Selected Interest & Exchange Rates

(5/5) Selected Interest & Exchange Rates Weekly Series of Charts August, 995 Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 2055

Table of Contents TABLES. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES CHARTS. SPOT EXCHANGE RATES INDICES 2. 3-MONTH FORWARD EXCHANGE RATES 3. GOLD PRICE - LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES. EURO-DOLLAR DEPOSIT RATES. SELECTED EURO-DOLLAR AND. INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS SUBSCRIPTION RATES: Weekly $30.00 per year or $.0 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $35.00 per year or $.0 each. Address requests to Publications Services Division of Support Services and make payment remittance payable to the Board of Governors of the Federal Reserve System in a form collectible at Par in U.S. currency. 0. INDUSTRIAL STOCK INDICES

CHART SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE RATIO SCALE MARCH 93=00 MARCH 93=00 20 50 FOREIGN CURRENCY PRICE OF U.S. DOLLAR BELGIAN FRANC 00 30 0 0 0 I I L 300 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 90 390 20 SWISS FRANC JAPANESE YEN 330 20 220 20 0 00 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 50 05 0 U.K. POUND CANADIAN DOLLAR 5 0 5 40 95 I I I I I I I I I I I I I I I ' I I» '» I I»» I I I I 45 25 5 DUTCH GUILDER GERMAN MARK 95 55 5 35 5 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 55 5 95 FRENCH FRANC ITALIAN LIRA 55 35 5 55 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 5

2 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR H AVERAGES FOR WEEK ENDING WEDNESDAY U.K. POUND 2 I I CANADIAN DOLLAR JAPANESE YEN SWISS FRANC DUTCH GUILDER 2 4 FRENCH FRANC ITALIAN LIRA 2 2 0 4» I ' I I ' 992 994

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 2.5 Kg BARS AFTERNOON FIXING PRICE 400 400 30 30 30 30 340 340 320 J I I I L 99 I 992 J l l L J I L 993 994 995 320

CHART 4 CALL MONEY RATES WEEKLY SERIES 0 SWITZERLAND U.S. FEDERAL FUNDS JAPAN NETHERLANDS GERMANY FRANCE CANADA UNITED KINGDOM

CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES 0 9 CANADIAN FINANCE PAPER WEIGHTED AVERAGE FOREIGN RATE S. CD'S 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 3 0 NETHERLANDS INTERBANK RATE U.K. INTERBANK STERLING i I i i ' I i i i I i i i i ' I 'I i I i i i I i i ' 3 3 JAPANESE CD RATE FRENCH INTERBANK RATE 0 ' i ' I ' i i I i i i I i \ i i ' ' I i i i I i I i i GERMAN INTERBANK RATE 5 SWISS INTERBANK 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

CHART EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT-PER ANNUM OVERNIGHT 3-MONTH i i i i -DAY -MONTH I I I I ' I ' ' l I I I I I ' ' I ' ' ' -MONTH -YEAR I i i»» I i i i I I I I I I I I I I I I I

CHART SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY OVERNIGHT EURO-DOLLAR 3-MONTH EURO-DOLLAR DEPOSITS FEDERAL FUNDS DASHED LINE 90-DAY CD'S DASHED LINE J L I ' " " DIFFERENTIAL DIFFERENTIAL \IA.x W JLa. 4, in \H\ ' v U \f V ~ v I i i i i i i l i i

CHART INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY INTERBANK STERLING COVERED LONDON CANADIAN FINANCE CO. PAPER, COVERED 5 EURO-DOLLAR DEPOSITS DASHED LINE U.S. COMMERCIAL PAPER DASHED 3 i i i I i i i I i i i I i i i i i i l i i ' l i i i I i i i DIFFERENTIAL DIFFERENTIAL Jy^ 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 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS J.\ DASHED LINE us EURO-DOLLAR DEPOSITS A DASHED LINE I ' I ' I ' I I I ' I ' ' I ' I I I I ' I I I I ' I I I ' DIFFERENTIAL DIFFERENTIAL» I I i ' I I I ' I ' I

CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES 9 DENT PER ANNUM UNITED STATES UNITED KINGDOM PERCENT PER ANNUf 0 9 5 0 9 CANADA \ \ \ \ \ \ \ I FRANCE i i i V i i i I 0 9 ' ' I I I I I I I I I I I I SWITZERLAND I I JAPAN I «I I I I I 5 5 4 5 3 4 9 NETHERLANDS ' I GERMANY ' i i i I l l 2 9 JL-L I I i I I I l I I I I I I I ' I ' ' ' I I I 5

RATIO SCALE 9=00 230 UNITED STATES 20 CHART 0 STOCK INDICES WEEKLY SERIES UNITED KINGDOM RATIO SCALE 9=00 20 90 90 0 i ' i l i i ' I ' i i I i i i JAPAN 30 0 40 20 00 GERMANY i ' I ' ' i i ' i i i i i i CANADA 0 0 40 0 20 40 00 20 0 90 i i ' l i i i i i I i i i FRANCE i i I i i i I i i i i i ' ' NETHERLANDS 00 0 0 0 50 40 30 20 0 i i i l i i ' I i i i I i i I I I I ' I ' I I I I I I I I 00

5-Jul-95 2-Jul-95 9-Jul-95 2-Jul-95 2-Aug-95 Chart. 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 Indices, March 93 base rates = 00 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 3.5 2.2 20.5 2.355 0.042.9 4.54.05 59.3 3.459 3.59 20.5.0 0.0.529 3.92.20 59.2 Weighted average exchange value indices, Mar. 93-00 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swedish krona Swiss franc U.K. pound U.S. dollar 9.25 59..2 93.3 2. 295.55 3. 50. 244.3 5.3.4. 0.59.33 92.5 2.43 29.4 2.2 5.9 243.50 5. 2.2 Chart 2. 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. Gold Price in London, Afternoon Fixing Lxing U.S. dollars per fine ounce Chart 4. Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 3.493 3.50 20.4.90 0.092.329 4.3.4 59.2 3.50 3.52 20.4 2.9 0.023.3 4.40.2 59.44 3.509 3.332 20.9 2.2 0.029.299 4.403.9 59. 3.59 3.3 3. 3.22 3.23 2.,5 3.34 3.34 3.33 3.09 93.,0 92.2 93.05 93.5 94.09 203,.54 20.59 202.2 202. 203.05 35,.2 35.4 35.54 35.0 3.4 30,.5 30. 29.52 29.5 295.0 5.35 3.2 4.23 4.90 4.9 20.0 2.34 2.04 2.0 29.5 4.45 4.42 4.5 4.49 4.,.95 9.4 9.05 0..55 0. 39 0..3.0...29 92,.5 92. 99 93..0 2,.4 2. 2 2,. 24,.9 24. 3 2,.2 2. 3.00 2,. 5.5 5. 52.24 243.4 244.3 244. 5.9 5., 5. 2.0,,3.5-0.9-0. 4-0. -0. -0. 92-0.2-0. 59-0. 2-0. 4-0. 24.44. 3. 35. 3. 3-4.99-4. -5. 3-4.9-4. 4.90 5. 04 5.,2 5. 22 5. 29.0...3.. 5 2.9 2.,95 3. 3..23 3.,22-0.2-0..9-0..94-0,.90-0..9 35.5 35,.43 39.2 3.43 33.5.2 5. 5.2 5.5 5.3.0 5. 5.3 5.4 5.9.20..5.4.5.04.4..55.3 4. 4.39 4.44 4.3 4.3.23 0.95 0.4 0. 0.0 4.00 4.04 4. 3.9 4.04 3.39 2.5.0 2.3 2.3.44.0.0.40.3

5 -Jul-! 95 2- Jul -95 9-Jul -95 2-Jul -95 2-Aug-! 95 Chart 5. 3-Month Interest Rates U.S. 90-day CD's, secondary market 5.92 5. 5.3 5. 5.5 Canadian finance paper.94.59.5..4 French interbank rate.0.34.32.2.03 German interbank rate 4.50 4.4 4.45 4.45 4.45 Japanese CD rate. 0.9 0.5 0.2 0.5 Netherlands interbank rate 4.9 4. 4.4 4. 4.09 Swiss interbank rate 3.0 2.90 2.5 2.4 2.59 U.K. interbank sterling.2.9.3.4. Weighted average foreign interest rate 4.4 4.52 4.43 4.40 4.33 (G-0 Countries) Chart. Euro-Dollar Deposit Rates Overnight.0 5. 5.3 5.4 5.9 -day.0 5.3 5.5 5.4 5.3 -month 5.99 5.3 5.5 5. 5. 3-month 5.92 5. 5.5 5.9 5. -month 5.4 5. 5.0 5.0 5.0 -year 5. 5.3 5. 5.4 5. Chart. Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits.0 5. 5.3 5.4 5.9 U.S. federal funds.2 5. 5.2 5.5 5.3 Differential -0.20 0.0 0.0-0.0-0.4 3-month Euro-dollar deposit 5.92 5. 5.5 5.9 5. U.S. 90-day CD's, secondary market 5.92 5. 5.3 5. 5.5 Differential -0.00 0.0 0.02 0.02 0.03 Chart. Interest Arbitrage, 3-Month Funds Euro-dollar deposit 5.92 5. 5.5 5,.9 5. Interbank sterling (London), covered 5.99 5.9 5. 5..2 5.0 Differential -0.0-0.02-0.02-0.04-0.02 U.S. commercial paper 5.94 5. 5.5 5,.9 5.0 Canadian finance paper, covered.4 5.94, 5.9 5,.94 5.90 Differential -0.9-0. -0.4-0..4-0.0 Euro-dollar deposit 5.92 5. 5.5 5..9 5. Interbank DM (Frankfurt), covered 5.95 5.4 5.2 5..3 5.4 Differential -0.03-0.0-0.0-0..04-0.0 Euro-dollar deposit 5.92 5. 5.5 5.9 5. Swiss interbank, covered.0 5. 5. 5.99 5.3 Differential -0.09-0.0-0.03-0..20-0.05 Chart 9. Long Term Government Bellwether Bond Yields 0-year maturity, where available Canada.95..9,..25.35 France.5.43.44,.45.39 Germany.9..,...3. Japan 2.9 2. 2.99, 3.00 3.0 Switzerland 4. 4.2 4., 4. 4.5 Netherlands.99..3.3..9. United Kingdom.4..4...2. United States.22..0.23..4.4 Chart 0. Stock Indices (Wednesday figures) Canada 5,.4 5,.9 53,.54 53,.3 53,. France 4,.4 5..50 49.49 49,.5 50,.9 Germany-.0 20,.3 9,.93 22,.3 23,.05 Japan 9..2 00,.25 9.0 99,.03 00,.4 Netherlands 5..4..3,.25 4,. 5,. Switzerland 234.2 23..35 23.9 23.. 23,.4 United Kingdom 9,.54 200,.39 9,.5 200..0 202,.3 United States 25,.55 220,.49 2.0 220..4 220.. Indices (in order, rebased to 9=00) are Toronto Composite, CAC General spliced to SBF250 at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite

FEDERAL RESERVE statistical release H.0(52) August, 995 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING AUGUST 4, 995 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Sank 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 (CURRENCY UNITS PER DOLLAR) UNIT Jul. 3 Aug. N Aug. S Aug. 4 AUSTRALIA DOLLAR a.3 0.403 0.405 0.402 0.425 AUSTRIA SCHILLING 9.44 9.20 9.39 9. 9.04 BELGIUM FRANC 2*.490 2.430 2*.0 2.50 2.0 CANADA DOLLAR.395.3.350.359.352 CHINA,?.R. YUAN *.3203.3200.3202.3202.3000 DENMARK KRONE 5.345 5.30 5.420 5.3900 5.4035 *EURO COMMUNITY ECU.342.343.33.339.3359 FINLAND MARKKA 4.2055 4.920 4.2400 4.205 4.205 FRANCE FRANC 4.40 4.5 4.90 4.0 4.990 GERMANY 0. MARK.352.3.395.3900.3935 GREECE DRACHMA 224.9 224.0 225.90 224. 225.3 HONG KONG DOLLAR.32.33.32.30.39 INDIA RUPEE $,430 3.420 3.420 3.4 3.420 IRELAND POUND.430.435.390.450.40 ITALY LIRA 90,5 54.00 5.00 52.50 59.00 JAPAN YEN.34.43 90.2 90.45 9.25 MALAYSIA RINGGIT 2.450 2.4500 2.4595 2.40 2.420 MEXICO PESO.50.250.20a.250.550 NETHERLANDS GUILDER.5524.54.55.559.522 NEW ZEALAND DOLLAR 0.3 0.32 0.0 0.05 0.95 NORWAY KRONE.390.25.95.35.40 PORTUGAL ESCUDO 44.3 43.5 45^23 44.40 44 * SINGAPORE DOLLAR.3935.3940.395.390.39 SOUTH AFRICA RAND 3.230 3.30 3.200 3.0 3.25 SOUTH KOREA WON 59.50 0.0 0.20 0.50 5.50 SPAIN PESETA 9.090.50 9.0.0 20.0 SRI LANKA RUPEE 5.000 5.000 50.00 5.000 50.50 SWEDEN KRONA.020.0905.235.055.0525 SWITZERLAND FRANC.505.40.5.493.495 TAIWAN DOLLAR 2.40 2.40 2.0 2.00 2&.00 THAILAND BAHT 24.0 24.0 24.20 24.90 24.20 UNITED KINGDOM POUND.590.5992.5995.0.03 MEMO: "UNITED STATES DOLLAR:.3.0 2.35. 2,0 VALUE IS U.S. DOLLARS *»IND X OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-0 COUNTRIES. MARCH 93 = 09. HEIGHTS ARE 92- GLOBAL TRADE OF EACH OF THE 0 COUNTRIES. SERIES REVISED AS OF AUGUST 9. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE # WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 00 OF THE AUGUST 4* FEDERAL RESERVE BULLETIN. THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 42-9. fo* 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.