Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : September 16, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

September 16,1991

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DC. 20551




Table of Contents

TABLES
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS
1.
2.
3.
4.
5.

SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
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

140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

BELGIAN FRANC

—

yv/

V v

140
130

A

120
110

100
90
80

i

i

—

i

l

i

i

i

l

i

i

i

l

i

i

I

i

i

i

I

I

I

i

I

I

I

I

'

I

I

JAPANESE YEN

—

SWISS FRANC

I

70
280
260
240
220
200

180
160
140

•

i

i

l

i

i

i

l

'

i

i

l

i

i

i

i

i

i

I

i

i

i

I

i

i

i

I

i

i

i

CANADIAN DOLLAR

U.K. POUND

120
100
90
80
70
60

i

i

i

l

'

i

i

I

i

i

i

l

i

i

i

i

i

i

I

i

i

i

l

i

i

i

l

i

i

GERMAN MARK

i

50
200

180

DUTCH GUILDER

160
140

120
i

i

i

I

i

i

i

I

i

i

i

l

i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

I

I

ITALIAN LIRA

50

FRENCH FRANC

—

100
60
55
45
40
35
30

i

i

i




I

i

i
1989

i

I

i

i

i

I

i

i
1991

i

'

I

I

I

I

'
1989

I

I

I

I

I

I

1 I
1991

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
4

PERCENT PER ANNUM

CANADIAN DOLLAR

I

I

•

I

I

I

4

U.K. POUND

I

I

I

'

I

I

I

I

I

1

GERMAN MARK

1

1

I

1

1

1

I

1 1

1

1

1

1

1

JAPANESE YEN

—

VV

-

1

I

I

1

l

l

I

1

Vv*-v

I

I

i

1

l i V i

SWISS FRANC

DUTCH GUILDER

—

—

V
1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

FRENCH FRANC

i

i i I i i

i I i

i

i I iTu

ITALIAN LIRA

%
12

1

1

1

1




1

1 1
1989

1

1

I1

I

I

I

I 1
1991

1 1 1 1 1 1 1 1 1 1 1 I
1989

i i i
1991

12

CHART 3

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

U.S. DOLLARS PER FINE OUNCE

520

520

500

12.5 Kg BARS

480

AFTERNOON FIXING PRICE

480

460

440

440

420

420

400

400

380

380

360

360

340

340

320




1988

1989

1990

1991

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16

PERCENT PER ANNUM

16

12

—

U.S. FEDERAL FUNDS

12

FRANCE

JAPAN

0

i

i

I

i

i

i

I

i

i

i

I

i

i

i

'

I

i

i

i

l

i

i

i

I

i

i

i

0

16

16

12

12

CANADA

GERMANY




i

i

i

I

i

i

i

I

i

UNITED KINGDOM

SWITZERLAND

NETHERLANDS

1989

1991

1989

1991

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

10

PERCENT PER ANNUM

12
U.S. CD'S

SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

CANADIAN FINANCE CO.
PAPER

U.K. INTERBANK STERLING

GERMAN INTERBANK RATE




FRENCH INTERBANK RATE

JAPANESE CD RATE

NETHERLANDS INTERBANK RATE

1989

1991

1989

1991

CHART 6

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

PERCENT PER ANNUM

OVERNIGHT

3-MONTH

4
14

12

4

7-DAY

6-MONTH

—

12

10

8

6

4
14

12

14

1-MONTH

1-YEAR

10

8

6

4




1989

1991

4

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

OVERNIGHT
EURO-DOLLAR DEPOSITS

3-MONTH
EURO-DOLLAR DEPOSITS

10

10

FEDERAL FUNDS

DASHED LINE

J—I—I—I

DASHED LINE

l

i

i

I

i

J

I

i

i

i

J

1

1

1

1

1

I

I

I

I

I

I

I

I

I

I

I

I

I

I
1991

DIFFERENTIAL
DIFFERENTIAL

r
J

l__L




J
1989

i

i

i

i

i

i

Vr-

i

i
1991

i

-I

1

1

1

1

1
I
1989

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

16

16

INTERBANK STERLING
12

CANADIAN FINANCE
CO. PAPER, COVERED

—

COVERED LONDON

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

I

I

I

I

I

I

'

•

•

I

•

•

I

'

I

I

I

I

I

'

'

I

I

I

'

•

•

I

•

•

•

I

•

'

•

I

I

•

i

•

I

i

i

i

i

i

i

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i

i

i

2
16

INTERBANK DM

SWISS INTERBANK (SF) COVERED

—

COVERED FRANKFURT

12

'

M

I

I

I

I

I

I

I

DASHED LINE

I

I

I

I

I

I

I

i

i




I

i

I

1989

l

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

DIFFERENTIAL

DIFFERENTIAL

i

— 12

EURO-DOLLAR

EURO-DOLLAR DEPOSITS
DASHED LINE

0I

I

DIFFERENTIAL

DIFFERENTIAL

2
16

12

I

I

1

i

i

i

i

1991

i ..

I

I

I

I

I

I I
1989

I I
1991

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
=tCENT PER ANNUM

PERCENT PER ANN!

14
UNITED STATES

CANADA

12

10

8

6
14

'

'

'

I

'

'

'

I

•

'

i

I

'

'

i

UNITED KINGDOM

I

i

i

'

I

•

i

i

I

i

i

I

I

I

I

I

I

'

'

'

I

'

I

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i

I

i

i

'

I

•

i

'

» '

l

'

•

i

I

i

'

'

'

i

FRANCE

12

10

8

6

•

'

i

I

i

'

'

l

'

'

'

I

•

'

I

10

SWITZERLAND

JAPAN

8

6

4

2

I

I

I

I

I

'

'

I

'

'

'

I

•

'

i

i

10

NETHERLANDS

GERMANY

8

6

4

2

»

1

•




I

1

•
1989

1

I

1

1

i

l

i

« i
1991

•

'

•

I

'

1989

1991

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100

RATIO SCALE
1986=100

200

200

175

_ NETHERLANDS

175 — UNITED STATES

150

150

125

125

100

100
75

50
400
350

200
175

_ GERMANY

JAPAN

150

300

125

250

100

200
150

100
200
175

200
175

— FRANCE

SWITZERLAND

150

150

125

125

100

100
75

50
200
175

•I

L

— 175

_ UNITED KINGDOM

CANADA

150

150

125

125

100

100

50




50
200

1989

1991

1989

1991

50

SERIES
14-Aug-91
Chart

1.

Spot

Exchange Rates and

Noon buying

r a t e s (U.S.

March

28-Aug-91

2.8079
87.248
17.008
57.855
0.07720
0.73202
51.310
66.094
169.49

2.7417
87.445
16.612
56.402
0.07550
0.72859
50.056
65.057
165.88

2.7890
87.497
16.891
57.359
0.07684
0.73086
50.918
65.753
168.36

2.7886
87.619
16.894
57.370
0.07690
0.73373
50.932
65.528
168.63

2.8382
87.750
17.195
58.432
0.07822
0.73882
51.856
66.619
171.48

Weighted average

exchange value

110 .65
86 .96
7 6 .64
162 .75
44 .31
191 .
.67
147 ..30
212. 63
68 .55

108 .04
87 .15
74 .86
158 . 66
43,.34
190..77
143, 70
209. 30
67 .09

109 .90
87 .21
76 .11
161 .36
44..10
191 .,36
146 ,17
211 .54
68 .10

109 .89
87 .33
76 .13
161 .39
44 .14
192..12
146 .22
210. 81
68. 20

111 .84
87 .46
77 . 48
164 .37
44 . 90
193..45
148..87
214. 32
69. 36

104 .43
81 .45
69 .49
166 .24
38 .67
194 .80
141 .
.73
65, 41
204 .56
61 .68
93. 42

104 .34
81 .51
69 .45
166 .13
38 .68
195 .50
141 .
.66
65..39
203. 69
61 .74
93. 34

105 .01
80 .64
69 .92
167 .49
38 .91
194,.50
142..64
65. 75
204. 74
62. 10
91 .99

- 2 .83
- 3 .78
-3,.48
-5,.79
-1 .55
- 3 . 61
- 2 . 38
- 5 . 00

- 2 .80
- 3 .64
- 3 .54
-5,.79
-1 .46
.
-3. 6 2
-2. 40
- 4 .8 2

- 2 .82
- 3 .72
- 3 .57
-5..65
-1 .22
-3. 67
-2. 45
- 4 . 40

indices,

Belgian franc
Canadian dollar
F r e n c h franc
German mark
I t a l i a n lira
J a p a n e s e yen
Netherlands guilder
Swedish krona
S w i s s franc
U.K. p o u n d
U.S. dolla r
2.

3-Month Forward

U.S.
Chart

3.

Gold

Exchange Rates,

P r i c e in L o n d o n , A f t e r n o o n

d o l l a r s per
4.

Call

Mar.
104.70
80.83
69.70
167.10
38.69
194.22
142.25
65.59
204.76
61.84
92.92

Canadian dollar
F r e n c h franc
German mark
I t a l i a n lira
J a p a n e s e yen
Netherlands guilder
S w i s s franc
U.K. p o u n d
Chart

ll-Sep-91

1973 b a s e r a t e s = 100

Belgian franc
Canadian dollar
French franc
German mark
I t a l i a n lira
Japanese yen
Netherlands guilder
S w i s s franc
U.K. p o u n d

Chart

4-Sep-91

cents, weekly averages)

Belgian franc
Canadian dollar
French franc
German mark
I t a l i a n lira
Japanese yen
Netherlands guilder
S w i s s franc
U.K. p o u n d
Indices,

21-Aug-91

Indices

fine ounce

Premium
-2.95
-3.93
69
91
65
-3.72
-2.23
-5.13

1973 = 100
103.68
82.32
69.00
164.94
38.37
196 .40
140.70
64.97
204.51
61.37
94.67
or D i s c o u n t
-2.93
-3.96
-3.66
-5.93
-1.55
-3.72
- 2 . 33
-5.07

Fixing
357.33

357.48

354.55

348.53

348.59

62

5.68
5.59
8.63
9.22
8.87
7.38
8.99
7.48
10.98

58
58
8.45
9.09
8.72
7.41
00

5.60
5.59
8.44
9.03
8.92
41

10.86

7.88
10.84

5.56
5.48
8.50
9.20
00
98
04
48
10.45

Money Rates

U.S. f e d e r a l f u n d s
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




63

8.68

9.19
8.94
7.45
8.90
7.38
11.03

88

02

SERIES
Chart

5.

3-Month Interest

14-Aug-91

21-Aug-91

6.

Euro-Dollar

5
8
9
9
7
9
7
10
9

.63
.76
.55
.30
.39
.29
.75
.91
.37

5..57
8..74
9..54
9..25
7..27
9..33
7..80
10..83
9..32

5
8
9
9
7
9
7
10
9

.64
.68
.35
.15
.22
.23
.85
.75
.25

5..60
8..66
9..29
9..15
7..17
9..25
.88
7 .
10 .
.67
9..21

5
8
9
9
6
9
7
10
9

.55
.66
.29
.16
.85
.22
.88
.13
.08

Deposit

7.

Selected

Euro-dollar

Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Differentia1

5
5
5
5
5
6

.63
.61
.60
.61
.80
.05

5.,59
5..61
5..59
5..59
5..71
5..91

5
5
5
5
5
5

.58
.60
.60
.63
.75
.98

5..59
5..59
5..61
5..61
5..74
5. 93

5
5
5
5
5
5

.48
.58
.59
.58
.70
.91

& U.S. M o n e y M a r k e t

8.

Interest

Arbitrage,

Euro-dollar deposit
Interbank sterling (London),
Di f f e r e n t i a 1
U.S. c o m m e r c i a l p a p e r
Canadian finance paper,
Differentia1

5. 59
5., 6 8
-0. 09

5 .58
5 .58
- 0 .01

5. 59
5. 60
- 0 ., 00

5 .61
5 .63
- 0 . 02

5. 59
5. 57
0 . 02

5 .63
5 .64
- 0 .01

5. 61
5. 60
0 . 02

5 .61
5 .64
- 0 . 03

5. 59
5. 6 2
-0. 03

5 .63
5 .61
0 .01

5. 61
5. 7 2
- 0 . 11

5 .58
5 .61
- 0 .04

5,.68
5,.74
-o .06

5. 6 4
5. 7 5
- o . 11

5 .71
5 .79
- 0 .08

5. 73
5. 80
- 0 . 07

5 .64
5 .77
-0,.13

5,.61
5.,52
0 ., 09

5. 59
5. 50
0 .09

5 .63
5..59
0..03

5. 61
5. 53
0 .08

5 .58
5 .50
0..07

5 .61
5 .48
0 .13

5. 59
5. 42
0 .17

5 ,63
5 .42
0..20

5. 61
5. 43
0. 19

5 .58
5 .38
0..20

9 .79
9 .12
8..57
6 .48
.
6 .09
,
8..87
10 .03
.93
7 .

9. 7 2
9. 15
8. 53
6 .45
6 .12
8. 88
10. 00
7 .82

9. 73
9. 03
8. 49
6. 44
6. 16
8. 83
9. 95
7 .86

9 .6 4
8 .94
8. 42
6 .33
6 .18
8. 73
9. 86
7 .80

9. 61
8. 92
8. 41
6 .26
6 .20
8.,77
9.,72
7.,76

118,.03
130..86
101 .
.83
135. 32
107..89
133..94
157..75
157..05

117 .04
126 .50
96 .98
130. 12
107 .35
130. 92
157 .78
157. 24

117, 34
133. 24
102. 63
127. 26
107 .35
133. 83
158. 60
159. 6 5

116 .20
134. 57
102. 06
131 .55
108. 6 5
134. 31
160. 92
157 .28

114.,29
134,,12
101 ,12
132. 20
107 .78
133. 34
160. 45
155. 27

covered

covered

Euro-dollar deposit
Swiss interbank, covered
Di f f e r e n t i a 1
Chart

9.

10.

5 .58
5 .55
0 . 02

L o n g Term G o v e r n m e n t B e l l w e t h e r Bond Y i e l d s
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart

5 .48
5 .56
- 0 .08

3-Month Funds

covered

Euro-dollar deposit
I n t e r b a n k DM ( F r a n k f u r t ) ,
Differential

Rates

5 .63
5 .62
0 . 00

deposits

3-month Euro-dollar deposit
U.S. 9 0 - d a y C D ' s , s e c o n d a r y m a r k e t
Differentia1
Chart

ll-Sep-91

Rates

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

4-Sep-91

Rates

U.S. 9 0 - d a y C D ' s , s e c o n d a r y m a r k e t
Canadian finance paper
French i n t e r b a n k rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. i n t e r b a n k s t e r l i n g
W e i g h t e d a v e r a g e f o r e i g n i n t e r e s t rate
CG-10 C o u n t r i e s )
Chart

28-Aug-91

Stock

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

Indices

(Wednesday figures)

I n d i c e s (in o r d e r , r e b a s e d to 1 9 8 6 = 1 0 0 ) a r e T o r o n t o C o m p o s i t e , C A C G e n e r a l , F A Z A k t i e n ,
T o k y o SE ( T o p i x ) , C B S A l l - G e n e r a l , S w i s s Bank I n d e x , F i n a n c i a l T i m e s O r d i n a r y , N Y S E C o m p o s i t e



FEDERAL RESERVE statistical release
H.10(512)

September 16, 1991

FOREIGN EXCHANGE RATES
FOR THE KEEK ENDING

SEPTEMBER 13, 1991

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:
MONETARY
UNIT

Sep. 9

•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

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
HON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7905
11.940
34.900
1.1391
5.3862
6.5505
1.2107
4.1310
5.7570
1.6945
187.70
7.7525
25.790
1.5776
1266.75
134.95
2.7690
1.9094
0.5825
6.6350
145.45
1.7035
2.8420
744.60
105.90
N.A.
6.1620
1.4900
26.565
25.640
1.7300

0.7878
11.935
34.870
1.1406
5.3835
6.5375
1.2104
4.1315
5.7620
1.6940
187.80
7.7480
25.770
1.5770
1267.25
134.85
2.7550
1.9085
0.5822
6.6275
145.85
1.7035
2.8475
746.20
106.08
N.A.
6.1575
1.4805
26.580
25.620
1.7295

0.7896
11.940
34.960
1.1378
5.3835
6.5480
1.2084
4.1325
5.7720
1.6972
188.20
7.7490
25.790
1.5750
1269.75
134.95
2.7600
1.9136
0.5820
6.6380
145.54
1.7035
2.8350
744.90
106.38
N.A.
6.1765
1.4863
26.570
25.620
1.7252

0.7958
11.859
34.760
1.1371
5.3835
6.5150
1.2147
4.1160
5.7430
1.6865
187.45
7.7490
25.780
1.5830
1263.50
134.06
2.7560
1.9008
0.5843
6.6080
144.95
1.6990
2.8260
743.90
105.93
N.A.
6.1410
1.4775
26.545
25.600
1.7335

0.7963
11.860
34.710
1.1361
5.3835
6.5100
1.2161
4.1140
5.7370
1.6845
187.25
7.7500
25.800
1.5855
1262.00
133.98
2.7565
1.8986
0.5863
6.6020
145.05
1.6995
2.8280
744.60
105.78
N.A.
6.1320
1.4760
26.545
25.610
1.7325

MEMO:
"UNITED STATES

DOLLAR

91.27

91.25

91.40

90.91

90.83

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Sep. 10
Sep. 11
Sep. 12

Sep. 13

"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. 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.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.
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.