Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : September 6, 1994

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Selected Interest &
Exchange Rates
Weekly Series of Charts

September 6,1994
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION O F
INTERNATIONAL FINANCE
BOARD O F GOVERNORS
F E D E R A L RESERVE S Y S T E M

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-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

60

85

i

i

i

l

i

i

i

I

i

i

i

l

i

i

i

i

i

i

I

i

i

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I

i

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i

i

i

75

280

290

260

270

240

250

220

230

200

210
190

SWISS FRANC

I

I

I

I

I

I

180

JAPANESE YEN

160

I

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I

I

I

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I

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'

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l

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•

'

140
100
90

80
70

U.K. POUND

55

45

i

i

i

I

i

60

CANADIAN DOLLAR

i

;

I

i

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i

l

i

i

i

'

1

»

I

'

1

1

1

'

1

1

1

'

1

50

200

250

180

230

160

210
190

140

120
100

170

DUTCH GUILDER

I

I

I

I

I

I

GERMAN MARK

I

I

I

I

I

I

I

I

I

'

i

i

l

i

'

» I

'

150

'

i

I

i

i

i

130
65

105
55

95
85

45

75

FRENCH FRANC

55

I

I




I

I

I

I
1992

35

ITALIAN LIRA

I

I

•

•

•

l

•

'
1994

•

'

'

I

I

I

•
1992

'

I

•

'

I

I

I

I
1994

I

25

CHART 2

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

PERCENT PER ANNUM

U.K. POUND

GERMAN MARK

8

8
2

JAPANESE YEN

CANADIAN DOLLAR

+
0
a

2

4

4

6
2
DUTCH GUILDER

SWISS FRANC

+
0
2
4

6
8 —

8

1

2 [—
+

ITALIAN LIRA

FRENCH FRANC




—

1992

1994

1992

1994

10

CHART 3

PRICE OF GOLD IN LONDON
A V E R A G E S FOR W E E K ENDING W E D N E S D A Y

U.S. DOLLARS PER FINE OUNCE
420

U.S. DOLLARS PER FINE OUNCE
420

12.5 Kg BARS
AFTERNOON FIXING PRICE

400

400

380

380

360

360

340

340

J

320

1991




1——I

i

i
1992

i

L

J

L_
1993

J

I

L
1994

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANI

CENT PER ANNUM

10

8
SWITZERLAND

8
U.S. FEDERAL FUNDS

6

6

4
4

JAPAN
2

i

2
10

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•

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» i

I

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0
10

9

9

8

8
GERMANY

7

7

NETHERLANDS

6

6

5

5

4

'

'

'

I

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'

•

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» '

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i

4
14

16

14

12

FRANCE

12

10

CANADA

10

8

8

6

6

4
UNITED KINGDOM

4
2

'

'

i




i

i

' i
1992

l

•

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i

2

l

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1994

•

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i '
1992

I

i

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1994

0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
:ENT PER ANNUM

PERCENT PER AN

12
WEIGHTED AVERAGE
FOREIGN RATE

10

13
11

CANADIAN FINANCE PAPER
8

'9

6

7
U.S. CD'S

4
2

5
I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

3

16

11

U.K. INTERBANK STERLING

13

9

7

10

NETHERLANDS INTERBANK RATE

7

4
9

I

I

I

7

I

I

I

l

I

l

l

l

I

I

i

I

i

i

I

i

i

i

I

5

i

i

i

I

i

i

JAPANESE CD RATE

,3
13
11

5

9
FRENCH INTERBANK RATE

3
1
10

i

i

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•

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7
i

'

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i V " '

5
12

8

10

6

8

SWISS INTERBANK
GERMAN INTERBANK RATE

4

2

6

i

•

'




I

i

' i
1992

I

i

'

•

I

i

i i
1994

1

1

1

I

1

1

1

1992

I

1

1

1

I

1

1

1994

4

CHART 6

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

10

OVERNIGHT

3-MONTH

8

6

4

2

'

'

I

I

'

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•

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'

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I

'

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'

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I

I

I

I

I

I

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l

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i

10 L _

7-DAY

8

6-MONTH

6

4

2
10

i

i

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I

i

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i

I

i

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i

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•

i

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l

i

i

1-YEAR

1-MONTH

8

i

6

4

2

I

I

I

I




I

I
1992

I

I

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I

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I

I

I
1994

I

i

i

i

I

i

i
1992

i

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

10

10

3-MONTH

OVERNIGHT

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUN

90-DAY CD'S

DASHED LINE

DASHED LINE

DIFFERENTIAL

DIFFERENTIAL
—

J

L_1




I

I

I

1992

I

I

L

I

I
1994

I

—

I

1

i

l

i

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1992

i

l

i

i

i

i

1

1
1994

1

CHART 8

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

PERCENT PER ANNUM

8

8

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING

COVERED LONDON

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS
DASHED LINE

i

i

I

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I

DASHED LINE

i

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'

'

I

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DIFFERENTIAL

DIFFERENTIAL

Mf

i

1 L-L-L

i

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I

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l

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I

I

I

8

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

EURO-DOLLAR DEP

EURO-DOLLAR DEPOSITS'
DASHED LINE

i

i

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I

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DASHED LINE

i

'

I

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I

l

DIFFERENTIAL

DIFFERENTIAL




l

A

•

i
1992

i

I

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1994

i

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l

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1992

i

I

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i

1994

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANN I

tCENT PER ANNUM

11

9
UNITED KINGDOM

UNITED STATES
8

9
7
6

7

5
4
11

i

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I

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1 •

'

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» I

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» l

<1

'

5

10
FRANCE

CANADA
10

8
9
8

6

7

6

i

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I

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I

i i

i

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' I '

4

7

8
JAPAN

SWITZERLAND
7

6

6

5

5

4

4

3

3
10

i

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i

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I

i

i

i

I

i

i

i

i

i

i

I

i

i

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I

i

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i

I

i

2
10

GERMANY

NETHERLANDS
9

9

8

8

7

7

6

6

5

i

i

i




I

i

i
1992

i

i

i

I

i

i
1994

i

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i

l

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1992

i

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1994

i

5

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE
1986-100

RATIO SCALE
1986=100

220
UNITED STATES

SWITZERLAND

— UNITED KINGDOM

ARAN

GERMANY

CANADA

FRANCE

NETHERLANDS




3-Aug-94
Chart 1.

10-Aug-94 17-Aug-94 24-Aug-94 31-Aug-94

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

3.0707
72.143
18.500
63 .231
0.06306
1.00129
56.327
74.784
153.75

3.0714
72.411
18.480
63.281
0.06324
0.99150
56.325
75.046
154.02

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

121.00
71.90
83.37
177.88
36.20
262.17
161.70
240.59
62.18

121. 03
72 .17
83. 27
178 .01
36. 30
259 .61
161. 70
241. 43
62 .30

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
.82
83 .
179 .
.19
.24
36 .
261..89
162 .
.90
242 .
.59
62 .
.24

112 .
.82
.98
63 .
74 .
.78
182 .
.08
29 .
.95
264 .
.73
154 .
.22
50,.52
229 ,
.88
53 ,
.80
.25
89 ,

113 .
.08
63 .
.49
75 .
.05
182 .
.61
30,.08
267..61
154 .
.71
51..18
230,.20
.58
53 ,
88..21

112 .
.24
64 .
.53
74 ,
.43
180,.77
30,.15
266 .24
153 .
.32
51,.48
227 ,
.24
.75
53 .
89 ,
.39

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

-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

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.

-1.01
-0.72
-0 .22
-3.66
2.59
-0.16
0 .45
-0.82

-0. 83
-0.,69
,18
-0 .
,71
-3 .
2.
,60
-0., 18
,50
0.
-0..72

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

111. 95
64 .27
74 .24
180. 26
30. 34
264 .89
152 .81
51. 34
227. 12
54 .05
89 .87

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.

111.88
63.99
74.31
180.02
30.24
267.73
152.76
51.34
226.23
53.93
89.83

382.68

378..07

377 .18

382 .06

385 .22

4.28
4 .20
5.30
5.28
5.18
2 .05
4 .82
4.06
4.88

4 .26
.
4 .23
,
.16
5.
5,.25
4 .88
,
2 .06
4 .84
3 .88
4 .65

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 .76
4 .68
5 .20
5 .25
4 .68
2 .09
4 .83
3 .83
4 .59

Call Money Rates

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




3 -Aug-:94
Chart 5.

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.

4 .68
5 .88
5 .39
4 .88
2 .21
4 .83
4 .23
5 .48
4 .90

4 .75
5 .68
5 .37
4 .89
2 .28
4 .88
4 .19
5 .51
4 .92

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 .20
4 .19
4 .38
4 .71
5 .11
5 .61

4 .23
4 .23
4 .41
4 .71
5 .11
5 .64

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

Euro-Dollar Deposit Rates

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

10-Aug -94 17-Aug -94 24-Aug--94 31-Aug -94

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

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

4 .20
4 .28
-0 .08

4 .23
4 .26
-0 .03

4 .33
4 .35
-0 .02

4 .60
4 .66
-0 .06

4 .68
,
4 .76
,
-0 .08

4 .71
4 .68
0 .03

4 . 71
4 .75
-0 .04

4 . 81
4 .82
-0 .01

4 .88
4 .88
-0 .01

4 .86
4 .87
-0 .01

4 .71
4 .65
0 .06

4 .71
4 .78
-0 .07

4 .81
4 . 84
-0 .03

4 .88
4 .92
-0 .04

4 .86
,
4 .81
,
0..05

4 .72
4 .86
-0 .15

4 . 77
4 .84
-0 .07

4 .87
5 .04
-0 .16

,
4 .91
5 .13
-0..22

4 .89
,
5,.11
-0,.21

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

4 .71
4 .66
0 .05

4 .71
4 .71
0 .00

4 .81
4 .82
-0 .00

4 .88
,
4 .88
,
-0,.00

4 .86
,
4 .86
,
0 . 01

Euro-dollar deposit
Swiss interbank, covered
Differential

4 .71
4 .69
0 .02

4 . 71
4 .70
0 .02

4 .81
4 .84
-0 .03

4 .88
.
4 .82
,
0..06

4 .86
.
4 .85
,
0..02

9 .03
7 .39
6 .91
4 .57
5 .09
6 .96
8 .42
7 .26

9 .01
,
7 .72
,
7 .18
,
4 .57
,
5 .23
7 .20
8 .59
7 .25

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

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank sterling (London), covered
Differential
U.S. commercial paper
Canadian finance paper, covered
Differential

Chart 9.

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

9 .21
7 .26
6 .84
4 .40
5 .05
6 .89
8 .46
7 .15
(Wednesday figures)

Canada
140 ,
.17
140 ,
.13
140 ,
. 14
142 .
.09
France
165,.18
162 ,
.82
159 ,
.90
157..06
Germany
123 ,60
122 ,
.18
122 .
.77
120 ,
.41
Japan
125,.02
125 ,
.64
125,.81
123 ,
.91
Netherlands
152 ,
.20
150..84
150..14
149 .
.27
Switzerland
215,.85
217..27
218..36
215..23
United Kingdom
191,.12
192 ,
.27
193 .
.77
194 ,
.54
United States
187 ,
.15
186..87
188..49
190..11
Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced
at 22dec94, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index,
Financial Times Ordinary, NYSE Composite



144 ,
.94
160,.33
124 ,
.65
124 .04
152 ,
.85
221,.09
196 .67
192 .60
to SBF250

FEDERAL RESERVE statistical release
H.10(512)

IBBBI
September 6, 1994

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

SEPTEMBER 2, 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:
(CURRENCY UNITS PER DOLLAR)
Aug. 30
Sep. 1
Aug. 31

MONETARY
UNIT

Aug. 29

^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

0.7420
11.112
32.540
1.3693
8.5843
6.2520
1.2085
5.1200
5.4060
1.5789
239.62
7.7292
31.378
1.5140
1596.00
100.05
2.5535
3.3830
1.7728
0.6010
6.9280
160.59
1.5015
3.5930
805.30
130.920
49.260
7.7345
1.3370
26.250
25.030
1.5340

0.7430
11.102
32.480
1.3673
8.5816
6.2355
1.2102
5.1040
5.4000
1.5775
239.40
7.7280
31.373
1.5100
1582.00
99.63
2.5525
3.3880
1.7712
0.6015
6.1985
160.54
1.5001
3.5880
804.80
130.790
49.250
7.7230
1.3325
26.180
25.040
1.5350

0.7444
11.102
32.480
1.3712
8.5791
6.2355
1.2102
5.1040
5.4080
1.5795
239.40
7.7280
31.373
1.5140
1582.00
100.11
2.5600
3.3890
1.7712
0.6018
6.9185
160.54
1.5000
3.5875
806.90
130.790
49.300
7.7230
1.3315
26.200
25.040
1.5362

0.7430
11.078
32.420
1.3682
8.5765
6.2080
1.2139
5.0950
5.3905
1.5742
239.19
7.7277
31.375
1.5230
1580.50
99.63
2.5570
3.3925
1.7664
0.6040
6.9000
160.30
1.5005
3.5880
803.30
130.560
49.200
7.6930
1.3240
26.243
25.025
1.5445

0.7420
10.965
32.070
1.3665
8.5740
6.1455
1.2259
5.0500
5.3290
1.5572
236.61
7.7271
31.373
1.5350
1571.25
99.20
2.5495
3.3750
1.7472
0.6047
6.8360
158.73
1.5000
3.5830
803.70
129.460
49.230
7.6535
1.3085
26.240
24.980
1.5475

MEMO:
t*UNITED STATES

DOLLAR

89.77

89.57

89.68

89.37

88.71

COUNTRY

Sep . 2

*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.