Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : September 17, 1990

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Selected Interest &
Exchange Rates
Weekly Series of Charts

September 17,1990

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.
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 INDIES



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<
MARCH 1973

SCALE
1973=100
140
130

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

120

BELGIAN FRANC

110

100
90
80
70
280
260
240

'

i

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-

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» i

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I

I

'

I

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'

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» I

'

I

» I

I

I

I

I

I

I

I

I

I

I

I

I

JAPANESE YEN

SWISS FRANC

220
200

180
160
140
120

I

I

I

I

I

» I

I

I

I

I

I

I

I

I

I

I

100
90

I

I

'

I

I

CANADIAN DOLLAR

U.K. POUND

80
70
60
50
200

•

i

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i

I

i

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i

l

i

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i

I

'

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'

1 I

GERMAN MARK

180

DUTCH GUILDER

160
140
120

I

100

I

I

I

I

•

I

•

'

•

I

•

'

'

I

'

I

I

I

» I

120
110

ITALIAN LIRA

100
90 _

FRENCH FRANC

80
70
60
50

'

'

'




I

i

i
1988

i

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1990

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1988

I

I

1990

CHART 2

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

I

1

1

I

1

1

PERCENT PER ANNUM
4
U.K. POUND

1

I

1

1

1

1

1

1

1

1

GERMAN MARK

1

1

1

1

1

1

1

1

1

1

1

1

1

1

JAPANESE YEN

—

1

I

I

I

1

'

1

I

1

'

1

I

i

SWISS FRANC

i

i

1

i

i

i

i

i

i

i

I

i

i

DUTCH GUILDER

V "
XV

1
FRENCH FRANC

1

1

1

1

1

1

1

I

I

rV '
i

i

i




l

i

I

I

1

Vv

1

1

ITALIAN LIRA

/ AV wvvz/

12

i

i
1988

'

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1990

i

i

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X

i
198 8

i

i

i

v

l

x

I

w

v

1

i

-

i
1990

i

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. OLLARS PER FINE OUNCE
520

U.S. DOLLARS PER FINE Ol

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

320
19 87



1988

1989

1990

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
16

12

PERCENT PER ANNUM
— 1 16

U.S. FEDERAL FUNDS

FRANCE

12

JAPAN

4 —

I

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I

i

i

i

|

I

16

I

I

1

1

'

1

1

1

1

1

•

•

»

I

J_L

i

0
16

12
—

12

—

8

CANADA
GERMANY

» »

1

I

I

I

'

I

•

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l

|

i

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'

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•

•

•

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i

i

0
20

UNITED KINGDOM




SWITZERLAND
16

12

NETHERLANDS

1

1988

1990

1988

1

1

1

'

» 1 I

1
1990

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PERANI

ENT PER ANNUM

10

12
—

10

8

SWISS INTERBANK RATE

U.S. CD'S

8

6

6

4
WEIGHTED AVERAGE
FOREIGN RATE

4
'

2
16

14

i

'

I

i

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i

2

I

i

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I

i

i

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i

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I

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I

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i

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I

i

i

i

0
16

—

U.K. INTERBANK STERLING

14

CANADIAN FINANCE CO.
PAPER

12

12

10

10

8

8

6
10

i

i

i

I

i

1

1

I

«

1

1

1

I

1

i

»

i

I

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I

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I

i

i

i

FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

8

'

6
12

10

6

8

4

6

2

'

'

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I

'

'

i

I

» •

i

I

i

i

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I

i

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I

i

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i

I

i

i

4
10

10
NETHERLANDS INTERBANK RATE

8

8
JAPANESE CD RATE

6

6

4

4
2

i

'

•

I




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' '
1988

I

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•

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1990

•

I

•

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I '
1988

I

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'

I

I
1990

2

CHART 6

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

PERCENT PER AN

14

14

OVERNIGHT

12

3-MONTH

12

10

10

8

8

6

6

i

4
14

i

I

'

'

'

I

'

'

'

i

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'

'

i

i

i

l

7-DAY

12

•

'

'

I

'

•

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I

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6-MONTH

12

10

10

8

8

6

4
14

6

i

i

'

l

i

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'

I

•

•

•

i

» •

•

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i

I

1-MONTH

12

i

i

» l

i

« '

4
14

1-YEAR

12

10

10

8

8

6

4

4
14

6
1

1

1




I

•

•
1988

•

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» •

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1990

i

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1

I
1988

I

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•

1 '

I
1990

'

4

•

#

t

•

#

#

#

#

—

»

•

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
14

PERCENT PER ANNUM
14

12

12

10

OVERNIGHT
EURO-DOLLAR DEPOSITS

FEDERAL FUNDS
DASHED LINE

J—I—I—I

I

I

10

3-MONTH
EURO-DOLLAR DEPOSITS

90-DAY CD'S
DASHED LINE

I

I

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J

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L

J—I—I—I

I

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L

DIFFERENTIAL
DIFFERENTIAL

I
—I—I

I

I




I

I
1988

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I

I
1990

I

J

i

I

i

1988

_J
1990

L

#

CHARTS

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

iCENT PER ANNUM

16

16

12

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

8

8

EURO-DOLLAR DEPOSITS
DASHED LINE

4

0

i

i

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I

I '

i

I

'

i

U.S. COMMERCIAL PAPER
DASHED LINE

—

i

I

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i

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•

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i

i

'

l

•

•

4

'

l

'

i

i

DIFFERENTIAL

DIFFERENTIAL

i

+

1

0 ^ ' ' V ' V I I V W V

2
16

I

I

12

I

I

I

I

I

r-vVYV^,
I

I

I

I

I

I

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I

1 i1

INTERBANK DM
COVERED FRANKFURT

+

l

v

A r
i

1

i

,

A

i

0

w
i

1

1

1

1

1

1

1

1

8

EURO-DOLLAR DEPOSITS
DASHED LINE

4

i

i

i

I

i

1 1

I

1

EURO-DOLLAR DEPOSITS
DASHED LINE

—

» i

I

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I

i

i

4

i

I

•

i

0
2

2
DIFFERENTIAL

DIFFERENTIAL

+

+

0

0

2

2
16

12

SWISS INTERBANK (SF) COVERED

8

0

0
2

2

« » 1 » i




» » I
1988

1 I

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1 1
1990

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1988

I

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1990

I

2

CHART9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM
14 |
UNITED STATES

PERCENT PER ANNUM
14

CANADA

12

12

10

10

i

'

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' •

I

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l

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14
UNITED KINGDOM

14

FRANCE

12

12

10

10

1

1

1

l

1

1

1

1

i

1

1

i

J_L

10

'

SWITZERLAND

'

'

'

I

'

'

•

l

•

•

•

i

i

i

1

i

NETHERLANDS
MONTHLY

'

•




I

'

I

I

I

I

I

•

I

•

•

|
10

JAPAN

1

1

10

'

I

I

1

1

1

1

i

1

1

i

i
10

GERMANY

1

1988

'

'

'

'

'

'

» •
1990

i

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1988

I

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«

I

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•

•
1990

|

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
200
175 | _ UNITED STATES

RATIO SCALE
1986=100
200
NETHERLANDS

175

150

150

125

125

100

100

75

75

•

i

»

l

i

i

'

I

1

»

«

I

»

i

i

JAPAN

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

— GERMANY

50
200
175
150
125

100
75

•
SWITZERLAND

i

i

I

i

i

i

I

i

i

i

I

i

i

i

.FRANCE

50
200
175
150
125

100
75

I
.CANADA

I

I

I

I

I

I

I

i

I

I

I

« I

— UNITED KINGDOM

I

50
200
175

150

150

125

125

100

100

75

50

75

i

I




'

i
1988

«

l

»

i

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i

'
1990

i

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I

1

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1988

1

I

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1990

50

SERIES
15-Aug-90 22-Aug-90
Chart

1.

Spot

(U.S.

cents,

March 1973 b a s e r a t e s

3.0799
87.254
18.892
63.361
0.08641
0.66915
56.238
75.852
188.39

3.1215
87.528
19.113
64.252
0.08683
0.68033
57.021
77.679
191.71

3.1342
87.989
19.195
64.373
0.08676
0.69000
57.131
78.491
194.72

3.0975
86.687
18.978
63.602
0.08550
0.69756
56.437
76.639
189.73

3.0874
85.946
18.933
63.413
0.08502
0.71648
56.259
76.046
187.40

121.37
86.96
85.13
178.24
49.60
175.21
161.45
244.03
76.20

123.00
87.24
86.13
180.75
49.84
178.13
163.69
249.91
77.54

123.50
87.70
86 . 5 0
181.09
49.80
180.67
164.01
252.51
78.76

122.06
86.40
85.52
178.92
49.08
182.64
162.02
246.56
76.74

121.66

85.66
85.32
178.38
48.80
187.60
161.51
244.65
75.80

109 . 6 8
75 . 9 7
74 . 1 1
175 .46
40 . 8 7
168 . 8 4
148 . 7 1
67 . 4 4
228 . 3 4
67 . 0 2
85 .45

109 . 3 4
75 . 4 8
73 .90
174 . 8 0
40 . 6 1
172 . 6 2
148 . 1 8
67 . 4 3
224 .84
65 .77
86 . 4 2

109 . 0 4
74 . 8 4
73 .76
174 . 3 1
40 .40
1 7 8 .. 0 1
1 4 7 . 78
67 . 45
2 2 3 . 20
6 4 . 92
8 6 . 49

-4.71
-2.03
-0.33
-3.37
0.19
-0.34
-0.73
-6.58

- 4 . 58
- 2 . 06
- 0 . 25
- 3 . 32
0. 01
- 0 . 32
- 0 . 48
- 6 . 39

-4.52
-2.23
-0.48
-2.80
-0.22
-0.51
-0.52
-6.55

- 4 .38
- 2 . .20
- 0 . 42
- 2 . 44
- 0 . 32
- 0 . 46
- 0 . 31
- 6 . 54

397.43

408.70

398.81

385.79

385.38

8.13
8.00
13.63
9.35

8.30
8.13
13.53
9.81
7.95
7.38

8.08
7.89
13.23
9.86
7.93
7.43

8.25
7.96
12.81
9.95

= 100

Belgian franc
Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound
Weighted average exchange v a l u e

indices,

Belgian franc
Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss f r a n c
U.K. pound
U.S. d o l l a r
2.

U.S.
Chart

3.

3 Month Forward Exchange Rates,

Gold P r i c e

dollars
4.

per

Call

fine

1973=100

Premium o r
-5.04
-2.04
-0.53
-3.51

0.18

-0.56
-1.09
-6.77
in

London,

ounce

Afternoon

109.76
75.93
74.14
176.07
41.11
167.08
149.16
67.57
227.02

66.22

85.97

Discount

Fixing

Money R a t e s

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




Mar.
109.37
76.50
74.01
175.23
41.34
165.85
148.55
67.64
223.81
65.68
87.07

Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound
Chart

12-Sep~90

weekly averages)

Belgian franc
Canadian d o l l a r
French f r a n c
German m a r k
Italian lira
Japanese yen
Netherlands guilder
Swiss f r a n c
U.K. pound

Chart

5-Sep-90

Exchange R a t e s and I n d i c e s

Noon b u y i n g r a t e s

Indices,

29-Aug-90

deposits

8.00
7.31

8.26

7.98
14.91

8.11

7.88
14.83

8.06

7.43
14.80

8.02
7.58

8.11

7.13
14.88

8.12

8.00
13.08
9.79
8.01
7.61
8.16
6.13
14.93

SERIES
15-Aug-90 22-Aug-90 29-Aug-90 5-Sep-90
Chart 5.

3-Month I n t e r e s t

Rates

Euro-Dollar

Deposit

& U.S.

8.13

7.96
7.96
7.96
7.98

8.00
8.01

8.00

8.16

7.89
8.05
8.08
8.14
8.24
8.38

8.13

8.00
7.95
7.98
8.09

Interest

Arbitrage,

8.08

8.05
8.04
8.05

8.00

8.00
8.13
-0.13

8.13
8.30
-0.17

7.89
8.08
-0.19

7.96
8.25
-0.29

8 . 00
8 . 12
- 0 . 12

7.91
7.89
0.02

8.04
8.04
-0.00

8.14
8.10
0.03

7.98
7.97
0.01

7 .95
7 .96
-0 .01

7.91
7.94
-0.02

8.04
8.15
-0.11

8.14
8.27
-0.13

7.98
8.11
-0.14

7 . 95
8 . 08
- 0 . 13

7.81
7.99
-0.19

7.93
8.18
-0.26

8.01
8.25
-0.23

7.88
8.22
-0.34

7 . 87
8 .19
- 0 .33

7.91
7.85
0.06

8.04
8.02
0.02

8.14
8.12
0.02

7.98
7.89
0.08

7 .95
7 .96
-0 .01

7.91
7.73
0.18

8.04
8.01
0.03

8.14
8.06
0.08

7.98
7.92
0.06

7 .95
7 .81
0 .14

ND
10.56
8.96
7.81
6.24
11.14
8.67

ND
10.47
9.00
7.88
6.39
11.37

3 - M o n t h Funds
covered

covered

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

8.39
8.36
8.45
8.13
14.86
10.03

Money M a r k e t R a t e s

deposits

U.S. commercial paper
Canadian f i n a n c e p a p e r ,
Differential

covered

Euro-dollar deposit
Swiss i n t e r b a n k , c o v e r e d
Differential
L o n g T e r m G o v e r n m e n t Bond Y i e l d s

Canada
France
Germany
Japan
Switzerland
U n i t e d Kingdom
United States
10.

8.00
8.00

10.06

10.26

Rates

Selected Euro-dollar

Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential

Chart

7.96
12.71

8.39
7.92
8.49
8.85
14.96

3-month E u r o - d o l l a r d e p o s i t
U.S. 90-day CD's, secondary market
Differential

Chart 9.

7.97
12.89
10.25
8.38
8.27
8.44
8.45
14.90
10.07

7.94
7.91
7.89

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

Chart 8.

8.10
12.98
10.24
8.37
8.23
8.46
8.55
14.90
10.13

10.00

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

8.04
13.05
10.04
8.35
8.03
8.42
8.75
14.98
10.07

7.89
13.20

U . S . 90-ciay CD's, s e c o n d a r y m a r k e t
Canadian f i n a n c e paper
French i n t e r b a n k r a t e
German i n t e r b a n k rate
J a p a n e s e CD r a t e
Netherlands interbank r a t e
Swiss i n t e r b a n k r a t e
U.K. i n t e r b a n k s t e r l i n g
Weighted average f o r e i g n i n t e r e s t r a t e
(G-10 C o u n t r i e s )
Chart 6.

12-Sep-90

Stock

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States

Indices

6.60

8.82

11.33
8.95

9.08
8.31
6.58
11.13
8.87

ND
ND
9.07
ND
6.56
11.06
8.83

.74
.13
.27
.68
.75
.23
.88
.07

111.30
126.18
103.50
144.53
97.97
121.66
128.70
130.69

111.08
122.96
101.27
140.71
98.40
120.02
129.74
130.80

109.03
124.76
102.06
144.71
100.03
121.43
127.49
130.18

9.07
8.19

ND

10.80

(Wednesday f i g u r e s )
116 . 9 1
130 . 6 9
110 . 3 0
158 . 7 6
101 . 6 5
131 . 0 2
135 . 6 3
137 . 1 3

114
115
100
146
97
120
125
128

I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e ,
T o k y o SE ( T o p i x ) , CBS 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



ND

10.81

CAC G e n e r a l , FAZ A k t i e n ,
T i m e s O r d i n a r y , NYSE C o m p o s i t e

.•Sl§B&

FEDERAL RESERVE statistical release
H.10(512)

September 17, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

SEPTEMBER 14, 1990

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. 10

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
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
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.8123
11.130
32.480
1.1705
4.7339
6.0400
1.3083
3.7200
5.2995
1.5820
155.25
7.7678
17.760
1.6950
1179.80
139.20
2.6890
1.7833
0.6202
6.1060
139.80
1.7695
2.5825
719.10
99.33
39.938
5.7925
1.3190
27.311
25.390
1.8555

0.8170
11.175
32.680
1.1630
4.7339
6.0800
1.3020
3.7350
5.3270
1.5919
156.60
7.7715
17.770
1.6865
1186.50
139.85
2.6950
1.7943
0.6185
6.1400
140.50
1.7690
2.5820
719.00
99.80
39.918
5.8250
1.3305
27.310
25.420
1.8485

MEMO:
BHJNITED STATES

DOLLAR

86.78

87.17

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Sep. 11
Sep. 12
Sep. 13
0.8187
11.180
32.600
1.1628
4.7339
6.0550
1.3095
3.7300
5.3180
1.5875
155.60
7.7715
17.760
1.6915
1184.25
137.70
2.6910
1.7894
0.6215
6.1150
140.40
1.7710
2.5825
718.10
99.75
39.928
5.8000
1.3232
27.310
25.410
1.8640
86.75

0.8210
11 * 070
32.370
1.1644
4.7339
6.0150
1.3066
3.6950
5.2750
1.5748
155.50
7.7700
17.800
1.7040
1174.00
137.35
2.6990
1.7745
0.6240
6.0750
139.30
1.7820
2.5610
718.30
98.90
39.938
5.7600
1.3139
27.324
25.370
1.8767
86.21

Sep. 14
0.8267
11.005
32.120
1.1647
4.7339
5.9750
1.3197
3.6920
5.2305
1.5618
152.50
7.7675
17.850
0.0172
1166.00
136.67
2.6955
1.7603
0.6275
6.0480
138.40
1.7720
2.5660
718.80
98.30
39.948
5.7370
1.2905
27.298
25.340
1.8985
85.57

**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 NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.