(51/517) Selected Interest & Exchange Rates Weekly Series of Charts May 1,199 Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DlC. 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. CALL MONEY RATES 5. 3-MONTH INTEREST RATES. EURO-DOLLAR DEPOSIT RATES 7. 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 $.70 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.
10 1 0 90 SCALE H1973=0 CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY FOREIGN CURRENCY PRICE OF U.S. DOLLAR RATIOS MARCH 197' 0 70 0 90 70 50 30 190 170 150 5 75 5 55 5 00 10 10 10 10 i i i l i i i l i i ' l i i i SWISS FRANC i i i l i i i I i i i l i i i U.K. POUND i i I I II i I II i I III DUTCH GUILDER BELGIAN FRANC I I I I I I I I I I I I I I JAPANESE YEN i i i l i i i i» i i I I I i CANADIAN DOLLAR i i I i i i I i i i I i I i GERMAN MARK 0 5 95 5 75 5 FRENCH FRANC ITALIAN LIRA 55 199 199
GERMAN MARK CHART 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR H AVERAGES FOR WEEK ENDING WEDNESDAY U.K. POUND 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 CANADIAN DOLLAR / 1 II f JAPANESE YEN A VaZ^' / " 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SWISS FRANC 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 DUTCH GUILDER r + 0 FRENCH FRANC 1 1 1 1 1 II t i l l l i i i ITALIAN LIRA 1 i i i I i i i I ' i i I i i I 199 199 i i i 1 i i i 1 I 1 1 1 I 1 1 1 1 199 199 1
CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 0 U.S. DOLLARS PER FINE OUNCE 0 00 1.5 Kg BARS AFTERNOON FIXING PRICE 30 30 30 30 J 1 1 1 I i I I I I i I i i i 1991 199 1993 199
CHART CALL MONEY RATES WEEKLY SERIES CENT PER ANNUM PERCENT PER AN SWITZERLAND U.S. FEDERAL FUNDS JAPAN i i i l i i i I i ' I I i i i I i i i l ' i ' I i i i 0 9 9 GERMANY NETHERLANDS 7 7 5 1 i i i I i i i I ' i ' I i ' ' i i i I i i i l i i i l i i i 5 1 1 FRANCE 1 1 CANADA UNITED KINGDOM I ' I ' ' i 199 J_L 199 i i ' I ' ' l ' ' i I i i i 199 199
CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES 1 WEIGHTED AVERAGE FOREIGN RATE CANADIAN FINANCE PAPER U.S. CD'S 1 13 U.K. INTERBANK STERLING 7 NETHERLANDS INTERBANK RATE 9 7 JAPANESE CD RATE 5 3 FRENCH INTERBANK RATE 1 SWISS INTERBANK GERMAN INTERBANK RATE 199 199 199
CHART EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY OVERNIGHT 3-MONTH I I I I 1 I I I > 1 I '» ' I i» I i i i I ' ' 7-DAY -MONTH ' I i i I «1 1 I 1 1 1 I I 1 I I I I ' ' 1-MONTH 1-YEAR - I i i i I i i i ' ' l i i i I i i ' l ' i ' 199 199 199 199
CHART 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EURO-DOLLAR DEPOSITS FEDERAL FUN DASHED LINE 90-DAY CD'S DASHED LINE J I I I l l I l l l I I l L DIFFERENTIAL DIFFERENTIAL /A-yiyVVj SA y^y^v'''^/ ra% J I I I L J I I I I I L J_J I I I I I I I I I I L 199 199 199 199
CHART INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY INTERBANK STERLING COVERED LONDON V l CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS DASHED LINE i i i 1 i ' ' I i ' ' I i U.S. COMMERCIAL PAPER DASHED LINE DIFFERENTIAL DIFFERENTIAL i i i I i ' i I i ' i I i i INTERBANK DM & COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS' DASHED LINE i i I i i i I i i 1 I ' 1 1 EURO-DOLLAR DASHED LINE DIFFERENTIAL DIFFERENTIAL i i ' I I ' ' i I i i i 199 199 i i i I i i i 1 i i i l ' ' 11 199 199
CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES 9 ( UNITED STATES UNITED KINGDOM 11 11 i i i I i i ' I ' i ' l ' i ' CANADA FRANCE I I I I I I I I I I I I I I I SWITZERLAND JAPAN 5 3 i i I i i i I ' ' ' I ' ' NETHERLANDS i ' ' I l i ' ' l i ' GERMANY 1 1 1 l 1 1 1 I 1 i l 1 1 1 i i i I i i i I i i i l ' ' i 199 199 199 199
RATIO SCALE 19=0 0 UNITED STATES CHART STOCK INDICES WEEKLY SERIES UNITED KINGDOM RATIO SCALE 19=0 190 170 150 130 SWITZERLAND i ' I i i ' I ' i i I i i ' JAPAN 1 10 10 10 150 15 0 0 10 10 i i i I i i i l i i i l i i GERMANY i i i i i i CANADA l I ' 0 10 15 150 10 135 0 10 5 0 i i i l i i i I ' i i I i i i i i I i ' i l i ' ' I i i i 90 195,FRANCE NETHERLANDS 10 10 15 15 130 150 135 115 10 0 5 ' I ' i i i i ' i I I» I I I ' I ' I ' 199 199 199 199 5
Chart 1. 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 1973 base rates = 0 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 13-Apr-9 0-Apr-9 7-Apr-9 -May-9 11-May-9.3 7.339 17.03 5.3 0.015 0.90 51.957 9.177 17.35.50 7.19 17.099 5.50 0.013 0.95 5.17 9.00 17.70 Weighted average exchange value indices, Mar. 1973=0 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. 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 U.S. dollars per fine ounce. 7.571 17.31 59.5 0.0199 0.9937 5.1 9.1 19.7.9351 7.300 17.3 0. 0.07 0.99 53.13 71.00 151.01 31.0 375. 37.90 375.01.915 7.17 17.517 0.09 0.057 0.903 53.7 70.05 19.1 111.1 11.11 113.7 115. 11.90 7. 71.95 7.33 7.0 7.1 7.7 77.05 7.05 79.50 7.9 1.0 1.79 17. 19.9 1.9 35.1 35.15 35.5 3.03 35.91 51.53 5.9 53.1 57.30 53. 19.1 19.7 151.1 15.9 153.5.55..0..50 59.0 59.7 0.5 1.0 0.3 7.5 7.91.55 9. 9.1 7.31 7.01.75 5.7. 71.1 71.33 71. 7.7 7.1 17.31 17.77 173.99 175.15 175.05 30.73 30. 30.77 30. 30.91.53 9.53 7.9.5.05 1.90 17.0 17.9 19.0 1.93 5. -5.* 5.5 53.3 53. 1.50 17.71 1. 19.5 1. 5.03 5.0 5.31 5.0 53.90 95.01 9.7 93.71 9.3 93.11-1. -1.79-1.73-1.7-1. -.1-1. -1.7-1.1-0.91-1.7-1. -1. -0.9-0.1 -.03-3.70-3.59-3.53-3.07 1.73 1. 1.95.1.5-1.37-1.15-1.09-0.1-0.3-0.1 0.09 0.1 0. 0.0-1.7-1.0-1.01-0.7-0. 377.91 Chart. Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 3.37 3.59 3.59 3.7 3.70 3.3 3.50 3.55 3.1 3.75 5.53 5.7 5.5 5.5 5.3.0.01 5.9 5.5 5.7 5.9 5.50 5.3 5.5 5.0.09..11.15.0 5.39 5.7 5.5 5. 5.3.15 3.93 3.7 3.3.1CT.3.3 5.05.7.5
>r -9 0-Apr -9 7-Apr -9 -May-9 11-May-9 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) 3..00...1 5.9.0.1.1. 5.9 5.91 5.79 5. 5. 59 5.5 5.50 5.35 5. 5. 0..7.7.7. 5.3 5.0 5. 5.1 5. 0.03 3.91 3.91 3. 3. 5.15 5. 5.09 5.1 5. 19 5.11 5.07 5.0 5.01.9 Chart. Euro-Dollar Deposit Rates Overnight 3.3, 3.50 3.55 3.1 3.75 7-day 3,.50 3.5, 3.9 3.71, 3.91, 1-month 3.3 3.70, 3.0 3,.9.0, 3-month 3..00,.13.1.0, -month.5,.39.50.59.9, 1-year.5, 5.0 5.1 5..3 5.0 Chart 7. Selected Euro-dollar & U.S. Money 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),..Differential Euro-dollar deposit Swiss interbank, covered Differential Chart 9. Canada France Germany Japan Switzerland Netherlands United Kingdom United States covered -year maturity, where available Chart. Stock Indices (Wednesday figures) Canada France Germany Japan Netherlands Switzerland United Kingdom United States Indices (in order, rebased to 19=0) 3.3 3.50 3.55, 3.1 3.75 3.37 3.59, 3.59 3.7 3.70 0.0-0.09-0.0, -0..15 0.05 3.,.00,.13,.1,,0 3.,.00,.,.,.1-0.01-0,.00 0,.03-0..01-0.01 3.,.00.13.1,.0, 3,.7.03.07.,,.70 0,.01-0.03 0.05-0.05-0. 3.95.05.1..5.3,.3.39.1.77-0.. -0.1-0.5-0.1 >0.13 3,..00.13.1.0, 3.,.0.1.3., 0,.0-0.0 0.01-0.17-0.0 3.,.00.13.1,.0 3..00.1.3,., -0.01-0.00 0.00-0,.15-0.0 >nd Yields,.00..0..5..9.73.,.5 7.0,....1.5.70.09.03.03 3.97,.01.5.5.79.73,.77,.3.1.70..79 7.51 7.70 7.7 7.95,.1,.90 7.05.9 7.09, 7.3 11.59 13.3 1.9 1. 13.90 170.9 15.91 1.5 1.33 19.3 15,. 1.0 17. 17.95 17.03 1,.1 1.00 11. 10.9 13. 15,.15 15.7 15.0 150.3 151.9 37,. 35.1 33.1. 1.17 19,.9 191.07 19.7 191.15 193.3 11,.9 179. 1.0 1.33 179.75 at dec9, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite Digitized for FRASER OJ to SBF50
FEDERAL RESERVE statistical release H.(51) FOREIGN EXCHANGE RATES May 13, 199 FOR THE WEEK ENDING MAY 13, 199 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 May. 9 (CURRENCY UNITS PER DOLLAR) May. May. 11 May. 1 May. 13 ^AUSTRALIA DOLLAR AUSTRIA SCHILLING BELGIUM FRANC CANADA DOLLAR CHINA,P.R. YUAN DENMARK KRONE *EURO COMMUNITY ECU FINLAND MARKKA FRANCE FRANC GERMANY D. MARK GREECE DRACHMA HONG KONG DOLLAR INDIA RUPEE XIRELAND POUND ITALY LIRA JAPAN YEN MALAYSIA RINGGIT MEXICO PESO NETHERLANDS GUILDER *NEW ZEALAND DOLLAR NORWAY KRONE PORTUGAL ESCUDO SINGAPORE DOLLAR SOUTH AFRICA RAND SOUTH KOREA WON SPAIN PESETA SRI LANKA RUPEE SWEDEN KRONA SWITZERLAND FRANC TAIWAN DOLLAR THAILAND BAHT *UNITED KINGDOM POUND 0.7190 11.33 3.00 1.3797.53.750 1.15 5.3905 5.95 1.50.0 7.77 31.370 1.35 157.50.70.115 3.330 1.57 0.5790 7.1750 170.9 1.597 3.15 09.0 13.30.900 7.0 1.15.0 5. 1.975 0.7 11.757 3.0 1.37.0.500 1.150 5.0 5.70 1.715.50 7.75 31.370 1.500 159.00.00.15 3.3350 1.770 0.515 7.70 17.5 1.5535 3.10 11.50 137.00.90 7.7535 1.30.770 5.30 1.905 0.71 11.75 3.0 1.371.9.505 1.157 5.75 5.730 1.715.70 7.70 31.370 1.590 10.50..130 3.350 1.75 0.505 7.0 17.91 1.5537 3.0.00 13.350 9.030 7.7570 1.0.70 5.50 1.911 0.7175 11.735 3.350 1.30.710.555 1.1550 5.315 5.70 1..0 7.7 31.373 1.5 159.00.3.10 3.3300 1.793 0.517 7.3 17.07 1.5535 3.0 09.0 137.0.950 7.715 1.70.0 5.50 1.995 0.7 11.75 3.390 1.375..535 1.15 5.500 5.75 1.700 7.55 7.75 31.370 1.15 101.5.90.0 3.30 1.79 0.535 7.30 17.5 1.55 3.500 09. 13.00 9.50 7.750 1.55.0 5.50 1.95 MEMO: **UNITED STATES DOLLAR 9.0 93.0 93. 93.30 93.3 *VALUE IS U.S. DOLLARS **INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER J>- COUNTRIES. MARCH 1973 = 0. WEIGHTS ARE 197-7 GLOBAL TRADE OF EACH OF THE COUNTRIES. SERIES REVISED AS OF AUGUST 197. 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 197 FEDERAL RESERVE BULLETIN. THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (0) -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) 5-3.