Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : September 26, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

September 26,1994

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. 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




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

120
110
100

145
135
125

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

115

90

105

80

95

BELGIAN FRANC

70

85

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1992

•

« i

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i

GERMAN MARK
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i

ITALIAN LIRA

FRENCH FRANC
»

I

1

CANADIAN DOLLAR

DUTCH GUILDER
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1

i

U.K. POUND
i

1

JAPANESE YEN

SWISS FRANC
i

1

'

l

'

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1994

1992

1994

i

CHART 2

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

PERCENT PER ANNl

GERMAN MARK

'

'

1

'

1

U.K. POUND

1

1

1

1

1

1

1

I

I

'

CANADIAN DOLLAR

'

'

'

'

•

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•

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'

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JAPANESE YEN

yAvj

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1

1 1

1
1

1

1

1

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DUTCH GUILDER

2
4
6
8
2
+

0

1
FRENCH FRANC

1

1

1

1

1

1

1

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ITALIAN LIRA

2
4
6
8

- * I

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» I
1992

1 » I

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1994

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1992

1994

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400 —

h

400

380 - -

380

360 —

360

340 —

340

320




1991

1992

1993

1994

320

CHART4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANf

DENT PER ANNUM

10

8
SWITZERLAND

8
U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

2
10

•

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0
10

9

9

8

8
GERMANY

7

7

NETHERLANDS

6

6

5

5

I

4
16

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14

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4
14

12

FRANCE

12

10

CANADA

10

8

8

6

6

4
UNITED KINGDOM

4

2

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I

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1992

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2

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1994

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1992

1994

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENTPERANNUM
13

PERCENT PER ANNUM

12
WEIGHTED AVERAGE
FOREIGN RATE
CANADIAN FINANCE PAPER

U.S. CD'S

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U.K. INTERBANK STERLING

NETHERLANDS INTERBANK RATE

•

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JAPANESE CD RATE

FRENCH INTERBANK RATE

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SWISS INTERBANK
GERMAN INTERBANK RATE

' l l




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1992

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1994

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1992

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m

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1994

CHART6

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

PERCENT PER AN

10

OVERNIGHT

3-MONTH

8

6

4

i

2
10

1

» '

1

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1

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1

»

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7-DAY

8

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« •

6-MONTH

6

4

2
10

1

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1-YEAR

1-MONTH

8

1

l

6

4

2

1

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'

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1992

1

1

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1

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1994

»

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1

*

'

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1992

1

1994

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), F A V O R S B O R R O W I N G IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
10

8

6
OVERNIGHT
EURO-DOLLAR DEPOSITS

4
FEDERAL FUNI
DASHED LINE

90-DAY CD'S
DASHED LINE

2
2 P —

DIFFERENTIAL

1

DIFFERENTIAL

+
0

1




1992

1994

1992

CHARTS

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES EOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
8

PERCENT PER ANNUM
8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

/

EURO-DOLLAR DEPOSITS

U.S. COMMERCIAL PAPER

DASHED LINE

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DASHED LINE

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i

i

DIFFERENTIAL

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INTERBANK DM

—

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11

vv/

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1 I I

DASHED LINE

DIFFERENTIAL

i

'

EURO-DOLLAR

DASHED LINE

'

i

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

EURO-DOLLAR DEPOSITS

1

i

DIFFERENTIAL

1

•

- 4

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1992

DIFFERENTIAL

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1994

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1992

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1994

I

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNL

ICENT PER ANNUM

11

9
UNITED KINGDOM

UNITED STATES
8

9
7
6

7

5

i

4
11

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5
10

FRANCE

CANADA
10

8
9
8
7
6
8

•

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4
7
JAPAN

SWITZERLAND
7

6

6

5

5

4

4

3

3
10

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'

I

'

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l

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2
10
GERMANY

NETHERLANDS
9

9

8

8

7

7

6

6

5

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I




i

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1992

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1994

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1992

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1994

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5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986=100
220

RATIO SCALE
1986=100

UNITED STATES

210

— UNITED KINGDOM

190
170
150

130

'

'

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» i

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l

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I

SWITZERLAND

I

» I

I

I

I

I

I

I

'

I

'

'

'

110
160

JAPAN
140

175

120

150

100
125

100 — I — I — I
160
GERMANY

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80

180
CANADA

165

140
150
120

135
120

100
105

80
210
195

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I

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FRANCE

•

i

i

I

i

i

i

I

i

i

'

I

'

90

— NETHERLANDS

160

180

145

165

130

150
115
135

100

120
105

'

1

1




l

» « 1
1992

I

1

1

1

I

I I
1994

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1992

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1994

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85

17-Aug-94 24-Aug-94 31-Aug-94 7-Sep-94
Chart 5 .

3-Month I n t e r e s t Rates

U.S. 9 0 - d a y C D ' s , s e c o n d a r y market
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 r a t e
Japanese 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 .

4.82
5.78
5.50
4.89
2.29
4.91
4.30
5.54
5.03

4.88
5.68
5.52
4.90
2.29
4.87
4.18
5.39
5.00

4.87
5.63
5.50
4.90
2.32
4.89
4.19
5.36
4.96

4.87
5.81
5.50
4.90
2.32
4.92
4.18
5.44
4.99

4.94
5.82
5.49
4.92
2.32
4.96
4.00
5.48
4.99

5.00
5.54
5.49
4.99
2.32
5.01
3.91
5.79
4.99

4.33
4.41
4.58
4.81
5.23
5.71

4.60
4.65
4.69
4.88
5.19
5.68

4.68
4.68
4.71
4.86
5.18
5.68

4.66
4.70
4.75
4.88
5.20
5.70

4.66
4.69
4.75
4.91
5.28
5.80

4.68
4.69
4.79
4.93
5.36
5.89

E u r o - D o l l a r D e p o s i t Rates

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

14-Sep-94 21-Sep-94

S e l e c t e d E u r o - d o l l a r & U.S. Money Market

ates

Overnight E u r o - d o l l a r deposits
U.S. f e d e r a l f u n d s
Differential

4.33
4.35
-0.02

4.60
4.66
-0.06

4.68
4.72
-0.04

4.66
4.74
-0.08

4.66
4.70
-0.04

4.68
4.71
-0.03

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, s e c o n d a r y market
Differential

4.81
4.82
-0.01

4.88
4.88
-0.01

4.86
4.87
-0.01

4.88
4.87
0.00

4.91
4.94
-0.02

4.93
5.00
-0.07

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

4.81
4.84
-0.03

4.88
4.92
-0.04

4.86
4.81
0.05

4.88
4.91
-0.04

4.91
4.89
0.02

4.93
5.07
-0.15

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

4.87
5.04
-0.16

4.91
5.13
-0.22

4.89
5.11
-0.21

4.90
5.10
-0.20

4.95
5.22
-0.28

4.99
5.26
-0.27

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

4.81
4.82
-0.00

4.88
4.88
-0.00

4.86
4.86
0.01

4.88
4.86
0.02

4.91
4.89
0.03

4.93
4.95
-0.03

Euro-dollar deposit
Swiss i n t e r b a n k , c o v e r e d
Differential

4.81
4.84
-0.03

4.88
4.82
0.06

4.86
4.85
0.02

4.88
4.91
-0.03

4.91
5.01
-0.10

4.93
4.97
-0.05

8.86
7.89
7.27
4.54
5.33
7.30
8.68
7.27

8.70
7.85
7.22
4.63
5.36
7.28
8.57
7.23

8.83
7.98
7.38
4.60
5.41
7.38
8.59
7.24

8.90
8.07
7.53
4.48
5.44
7.49
8.74
7.41

8.89
8.18
7.65
4.49
5.48
7.58
8.96
7.49

Chart 8 .

Chart 9 .

I n t e r e s t A r b i t r a g e , 3-Month Funds

Long Term Government B e l l w e t h e r Bond Y i e
1 0 - y e a r m a t u r i t y , where a v a i l a b l e

Canada
France
Germany
Japan
Swi t z e r l a n d
Netherlands
U n i t e d Kingdom
United States
Chart 10.

9.01
7.72
7.18
4.57
5.23
7.20
8.59
7.25

Stock I n d i c e s (Wednesday f i g u r e s )

Canada
140.14
142.09
144.94
144.60
France
159.90
157.06
160.33
156.61
Germany
122.77
120.41
124.65
122.52
Japan
125.81
123.91
124.04
119.93
Netherlands
150.14
149.27
152.85
151.55
Swi t z e r l a n d
218.36
215.23
221.09
221.83
U n i t e d Kingdom
193.77
194.54
196.67
192.07
United States
..
,
188.49
190.11
192.60
190.97
T
ln
er
Sed t 0
1*
o/
cA? .'
1*86=100) a r e T o r o n t o Composite, CAC General s p l i c e d
a t 22dec94, FAZ A k t i e n , Tokyo SE ( T o p i x ) , CBS A l l - G e n e r a l , Swiss Bank Index
F i n a n c i a l Times O r d i n a r y , NYSE Composite




144.79
155.32
121.12
119.77
149.22
218.97
186.00
190.02
t o SBF250

145.25
152.10
117.52
119.92
146.07
215.16
182.35
187.25

17-Aug-94 24-Aug-94 31-Aug-94 7-Sep-94
Chart 1.

14-Sep-94 21-Sep-94

Spot Exchange Rates and I n d i c e s

Noon b u y i n g r a t e s ( U . S . c e n t s , weekly averages)
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound

3.1109
72.501
18.699
64.159
0.06281
0.99634
57.118
76.347
154.19

3.1467
72.648
18.935
64.912
0.06366
1.01534
57.821
77.156
155.04

3.0921
72.984
18.601
63.699
0.06313
1.00021
56.743
75.406
153.88

3.1193
73.110
18.756
64.269
0.06348
1.00795
57.287
76.591
154.67

3.1422
73.425
18.903
64.727
0.06368
1.00870
57.715
77.644
155.86

3.1496
74.135
18.909
64.623
0.06407
1.01535
57.644
77.938
157.31

122.59
72.26
84.26
180.49
36.05
260.87
163.97
245.62
62.36

124.,00
72..41
85. 33
182..60
36..54
265 .85
165,.99
248 .22
62 .71

121.,84
72..74
83..82
179..19
36..24
261..89
162..90
242 .59
62 .24

122.,92
72..87
84..52
180..79
36..44
263,.91
164 .46
246 .40
62 .56

123. 82
73.,18
85.,18
182..08
36..55
264..11
165..69
249,.79
63 .04

124..11
73..89
85..21
181..79
36..78
265 .85
165,.48
250 .74
63,.63

112.,24
64.,53
74..43
180..77
30..15
266..24
153,.32
51 .48
227.24
53 .75
89 .39

112. 58
64. 24
74.,64
181..42
30..14
266..78
153..93
51..56
229,.52
53 .70
88 .72

112.,86
64.,19
74..87
181..89
30..08
265..53
154,.34
51 .98
231 .59
53 .86
88 .16

112.79
64.65
74.65
180.89
30.18
266.59
153.64
52.45
231.78
54.24
87.83

- 0 .,55
- 0 ..67
- 0 ..02
- 4 ..00
2..75
- 0 .01
0 .64
- 0 .47

- 0 . 52
- 0 . 68
- 0 ..04
- 3 ..63
2..64
-0..03
0 .65
- 0 .54

-0.71
-0.66
-0.04
-3.72
2.60
-0.03
0.72
-0.52

- 0 .,59
- 0 ..59
- 0 ..03
-3..68
2,.65
- 0 .04
1 .00
-0 .58

- 0 . 28
- 0 .,53
- 0 ..04
-3..38
2,.78
-0 .04
1 .05
-0 .70

377.18

382.06

385.22

387.38

390.65

391.34

4.35
4.33
5.00
5.27
4.82
2.08
4.87
3.83
4.65

4.66
4.60
4.98
5.25
4.79
2.05
4.87
3.75
4.55

4.72
4.68
5.20
5.25
4.68
2.09
4.83
3.83
4.59

4.74
4.66
5.09
5.26
4.88
2.09
4.84
3.80
4.63

4.70
4.66
5.00
5.25
4.88
2.13
4.88
3.45
4.78

4.71
4.68
5.01
5.25
4.84
2.09
4.89
3.48
4.70

i n d i c e s , March 1973 base r a t e s = 100
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound

Weighted average exchange v a l u e i n d i c e s . Mar. 1973=100
Belgian franc
Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swedish krona
Swiss f r a n c
U.K. pound
U.S. d o l l a r
Chart 2 .

- 0 .,73
- 0 .,80
- 0 ..07
- 4 ..64
2..70
-0,.08
0 .53
- 0 .69

Gold P r i c e i n London, A f t e r n o o n F i x i n g

U.S. d o l l a r s per f i n e ounce
Chart 4 .

113. 08
63..49
75..05
182..61
30..08
267.61
154,.71
51 .18
230 .20
53 .58
88 .21

3-Month Forward Exchange Rates, Premium or Discount

Canadian d o l l a r
French f r a n c
German mark
Italian lira
Japanese yen
Netherlands g u i l d e r
Swiss f r a n c
U.K. pound
Chart 3 .

112.82
63.98
74.78
182.08
29.95
264.73
154.22
50.52
229.88
53.80
89.25

C a l l Money Rates

U.S. f e d e r a l funds
Overnight E u r o - d o l l a r deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




;oiSSdt''.

FEDERAL RESERVE statistical release
H.10(512)

September 23, 1994

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

SEPTEMBER 23, 1994

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. 19

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
^IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
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
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7427
10.930
31.960
1.3517
8.5540
6.1140
1.2291
4.9500
5.3060
1.5521
236.50
7.7273
31.373
1.5450
1568.00
98.58
2.5565
3.4080
1.7407
0.6032
6.8090
158.05
1.4808
3.5475
802.80
128.710
49.220
7.4655
1.2880
26.230
24.970
1.5660

0.7426
10.934
31.980
1.3443
8.5537
6.1115
1.2279
4.9555
5.3070
1.5550
236.67
7.7275
31.370
1.5505
1562.00
97.79
2.5543
3.4100
1.7419
0.6030
6.8100
157.88
1.4762
3.5480
802.80
128.690
49.270
7.4775
1.2870
26.230
24.945
1.5745

0.7467
10.896
31.360
1.3430
8.5533
6.0865
1.2322
4.9300
5.2895
1.5481
235.84
7.7276
31.375
1.5575
1558.25
97.92
2.5560
3.4040
1.7352
0.6002
6.7870
157.34
1.4763
3.5450
802.80
128.090
49.210
7.4565
1.2825
26.240
24.940
1.5780

0.7357
10.891
31.850
1.3433
8.5525
6.0900
1.2338
4.9310
5.2910
1.5473
235.72
7.7281
31.375
1.5570
1568.75
98.05
2.5575
3.4090
1.7345
0.5992
6.7815
157.72
1.4773
3.5350
802.80
128.210
49.310
7.4534
1.2845
26.190
24.945
1.5760

0.7393
10.869
31.790
1.3458
8.5520
6.0730
1.2364
4.9210
5.2780
1.5441
235.39
7.7275
31.373
1.5600
1558.00
97.70
2.5565
3.3990
1.7302
0.6022
6.7719
157.78
1.4815
3.5370
804.10
124.140
49.300
7.4670
1.2835
26.190
24.930
1.5813

MEMO:
^UNITED STATES

DOLLAR

88.11

87.93

87.61

87.78

87.57

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Sep. 20
Sep. 21
Sep. 22

Sep. 23

V

*VALUE 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.