Selected Interest & Exchange Rates

(56/57) Selected Interest & Exchange Rates Weekly Series of Charts February 5,990 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, DC. 2055

Table of Contents TABLES. LATEST FIGURES PLOTTED 2 DAILY CERTIFIED SPOT EXCHANGE RATES H.0 RELEASE CHARTS SPOT EXCHANGE RATE INDICES 2 3-MONTH FORWARD EXCHANGE RATES SUBSCRIPTION RATES: Weekly $2.00 per year or $.60 each in the United States, its possessions, Canada, and Mexico; 0 or more of the same issue to one address. $22. 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 m a form collectible at par m,j S Currency. 3. GOLD PRICE LONDON 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 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 MARCH 973=00 RATIO SCALE MARCH 973=00 0 r i r # 0 30 0 FOREIGN CURRENCY PRICE OF U.S. DOLLAR BELGIAN FRANC 0 00 90 80 i i i I i i i I i i i I i i i i i i I t i» i i i i I i i SW SS FRANC JAPANESEYEN i i ' I i» i I» i i I i» i U.K. POUND CANADIAN DOLLAR i ; i I ' ' i I ' t i I i i i 8Q 60 0 DUTCH GUILDER GERMAN MARK 0 00 0 0 00 90 80 70 i i i I ' i i l» i i I i» i FRENCH FRANC I I I I I I I I I I I ITALIAN LIRA 60 I I I I I I I I I I I I I I I ' '» I ' I ' ' I I 988 990 988 990

CANADIAN DOLLAR CHART2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY U.K. POUND A\ I i I I I I I l / v V V \. - I I I GERMAN MARK JAPANESE YEN III! i i i i ill i i I I SWISS FRANC DUTCHGUILDER "V I FRENCH FRANC ITALIAN LIRA f ^ w ^ v v ^ - i i i i i i i i i i i i i i 988 990 988 990

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 520 U S. DOLLARS PER FINE OUNCE 520 0 0 80.5 Kg BARS AFTERNOON FIXING PRICE 80 60 60 0 0 20 20 00 00 380 380 360 360 30 30 320 J I i i i l i i i 987 988 989 990 320

CHART CALL MONEY RATES WEEKLY SERIES 6 6 U.S. FEDERAL FUNDS FRANCE 0 6 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 0 6 CANADA GERMANY 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 I I I I 0 20 UNITED KINGDOM SWITZERLAND 6 NETHERLANDS i i i I i i i I i > «988 990 i i I i i i I i i i 988 990

CHARTS 3-MONTH INTEREST RATES WEEKLY SERIES 0 U.S. CD'S FRENCH INTERBANK RATE 0 WEIGHTED AVERAGE FOREIGN RATE I I I I I I t I I I I I ' ' I I I I I I U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER GERMAN INTERBANK RATE SWISS INTERBANK RATE JAPANESE GENSAKI RATE NETHERLANDS INTERBANK RATE ' I»» ' I ' '» 988 990 988 990

CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT r PER ANNUM OVERNIGHT 3-MONTH 0 0 i i i I i ' i l i i i I i» ' I «i» i JL_L 7-DAY 6-MONTH 0 0 i i i I < i ' l ' l '» i i i I i i i l ' ' ' I i i ' -MONTH -YEAR 0 0 ' '» l ' ' I i» I ' i 988 990 ' ' ' ' ' 988 990

CENT PER ANNUM 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 ANNL 0 8 OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EURO-DOLLAR DEPOSITS, 6 FEDERAL FUNDS DASHED LINE 90-DAY CD'S DASHED LINE 2 2 J I I I I I I ' J I I I I I I I I J L_L DIFFERENTIAL DIFFERENTIAL + 0 J I I I I I I I I I 988 990 -I I» I I I» I 988 990

CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY 6 6 INTERBANK STERLING COVERED LONDON CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS DASHED LINE U.S. COMMERCIAL PAPER DASHED LINE I I I I I I I I I I I I I ' ' i I ' i ' I ' i i I i» «DIFFERENTIAL rv ^ i - V ss DIFFERENTIAL A W V~-\/ 2 6 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 2 6 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS DASHED LINE EURO-DOLLAR DEPOSITS DASHED LINE pi I I I I I I I I I I I I I I I I ' I I I I '» I» o DIFFERENTIAL DIFFERENTIAL» liru jy,rt i i i I» i ' i i i I» ' i I» I I I ' I I ' ' ' 988 990 988 990

CHART9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES SCENT PER ANNUM PERCENT PER ANNU UNITED STATES CANADA «i i I i» i l i i i i» '» ' ' I UNITED KINGDOM FRANCE 8 6 0 ' * ' SWITZERLAND I I I I I JAPAN 8 6 2 0 8 I I I I I I I I l I NETHERLANDS MONTHLY I I I I I I I GERMANY I I I I I 2 6 2 I ' I I «' I I I ' 988 I I I 990 I I I I I I I I l» 988 990»

RATIO SCALE 986=00 75 UNITED STATES 5 CHART 0 STOCK INDICES WEEKLY SERIES L_ NETHERLANDS RATIO SCALE 986=00 I 75 5 00 00 75 75 00 3 i i i I i i i I i i i I i i i. JAPAN I I I I I I I I I I I I I I. GERMANY 75 300 2 5 00 75 00 75 5 00 I I I I I I I I I I I I I I I SWITZERLAND I I I I I I I I i» I I I I I FRANCE 75 5 00 75 75 75 I I I I I I I I I I I I I I I.CANADA i i i I i i i l i i i l i i. UNITED KINGDOM 75 5 5 00 00 75 75 I l l i i i I ' i i I i ' i I i i i 988 990 988 990

SERIES Chart. Spot Exchange Rates and Indices Noon buying rates (U.S. cents, weekly averages) 3-Jan-90 0-Jan-90 7-Jan-90 2-Jan-90 3-Jan-90 Belgian franc 2.7896 2.8377 2.8275 2.802 2.8368 Canadian dollar 86.267 86.80 86. 8.793 8.0 French franc 7.99 7.62 7.23 7.27 7.63 German mark 58.770 59.56 59.288 58.693 59.37 Italian lira 0.0783 0.0797 0.07952 0.07883 0.07978 Japanese yen 0.69078 0.69279 0.68756 0.68530 0.6989 Netherlands guilder 52.032 52.775 52.583 52.088 52.62 Swiss franc 6.55 65.28 66.297 66.059 66.963 U.K. pound 6.22 6.70 65.82 6.68 67.07 Indices, March 973 base rates = 00 Belgian franc 09.92.82.2 0..78 Canadian dollar 85.98 85.89 85.86 8.5 83.77 French franc 77. 78.69 78.5 77.83 78.69 German mark 65, 33 67.55 66,.78 65,. 66.86 Italian lira 5 02 5.62 5..65 5. 25 5, 80 Japanese yen 80, 87 8 39 80..03 79. 3 8.,9 Netherlands guilder 9. 37 5. 5. 96 9. 53 5. Swiss franc 206. 39 20. 9 23, 28 2. 52 25. 3 U.K. pound 65. 2 66. 62 67. 07 66. 6 67. 57 Weighted average exchange value indices, Mar. 973=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 0.7 05.56 05.29 05.3 05.5 80. 79.52 79.59 78.8 77.0 7. 7.55 7.6 7.30 7.56 7.67 72.3 7.72 7.0 7.60 39.6 39.80 39.88 39.79 39.97 83.0 82.03 80.72 8.3 82.66 5.5 6.5 5.77 5.3 5.77 66.66 66.8 66.9 66 #76 66.78 99.97 202.05 205.05 205.72 206.9 58.97 59.73 60.26 60.25 60.69 93.73 92.59 92.72 93.52 92.59 Chart 2. 3-Month Forward Exchange Rates» Premium Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound $ 0 r Discount -3.62-3.7-3.73-3.67-3.97-3.5-3.6-2.90-2.70-2.56-0 27-0.6-0.03 0.05 0.06 -. -.33 -.33 -.25 -.36.5..27.30.27-0.9-0.59-0.6-0.58-0.5-0.92 -.0 -.32 -.26 -. -6.35-6.36-6.6-6.7-6.29 Fixing U.S. dollars per fine ounce 398.53 03.73 3.2. 7. Chart. Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 8 32 8.22 8.20 8.23 8.2 8.83 8.8 8.09 8.5 8.09.00.3.05.33.30.09 0.76 0.33 0.53 0.63 8.06 7.70 7.67 7.77 6.55 6. 6.9 6.2 6.3 6.8 8.65 8.60 8.7 8.7 8.33 8.2 9.8 8.88 8.88 8.88.8.9.90.8.7 Digitized for FRASER

3-Jan-90 0-Jan-90 7-Jan-90 2-Jan-90 3-Jan-90 Chart 5. 3-Month Interest Rates U.S. 90-day CD's, secondary market 8.23 8.5 8. 8.20 8.9 Canadian finance paper.3.27.9.07.0 French interbank rate.38.5.2.00 0.98 German interbank rate 8.2 8.28 8.6 8.2 8.6 Japanese gensaki rate 5.85 5.9 6.00 6.0 6.5 Netherlands interbank rate 8.70 8.8 8.83 8.8 8.78 Swiss interbank rate 8.88 9.3 9.0 9.0 9.58 U.K. interbank sterling 5.06 5.06 5.5 5.25 5.06 Weighted average foreign interest rate 9.9 9.97 9.95 9.96 9.96 (G-0 Countries) Chart 6. Euro-Dollar Deposit Rates Overnight 8.83 8.8 8.09 8.5 8.09 7-day 9.06 8.20 8.09 8. 8.3 -month 8.3 8.23 8.5 8.23 8.9 3-month 8.25 8.23 8.5 8.26 8.25 6-month 8. 8.20 8.6 8.33 8.3 -year 8.3 8.9 8.20 8.9 8.5 Chart 7. Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits 8.83 8.8 8;09 8.5 8.09 U.S. federal funds 8.32 8.22 8.20 8.23 8.2 Differential 0.5-0.0-0. -0.08-0.5 3-month Euro-dollar deposit 8.25 8.23 8.5 8.26 8.25 U.S. 90-day CD's, secondary market 8.23 8.5 8. 8.20 8.9 Differential 0.02 0.08 0.0 0.06 0.06 Chart 8. Interest Arbitrage, 3-Month Funds Euro-dollar deposit 8.25 8.23 8.5 8.26 8.25 Interbank sterling (London), covered 8.8 8.7 8.29 8.53 8.5 Differential -0.23-0.2-0. -0.27-0.29 U.S. commercial paper 8.22 8.09 8.0 8. 8.3 Canadian finance paper, covered 8.60 8.5 8.35 8.28 8.30 Differential -0.35-0.23-0.20-0.02^ -0.05 Euro-dollar deposit 8.25 6.23 8.5 8.26 8.25 Interbank DM (Frankfurt), covered 7.93 8.22 8.3 8.29 8.22 Differential 0.32 0.0 0.02-0.03 0.03 Euro-dollar deposit 8.25 8.23 8.5 8.26 8.25 Swiss interbank, covered 7.93 8.09 8.05 8. 8.0 Differential 0.32 0.3 0.0 0.5 0.5 Chart 9. Long Term Government Bond Yields Canada 9.77 9.85 ND ND ND France 9.85 9.68 0.05 0.0 ND Germany 7.75 7.85 7.88 8.00 8.03 Japan 5.96 6.20 6.60 6.62 ND Switzerland 5.75 5.82 5.97 ND ND United Kingdom 9.60 9.6 9.82 0.09 0.07 United States 7.9 8.0 8.3 8.30 8.7 Chart 0. Stock Indices Canada 33. 3.35 9.0 5.35 3.5 France 52.32 9.5 6.95.03 3.0 Germany 5.99.86 3.09 09.67 3.97 Japan 27.88 2.26 205.6 20.58 207.00 Netherlands.86 08.77 0.92 02.26 05.08 Switzerland 37.7 37.33 3.0 30.35 3.85 United Kingdom 52.69.23 7.0.87.62 United States 5..23 37.37 3.26 33.3 Indices (in order, rebased to 986=00) are Toronto Composite, CAC General, FAZ AKtien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite

FEDERAL RESERVE statistical release H.0(5) FOREIGN EXCHANGE RATES February 5, 990 FOR THE MEEK ENDING FEBRUARY 2, 990 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 Jan. 29 (CURRENCY UNITS PER DOLLAR) Jan. 30 Jan. 3 Feb. Feb. 2 AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK 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 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 76.3.80 35.070.885.7339 6.875 3..9600 5..700..6790 57..5 7..85 6..970 58..05 9..25 3..3 2..700..89 59..0 6..925 7..90..8690 2..55 687..70 08..65 0. 08 6. 00 860 N. A. 25. 690 67. 80 76.600.80 35.60 906 7339 6.75 3.9700 5.75..685 57..00 7..80 6..960 57..65..00..0 2..6990..8955 59..700 6.. 8..30..865 2..5 688..30 08..63 0. 08 6. 90 N A. 25. 690 68. 8 76.8.893 35.300.858.7339 6.535 3.9900 5.7300..6880 57..80 7..80 6..970 57..30 53....55 2..6990..9027 60.. 6..530 8..08..860 2..5635 689. 00 08. 85 0. 08 6. 600 0 26. 32 25. 730 67. 9 77.020.835 35..86 7339 6. 3.9900 5.7090.685 57.70 7..80 6..960 57..80 9..75..90 2..6975..8963 59..830 6..9 8..0..86 2. 5600 689. 08. 73 0. 08 6. 00. 982 26. 058 25. 720 68. 5 77.3 2.75E20 35.2.887.7339 6.520 3.9800 5.7320.6860 57.70 7.80 6.960 57.30 52. 5.38 2.6990.909 60.030 6.80 8.60.8675 2.5575 690.0 08.83 0.08 6.0.970 26.080 25.720 68.7 MEMO: UNITED STATES DOLLAR 92.22 92.39 92.6 92.2 92.66 VALUE IS U.S. CENTS **IN0EX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-0 COUNTRIES. MARCH 975 = 00. WEIGHTS ARE 972-76 GLOBAL TRADE OF EACH OF THE 0 COUNTRIES. SERIES REVISED AS OF AUGUST 978. 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 978 FEDERAL RESERVE BULLETIN.