Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : September 20, 1993

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Selected Interest &
Exchange Rates
Weekly Series of Charts

September 20,1993

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.
6.
7.

SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
3-MONTH INTEREST RATES
EURO-DOLLAR DEPOSIT RATES
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
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

110

130

100

120

90

110

80

100

BELGIAN FRANC
1

70
290

1

1

I

•

•

•

I

1

1

1

1

I

1

1

I

I

» I

I

I

» I

I

I

I

I

I

I

I

270

90
280
260

250

JAPANESE YEN

—

240

230

220

210

200
SWISS FRANC

190
1

170
100

1

•

90

I

•

•

1

180

i

1

•

i

I

1

1

1

» I

1

1

'

I

1

'

1

I

•

1

1

160
100
90

U.K. POUND

80

80

70

70
CANADIAN DOLLAR

60

60

'

50
200

'

'

l

'

•

•

I

'

'

•

'

'

I

I

I

1

1

1

•

1

I

1

1

1

50
200

180

190

160

180

140

120
100
110

170
—

GERMAN MARK

DUTCH GUILDER

i

100

i

i

I

i

i

i

I

1

1

1

1

i

1

i

'

i

'

l

1

i

i

I

'

i

FRENCH FRANC

90
80
ITALIAN LIRA

70

60

I

I

I

1990




I

•

'

'

I

» '
1992

'

I

I

'

'
1990

1992

1

I

160
1

1

1

CHART 2

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

PERCENT PER ANNUM
U.K. POUND

GERMAN MARK

8

8
2
JAPANESE YEN

CANADIAN DOLLAR

+
0
2

4

4

6
2

+
0

DUTCH GUILDER

SWISS FRANC

2
4

6
8
2
+

0

8
ITALIAN LIRA

FRENCH FRANC

2
4

6
—

8
10
12

1990




1992

1990

1992

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

420

420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340 —

340

320




J
1990

1

1

1

1
1991

1

1

i

i
1992

i

I

i

i
1993

i

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM
16

FRANCE

U.S. FEDERAL FUNDS

JAPAN

NETHERLANDS
GERMANY

UNITED KINGDOM

CANADA

SWITZERLAND

'

1

1

1 •

1990




1

i

I

1

1

1

1992

I

1

1

•

» '
1990

'

I

'

1

1

i

1

» •
1992

I

I

I

'

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
15

PERCENT PER ANNUM

12

WEIGHTED AVERAGE
FOREIGN RATE
10

i8

CANADIAN FINANCE PAPER

6

—

U.S. CD'S

4
2

I

0

'

i

i

I

i

i

i

I

i

'

i

16

11

13

10
U.K. INTERBANK STERLING

•

i

i

I

i

i

i

I

NETHERLANDS INTERBANK RATE

i

i

i

I

i

•

i

•

i

i

I

i

i

i

I

i

i

i

l

i

i

i

5
13

11

JAPANESE CD RATE
FRENCH INTERBANK RATE

i

1
10

i

i
1990




» I

i

i

i

I

i

i
1992

I

i

i

i

I

i

i

i

GERMAN INTERBANK RATE

SWISS INTERBANK

i

'

i

I

i

i

i
1990

1992

I

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10
3-MONTH

OVERNIGHT

6 —

4 —

i

2
10

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

i

I

7-DAY

6

i

i

i

I

i

i

i

I

i

i

i

I

i

'

i

I

i

i

'

2
10

6-MONTH

—

4 —

2
10

I

i

i

I

i

i

i

I

i

i

i

I

i

i

i

i

I

i

'

'

2
10

1-YEAR

1-MONTH

—

I

I

I

I

1990




I

I

I

I

I

I
1992

I

I

I

I

I

» » » l
1990

i

i

i

I

'

i
1992

'

l

i

i

i

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
10

PERCENT PER ANNUM
10

8

3-MONTH
EURO-DOLLAR DEPOSITS

OVERNIGHT
EURO-DOLLAR DEPOSITS

—

90-DAY CD'S
DASHED LINE

FEDERAL FUNDS
DASHED LINE
4 —

J

I

I

I

I

I

I

I

I

I

I

I

I

I

J

L

I

I

I

I

I
1990




I

i

i

I

i

i

L_i

i

i

L

i

i

caw

Uw-W/Vy/'YT

I

L_J

DIFFERENTIAL

DIFFERENTIAL

1 I

i

I

I

I

I

I

I

I
1992

I

I

I

I

L

J

i
1990

i

I

i

i

i

I

i

1992

11

CHARTS

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

PERCENT PER ANNUM

8
CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

6

4

2

EURO-DOLLAR DEPOSITS
DASHED LINE

U.S. COMMERCIAL PAPER
DASHED LINE

DIFFERENTIAL

DIFFERENTIAL

0
2

2

2
10

8
INTERBANK DM
COVERED FRANKFURT"

SWISS INTERBANK (SF) COVERED

6

4
EURO-DOLLAR DEPOSITS
DASHED LINE

EURO-DOLLAR DEPOSITS
DASHED LINE

2

0

0
2
DIFFERENTIAL

DIFFERENTIAL
\

v

.

v w

-

1990




A./Wv

1992

1990

1992

2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM

PERCENT PER ANN!

10

14

UNITED STATES

UNITED KINGDOM

9

12

8
10

7
8

6

5

i

i

i

I

i

» i

I

i

i

i

I

i

i

i

I

I

I

I

•

•

'

I

» '

I

I

'

I

I

12

6
11

FRANCE

CANADA
11

10

10

9

9

8

8

7

7
6

6

i

i

i

l

i

i

i

I

i

i

i

I

i

1

'

•

1

I

1

1

•

I

1

1

1

I

'

i

i

5

8

8

SWITZERLAND

JAPAN

7

7

6

6

5

5

4

4

3

•

•

•

I

•

•

i

I

•

•

i

i

i

i

i

'

1

1

I

1

1

1

1

I

1

» » I

1

»

3

10

10

NETHERLANDS

GERMANY

9

9

8

8

7

7

6

6

5

•

i

i

1990




l

i

i

i

I

i

i
1992

i

I

1

1

1

i

'
1990

i

l

i

'

'

I

'

'
1992

i

l

i

i

i

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
230
UNITED STATES

SWITZERLAND

GERMANY

CANADA




RATIO SCALE
1986=100
230
UNITED KINGDOM

JAPAN

FRANCE

NETHERLANDS

18 -Aug-93 25-Aug-93 1 -Sep-:93
Chart 1.

8 -Sep-93

15-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

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

2.9095
75.967
17.843
62.421
0.06496
0.94368
55.577
71.520
154.78

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

114.65
75.72
80.40
175.60
37.29
247.09
159.55
230.09
62.60

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

106.94
68.47
72.26
179.63
31.60
253.66
152.38
51.11
218.55
55.00
91.10

-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

-1.64
-4.06
-3.43
-5.82
0.53
-3.14
-1.56
-2.71

372.36

372.91

370 .28

360 .57

348.14

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

3.03
3.00
4.23
7.20
7.01
2.94
6.41
4.73
5.95

Indices, March 1973 base rates = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

Weighted average exchange value indices , Mar. 1973=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.

-1.56
-4.94
-3 .40
-6.04
0.26
-3.31
-1.53
-2.67

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

106.05
70.14
70.55
174.00
31.20
265.76
147.94
51.35
210.91
54.52
93.92

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

104.65
70.73
69.28
173.33
31.04
273.74
147.21
51.38
208.16
54.10
94.53

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




#

»

H

8 - Sep-!
93

15-Sep--93

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

3 .12
4 .90
7 .03
6 .45
2 .62
6 .23
4 .63
5 .86
5 .81

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

3 .00
2 .96
3 .03
3 .08
3 .25
3 .41

Euro-Dollar Deposit Rates

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

93

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.

CO

l
00
T—1

Chart 5.

-93 25 -Aug- 93

Selected Euro-dollar & U.S. Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

2 .99
3 .06
-0 .07

2 .88
2 .98
-0.10

2 .91
3 .08
-0 .17

2 .89
2 .99
-0 .10

3 .00
3 .03
-0 .03

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

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 .08
3 .12
-0 .04

Euro-dollar deposit
Interbank sterling (London), covered
Differential

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 .08
3 .11
-0 .04

U.S. commercial paper
Canadian finance paper, covered
Differential

3 .18
3 .16
0 .02

3. 15
3 .28
-0.13

3 .16
3 .30
-0 .14

3 .14
3 .24
-0 .10

3 .15
3 .24
-0 .10

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

3 .13
2 .99
0 .14

3 .13
2 .98
0. 14

3 .13
2 .97
0 .16

3 .08
3 .02
0 .05

3 .08
2 .97
0 .11

Euro-dollar deposit
Swiss interbank, covered
Differential

3 .13
3 .03
0 .09

3. 13
3. 02
0. 11

3 .13
2 .98
0 .15

3 .08
3 .00
0 .07

3 .08
3 .05
0 .03

7 .00
6 .32
6 .35
4 .21
4 .47
6 .21
6 .92
5 .71

6. 93
6. 29
6. 33
4 .31
4 .46
6. 18
6. 94
5. 58

6 .79
6 .15
6 .24
4 .19
4 .45
6 .10
6 .85
5 .45

6 .71
6 .15
6 .15
4 .15
4 .42
6 .01
6 .81
5 .30

6 .82
6 .13
6 .15
4 .13
4 .42
6 .02
6 .83
5 .33

135 .20
161 .25
111 .45
126 .72
133 .75
188 .33
186 .67
185 .89

137. 39
161. 59
110. 85
124 .71
134 .78
189 .36
185. 76
187 .72

138 .09
165 .37
111 .44
127 .75
135 .81
187 .08
186 .44
188 .84

131 .73
161 .37
108 .11
127 .25
131 .09
183 .53
184 .08
186 .11

132 .23
161 .99
107 .91
127 .06
129 .79
181 .20
180 .09
187 .95

Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

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



#

voi^V/-

FEDERAL RESERVE statistical release
H.10(512)

September 20, 1993

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

SEPTEMBER 17, 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:
EXUNITED STATES

MONETARY
UNIT

Sep. 13

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

0.6510
11.345
34.260
1.3162
5.8013
6.5970
1.1920
5.7710
5.6130
1.6120
232.00
7.7355
31.630
1.4480
1538.00
106.30
2.5435
1.8100
0.5512
7.0050
164.10
1.5985
3.4100
810.70
127.95
48.780
7.8525
1.4080
26.939
25.170
1.5420

0.6460
11.308
34.490
1.3218
5.8013
6.5975
1.1860
5.7025
5.6100
1.6070
231.00
7.7345
31.630
1.4515
1536.00
105.85
2.5422
1.8046
0.5528
6.9925
163.60
1.5978
3.4150
811.80
128.15
48.790
7.9025
1.3975
26.940
25.180
1.5463

0.6497
11.218
34.190
1.3130
5.8013
6.5440
1.1925
5.6975
5.5575
1.5935
228.80
7.7357
31.630
1.4530
1539.50
106.30
2.5442
1.7895
0.5527
6.9580
163.25
1.5985
3.4100
812.00
128.30
48.790
7.8780
1.3905
26.941
25.190
1.5512

0.6508
11.315
34.280
1.3147
5.8013
6.5675
1.1840
5.7575
5.6100
1.6065
229.50
7.7318
31.530
1.4445
1556.00
104.45
2.5478
1.8042
0.5515
7.0125
164.30
1.5957
3.4120
811.90
128.55
N.A.
7.9425
1.4017
26.938
25.150
1.5330

0.6512
11.333
34.420
1.3140
5.8013
6.5650
1.1807
5.7915
5.6180
1.6107
231.25
7.7317
31.530
1.4425
1557.75
104.50
2.5495
1.8087
0.5515
7.0300
164.77
1.5960
3.4150
812.20
129.05
48.760
7.9826
1.4010
26.943
25.160
1.5345

91.34

91.24

90.80

91.21

91.34

DOLLAR

(CURRENCY UNITS PER DOLLAR)
Sep. 14
Sep. 15
Sep. 16

Sep. 17

KVALUE 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.