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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts September 18,1989 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 S P O T EXCHANGE RATES— H.10 RELEASE CHARTS 1. S P O T 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 A N D U.S. MONEY MARKET RATES 8. INTEREST ARBITRAGE: 3-MONTH F U N D S 9. LONG-TERM GOVERNMENT B O N D YIELDS 10. INDUSTRIAL STOCK INDICES SUBSCRIPTION RATES: W e e k l y $ 2 4 . 0 0 per year or $.60 e a c h in the United S t a t e s , its p o s s e s s i o n s , C a n a d a , and Mexico; 10 or m o r e of t h e s a m e i s s u e to o n e a d d r e s s , $22.50 per year or $.55 e a c h . Elsewhere, $30.00 per year or S.70 e a c h . A d d r e s s r e q u e s t s to P u b l i c a t i o n s S e r v i c e s . Division of Administrative S e r v i c e s , and m a k e paym e n t r e m i t t a n c e p a y a b l e t o t h e order of the Board of G o v e r n o r s of t h e Federal R e s e r v e S y s t e m in a form c o l l e c t i b l e at par in U.S. Currency. CHART 1 S P O T EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIOS MARCH 197:U100 SCALE 11973*100 140 140 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 120 __ BELG AN FRANC 120 100 100 90 90 80 80 70 70 280 280 - SW S S FRANC 240 JAPANESE YEN 240 200 200 180 180 160 — 160 140 140 120 I I I I I 120 I 100 100 CANADIAN DOLLAR 90 90 U.K. POUND 80 80 70 70 60 60 50 50 200 200 180 GERMAN MARK DUTCH GUILDER 180 160 160 140 140 120 120 11 j 100 1 1 1 1 100 60 120 ITALIAN LIRA 100 - FRENCH FRANC 90 * 80 50 I 45 ' 40 - 70 i i t 30 60 50 35 I I I I l 1987 I lllllilllll niiiiiihi 1989 i l l i i 1987 i lllllilllll iiliiliilii 1989 25 CHART2 3-MONTH FORWARD EXCHANGE RATES PREMIUM M OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 4 U. K. POUND CANADIAN DOLLAR / s V " I - I " I A, 11 l 1 V I I x . _ I v A I I I I I I I 8 8 JAP ANESEYEN GERMAN MARK I A*X- + 0 V - Mini,,In Illllllllll I I I I I I illllllllll 4 8 DUTCH GUILDER SWI S S FRANC v~ I I I V I I I - + 0 iiiniiiiii I I I I ITALIAN LIRA FRENCH FRANC 1 I II ill I III III 1987 I I j 1989 1 1 1 1 1 1 1 1 1987 1989 CHART 3 PRICE O F GOLD IN LONDON A V E R A G E S F O R W E E K ENDING W E D N E S D A Y U.S. U.S. DOLLARS PER FINE 01 LLARS PER FINE OUNCE 520 520 500 500 1 2 . 5 Kg B A R S 480 480 AFTERNOON FIXING PRICE 460 460 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 I 1986 1987 1988 I I I I I 1989 I I I 300 CHART4 CALL MONEY RATES WEEKLY S E R I E S PERCENT PER AN! ;ENT PER ANNUM 16 16 12 12 U.S. FEDERAL FUNDS FRANCE N 8 At .. / v ,v A x / * 1 - , 8 JAPAN 4 4 lull 0 l l l I I I 0 16 16 CANADA 12 12 8 GERMANY 8 4 4 0 0 16 20 UNITED KINGDOM SWITZERLAND 16 12 12 8 8 4 4 NETHERLANDS 0 0 1987 1989 1987 1989 CHART 5 3-MONTH INTEREST RATES WEEKLY S E R I E S PERCENT PER ANIS ENT PER ANNUM 12 12 FRENCH INTERBANK RATE 10 10 U.S. CD'S 8 8 6 6 WEIGHTED AVERAGE FOREIGN RATE 4 4 2 2 16 16 14 - U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER 12 f 12 - 10 10 8 - 6 I I I I I 8 6 I 8 6 14 8 GERMAN INTERBANK RATE - S W I S S INTERBANK RATE J 6 - 4 4 2 - 0 I I I I I 2 0 I 10 10 - 8 NETHERLANDS INTERBANK RATE - 8 JAPANESE GENSAKI RATE 6 6 4 - 2 I 1987 1989 I 1987 4 2 I 1989 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY 14 12 14 OVERNIGHT 3-MONTH 12 10 10 8 8 6 6 4 4 14 14 12 7-DAY 6-MONTH 12 10 10 8 8 6 6 4 4 14 14 12 1-MONTH 1-YEAR 12 10 10 8 8 6 6 4 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 AN 14 14 12 12 10 10 3-MONTH EURO-DOLLAR DEPOSITS FEDERAL FUNDS DASHED LINE 8 8 6 6 OVERNIGHT EURO-DOLLAR DEPOSITS 90-DAY C D ' S DASHED LINE 4 2 4 I I I 111111111111 i l l 2 2 2 DIFFERENTIAL DIFFERENTIAL 1 - + 0 1 1 + 0 i i i 111111111111111111111111 1987 ENTIAL SCALE = 2 PERCENT ON RATE SCALE 1989 I I I I I 1987 I 11111111111 11111111111 1989 1 CHARTS INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR A S S E T S AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANN ENTPER ANNUM 16 16 12 12 CANADIAN FINANCE C O . PA PER , C O V E R E D INTERBANK STERLING COVERED LONDON 8 8 4 U.S. COMMERCIAL PAPER DASHED LINE EURO-DOLLAR DEPOSITS DASHED LINE I 0 I n ! n i l il n h 1111 h i i i i l I I I 4 I 0 I I I I 11111111111111111111 2 2 DIFFERENTIAL DEFERENTIAL + 0 + 0 iiIiiliilii 2 111 i i 111111 1111111111 n i l i l l ll I I 16 16 12 12 INTERBANK DM COVERED FRANKFURT S W I S S INTERBANK (SF) COVERED 8 8 4 2 EURO-DOLLAR D E P O S I T S DASHED LINE EURO-DOLLAR DEPOSITS DASHED LINE lllllllI IIIIIIlllllllI I IIlllllllI IIIIIllllllI 0 4 0 2 2 DIFFERENTIAL DIFFERENTIAL + 0 + 0 I 2 I 1987 I lllllllllllllllllllllllll 1989 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I I I III I I I I I I I ' l l I 1987 1989 I 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY S E R I E S PERCENT PER ANI DENT PER ANNUM 14 14 12 - UNITED STATES CANADA 12 10 10 8 8 6 6 14 14 12 UNITED KINGDOM __ FRANCE 12 -V/ 10 10 l/tyl 8 I 6 I I W v . A s ~ 8 I I 6 I 10 10 8 SWITZERLAND - JAPAN - 8 6 6 4 4 2 I I I I I I I I I IIIIII IIIII 10 10 8 2 NETHERLANDS MONTHLY - GERMANY - 6 6 4 - I 2 8 1987 1989 I I I I 1987 I 4 2 1989 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY S E R I E S RATIO SCALE 1969=100 RATIO SCALE 1969=100 UNITED STATES NETHERLANDS 800 —i JAPAN GERMANY 600 - - 500 - - 400 - 300 hyf - -J — I 200 I I I I <<I<<I<<I<< <II<<II<IM I I I II II I I 300 SWITZERLAND 250 FRANCE 200 150 100 - - - I I I — 600 500 — CANADA 400 300 200 -yAv~\r^v~' I I I UNITED KINGDOM ' V i I I 1987 I v / * V y x - y v / w / ll|l.|ll|l< 1989 1987 1989 LAST VALUE PLOTTED DATE VALVE S E R I E S RARE CHART 1 . SPOT EXCHANGE RATES AND I * D I C E S 9EEKLY AVERAGES, * 0 0 * BUYING RATES ( U . S . CENTS) INDICES, SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 13 13 13 13 50.39 0. 68109 44.71 154.80 84.25 14. 96 58.39 2.41046 0. 07030 14. 95 142.41 179.42 128.94 62.90 84.47 67.68 188.68 95.39 4 0 . 09 SJBPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 13 13 13 141.76 178.33 128.36 62.61 83.97 6 7 . 40 187.85 9 4 . 98 3 9 . 93 102.82 156.69 197.22 1 3 4 . 34 61.41 85.36 66.31 196. 54 97.37 38.29 66.94 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 13 13 13 13 13 103.30 1 5 6 . 52 196.68 134.26 61.35 85.15 28 196.39 97.31 38.26 67.04 •3.17 -4.83 1. 64 • 0 . 26 1.42 1.43 1.73 -3.34 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 13 13 -3.27 - 4 . 76 1.54 -0.33 1. 32 1.31 3.19 -3.21 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 SEPT. SO. 6 2 0.68525 44.91 155.51 64.75 15.02 58.65 2.42082 0.07058 14.99 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. GERMAN MARK JAPANESE TEN DUTCH GUILDER O . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SBEDISH KRONA SEPT. HARCH 1 9 7 3 BASE BATES = 1 0 0 GEBMAN HARK JAPANESE TEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES# ( G - 1 0 COUNTRIES PLUS SWITZERLAND) U . S . DOLLAR GERHAN HARK JAPANESE TEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIBA SWEDISH KRONA ZHARI 2 . L I S T VALUE PLOTTED DATE VALUE HAB 1 9 7 3 = 100 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 66. 3-HONTH FORWARD EXCHANGE RATES, PREHIUH OH DISCOUNT CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE TEN ITALIAN LIRA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. * LAST VALUE PLOTTED VALUE DATE S E R I E S BABE CHART 3 . GOLD P R I C E I N LONDON, AFTERNOON F I X I N G U. S . 4. DOLLARS PER SEPT. SEPT. 13 3 5 8 . 85 6 6 6 6 6 6 6 6 6 8.96 8 . 73 13.91 12.22 6.67 5.26 8.89 7 . 20 6.38 SEPT. SEPT. SEPT* SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 13 13 13 8.96 8.81 1 3 . 75 12.15 6.85 5. 23 8.90 7.26 6.38 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 6 6 6 6 6 6 6 6 6 8.80 7.20 4. 82 12.30 13.96 7.22 9 . 10 7.40 8.67 SEPT. SEPT. SEPTSEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 13 13 13 8.75 7 . 24 4 . 86 12.31 13.96 7.38 9.14 7 . 44 8.71 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 6 6 6 6 6 6 8.73 8.88 8. 88 8.86 8 . 86 8.80 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 8.81 8.84 8 . 88 8.84 8.81 8.78 3 - l l O N T H I N T E R E S T RATES EURO-DOLLAR D E P O S I T R A T E S ; LONDON OVERNIGHT J-DAY ; 1-MONTH3-MONTH , 6-MONTH 1-YEAR CHART, 7 . 359.36 CALL MONEY BATES U . S . , 90HDAY C D ' S , SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN F I N A N C E P A P ^ R INTERBANK S T E R L I N G SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE , WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE £ G - 1 0 C O U N T R I E S P L U S SWITZERLAND) CHART 6 . 6 SEPT* SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. F I N E OUNCE U . S . . FEDERAL FUNDS OVERNIGHT EURO-DOLLAR D E P O S I T S U.K. CANADA GERMANY , JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5 . LAST VALUE P L O T T E t DATE VALUE SELECTED EURO-DOLLAR AND U . S . MONET MARKET RATES OVERNIGHT EURO-DOLLAR D E P O S I T S U . S . FEDERAL FUNDS DIFFERENTIAL SEPT. SEPT. SEPT. 6 6 6 8.73 8.96 -0.23 SEPT. SEPT. SEPT. 13 13 13 8.81 8.96 -0.15 3-MONTH EURO-DOLLAR D E P O S I T , RATE U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET DIFFERENTIAL SEPT. SEPT. SEPT. 6 6 6 8.86 8.80 0.06 SEPT. SEPT. SEPT. 13 13 13 8.84 8.75 0.09 SERIES CHART 8 . INTEREST L A S T VALUE PLOTTED DATE VALUE NAME A R B I T R A G E , 3 - H O N T H FUNDS EURO-DOLLAB D E P O S I T INTERBANK S T E R L I N G ( L O N D O N ) , DIFFERENTIAL U . S . , COMMERCIAL PAPER CANADIAN FINANCE P A P E R , DIFFERENTIAL COVERED COVERED EURO-DOLLAR D E P O S I T INTERBANK DM ( F R A N K F U R T ) , DIFFERENTIAL COVERED EURO-DOLLAR D E P O S I T SWISS I N T E R B A N K , COVERED DIFFERENTIAL CHART 9 . 6 6 6 8 . 86 8 . 96 - 0 . 10 SEPT. SEPT. SEPT. 13 13 13 8.84 9 . 04 -0.20 SEPT. SEPT. SEPT. 6 6 6 8.72 9.03 -0.31 S E P T . , 13 S E P T . 13 SEPT. 13 8. 68 8 . 94 - 0 . 26 SEPT. SEPT. SEPT. 6 6 6 8.86 8 . 87 -0.01 SEPT. SEPT. SEPT. 13 13 13 8.84 8.81 0 . 03 SEPTSEPT. SEPT. 6 6 6 8.86 8.68 0.19 SEPT. SEPT. SEPT. 13 13 13 8.84 8.72 0.12 SEPT. - a 8 SEPT. SEPT. 8 8 SEPT. AUG. 2 5 SEPT. 1 MAY SEPT. 8 8 . 17 6.98 5.04 5 . 34 9.58 8 . 84 7.37 9 . 15 SEPT. 8 SEPT. 8 SEPT. 8 SEPT. 8 AUG. 2 5 SEPT. 1 MAY SEPT. 8 8 . 17 6.96 5.04 5.34 9.58 8.84 7.37 9 . 15 MAY 9.33 MAY 9.33 CORPORATE AAA BONDS 10. SEPT. SEPT. SEPT. LONG TERM GOVERMENT BOND Y I E L D S UNITED S T A T E S GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM I. L A S T VALUE PLOTTE DATE VALUE STOCK I N D I C E S UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 6 6 6 6 6 6 6 6 36 9 . 7 3 435.02 393. 33 292.24 277.84 364.94 538.14 6 9 0 . 13 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 13 13 13 13 13 13 13 13 365.31 43 5 . 3 3 387.99 287.39 270.63 3 6 4 . 94 5 4 3 . 67 6 8 9 . 19 ,^ISi& FEDERAL RESERVE statistical release •%LR£S^.H.10(512) SEPTEMBER IS, 1989 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING SEPTEMBER 15, 1989 The Board of Governors of t h e Federal Reserve System is advised that the Federal R e s e r v e Bank of New York has certified for customs p u r p o s e s t h e following noon buying rates in New York City for cable t r a n s f e r s payable in foreign currencies: COUNTRY MONETARY UNIT •AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK 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 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: SUNITED STATES DOLLAR SEP. 11 (CURRENCY UNITS PER DOLLAR) SEP. 13 SEP. 12 SEP. 14 SEP. 15 76.37 14.00D 41.530 1.1874 3.7314 7.7255 4.4805 6.6950 1.9873 171.100 7.8095 16.7700 134.10 1424.50 146.82 2.7050 2.2397 58.780 7.2300 166.250 1.9850 2.8225 673.00 123.800 39.167 6.6975 1.7155 NA 26.110 154.60 76.43 14.002 41.590 1.1893 3.7314 7.7300 4.4800 6.6960 1.9882 171.300 7.8095 16.7400 134.05 1424.50 147.15 2.7025 2.2405 58.780 7.2325 165.950 1.9845 2.8130 673.10 123.900 39.318 6.6950 1.7160 25.750 26.080 154.70 77.63 13.953 41.430 1.1859 3.7314 7.6950 4.4600 6.6800 1.9805 171.100 7.8095 16.7000 134.60 1421.00 146.95 2.7020 2.2323 59.280 7.2100 165.350 1.9810 2.8140 NA 123.400 39.818 6.6750 1.7096 25.900 26.090 155.30 77.52 13.860 41.180 1.1850 3.7314 7.6500 4.4400 6.6430 1.9690 170.120 7.8100 16.7700 135.40 1414.00 146.55 2.7020 2.2197 58.880 7.1700 164.650 1.9790 2.8100 673.00 123.810 39.818 6.6500 1.6985 NA 26.050 155.95 77.25 14.090 41.810 1.1882 3.7314 7.7900 4.5100 6.7430 2.0000 171.000 7.8100 16.8200 133.30 1435.00 148.75 2.7080 2.2542 58.700 7.2800 166.900 1.9875 2.8500 NA 125.000 NA 6.7440 1.7269 25.855 26.060 153.80 103.42 103.48 103.16 102.69 104.13 SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIl- 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. *VALUE IS U.S. CENTS
@FedFRASER