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(516/517) Selected Interest & Exchange Rates Weekly Series of Charts September 6,1988 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 $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 MARCH 197 1=100 CALE 1973=100 200 180 160 — FOREIGN CURRENCY PRICE OF U.S. DOLLAR 50 45 ITALIAN LIRA - 40 140 35 120 30 100 25 I 80 220 200 I 20 220 200 JAPANESE 180 160 I - G R A MARK EMN 180 160 140 140 120 120 100 100 80 I 180 I I I I 80 I — | — 160 „ 140 120 DUTCH GUILDER 180 160 140 CANADIAN DOLLAR 120 100 100 90 90 80 80 70 - l 60 l l 1 1 1 1 1 1 1 1 1 1 1 1 1 1 60 90 80 70 90 - UX. POUND FRENCH FRANC j / 80 70 70 60 60 50 — 1 1 40 1 1 1 1 40 280 140 120 100 50 240 BELGIAN FRANC SWISS FRANC 200 90 180 80 160 70 140 60 120 50 1 1986 1988 1 1986 1 llllilfilil 1988 100 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 V A"1; " I I I I 0 i i i iiliiliilii 4 12 U. K. POUND - - I I I SWISS FRANC V^ 1 * V-V*-" rv 11111111111 0 8 GERMAN MARK 4 DUTCH GUILDER - 0 I I I I I 1 I 1 1 1 1 1 4 4 FRENCH FRANC 0 — 4 - 8 12 1986 1988 1986 1988 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. T LLARS PER FINE OUNCE U.S. DOLLARS 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 I 280 1985 1986 1987 1988 280 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER ANNUM PERCENT PER ANNUM U. S. FEDERAL FUNDS FRANCE JAPAN 16 16 CANADA 12 8 GERMANY 4 0 20 16 UNITED KINGDOM SWITZERLAND 12 8 4 NETHERLANDS 0 1988 1986 1988 CHART 5 3-MONTH INTEREST RATES WEEKLY SERES PERCENT PER AN NT PER ANNUM 16 12 10 CANADIAN FINANCE CO. PAPER U . S . CD'S 14 8 - 10 6 WEIGHTED AVERAGE FOREIGN RATE 8 4 I 2 14 I I I I I i l l ii h i l i i I I I I I I I I I I I „ FRENCH INTERBANK RATE - V^ rv 8 I 6 I I I I / ~ I 8 6 10 10 . GERMAN INTERBANK RATE NETHERLANDS INTERBANK RATE - 8 6 6 4 - - I 2 I I 4 2 8 10 8 12 10 10 % 6 14 U K INTERBANK STERLING 12 8 12 JAPANESE GENSAKI RATE SWISS INTERBANK RATE — 6 4 \/ 4 I 2 6 1986 1988 I I I I 1986 I - 2 0 1988 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERT NT PER ANNUM PERCENT PER M 14 14 OVERNIGHT 3-MONTH 12 12 10 10 8 8 6 6 4 4 14 14 6-MONTH 7-DAY 12 12 10 10 8 8 6 6 4 4 14 14 1-YEAR 1-MONTH 12 12 10 10 8 8 6 6 4 4 1986 1988 1986 1988 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 10 FEDERAL FUNDS 3-MONTH D A S H E D LINE E U R O - D O L L A R DEPOSITS OVERNIGHT 90-DAY CD' S E U R O - D O L L A R DEPOSITS DASHED LINE I I 1_L I J_L 11111111111 I II IIIIIIII 2 2 DIFFERENTIAL DIFFERENTIAL - J \ AA I A. I 0 AA 1 / \ J/ FV K J / H A / J U lS I I I I I f 11111111111111111111111 1986 1 P E R C E N T ON D I F F E R E N T I A L S C A L E = 2 P E R C E N T ON RATE S C A L E 1988 I I 1986 I 11111111111 I I I I I I I I I I I 1988 CHART 8 INTEREST ARBITRAGES 3-MONTH FUNDS DIFFERENTIAL: PLUS<+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY 16 12 16 INTERBANK STERLING 12 CANADIAN FINANCE CO. PAPER, COVERED COVERED LONDON 8 8 EURO-DOLLAR DEPOSITS U. S. COMMERCIAL PAPER 4 DASHED LINE DASHED LINE 0 1 1 1 2 I 4 I 0 2 DIFFERENTIAL DIFFERENTIAL + 0 0 2 1 1 1 1 1 1 I ll I I I I I I I I 2 16 16 . 12 12 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED 8 8 4 0 2 EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS DASHED LINE M M 4 M DASHED LINE 0 M 2 DIFFERENTIAL DIFFERENTIAL + + 0 P'V>Avv-v~<vV^VWvA,s/VVN^^^ 0 M 2 1986 1988 1 PERCENT ON DIFFERENTIAL S C A L E = 2 PERCENT ON RATE SCALE i l I I 1986 I 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 6 I 10 14 12 - UNITED KINGDOM JAPAN - 8 6 10 8 - - 6 I III lllllilllll lllllilllll 4 2 10 8 6 8 GERMANY SWITZERLAND 8 4 6 2 4 15 17 U. S. CORPORATE MONTHLY FRANCE 15 13 13 Aaa BONDS 11 11 9 9 7 NETHERLANDS 7 5 MONTHLY 3 5 1986 1988 1986 1988 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 500 500 - 400 - UNITED STATES 300 J™ — 200 UNITED KINGDOM I - 100 i i i i i - - i — - i l l ii h i l i i /SaA aaZ / a I Jf h / W ^ I I __ - I I I 400 I 300 200 I 650 550 450 350 - - p JAPAN / W V M i y - — - 250 - I 150 I I I I I 500 400 FRANCE —I SWITZERLAND / — 200 - — 150 CANADA 300 V — I 200 I I I I I i i l n l n h i I,, I I I I I I I IIIIIIIj II 500 400 - NETHERLANDS - 400 - - 300 - - 200 GERMANY 300 - v ^ v M /. 200 100 | I I I I I 1986 I 100 1988 1986 1988 LAST VALUE PLOTTED DATE VALUE SERIES NAME CHABT 1. SPOT EXCHANGE KATES AND INDICES WEEKLY AVERAGES, NOON BUYING BATES (U.S. CENTS) AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 31 31 31 31 31 31 31 31 31 31 53. 56 0.74395 47. 43 168.95 80.77 15.78 63. 49 2. 55536 0.07205 15.48 AUG. AUG. A UG . AUG. AUG. AUG. AUG. AUG. AUG, GERMAN MARK J A P A N E S E YEN DUTCH GUILDER U. K. P O U N D CANADIAN DOLLAR FRENCH FRANC SWISS F R A N C B E L G I A N FIT AN C ITALIAN LIRA SWEDISH KRONA 31 31 31 31 31 31 31 31 31 150.66 194.79 136. 15 68.33 30.50 71. 10 204. 27 100.69 40. 93 31 31 31 31 31 31 31 31 31 31 31 97.92 160.06 20 7. 13 136.66 64.50 77.76 67. 12 205.00 98. 99 37. 56 66.51 31 31 31 31 31 31 31 31 -1.57 -3.34 3.34 0.42 4.96 2.97 3.78 -2.58 INDICES, MARCH 19 73 BASE RATES = 100 GBKMAN MARK JAPANESE A EN ' DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SStISS FRANC BELGIAN FtiANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAS 1973 = 100 Iti-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN ftARK J A P A N E S E YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KEONA • AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. CHART 2. 3-£10NTH FORWARD EXCHANGE RATES, PREMIUM 01 DISCOUNT CANADIAN DOLLAR U.K. P O U N D G E R M A N MARK FRENCH FRANC SWISS F R A N C DUTCH GUILDER J A P A N E S E IIJ ''N ITALIAN LIRA AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OONCE AUG. 31 430.59 AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 31 31 31 31 31 31 31 31 31 8. 15 7. 75 11. 84 9. 47 4. 16 3. 83 7. 59 4. 90 1.63 AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 31 31 31 31 31 31 31 31 31 8. 46 5.28 4.04 10. 12 12.02 3.47 7.84 5.60 6.99 AUG. AUG. AUG. AUG. AUG. AUG. 31 31 31 31 31 31 7.75 8.06 8.29 8.56 8.91 9. 18 OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL AUG. 31 AUG. 31 AUG. 31 7. 75 8. 15 -0. 40 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL AUG. 31 AUG. 31 AUG. 31 8. 56 8. 4b 0 . 10 CHART 4. CALL MONEY RAT&S U.S. FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U. K. CANADA GERMANY JAPAN FRANCE NETHERLANDS SWITZERLAND CHART 5. 3-MONTH INTEREST BATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN FRENCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST BATE (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. MONEY MARKET RATES SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3—MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LOUDON) , COVERED DIFFERENTIAL AUG. 31 AUG. 31 AUG. 31 8.56 8.57 -0.01 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL AUG. 31 AUG. 31 AUG. 31 8.37 8.51 -0.14 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANK* URT) , COVERED DIFFERENTIAL AUG. 31 AUG. 31 AUG. 31 8.56 8.67 -0.10 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL AUG. 31 AUG. 31 AUG. 31 8.56 8.48 0.09 CHART 9. LONG TERM GOVERMEfcT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE N E T H E R L A N D S (MONTHLY) UNITED KINGDOM AUG. AUG. AUG. AUG. AUG. AUG. JUNE AUG. 26 26 26 19 26 26 26 9.36 6. 57 4.74 4.25 10. 64 9. 4B 6.30 9.20 U.S. CORPORATE AAA CHART 10. BONDS MAY 9.33 STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 31 31 31 31 31 31 31 31 277. 23 309. 88 325. 44 199. 62 184. 28 269. 16 349. 87 564. 27 J i m FEDERAL RESERVE statistical release H.10(512) SEPTEMBER 2, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING SEPTEMBER 2, 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 MONETARY UNIT ^AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK 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 XUNITED KINGDOM 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 MEMO: •UNITED STATES DOLLAR AUG. 29 (CURRENCY UNITS PER DOLLAR) AUG. 30 AUG. 31 SEP. 1 80.73 13.153 39.160 1.2400 3.7314 7.1925 4.4475 6.3420 1.8687 151.400 7.8025 14.2800 143.12 1389.00 134.13 2.6700 2.1105 59.700 6.9100 153.000 2.0400 2.4300 724.70 124.250 32.917 6.4650 1.5755 28.800 25.520 168.50 80.48 13.153 39.160 1.2388 3.7314 7.1900 4.4400 6.3410 1.8680 151.100 7.8040 14.3200 143.35 1387.00 134.47 2.6700 2.1095 60.500 6.9025 153.570 2.0392 2.4340 724.80 123.870 32.887 6.4620 1.5760 28.820 25.570 169.00 80.38 13.215 39.390 1.2400 3.7314 7.2220 4.4700 6.3785 1.8787 152.050 7.8055 14.3600 142.60 1396.00 136.52 2.6780 2.1220 61.350 6.9320 154.350 2.0450 2.4500 724.90 124.260 32.878 6.4930 1.5850 28.830 25.570 168.25 79.37 13.190 39.350 1.2370 3.7314 7.2120 4.4700 6.3705 1.8740 151.500 7.8065 14.4100 142.45 1396.00 136.35 2.6820 2.1170 60.500 6.9410 154.520 2.0450 2.4515 725.00 124.400 32.958 6.4910 1.5810 28.820 25.610 166.90 97.99 97.95 98.58 98.54 SEP. 2 79.56 13.080 38.980 1.2372 3.7314 7.1485 4.4250 6.3170 1.8592 151.200 7.8070 14.4400 143.90 1387.00 136.10 2.6740 2.1000 60.300 6.9030 153.480 2.0445 I . 4370 : 725.00 124.000 32.967 6.4560 1.5640 28.830 25.620 168.30 97.90 SINDEX 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. *VALUE IS U.S. CENTS
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