Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : September 9, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

September 9,1991
Prepared by the
FINANCIAL MARKETS
SECTION




DIVISION OF
INTERNATIONAL FINANCE
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.
2.
3.
4.
5.
6.
7.

SPOT EXCHANGE RATE INDICES
3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
3-MONTH INTEREST RATES
EURO DOLLAR DEPOSIT RATES
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

140
130

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

120

140
130

BELGIAN FRANC

—

—

120
110

110

100

100
90

90

80

80

•
70
280
260 —
240
220

i

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70
280
260
240

JAPANESE YEN

SWISS FRANC

— | 220

200

200

180

180

160

160

140

140

120
100

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90

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CANADIAN DOLLAR

U.K. POUND

120
100
90

80

80

70

70

60

60

50
200

•

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_

180

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/>V
yvZ A

GERMAN MARK

DUTCH GUILDER

50
200

180

160

160

140

140

120

120

100
120

•

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110

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90 —

100
60
55

ITALIAN LIRA

100

I

50

FRENCH FRANC

45

80

40

70

35

60

30

50

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1989

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1991

25

CHART 2

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

PERCENT PER ANNUM

4

4
U.K. POUND

CANADIAN DOLLAR

1 1 I

I

1 1 I

I

1 1 1 1 1 1 1

GERMAN MARK

JAPANESE YEN

—

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,
1

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1

1

l

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1

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1

SWISS FRANC

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DUTCH GUILDER

—

—

\V

12

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

i

FRENCH FRANC

ITALIAN LIRA

1

1

1




1

1

I 1 1
1989

1 1 1 1 1 1 1
1991

1

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1

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1

1

1

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1

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1 1
1989

1

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1 1

i V i V l

1

1

1 1

1

1

1 1
1991

12

CHART 3

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

U.S. DOLLARS PER FINE OUNCE

520

520

500

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

480

460

460

440

440

420

420

400

400

380

380

360

360

340

340

320

1988




1989

1990

1991

320

CHART 4

CALL MONEY RATES
WEEKLY SERIES
DENT PER ANNUM

PERCENT PER AN!

16

16

12

12

FRANCE

U.S. FEDERAL FUNDS

8

8
JAPAN

4

0

4

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0

16

16

12

12

GERMANY

8

CANADA

8

4

0

4

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16

0
16

UNITED KINGDOM

12

SWITZERLAND

12

8

8
NETHERLANDS

4

0

4

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1989

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1991

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1989

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1991

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0

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

10

12
U.S. CD'S

10

SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

i

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16

14

12
CANADIAN FINANCE CO
PAPER

U.K. INTERBANK STERLING

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10

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10

6
12

GERMAN INTERBANK RATE

10

FRENCH INTERBANK RATE

I

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4

10

10
—

JAPANESE CD RATE

NETHERLANDS INTERBANK RATE

'

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1989

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1991

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1989

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1991

'

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
14

PERCENT PER ANNUM

14

3-MONTH

OVERNIGHT

12

12

10

10

4
14

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'

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6-MONTH

7-DAY.

12

i

4
14

12

10

10

I

4
14

I

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1-YEAR

1-MONTH

12

I

4
14

12

10

10

i

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l

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1989

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1991

•

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1989

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1991

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

14

14

12

12
OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

10

10

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

I

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DIFFERENTIAL

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1989

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DIFFERENTIAL

*

"irw

1

1
1991

1

•

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1989

J L_i i—i—11
1991

CHART 8

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

16

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
12

COVERED LONDON

8
U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

0

0
2
DIFFERENTIAL

DIFFERENTIAL

+
0

2

2
16

12

INTERBANK DM

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

0

0
2
DIFFERENTIAL

DIFFERENTIAL




1989

1991

1989

1991

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

§

CANADA

UNITED STATES
12

12

10

10

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14

6
14

FRANCE

UNITED KINGDOM
12

12

10

10

6
10

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6
10

JAPAN

SWITZERLAND

2
10

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GERMANY

NETHERLANDS

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1989

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1991

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1989

1991

2
10

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO S<
1986

SCALE
00

200
175

, NETHERLANDS

— UNITED STATES

150
125

100
75

50
400
350

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. GERMANY

. JAPAN

300
250

200
150

100

•

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200
175

— FRANCE

— SWITZERLAND

150
125

100
75

50

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200
175

, UNITED KINGDOM

.CANADA

150
125

100
75

50

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1989

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1991

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1991

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SERIES
Chart

1.

7-Aug-91

S p o t Exchange R a t e s a n d I n d i c e s

Noon b u y i n g r a t e s ( U . S .

cents,

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
Indices,

2.8110
86.997
17.029
57.913
0.07744
0.73244
51.365
66.387
170.05

2.8079
87.248
17.008
57.855
0.07720
0.73202
51.310
66.094
169.49

.77
.71
.74
.91
.45
.78
.46
.57
.78

110 . 6 5
86 .96
76 . 6 4
162 . 7 5
44 . 3 1
191 .67
147 .30
212 . 6 3
68 . 5 5

110
86
76
162
44
191
147
213
68

Weighted a v e r a g e exchange v a l u e i n d i c e s ,
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
3 - M o n t h F o r w a r d Exchange R a t e s ,

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.
U.S.

2.7890
87.497
16.891
57.359
0.07684
0.73086
50.918
65.753
168.36

2.7886
87.619
16.894
57.370
0.07690
0.73373
50.932
65.528
168.63

Mar.
104.72
80.49
69.71
167.10
38.78
194.13
142.26
65.67
205.48
62.00
92.81

.89
.33
.13
.39
.14
.12
.22
.81
.20

108
87
74
158
43
190
143
209
67

.04
.15
.86
.66
.34
.77
.70
.30
.09

109 .90
87 .21
76 .11
161 .36
44 .10
191 .36
146 .17
211,.54
68 .10

109
87
76
161
44
192
146
210
68

103
82
69
164
38
196
140
64
204
61
94

.68
.32
.00
.94
.37
.40
.70
.97
.51
.37
.67

104 . 4 3
81 .45
69 .49
166 .24
38 .67
194 .80
141 . 7 3
65 . 4 1
204 .56
6 1 .68
93 .42

104 .34
81 . 5 1
69 .45
166 . 1 3
38 .68
195 .50
141 .66
65 .39
203 .69
61 .74
93 .34

-2
-3
-3
-5
-1
-3
-2
-5

.93
.96
.66
.93
.55
.72
.33
.07

1973-100
104.
80.
69.
167.
38.
194.
142.
65.
204.
61.
92.

70
83
70
10
69
22
25
59
76
84
92

Premium o r D i s c o u n t
-2.73
-3.76
-3.48
-5.69
-1.49
-3.52
-2.05
-4.97

-2.
-3.
-3.
-5.
-1.
-3.
-2.
-5.

95
93
69
91
65
72
23
13

-2
-3
-3
-5
-1
-3
-2
-5

.83
.78
.48
.79
.55
.61
.38
.00

-2
-3
-3
-5
-1
-3
-2
-4

.80
.64
.54
.79
.46
.62
.40
.82

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

d o l l a r s p e r f i n e ounce

Chart 4.

2.7417
87.445
16.612
56.402
0.07550
0.72859
50.056
65.057
165.88

M a r c h 1973 b a s e 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

Chart 2.

14-Aug-91 21-Aug-91 28-Aug-91 4-Sep-91

358.30

3 5 7 . 33

357 .48

354 .55

348 . 5 3

5.83
5.73
8.55
9.21
8.93
7.43
8.91
7.38
10.79

5 . 62
5 . 63
8 . 68
9 . 19
8 . 94
7 . 45
8 . 90
7 . 38
1 1 . 03

5 .68
5 .59
8 .63
9 .22
8 .87
7 .38
8 .99
7 .48
10 .98

5 .58
5 .58
8 .45
9 .09
8 .72
7 .41
9 .00
7 .88
10 .86

5 .65
5 .59
8 .44
9 .03
8 .92
7 .41
9 .02
7 .88
10 .84

C a l l Money R a t e s

U.S. f e d e r a l f u n d s
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom




SERIES
Chart 5.

7-Aug-91

3-Month I n t e r e s t

Rates

U.S. 9 0 - d a y CD'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
J a p a n e s e CD r a t e
Netherlands interbank rate
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.

Euro-Dollar

Selected Euro-dollar

Overnight Euro-dollar
U.S. f e d e r a l f u n d s
Differential

Interest

deposits

Arbitrage,

Euro-dollar deposit
Interbank s t e r l i n g (London),
Differential
U.S. c o m m e r c i a l paper
Canadian f i n a n c e paper,
Differential

covered

covered

Euro-dollar deposit
Swiss i n t e r b a n k , covered
Differential

10.

5.73
5.71
5.74
5.78
6.05
6.30

5.
5.
5.
5.
5.
6.

63
61
60
61
80
05

5.
8.
9.
9,
7.
9,
7.
10,
9.

60
66
29
15
17
25
88
67
21

5.,57
8, 74
9, 54
9. 25
7 , 27
9. 33
7 ,.80
10. 83
9. 32

5.64
8.68
9.35
9.15
7.22
9.23
7.85
10.75
9.25

.59
.61
.59
.59
.71
.91

5.58
5.60
5.60
5.63
5.75
5.98

5, 59
5. 59
5. 61
5..61
5 .74
5..93

5
5
5
5
5
5

5.73
5.83
-0.10

5 . 63
5 . 62
0 . 00

5 .59
5 .68
- 0 .09

5.58
5.58
-0.01

5. 59
5,.65
- 0 . .06

5.78
5.80
-0.02

5 . 61
5 . 63
- 0 . 02

5 .59
5 .57
0 .02

5.63
5.64
-0.01

5 .61
5 .60
0 .02

5.78
5.82
-0.05

5 . 61
5 . 64
- 0 . 03

5 .59
5 .62
- 0 .03

5.63
5.61
0.01

5 .61
5 .72
- 0 .11

5.85
5.98
-0.13

5 . 68
5 . 74
- 0 . 06

5 .64
5 .75
- 0 .11

5.71
5.79
-0.08

5 .73
5 .80
- 0 .07

5.78
5.68
0.10

5 . 61
5 . 52
0. 09

5 .59
5 .50
0 .09

5.63
5.59
0.03

5 .61
5 .53
0 .08

5.78
5.66
0.12

5. 61
5 . 48
0. 13

5 .59
5 .42
0 .17

5.63
5.42
0.20

5 .61
5 .43
0 .19

9.83
9.17
8.60
6.53
6.03
8.85
10.04
8.04

9.79
9.12
8.57
6.48
6.09
8.87
10.03
7.93

9.72
9.15
8.53
6.45
6.12
8.88
10.00
7.82

9.73
9.03
8.49
6.44
6.16
8.83
9.95
7.86

9
8
8
6
6
8
9
7

.64
.94
.42
.33
.18
.73
.86
.80

.59
.84
.88
.82
.54
.11
.32
.13

118 . 0 3
130 .86
101 . 8 3
135 . 3 2
107 .89
133 . 9 4
157 . 7 5
157 . 0 5

117 .04
126 .50
96 .98
130 .12
107 .35
130 .92
157.78
157 .24

.34
.24
.63
.26
.35
.83
.60
.65

116
134
102
131
108
134
160
157

.20
.57
.06
.55
.65
.31
.92
.28

L o n g Term Government B e l l w e t h e r Bond Y i e l d s
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
Switzerland
Netherlands
U n i t e d Kingdom
United States
Chart

63
76
55
30
39
29
75
91
37

3 - M o n t h Funds

covered

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

C h a r t 9.

5.
8.
9.
9.
7.
9.
7.
10.
9.

& U . S . Money M a r k e t R a t e s

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
Chart 8.

5.80
8.76
9.49
9.24
7.39
9.21
7.75
10.93
9.34

D e p o s i t Rates

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

14-Aug-91 21-Aug-91 28-Aug-91 4-Sep-91

S t o c k I n d i c e s (Wednesday f i g u r e s )

Canada
France
Germany
Japan
Netherlands
Switzerland
U n i t e d Kingdom
United States

117
128
100
137
108
133
156
157

117
133
102
127
107
133
158
159

I n d i c e s ( i n o r d e r , r e b a s e d t o 1986=100) a r e T o r o n t o C o m p o s i t e , CAC G e n e r a l , 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 , S w i s s Bank I n d e x , F i n a n c i a l Times O r d i n a r y , NYSE C o m p o s i t e



..•opicovp/..

FEDERAL RESERVE statistical release
September 9, 1991

H.10(512)

FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING

SEPTEMBER 6, 1991

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
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEH 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
HON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

MEMO:
HKJNITED STATES

DOLLAR

(CURRENCY UNITS PER DOLLAR)
Sep. 3
Sep. 4
Sep. 5

Sep. 2

H
. >

0
L
I
D

A
Y

Sep. 6

0.7781
12.240
35.790
1.1407
5.3862
6.7105
1.1806
4.2370
5.9115
1.7402
192.65
7.7625
25.830
1.5380
1298.75
136.02
2.7830
1.9599
0.5723
6.7945
149.15
1.7185
2.8670
740.20
108.33
N. A.
6.3130
1.5265
26.680
25.720
1.6910

0.7848
12.215
35.740
1.1417
5.3862
6.7040
1.1833
4.2280
5.8990
1.7365
191.85
7.7610
25.760
1.5410
1295.00
135.30
2.7830
1.9564
0.5745
6.7865
148.65
1.7185
2.8660
744.20
108.18
N.A.
6.3035
1.5238
26.603
25.700
1.6935

0.7856
12.240
35.810
1.1410
5.3862
6.7125
1.1816
4.2120
5.9075
1.7400
192.45
7.7550
25.790
1.5375
1296.50
135.87
2.7800
1.9602
0.5798
6.7945
148.74
1.7190
2.8740
743.80
108.38
N.A.
6.3135
1.5273
26.511
25.680
1.6920

0.7867
12.215
35.650
1.1395
5.3862
6.6850
1.1847
4.2155
5.8840
1.7325
191.65
7.7590
25.820
1.5430
1292.25
136.15
2.7750
1.9516
0.5814
6.7700
148.35
1.7170
2.8630
743.40
107.98
41.918
6.2900
1.5225
26.520
25.700
1.6975

93.19

92.98

93.15

92.88

•VALUE IS U.S. DOLLARS
" I N D E X OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 100. HEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES.
SERIES REVISED A S 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 C O W E R C E ' S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1966.
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.