Selected Interest & Exchange Rates

(51/51) Selected Interest & Exchange Rates Weekly Series of Charts February,1995 j Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DuC. 0551

Table of Contents TABLES 1. LATEST FIGURES PLOTTED. DAILY CERTIFIED SPOT EXCHANGE RATES H. RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES. 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 U.S. MONEY MARKET RATES. INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS. INDUSTRIAL STOCK INDICES 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 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 193=0 115 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 0 5 0 0 50 30 1_L I I I I I I I I I l l l SWISS FRANC BELGIAN FRANC i i i I i i ' I i i i I i i JAPANESE YEN RATIO SCALE MARCH 193=0 150 140 130 1 0 90 300 0 0 40 0 190 00 i i l i ' ' l ' i i l ' i i I ' ' I ' I I I ' I I I I I 0 CANADIAN DOLLAR 5 0 U.K. POUND 5 0 5 50 00 i ' I i i i I i i i I i i i DUTCH GUILDER I I I I I I I I I I I I I I I GERMAN MARK 55 15 195 15 140 155 0 i i l i i i l i i ' l i i ' i i I i i ' I i i i I i i i 135 55 90 FRENCH FRANC ITALIAN LIRA 45 0 35 0 0 i i I i i i I i i i I i i» 1993 1995 I I I I I I I I I I I I I I 1993 1995 5

CHART 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY U.K. POUND A n i h i l I i i i I i i i CANADIAN DOLLAR JAPANESE YEN i i i I i i i I i i i I i i i SWISS FRANC yf DUTCH GUILDER + 0 1 T 1 1 1 1 1 1 i i i i i i i FRENCH FRANC ITALIAN LIRA 4 1 1 1 1 1 1 1 1 1 i i i 1 i i i i I ' i i I i I i i ' 1993 1995 199 1994 14 1

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 40 U.S. DOLLARS PER FINE OUNCE 40 1.5 Kg BARS AFTERNOON FIXING PRICE 400 400 30 -- 30 30 30 340 340 30 1991 199 1993 1994 1995 30

CHART 4 CALL MONEY RATES WEEKLY SERIES SWITZERLAND U.S. FEDERAL FUNDS JAPAN I i i i l» ' ' I» ' ' i i i I i ' «I ' I ' i NETHERLANDS GERMANY i i i l i i i I i i ' I i i i 14 FRANCE 1 CANADA UNITED KINGDOM «i» i» i i i i i 1993 1995 1993 1995

CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES 9 WEIGHTED AVERAGE FOREIGN RATE U.S. CD'S U.K. INTERBANK STERLING JAPANESE CD RATE FRENCH INTERBANK RATE GERMAN INTERBANK RATE SWISS INTERBANK 1993 1995 1993 1995

CHART EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY OVERNIGHT 3-MONTH ' I I I I ' I I I I I I I I 1 I i I I 1 I > 1 1 1 1 I -DAY -MONTH # I I I I I I I I I I I I I I I i i ' I ' i i I i ' i 1 i i i 1-MONTH 1-YEAR ' I ' I i I I I ' ' I I I! 1993 1995 1993 1995

CHART SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM 5 4 OVERNIGHT EURO-DOLLAR DEPOSIT 3-MONTH EURO-DOLLAR DEPOSITS 3 1 FEDERAL FUNDS DASHED LINE J L J I I I I I I I I l_l L 90-DAY CD'S DASHED LINE L_J I I I I I I I I I I t I DIFFERENTIAL DIFFERENTIAL + 0 V v g W 1 1 J_1 I ' i l l I L 1993 I I Jl 1995 j_j I i a I i I I I i L 1993 1995

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 V DASHED LINE i i i l i i i I i i i l» ' i» i i l» i ' l i» i l ' ' ' DIFFERENTIAL DIFFERENTIAL 1 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 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS A DASHED LINE us EURO-DOLLAR DEPOSITS X DASHED LINE 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 DIFFERENTIAL DIFFERENTIAL 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 1993 1995 1993 1995

CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES 9 RCENT PER ANNUM UNITED STATES UNITED KINGDOM PERCENT PER ANNl 11 9 5 CANADA FRANCE 9 9 I I I I I I I I ' I ' I ' ' ' SWITZERLAND 1 I 1 I 1 1 1 JAPAN 1 1 1 1 I I I I 5 5 4 5 3 4 9 I I I I I I iw/i I I 1» I 1 NETHERLANDS ' I ' I ' I I I I GERMANY 9 5 ' I 1 1 1 I 1» ' I I I I 1993 1995 i i i I i i i I ' i i i ' ' 1993 1995 5

RATIO SCALE 19=0 0 f UNITED STATES 00 CHART STOCK INDICES WEEKLY SERIES UNITED KINGDOM RATIO SCALE 19=0 00 i i i l i i i l < i i l i i ' SWITZERLAND JAPAN 140 0 15 140 i i i I i i ' I ' ' i > i > i I ' i i I i < i GERMANY CANADA 0 140 0 I I I I I I I I I FRANCE NETHERLANDS I I 1 I I I I I 1 1 I 1 0 140 1 i i i I i i i I i i i I i i i 1993 1995 1993 1995 0

Chart 1. Spot Exchange Rates and Indices Noon buying rates (U.S. cents, weekly averages) 5-Jan-95 l-feb-95 -Feb-95 15-Feb-95 -Feb-95 Belgian franc 3.000 3.194 3.19 3.19 3.31 Canadian dollar 0.43 0. 1.44 1.349 1.55 French franc 19.0 19.0 1. 19.00 19.3 German mark.000 5.95 5.419 5.19.43 Italian lira 0.00 0.039 0.0199 0.001 0.0199 Japanese yen 1.0043 1.035 1.0014 1.01309 1.033 Netherlands guilder 5.4 5.3 5.355 5.0 0.1 Swiss franc.50.5.30.90 9. U.K. pound 15.95 15.0 15.33 15.01 15.04 Indices, March 193 base rates = 0 Belgian franc 1.. 1. 03 15. 15.9 1.9 Canadian dollar 0..4 0. 49 1.1 1..11 1.0 French franc 5..93 5. 4 5.11 5.3. German mark 15.. 15. 5 14.03 15,.15 19.4 Italian lira 35..99 35. 1 35.5 35.0 35.59 Japanese yen.,9 4.54 3.44 5,..99 Netherlands guilder 1..93 1. 91 1.5 1..54 1,.5 Swiss franc 5.5 51. 4.9 50,. 5.1 U.K. pound 4.9 4.19 3,.3 3,. 3,.9 Weighted average exchange value indices, Mar. 193 1 =0 Belgian franc 114.53 114.4 114,.9 114.1 115,.9 Canadian dollar 1. 13 1. 3,.3,.0 1,.15 French franc 5. 5 5.0 4,. 5,. 5,.5 German mark 15.3 15.1 14,.3 15.00 1,.9 Italian lira 9.45 9.9 9,.4 9.15,. Japanese yen.99 4.5 4.9..0,.51 Netherlands guilder 15. 15. 4 15.. 15.5 15. Swedish krona 5.3 5.3 5.4 5.3 5.3 Swiss franc 33.1 3.45 30..0 31., 34.45 U.K. pound 54. 54.9 54.0 53., 53.0 U.S. dollar..9..4..,50 Chart. 3-Month Forward Exchange Rates, Premium or Discount Canadian dollar -1,. -1,.0-1.5-1,.3-1.94 French franc 0.54 0,.49 0.55 0,.54 0..34 German mark 1. 1,. 1.19 1,.1 1..13 Italian lira -.5 -.4 -.3 -.41, -., Japanese yen 4.05, 3.95, 3.95 3.94, 3.9 Netherlands guilder 1,.1 1.15, 1,.14 1,.1 1,. Swiss franc.9,.,.3,.35.33, U.K.. pound -0,. -0..41-0,.4-0..4-0,.50 Chart 3. Gold Price in London, Afternoon Fixing 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 3.1 5.4 5.3.0 5.5 4.5.1 4.4 3.1 5.5 3.3 5.3 5.5.1 5.5 5.0.1 4. 3.3 4.3 35.03 5.95 5.90.1 5.5 4..1 4.5 3.0.0 3.0 5.93 5.9 0 5 1 90 35 0 3.41 5, 94 5. 93, 93 5. 5 4. 1. 15 4.93 3.31 5.5

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- Countries) Chart. Euro-Dollar Deposit Rates Overnight -day 1-month 3-month -month 1-year Chart. Selected Euro-dollar & U.S. Mone] Market Rates Overnight Euro-dollar deposits U.S. federal funds Differential 3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential Chart. Interest Arbitrage, 3-Month Funds Euro-dollar deposit Interbank sterling (London), covered Differential U.S. commercial paper Canadian finance paper, covered Differential Euro-dollar deposit Interbank DM (Frankfurt), covered Differential Euro-dollar deposit Swiss interbank, covered Differential Chart 9. Long Term Government Bellwether Bond Yields -year maturity, where available Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart. Stock Indices (Wednesday figures) >) Canada France Germany Japan Netherlands Switzerland United Kingdom United States an- 95 1-Feb-95 -Feb-95 15-Feb- 95 -Feb- 95. 4... 1. 1. 14. 49..4.,05. 0. 3 5. 5 5,.5 5..1 5. 0 5. 9 5. 00 5,.00 5..00 5. 00 5. 00.9.,.,.9. 5. 09 5.04 5..0 5. 01 5. 0 3.93 3.5, 3.,1 3. 9 3.4. 1.3..1. 9. 9 5. 33 5.9 5., 5. 5. 31 5. 3 5.5 5..90 5.,9 5..93 5. 54 5.5 5..94 5..3 5..94 5. 9 5.9..01 5..99..00. 3.0..1..15..13..59..50..4..39.39.0.09.0..91 5.,3 5.5 5..90 5..9 5..93 5.,4 5.3 5,.95 5.,93 5..94-0.,0-0.05-0,.05 0..03-0..01.,3.0..1..15..13.,4...1..1..14-0.,01-0.0-0..01-0..0-0.01..3.0.1.,15.13.3.1....1-0.. -0.01-0.05-0..0-0.0...4.1..1.14..5.50.44,.3.40-0,.35-0. -0. -0.0-0.,.3.0.1.15.13,.9.3.1.3.15-0.0-0.03-0.03-0.0-0.0.3.0.1.15.13.4.14.1.1.09-0.01 0.0 0.0-0.01 0.03 9.54, 9. 30 9.0..9..9.0.,1.0.9..04.55.44.41.41..43 4. 4.0 4.0 4.5 4.50 5.3 5..9 5.. 5..5 5,...1.5.5.55,.4..4,.53,.59..1.,.55.55,.40, 13.4 133.93 13. 13.4 13.33 140.13 141.9 143,. 144.4 140.1 113.9 114.5 11.40 119.05 11.9.3 1.1. 5.1 5.99 14.3 150.14 151.1 151.33 149.9 11.5 14.1 1.31 0.59 19.9 14.0 1.39 11.3 11.09 1.54 1.0 1.19 19.3 193.4 193.3 Indices (in order, rebased to 19=0) are Toronto Composite, CAC General spliced to SBF50 at dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite

FEDERAL RESERVE statistical release H.(51) February, 1995 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING FEBRUARY 4, 1995 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve 3ank 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 i DOLLAR) UNIT Feb. 0 Feb. 1 Feb. Feb. 3 Feb. 4 ^AUSTRALIA DOLLAR 0.415 0.30 0.35 0.33 AUSTRIA SCHILLING.393.354.343.39 BELGIUM FRANC 30.500 30.30 30.0 30.50 CANADA DOLLAR 1.3995 1.39 1.3943 1.3940 CHINA,P.R. YUAN.453.459.454.450 DENMARK KRONE 5.345 5. 5.150 5.135 *EURO COMMUNITY ECU H 1. 1.19 1.35 1.1 FINLAND MARKKA 4.55 4.5 4.5430 4.5540 FRANCE FRANC 5.1500 5.1400 5.1400 5.0 GERMANY D. MARK O 1.45 1.4 1.495 1.44 GREECE DRACHMA 33.14 3.9 3.4 3. HONG KONG DOLLAR.305.305.315.313 INDIA RUPEE L 31.3 31.3 31.33 31.400 *IRELAND POUND 1.55 1.50 1.550 1.530 ITALY LIRA 114.5 11.00 11.5 135.5 JAPAN YEN I 9.30 9.03 9.0 9. MALAYSIA RINGGIT.5540.5545.5540.553 MEXICO PESO 5.4400 5.9300 5.900 5.400 NETHERLANDS GUILDER D 1.559 1.49 1.41 1.45 *NEW ZEALAND DOLLAR 0.355 0.350 0.33 0.31 NORWAY KRONE.50.495.490.45 PORTUGAL ESCUDO A 153.11 15. 15.51 15.5 SINGAPORE DOLLAR 1.450 1.453 1.453 1.4505 SOUTH AFRICA RAND 3.50 3.595 3.05 3.15 SOUTH KOREA WON Y 95.90 91.0 91.0 91.0 SPAIN PESETA 19.90 19.330 19.50 19. SRI LANKA RUPEE 49.950 49.90 49.900 49.50 SWEDEN KRONA.3.3095.00.50 SWITZERLAND FRANC 1.40 1.490 1.500 1.43 TAIWAN DOLLAR.30.30.30.30 THAILAND BAHT 4.90 4.930 4.930 4.950 *UNITED KINGDOM POUND 1.515 1.50 1.5930 1.55 MEMO: ^UNITED STATES DOLLAR.3.13 5.99.1 *VALUE IS U.S. DOLLARS **INDEX OF WEIGHTED AVERAGE EXCHANu, ALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G- COUNTRIES. MARCH 193 = 0. WEIGHTS ARE 19- GLOBAL TRADE OF EACH OF THE COUNTRIES. SERIES REVISED AS OF AUGUST 19. 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 19 FEDERAL RESERVE BULLETIN. THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (0) 4-19. 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 (0) 45-344.