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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts September 4, 1990 DIVISION OF INTERNATIONAL FINANCE Prepared by t h e FINANCIAL MARKETS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM SECTION Washington, DLC. 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. 4. 5. 3-MONTH FORWARD EXCHANGE RATES GOLD PRICE—LONDON CALL MONEY RATES 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 INDIES SUBSCRIPTION RATES: 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. 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=100 140 FOREIGN CURRENCY 130 PRICE OF U.S. DOLLAR 120 RATIO SCALE MARCH 1973=100 140 130 BELGIAN FRANC rA 120 110 110 100 100 ' 90 90 80 70 280 260 80 i i i l i ' i i i i ' I ' i i SWISS FRANC l l — l I l l l I ' ' i i I I I JAPANESE YEN 70 280 260 240 240 220 220 200 200 180 180 160 160 140 140 120 100 i i 90 i I ' i i l i • ' I i i ' i i I i i i I i i ' i l ' i CANADIAN DOLLAR — U.K. POUND i 120 100 90 80 80 70 70 60 60 50 ' i i I i ' i l ' i i i i i 1 > • 200 180 I 1 1 1 1 I 1 i I ' i ' 50 200 GERMAN MARK DUTCH GUILDER 180 / - 160 160 140 140 120 120 100 120 110 100 ' ' ' I I I ' I • I I I I I I i i i I i i i l i i i I i i i 100 60 55 ITALIAN LIRA 50 FRENCH FRANC 90 45 80 40 70 35 60 30 50 • i i I ' i 1988 ' I ' i i I i i 1990 i i i i I i i 1988 » l i i i I i i 1990 i 25 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 4 PERCENT PER ANNUM 4 U.K. POUND GERMAN MARK i i i I JAPANESE YEN i i i .1 t 1 i I i i SWISS FRANC DUTCH GUILDER JVj — v./ \ — v ; \ V : i i I i i i I i i i I i i i FRENCH FRANC x 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i I i i I i 1 1 i i V X 'V-_ w W V y V 1 1 ITALIAN LIRA y v x / 12 1 -v 1 1988 1 1 1 1 1 1 1 1 1990 1 i i i I i 1988 i 1990 12 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. I DLLARS PER FINE OUNCE 520 U.S. DOLLARS PER FINE Ol 500 12.5 Kg BARS AFTERNOON FIXING PRICE 480 460 440 420 400 380 360 340 320 1987 1988 1989 1990 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 16 16 12 — U.S. FEDERAL FUNDS 12 FRANCE JAPAN 0 ' 1 1 I « i i i « i i i i i i i i i I I i I I i i i l i i i 16 0 16 12 12 CANADA GERMANY 1 I 1 » — 8 1 I 1 1 1 I 1 1 1 UNITED KINGDOM i i I i i i I i i i I i i SWITZERLAND NETHERLANDS 1988 1990 1988 1990 i CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES ENT PER ANNUM 12 SWISS INTERBANK RATE — 10 U.S. CD'S 8 6 WEIGHTED AVERAGE FOREIGN RATE 4 ' • 2 i I i i i I i i i I ' i i ' I I I I I I I I I I I I I I i i I i i i I I I I I • i I i 16 14 U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER 12 10 8 i 6 10 8 __ i I i i i I i i i I i i i i i ' I ' i i I i FRENCH INTERBANK RATE GERMAN INTERBANK RATE 6 4 2 10 ' i i I i i i I i i i I < i i I I 1 I I I I I I NETHERLANDS INTERBANK RATE 8 JAPANESE CD RATE 6 4 2 ' i i I • i 1988 i I i ' ' I i i 1990 i i ' < I i ' 1988 ' I ' i CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM PERCENT PER AN 14 14 OVERNIGHT 12 3-MONTH 12 10 10 8 8 6 6 i 4 14 i i I i i i I i i i I i i i • ' • I 7-DAY 12 • ' • I ' • • I • • 4 14 6-MONTH 12 10 10 8 8 6 4 14 6 1 1 1 I 1 1 1 ' • • • L • • I 1 ' • I 1-MONTH 12 1 1 1 I • • • I I I I 1-YEAR 12 10 10 8 8 6 4 4 14 6 ' I ' L 1 1 1988 ' L 1 1 I I ' I 1990 I I I I I I 1988 I I I I ' I ' ' 1990 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 PERCENT PER ANNUM 14 14 12 12 10 OVERNIGHT 10 3-MONTH EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS FEDERAL FUNDS 90-DAY CD'S DASHED LINE J—I i I I DASHED LINE I i I i i i I i i DIFFERENTIAL 1988 J—I i J I I I I I L_1 J I i i I L i i DIFFERENTIAL I I I I l__L 1990 J — i — i 1988 i i i 1990 11 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNU CENT PER ANNUM 16 16 12 12 CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON 8 8 U.S. COMMERCIAL PAPER EURO-DOLLAR DEPOSITS 4 i 0 i I i i i I i i 4 DASHED LINE DASHED LINE i I i i ' i i » I i i i I i i i I i i i 0 2 2 i + 0 2 16 I DIFFERENTIAL DIFFERENTIAL »y I 12 ' I + 0 v ' I ' I I I I I I I I ' i INTERBANK DM ' I ' i ' l i i » I i i i 2 16 12 SWISS INTERBANK (SF) COVERED COVERED FRANKFURT 8 8 0 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 4 I I I I I I I 4 DASHED LINE DASHED LINE I I I I I 1 1 1 I ' 1 I » 1 1 I I 0 2 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 I I I I ' I 1988 I I I I I I I I 1990 I I I 1988 ' 1 I I I I ' ' 1990 I 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM 14 14 , UNITED STATES CANADA 12 12 10 10 ' I » I ' I I I I ' I I ' I I I I I I I I I I I I I I I I I 14 14 UNITED KINGDOM FRANCE 12 12 10 10 I I ' L I I I L I I » I ' » ' I I I I I I I I I I L I ' I L I I • I I I I I I I 10 SWITZERLAND I I I L 6 10 JAPAN I I I L I I I L I I I I 10 10 NETHERLANDS GERMANY MONTHLY i i i I I I 1988 i I I I I I I i 1990 i I I I I I I 1988 I I I » I L I I 1990 I CHART 10 STOCK INDICES WEEKLY SERIES RATIO SC> 1986= SCALE X) 5 200 175 __ NETHERLANDS - UNITED STATES 1 150 1 125 1 100 1 75 50 400 350 i i i I i i i i i i i I i i i i ' i I i i i I i i i I i i i I I I I I I I I I I I I » I I I ' I I ' « I I I I i I i i i i i i i — GERMANY _JAPAN 300 250 200 150 100 i i i I i i i I ' i i l i i I i 200 175 I I — FRANCE — SWITZERLAND 150 125 100 75 50 I I I I I I I I I I I I I I I 200 175 I I . UNITED KINGDOM .CANADA 150 125 100 75 • « I i i 1988 i i i i i l i i 1990 i i i I i i 1988 l 1990 SERIES l-Aug-90 Chart 1. 8-Aug-90 15-Aug-90 22-Aug-90 29-Aug-90 Spot Exchange Rates and Indices Noon buying rates (U.S. cents, w e e k l y a v e r a g e s ) Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 3.0278 86.765 18.594 62.292 0.08510 0.67427 55.270 73.373 184.12 3.0646 86.932 18.786 62.978 0.08609 0.66738 55.897 74.468 186.40 119.31 86.48 83.79 175.23 48.85 176.54 158.67 236.05 74.47 120. 76 86 .64 84. 65 177 .16 49. 42 174. 74 160. 47 239. 57 75. 39 3.0799 87.254 18.892 63.361 0.08641 0.66915 56.238 75.852 188.39 3.1215 87.528 19.113 64.252 0.08683 0.68033 57.021 77.679 191.71 3.1342 87 .989 19.195 64.373 0.08676 0.69000 57.131 78.491 194.72 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 121 86 85 178 49 175 161 244 76 .37 .96 .13 .24 .60 .21 .45 .03 , .20 123 87 86 180 49 178 163 249 77 .00 .24 .13 .75 .84 .13 .69 .91 , .54 123 87 86 181 49 180 164 252 78 .50 .70 .50 .09 .80 .67 .01 .51 .76 Weighted a v e r a g e 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. 109 .37 76 , .50 74 .01 175 .23 .34 41 . 165,.85 148,.55 67 , .64 223..81 65..68 87 . .07 109 .76 75 .93 74 .14 176 . .07 41 . ,11 167 . .08 149..16 67 . .57 227 . .02 66 . .22 85..97 109 .68 75 .97 74 .11 175 .46 40 . .87 168 .84 148..71 67 . .44 228 .34 . 02 67 , 85..45 -5.14 -1.86 -0.30 -3.26 0.22 -0.36 -0.99 -6.76 -5. 15 -2. 10 -0. 58 -3. 38 0. 14 -o. 56 -1 .19 -6 .79 - 5 . 04 -2..04 -0 .53 -3..51 0 .18 -0..56 -1 .09 . -6 .77 . -4..71 -2..03 -0..33 -3..37 0. .19 -0..34 -0..73 -6 .58 . -4..58 -2..06 -0..25 -3. 32 0..01 -0..32 -0..48 -6 .39 . Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce Chart 4. 109. 33 76. 58 73. 94 174. 95 41 .39 166 .24 148. 33 67 .62 220. 68 65. 26 87 .59 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. 108.61 76.91 73.57 173.89 41.13 169.26 147.47 67.58 218.66 64.79 88.25 369.15 381 .99 397 . .43 408..70 398..81 8.03 7.88 13.38 9.79 7.95 7.41 8.03 7.88 14.86 8. 07 7 .95 13. 83 9. 66 8. 05 7 .33 8. 28 8. 08 14. 93 8..13 8 .00 13..63 9..35 8..00 .31 7. 8..26 .98 7. 14..91 8..30 8..13 13..53 9..81 7 .95 . 7 .38 . 8..11 7 ,88 , 14..83 8..08 7 .89 13. 23 9..86 7. .93 .43 7. 8..06 7 .43 . 14..80 Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom SERIES l-Aug-90 Chart 5. 7 .93 13 .40 9 .81 8 .17 7 .78 8 .24 8 .75 14,.95 9,.94 7. 86 13. 33 9. 84 8. 38 7. 83 8. 42 8. 83 14. 96 10. 03 7. 89 13. 20 10. 00 8. 39 7. 92 8. 49 8. 85 14. 96 10. 06 8 .04 13 .05 10 .04 8 .35 8..03 8,,42 8.,75 14. 98 10. 07 8 .10 12 .98 10 .24 8 .37 8 .23 8 .46 8 .55 14.,90 10. 13 7 .88 7 .91 7 .94 7 .91 7 .90 7 .99 7 .95 7 .94 7 .94 7 .88 7 .88 7 .96 8 . 00 8 . 00 7 .94 7 .91 7 .89 8 .00 8 .13 8 .08 8 .05 8 .04 8 .05 8 .16 7 .89 8 .05 8 .08 8 .14 8 .24 8 .38 Euro-Dollar Deposit Rates Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. 15-Aug-90 22-Aug-90 29-Aug-90 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 a v e r a g e foreign interest rate (G-10 C o u n t r i e s ) Chart 6. 8-Aug-9 0 Selected Euro-dollar & U . Money Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 7 .88 8 .03 -0 .16 7 .95 8 .07 -0 .12 8 . 00 8 . 13 -0 .13 8 .13 8 .30 -0 .17 7 .89 8 . 08 -0 .19 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 7 .91 7 .93 -0 .02 7 .88 7 .86 0 .01 7 .91 , 7 .89 , 0 .02 8..04 8 .04 . -0..00 8 .14 8 .10 0 .03 Euro-dollar deposit Interbank sterling (London), covered Differential 7 .91 7 .94 -0..02 7 .88 7 .91 -0 .04 7. .91 7. .94 -0.. 02 8 . .04 8 . .15 -0..11 8 .14 8 .27 -0 .13 U.S. commercial paper Canadian finance paper, covered Differential 7..82 8.. 09 -0..27 7 .76 . 8 .01 -0..25 7. .81 7..99 -0..19 .93 7. 8.,18 -0.,26 8 . 01 8 .25 -0 .23 Chart 8. Interest Arbitrage, 3-Month Funds Euro-dollar deposit Interbank DM (Frankfurt), covered Differential 7 .91 .86 7. 0.,05 .88 7 . .79 7. 0..09 7 .91 ,85 7 . 0. , 06 8. ,04 8 .02 0. 02 8 .14 8 ,12 0., 02 Euro-dollar deposit Swiss interbank, covered Differential ,91 7. 7. ,74 0.,17 .88 7. 7 .61 0..27 7 .91 7 .73 0. 18 8. 04 8. 01 0. 03 8. 14 8. 06 0. 08 10.,54 10.,10 8. 66 7 .48 6 .08 10. 73 8. 38 10. 86 10 .03 8 .89 7 .85 6 .05 11 .,02 8..62 ND 10. 56 8 .96 ND 6 .24 11 .14 8 .67 ND 10 .47 9 .00 ND 6 .39 11 .37 8 .82 ND ND 9 ,07 . ND 6 .60 11 .,36 8. ,97 118. 94 144. 85 121 .20 169. 89 107 .94 141 .58 143. 75 142. 89 115..84 135. 24 110. 42 158. 80 102. 20 130. 04 135. 66 136 .29 116 .91 130. 69 110. 30 158. 76 101 .65 131 .02 135. 63 137 .13 114. 74 115. 13 100. 27 146 .68 97 .75 120. 23 125. 88 128. 07 Ill .54 126 .18 103. 50 144. 53 97 .97 121 .66 128. 70 129. 57 Chart 9. Long Term Government Bond Yields elds Canada France Germany Japan Switzerland United Kingdom United States Chart 10. Stock Indices (Wednesday figures) gures) 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 T i m e s Ordinary, NYSE Composite FEDERAL RESERVE statistical release H. 101512) August 31, 1990 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING AUGUST 31, 1990 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 Aug. 27 ^AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK *EURO COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA *1RELAND ITALY JAPAN MALAYSIA NETHERLANDS *NEN 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 GUILDER DOLLAR KRONE ESCUDO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND 0.8311 10.915 31.840 1.1372 4.7339 5.9515 1.3375 3.6635 5.2030 1.5515 152.90 7.7735 17.390 1.7290 1149.75 144.45 2.6958 1.7480 0.6280 6.0055 136.55 1.7745 2.5650 718.70 95.90 39.978 5.7115 1.2750 N.A. 25.530 1.9443 0.8302 10.925 31.880 1.1422 4.7339 5.9425 1.3387 3.6575 5.2060 1.5525 153.50 7.7720 17.360 1.7260 1147.50 143.48 2.6875 1.7493 0.6313 6.0090 136.95 1.7640 2.5550 718.00 96.03 40.018 5.7205 1.2815 27.280 25.440 1.9483 0.8325 10.957 32.020 1.1378 4.7339 5.9625 1.3367 3.6675 5.2160 1.5575 154.25 7.7710 17.380 1.7235 1155.00 143.62 2.6895 1.7551 0.6303 6.0260 137.25 1.7640 2.5560 717.60 96.43 39.968 5.7330 1.2850 27.287 25.450 1.9465 0.8168 11.015 32.150 1.1455 4.7339 6.0000 1.3262 3.6860 5.2500 1.5660 155.05 7.7630 17.480 1.7132 1160.80 144.30 2.6890 1.7648 0.6132 6.0610 138.20 1.7650 2.5675 717.20 97.45 39.948 5.7605 1.2960 N.A. 25.460 1.9225 0.8160 11.090 32.310 1.1545 4.7339 6.0415 1.3150 3.7220 5.2850 1.5760 154.90 7.7630 17.520 1.7026 1170.00 143.93 2.6890 1.7760 0.6153 6.0900 139.10 1.7650 2.5804 716.80 98.05 39.938 5.7890 1.3085 27.293 25.490 1.8920 MEMO: »*UNITED STATES DOLLAR 85.35 85.32 85.50 86.05 86.62 COUNTRY (CURRENCY UNITS PER DOLLAR) Aug. 28 Aug. 29 Aug. 30 Aug. 31 •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 NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.