98
3 .14
4 .84
7 .11
6 .45
2 .87
6 .29
4 .56
5 .79
5 .88
3.13
4.84
7.15
6.47
2.81
6.35
4.59
5.84
5.92
3.11
4.97
7.22
6.49
2.69
6.34
4.63
5.84
5.98
2.93
3.00
3.06
3.14
3.38
3.61
2.99
3.00
3.06
3.13
3.34
3.53
2.88
3.00
3.06
3.13
3 .31
3.50
2 .91
3. 00
3 .06
3. 13
3 .31
3 .44
2. 89
2. 96
3. 03
3. 08
3 .24
3 .40
Euro-Dollar Deposit Rates
Overnight
7-day
1-month
3-month
6-month
l-year
Chart 7.
8-Sep-93
Selected Euro-dollar & U.S. Money Market Rates
Overnight Euro-dollar deposits
U.S. federal funds
Differential
2.93
2.98
-0.05
2.99
3 .06
-0.07
2.88
2.98
-0.10
2 .91
3 .08
-0. 17
2..89
.99
2.
-0..10
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
3.14
3.16
-0.02
3.13
3.13
-0.01
3 .13
3.14
-0.01
3..13
3..13
-0,.00
3..08
3..11
-0 .03
3.14
3.09
0.05
3.13
3.10
0.02
3.13
3.09
0.03
3 .13
3 .13
-0 . 01
3 .08
3 .08
-0 .01
3.21
3.28
-0.06
3.18
3.16
0.02
3.15
3.28
-0.13
3 .16
3 .30
-0 .14
3 .14
3 .24
-0 .10
Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential
3.14
3.05
0.09
3.13
2.99
0.14
3 .13
2.98
0.14
3 .13
2 .97
0 * 16
3 .08
3 .02
0 .05
Euro-dollar deposit
Swiss interbank, covered
Differential
3.14
3.06
0.08
3.13
3.03
0.09
3.13
3.02
0.11
3 .13
2 .98
0 .15
3 .08
3 .00
0 .07
6 . , 7 1
Chart 8.
Interest Arbitrage, 3-Month Funds
Euro-dollar deposit
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential
Chart 9.
Long Term Government Bellwether Bond Yields
10-year maturity, where available
Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.
., 0 1
7
. 0 0
6 .
9 3
6 . . 7 9
6 . , 3 8
6
. 3 2
6 .
2 9
6 , . 1 5
6 . , 1 5
6 . . 3 8
6
. 3 5
6 . . 3 3
6
. 2 4
6 . , 1 5
7
4
.. 2 8
4
. 2 1
4
.. 3 1
4
. 1 9
4
., 1 5
4
.. 4 8
4
. 4 7
4
.. 4 6
4
. 4 5
4
., 4 2
6 . . 2 0
6
. 2 1
6 . . 1 8
6
. 1 0
6 . , 0 1
7 . . 0 6
6
. 9 2
6 . . 9 4
6
. 8 5
6 . . 8 1
5 . . 8 2
5
. 7 1
5 . . 5 8
5
. 4 5
5 , . 3 0
s)
Stock Indices (Wednesday figures)
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States
1 3 3
. 8 3
1 3 5
. 2 0
1 3 7
. 3 9
1 3 8
. 0 9
1 3 1
. 7 3
1 6 0
. 9 9
1 6 1
. 2 5
1 6 1
. 5 9
1 6 5
. 3 7
1 6 1
. 3 7
1 0 8
. 7 1
1 1 1
. 4 5
1 1 0
. 8 5
1 1 1
. 4 4
1 0 8
. 1 1
1 2 7
. 0 5
1 2 6
. 7 2
1 2 4
. 7 1
1 2 7
. 7 5
1 2 7
. 2 5
1 3 0
.77
1 3 3
. 7 5
1 3 4
. 7 8
1 3 5
. 8 1
1 3 1
. 0 9
1 8 3
. 5 8
1 8 8
. 3 3
1 8 9
. 3 6
1 8 7
. 0 8
1 8 3
. 5 3
1 8 4
. 5 8
1 8 6
. 6 7
1 8 5
. 7 6
1 8 6
.44
1 8 4
. 0 8
1 8 3
. 7 8
1 8 5
. 8 9
1 8 7
. 7 2
1 8 8
. 8 4
1 8 6
. 0 5
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite
FEDERAL RESERVE statistical release
September 13, 1993
H.10(5X2)
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
SEPTEMBER 10, 1993
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
^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
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
MEMO:
**UNITED STATES
MONETARY
UNIT
DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
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
DOLLAR
Sep. 6
H
0
L
I
D
A
Y
(CURRENCY UNITS PER DOLLAR)
Sep. 9
Sep. 8
Sep. 7
Sep. 10
0.6498
11.335
34.900
1.3243
5.8013
6.6400
1.1740
5.7020
5.6710
1.6107
229.40
7.7420
31.630
1.4385
1563.75
104.05
2.5470
1.8075
0.5483
7.0300
165.70
1.6035
3.4100
811.50
131.30
48.840
7.9170
1.4169
26.943
25.150
1.5425
0.6580
11.387
35.260
1.3190
5.8013
6.7075
1.1675
5.7450
5.7100
1.6200
230.60
7.7370
31.630
1.4370
1563.00
105.64
2.5448
1.8196
0.5525
7.0900
166.60
1.6032
3.4140
811.30
131.50
N.A.
7.9850
1.4230
26.946
25.150
1.5395
0.6555
11.260
34.740
1.3163
5.8013
6.6305
1.1805
5.6900
5.6390
1.6000
229.33
7.7367
31.630
1.4496
1546.75
105.20
2.5433
1.7975
0.5522
7.0030
164.41
1.6013
3.4000
810.60
128.90
48.820
7.8870
1.4007
26.947
25.183
1.5500
0.6494
11.239
34.180
1.3145
5.8013
6.6000
1.1850
5.6850
5.6040
1.5977
231.00
7.7377
31.630
1.4520
1537.00
106.20
2.5440
1.7950
0.5510
6.9840
163.70
1.6083
3.4070
810.50
127.75
48.780
7.8600
1.3945
26.944
25.160
1.5495
91.52
92.04
91.15
90.97
XVALUE 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.
@FedFRASER