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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts September 19,1988 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DC. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 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. 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 4 CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1 9 7 3 = 1 0 0 CALE MARCH 1 9 7 3 = 1 0 0 200 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 180 160 — 50 45 - 40 - 35 - 30 - 25 lllllllllll 20 ITALIAN LIRA - —-——' 140 120 - 100 - vx I 80 220 JV/V I I I I I 220 200 — — 200 JAPANESE Y E N / - ^ 180 180 GERMAN MARK 160 Xn ^Vx/ - J^ - 140 - 120 - 160 j r 100 80 v n 11111111111 i IIIIIIIIIM I 180 160 I I I I l l l l l l l l l l l - 120 - 100 lllllllllll j 160 DUTCH GUILDER - CANADIAN DOLLAR 90 - J* yv 80 70 — I 60 90 I I I I I ^ 70 60 - 40 \ 140 I I I I I 70 60 — 90 80 - 70 - 60 - 50 280 - 240 SWISS FRANC 100 — 200 — 90 - 180 - 160 - 140 - 120 lllllllllll 100 - 80 - 70 - v\/ 60 - 40 y xXwv< - 1986 80 — BELGIAN FRANC I 90 - l l l l l l l l l l l — 120 100 - — S X z v ^ FRENCH FRANC 50 — I III IIIIIII lllllllllll — UJ<. POUND I 140 120 — 50 80 180 - 100 80 140 — 140 120 I - I I I I I I I I I I I I i ill i h i l l i 1988 I I I I I 1986 I l l l l l l l l l l l 1988 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 4 8 CANADIAN DOLLAR JAPANESE YEN A / I I I I I I \ ^ 11! 11111111 I ^ r^V I I I I 0 I 4 12 U. K.POUND - SWISS FRANC - A_ Z A/ 7 I I I I I I I I GERMAN MARK I I I I I I DUTCH GUILDER I I I I I I 4 I 4 ITALIAN LIRA FRENCH FRANC - 4 — 8 I Ilull IIII 1986 1988 1986 12 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. ( U.S. DOLLARS PER FINE OUNCE LLARS PER FINE OUNCE 520 520 500 500 480 480 460 460 12.5 Kg BARS AFTERNOON FIXING PRICE 440 440 420 420 400 400 380 380 360 360 340 340 320 320 300 300 I I I I I I I 280 1985 1986 1987 280 1988 CHART 4 CALL MONEY RATES WEEKLY SERIES PER ANNUM PERCENT PER AN 16 12 16 U. S. FEDERAL FUNDS 12 FRANCE 8 8 4 4 L U l L 0 0 16 16 CANADA 12 12 8 GERMANY 8 4 4 0 III I I Mill I 0 20 16 UNITED KINGDOM - SWITZERLAND 16 12 12 8 8 4 NETHERLANDS 4 0 11 11 0 1986 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCENT PER AN NT PER ANNUM 12 16 — 10 CANADIAN FINANCE CO. PAPER — U.S. CD'S 14 8 - 6 10 WEIGHTED AVERAGE FOREIGN RATE 4 8 I 2 14 I I I I I I I I III III I I 6 14 U.K. INTERBANK STERLING FRENCH INTERBANK RATE 12 - 12 10 10 8 8 I 6 I I I I IIIIIIIII 6 10 10 8 12 NETHERLANDS INTERBANK RATE - GERMAN INTERBANK RATE 8 6 6 4 4 I 2 I I I I I 2 8 10 8 - JAPANESE GENSAKI RATE SWISS INTERBANK RATE 6 6 4 4 2 I 2 1986 illiiIiiIiiIiiIiiIii 1988 I I I 0 1986 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY •NT PER ANNUM PERCENT PER Al> 4UM 14 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 7-DAY 6-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 1-MONTH 1-YEAR 12 12 10 — 10 8 8 6 6 i i Li LLLLI 4 1986 1988 I I I IIIIIIIIII I 1986 1988 4 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: FLUSH-), FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM 14 14 12 12 10 10 FEDERAL FUNDS DASHED LINE 3-MONTH EURO-DOLLAR DEPOSITS - OVERNIGHT EURO-DOLLAR DEPOSITS 8 90-DAY CD' S DASHED LINE 111111111111111 n 11111 I IIIIIIIII 2 2 DIFFERENTIAL DEFERENTIAL - v J I I I f111111111111 i i 111111111 1986 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1988 i yv v l l —- , ' V w A V V I I 1986 I I I I I I I I I I I I I I I I I I I I I I I 1988 0 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUSf-t), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PER( NT PER ANNUM PERCENT PER Ah IUM 16 12 16 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 4 0 2 8 EURO-DOLLAR DEPOSITS U. S. COMMERCIAL PAPER DASHED LINE DASHED LINE J I L DIFFERENTIAL I I I 4 I I I 1111 n I 0 2 DIFFERENTIAL + + 0 0 I 2 I I I I I II I 2 16 12 16 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 4 8 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE DASHED LINE 4 0 0 2 2 DIFFERENTIAL DIFFERENTIAL + 0 0 I 2 I 1986 11 111 1988 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1986 2 1988 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Al ENT PER ANNUM 16 16 14 - UNITED STATES CANADA — 14 12 12 10 10 8 - I 6 I I I I I 6 10 14 12 8 UNITED KINGDOM JAPAN 8 10 6 8 4 6 2 8 10 6 GERMANY SWITZERLAND 8 4 6 2 4 17 15 U. S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 I II 5 5 MONTHLY 1986 1988 1986 1988 3 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 400 UNITED STATES UNITED KINGDOM 300 - 200 J_Li 100 650 650 550 - 450 - 350 - /VvWvx JAPAN / / ' - - - - - FRANCE - 550 - 450 - 350 - 250 i l l ii h i l i i 150 Z"y / 1 A w - 250 150 - I I I ii I u h i l l i I I I I I SWITZERLAND I 250 / 200 CANADA 150 I I I NETHERLANDS GERMANY 1986 1988 1986 1988 LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 1. SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 14 14 14 14 14 14 14 14 14 14 53. 93 0. 74752 47. 79 169. 20 81. 03 15. 84 63. 92 2. 57054 0. 07215 15. 56 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 14 14 14 14 14 14 14 14 14 151.70 195.72 137. 19 68.44 80.76 71.40 205.63 101.29 40.99 14 14 14 14 14 14 14 14 14 14 14 97. 46 160.69 207.38 137. 24 64. 34 77.72 67. 16 205.63 99.23 37. 46 66.61 14 14 14 14 14 14 14 14 -1.92 -3. 58 3.32 0.23 4.78 2. 75 3. 39 -3.28 INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAE 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) U. S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN F R A N C ITALIAN LIRA SWEDISH KRONA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. IT 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR B. K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE 18 LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE SEPT. 14 423.80 CHART 4. CALL MONEY RATES SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 14 14 14 14 14 14 14 14 14 8. 13 7.98 9.90 9.88 4.84 3.76 7.69 5. 43 1.63 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 14 14 14 14 14 14 14 14 14 8.22 4.93 4. 14 10. 40 12.08 3.38 8.01 5. 49 6.95 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 14 14 14 14 14 14 7.98 8.00 8.13 8.28 8.55 8. 74 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL SEPT. 14 SEPT. 14 SEPT. 14 7. 98 8. 13 - o . 15 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S. SECONDARY MARKET DIFFERENTIAL SEPT. 14 SEPT. 14 SEPT. 14 8. 28 8. 22 0. 06 U.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U.K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GBNSAKI R A T E CANADIAN F I N A N C E PAPER INTERBANK STERLING SMXSS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK SATE WEIGHTED A V E R A G E FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7. SELECTED EURO-DOLLAR AND U.S. HONEY MARKET RATES SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL SEPT. 14 SEPT. 14 SEPT. 14 8. 28 8. 38 -0. 11 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL SEPT. 14 SEPT. 14 SEPT. 14 8. 16 8. 43 -0. 27 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFORT), COVERED DIFFERENTIAL SEPT. 14 SEPT. 14 SEPT. 14 8. 28 8. 29 -0. 01 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL SEPT. 14 SEPT. 14 SEPT. 14 8. 28 8. 19 0. 08 9 9 2 2 2 9 8. 98 6. 29 4.86 4.28 10.45 9. 42 6.53 9. 27 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. JULY SEPT. 9 U.S. CORPORATE AAA BONDS CHA1T 10. 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN MAI SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 14 14 14 14 14 14 14 14 285. 86 311. 42 324. 51 216. 96 184. 01 270.,24 361.,44 569.,23 .•obiGOvA;. FEDERAL RESERVE statistical release H.101512) SEPTEMBER 16, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING SEPTEMBER 16, 1988 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 FINLAND FRANCE GERMANY GREECE HONG KONG INDIA *1RELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEH ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LAMCA SWEDEN SWITZERLAND TAIWAN THAILAND •UNITED KINGDOM MEMO: 1UNITED STATES MONETARY UNIT 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 DOLLAR SEP. 12 (CURRENCY UNITS PER DOLLAR) SEP. 14 SEP. 13 SEP. 15 SEP. 16 79.98 12.985 38.710 1.2385 3.7314 7.0990 4.3885 6.2790 1.8452 149.900 7.8110 14.4000 145.48 1379.00 133.50 2.6490 2.0830 61.920 6.8815 152.850 2.0350 2.4263 722.90 123.270 32.962 6.4115 1.5538 28.860 25.520 169.57 79.68 13.000 38.800 1.2310 3.7314 7.1125 4.3950 6.2985 1.8503 150.200 7.8110 14.4300 145.25 1381.25 133.30 2.6480 2.0860 61.800 6.8675 153.050 2.0380 2.4260 723.00 123.770 32.965 6.4125 1.5602 28.890 25.500 169.60 79.33 13.220 39.420 1.2227 3.7314 7.2340 4.4530 6.3925 1.8790 152.500 7.8105 14.4400 143.10 1400.50 134.60 2.6560 2.1205 61.480 6.9400 155.050 2.0450 2.4600 722.70 125.570 32.967 6.4825 1.5835 28.910 25.510 167.45 80.05 13.185 39.320 1.2238 3.7314 7.2000 4.4400 6.3780 1.8757 152.000 7.8110 14.4800 143.25 1397.50 133.67 2.6600 2.1160 61.250 6.9275 154.650 2.0460 2.4595 722.80 125.400 32.995 6.4750 1.5820 28.930 25.550 168.00 79.54 13.200 39.360 1.2235 3.7314 7.2200 4.4550 6.3780 1.8767 152.050 7.8105 14.5100 143.10 1400.00 134.30 2.6620 2.1175 60.900 6.9400 154.800 2.0445 2.4650 722.90 125.300 32.992 6.4850 1.5845 28.950 25.530 167.54 97.13 97.20 98.37 98.13 98.27 SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S 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. *VALUE IS U.S. CENTS
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