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(516/517) Selected Interest & Exchange Rates W eek ly Series o f Charts September 23, 2002 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D.C. 20551 Table o f Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 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 o f Support Services and make payment remittance payable to 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 CHARTS 1. NOMINAL CURRENCY EXCHANGE VALUES 2. 3-MONTH FORWARD EXCHANGE RATES 3. PRICE OF GOLD IN LONDON 4. OVERNIGHT FUNDING RATES AND OFFICIAL INTEREST RATES 5. 3-MONTH INTEREST RATES 6. LONG-TERM GOVERNMENT BOND YIELDS 7. STOCK INDEXES Chart 1 Nominal Currency Exchange Values Dollar prices of foreign currencies and weighted average values of U.S. dollar (Average for week ending Wednesday, ratio scale, March 1973 = 100) 180 160 140 120 100 290 260 230 200 170 260 220 180 140 Chart 2 3-Month Forward Exchange Rates Premium (+) or (-) Averages for week ending Wednesday, percent per annum) 1 German mark and euro U.K. pound 0 -1 -2 3 Canada 8 6 4 2 0 2 Swiss franc Australian dollar 1 0 -1 -2 -3 -4 Chart 3 Price of Gold in London (Averages for week ending Wednesday) 380 U.S. dollars per fine ounce .S. dollars per fine ounce * 360 340 320 300 280 260 240 1997 1998 1999 2000 2001 2002 Chart 4 Interbank Funding Rates and Official Interest Rates (Averages for week ending Wednesday, percent per annum) the minimum bid rate and weighted average rate are shown. Chart 5 3-Month Interest Rates (Averages for week ending Wednesday, percent per annum) 8 6 4 2 6 4 2 0 C harts Long-Term Government Bond Yields (Averages for week ending Wednesday, percent per annum) 8 6 4 2 0 Chart 7 Stock Indexes (Averages for week ending Wednesday, ratio scale, December 29,2000 = 100) 150 125 100 75 50 150 125 100 75 50 150 125 100 75 50 150 125 100 75 50 21-Aug-02 28-Aug-02 4-Sep-02 Chart 1. ll-Sep-02 18-Sep-02 Nominal Currency Exchange Values Noon buying rates (U.S. cents, weekly averages) Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound Indexes, March 1973 base rates = Australian dollar Canadian dollar Japanese yen Restated German mark and euro Swedish krona Swiss franc U .K . pound Chart 2. 54.8000 64.112 0.84707 98.79 10.6818 67.312 155.57 54.5940 63.713 0.83884 98.09 10.6544 67.179 155.76 54.9360 63.162 0.82174 97.40 10.6497 66.362 154.88 38.52 63.72 221.64 140.96 47.12 214.87 61.94 38.67 64.03 219.83 140.34 47.18 213.41 61.73 38.79 63.90 221.79 142.09 47.30 216.55 62.92 38.64 63.50 219.64 141.09 47.18 216.12 63.00 38.88 62.95 215.16 140.09 47.16 213.50 62.65 -3.21 -1.23 -1.60 1.83 1.08 -2.17 -3.10 -1.19 -1.57 1.80 1.08 -2 . 1 2 -3.08 -1 . 1 1 -1.53 1.82 -2.15 -3.10 -1.13 -1.52 1.81 1.13 -2 . 1 2 307.78 312.68 318.78 317.52 100 -3.20 -1.16 -1.63 1.81 1.02 -2.19 1.11 Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 54.6340 64.246 0.83960 97.58 10.6540 66.335 152.62 3-Month Forward Exchange Rates, Premium or Discount Australian dollar Canadian dollar Euro Japanese yen Swiss franc U.K. pound Chart 3. 54.4260 63.932 0.84648 98.00 10.6411 66.789 153.13 310.30 Interbank Funding Rates and Official Interest Rates United States Target federal funds rate Effective federal funds Discount rate Canada Bank rate Call money Lower bound Euro area Marginal lending rate Eonla Repo rate Overnight deposit rate Japan Call money Discount rate Switzerland* Upper bound Libor rate Lower bound United Kingdom Call money Repo rate 1.75 1.73 1.25 1.75 1.76 1.25 1.75 1.81 1.25 1.75 1.73 1.25 1.75 1.73 1.25 3.00 2.74 2.50 3.00 2.74 2.50 3.00 2.75 2.50 3.00 2.73 2.50 3.00 2.75 2.50 4.25 3.29 3.25 2.25 4.25 3.29 3.25 2.25 4.25 3.30 3.25 2.25 4.25 3.29 3.25 2.25 4.25 3.29 3.25 2.25 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 0.00 0.10 1.25 0.79 0.25 1.25 0.78 0.25 1.25 0.74 0.25 1.25 0.73 0.25 1.25 0.72 0.25 3.78 4.00 3.76 4.00 4.39 4.00 4.24 4.00 3.60 4.00 *In January 2000, the Swiss National Bank began to target the Swiss Franc 3-month LIBOR interest rate, with the aim of keeping this rate inside a range given by an upper and a lower bound. 21-Aug-02 28-Aug-02 4-Sep-02 Chart 5. ll-Sep-02 18-Sep-02 3 -Month Interest Rates U.S. 90-day CD's, secondary market 1.72 1.76 1.76 1.76 Australian bank bill 5.08 5.05 5.05 5.00 Canadian finance paper 3.04 2.92 2.92 3.06 Euro-area interbank 3.37 3.35 3.31 3.35 Japanese CD 0.04 0.04 0.05 0.05 4.41 Swedish treasury bill 4.44 4.42 4.43 Swiss interbank 0.65 0.66 0.68 0.73 U.K. interbank sterling 3.92 3.90 3.91 3.91 Weighted average foreign interest rate 2.33 2.28 2.30 2.35 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 6 . Long Term Government Bellwether Bond Yields 1 0 -year maturity, where available Canada 5.16 5.15 4.99 4.93 4.67 France 4.54 4.74 4.59 Germany 4.44 4.58 4.66 4.50 4.67 Italy 4.82 4.89 4.73 Japan 1.12 1.26 1.25 1.19 Switzerland 3.00 3.15 3.30 3.15 4.47 United Kingdom 4.67 4.71 4.55 United States 4.02 4.23 4.26 4.06 Weighted average foreign interest rate 4.32 4.13 4.35 4.21 (Canada, euro area, Japan, United Kingdom, Switzerland, Australia, and Sweden) Chart 7. 1.77 5.06 2.94 3.31 0.05 4.41 0.65 3.93 2.29 4.87 4.51 4.39 4.62 1.10 2.90 4.48 3.91 4.09 Stock Indexes (Wednesday figures) Canada France Germany Euro area Italy Japan Switzerland United Kingdom United States 74.60 61.77 60.94 235.30 63.78 73.80 67.81 55.15 77.46 73.65 60.96 59.24 240.63 63.30 74.31 65.44 54.24 75.49 72.96 56.96 54.06 225.10 59.22 69.05 61.75 51.23 73.69 74.08 60.25 55.05 224.10 61.22 71.44 64.98 52.99 74.95 Indices (in order, rebased to December 29, 2000) are Toronto Conqposite, SBF250, FAZ Aktien, DJ Euro Stoxx Index, Banca Italiana General, Tokyo SE (Topix), Swiss Performance Index, Financial Times Ordinary, NYSE Composite 70.57 54.05 49.52 216.11 57.47 72.28 59.83 47.79 71.81
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