Selected Interest & Exchange Rates

(51/517) Selected Interest & Exchange Rates Weekly Series of Charts July 5,199 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, DiC. 0551

-e > 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.

1 0 90 SCALE H 1973=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 RATIO S MARCH 197 0 70 0 90 70 50 30 190 170 i ' i I ' I ' I i i SWISS FRANC BELGIAN FRANC i i i I i ' i l» i ' I ' ' ' JAPANESE YEN 150 1 1 I 1 1» I» 1 1 I i i i I '» ' I ' ' ' i ' 5 75 5 55 5 00 U.K. POUND i i i I i i i I i i i I i i ' DUTCH GUILDER CANADIAN DOLLAR I I ' I 1 I I I I I GERMAN MARK 0 ' I I ' I I I I i ' ' I 1 1 1 I 1 1 1 l 1 1 1 5 95 5 75 5 - FRENCH FRANC ITALIAN LIRA 55 ' i I i ' i l i ' ' I i i i I I I I I I I I I I I I I 1 I 199 199 199 199

CHART 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY GERMAN MARK U.K. POUND i i l i i i I i i i I i i i i i i I i» i 1 i i i I i i i CANADIAN DOLLAR JAPANESE YEN I I 1 1 1 1 I I 1 I 1 I 1 1 1 1 1 I 1 1 I I 1 I I 1 1 1 1 1 SWISS FRANC DUTCH GUILDER I I I I I I I I I I I I I I I + 0 FRENCH FRANC ITALIAN LIRA 1 i i i l i i i l i i i I i I I I I ' I I I ' ' I ' I I 199 199 199 199 1 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 00 30 30 30 30 30 30 # 30 1991 199 1993 199 30

CHART CALL MONEY RATES WEEKLY SERIES DENT PER ANNUM PERCENT PER ANH SWITZERLAND U.S. FEDERAL FUNDS JAPAN I I I I I I I I I J I I I I I I I I I I I I I I 0 9 9 GERMANY 7 NETHERLANDS 7 5 1 1 1 PRANGE 1 1 CANADA UNITED KINGDOM 199 199 199 199 0

CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES 1 13 WEIGHTED AVERAGE FOREIGN RATE CANADIAN FINANCE PAPER U.K. INTERBANK STERLING NETHERLANDS INTERBANK RATE JAPANESE CD RATE FRENCH INTERBANK RATE SWISS INTERBANK GERMAN INTERBANK RATE 199 199 199 199

CHART EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ;ENT PER ANNUM PERCENT PER ANH OVERNIGHT 3-MONTH i i i I i i i I ' i i I I I I I I 1 I I I 1 I I I 7-DAY -MONTH I I I I I I I I I I I I I 1-MONTH 1-YEAR ' i i I ' ' i l i i i 1 i i i 199 199 i i i I i i i l i i i I i i i 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 V- DIFFERENTIAL DIFFERENTIAL W WW s V v v ^ V " M ^ ^AA ^ ^ A. I I I I I I I I I L J I I I I I I L 199 199 199 J I L 199

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 r DIFFERENTIAL EURO-DOLLAR DEPOSITS DASHED LINE I I 1 I I I I I I I 1 I I I Ak V'" v Vw U.S. COMMERCIAL PAPER DASHED LINE ' I I ' I I ' I I I I I I DIFFERENTIAL 1 1 1 1 ' 0 1 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURO-DOLLAR DEPOSITS' DASHED LINE i i i I i i i i i i I i i i EURO-DOLLAR DEP DASHED LINE I I I I DIFFERENTIAL DIFFERENTIAL f - 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 199 199 199 199

CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES 9 ( UNITED STATES UNITED KINGDOM 11 CANADA i i ' l i i i I i i i I i i i FRANCE 5 i i I i i i I i i i i i i SWITZERLAND JAPAN l. L. I LJ_._LJ_._L_1 i i i I i i i I JJ L_J J. NETHERLANDS GERMANY I I I I I I I I I I 199 199 199 199

19= 0 00 SCALE 00 UNITED STATES CHART STOCK INDICES WEEKLY SERIES UNITED KINGDOM RATIO S< 19 50 5 00 175 150 i i i l i i i l i i i l i i i SWITZERLAND i i i I i i i I i i i ARAN 15 0 GERMANY CANADA 0 0 195 FRANCE i i i l i i ' I ' ' ' l i i U- NETHERLANDS 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 199 199 199 199

# l-jun-9 -Jun-9 15-Jun-9 -Jun-9 9-Jun-9 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 1 tj.k. pound.953 7.15 17.790 0.0 0.07 0.9551 5.0 71.300 151..913 7.573 17.597 0.0 0.01 0.9530 53.55 70.79 150.73.9357 7. 17.751 0. 0.03 0.93 53.95 71.777 151. 3.01 71.997 1.1.1 0.030 0.977 55.77 73.775 153. 3.00 7.119 1.01 3.053 0.039 0.9990 5.3 75.07 15.1 Indices, March 1973 base rates = Belgian franc Canadian dollar French franc German mark >Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 0 11.39 71.9 0.17 171.09 3.01 50. 155.5 9.3 1.17 11.9 7.33 79.9 1.91 35.5 9.5 153.7 7.7 0.9 Weighted average exchange value indices, Mar. 1973-0 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swedish krona ISwiss franc U.K. pound U.S. dollar Chart. Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 1.0 5. 7.99 17. 30.3 1.0 150.33 5.35 0.57 5.33 9.50 3-Month Forward Exchange Rates, Premium or Discount -1. -1.0-0.5-3.0.5-0.51 0.30-0.1 Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce 115. 7.1 79.99 170.1 35.77 53.51 15. 30.91 1.7 11.95 71.7 1.95 17. 3.1 5.7 159. 37.3 1.97 3.05 31.31 33. 39.35.0 71..9 177.37 3.7 1.59 11.3 1.5.1 9.3 9.3 111. 00 111. 1.50 5.95.5 3.93 7. 7. 73.9 73.1 175.35 175. 17.5 179. 30.0 30. 30.57 30. 5 1. 9. 3.. 19.,0 19.5 151.,5 15.3 51. 9 51..5 51.,91 5.,1 0.. 5.31..99 5.5 5.7 5.30 5.30 93.9 9,.1 90.9 9.7-1.1-1.1 -.1-1.9-1.0-0.97-1.01-0.9-1.0-0.7-0.0-0. -3.1-3. -3.7-3.5.50.53.55. -0.5-0. -0.39-0.7 0.15 0. 0.7 0. -0. -0.5-0.5-0. 3.0 Chart. Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada I France ' Germany Japan Netherlands Switzerland 'United Kingdom.7.13.1.19.19.0.15..15.1 5.71 5..7 5..5 5., 5..59 5.9 5., 5,.3 5.31, 5,.33., 5,.0.99,.9, 5.0.01, 1,.97.00.00,.01 5.11 5.05.97..9..05 3.5 3.95 3..1.95..70.71

Chart 5. 3-Month Interest Rates 1-Jun-9 -Jun-9 15-Jun-9 -Jun-9 9-Jun-9 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).51. 5. 5. 0. 13 5. 05. 13 5. 1..7.31 5. 5 00 11 5, 0. 5 5. 17. 5..1 5 0 9,. 9. 1 5.. 1.9.73 5..95.1.9.5 5.09.9..0 5..90 1 9 19 11 90 Chart. Overnight 7-day 1-month 3-month -month 1-year Chart 7. Euro-Dollar Deposit Rates 0 1 0 50 3 1 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), covered Differential Euro-dollar deposit Swiss interbank, covered Differential Chart 9. Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart. Canada France Germany Japan Netherlands Switzerland United Kingdom.50.5-0.0.5.0-0.0.50.9 0.01.50.3 0.07 Long Term Government Bellwether Bond Yields -year maturity, where available Stock Indices (Wednesday figures).3 7.1.9 3..1 7.00.3 7.13 1.95 157.19.09 1.0 1.55.3. 15..15.19.5..0 5.1..55-0.09.55. -0.13. 3.7 0...0 0.0.3 7.0. 9. 0 5. 01 7...97.01 11. 11.5 1.3 17.1 9.0 17.1 1.05..1.3.5.7 5.3.5.51-0.0.5.55-0.03.5.50-0.05.5. 0.03.7 7.0.9.0 5.13 7.0. 7.0 13. 155.30 11.01 1. 17.3 5.33 1.19 1.3.15.19.3..0 5.39..5-0.05.5.5 0.00..55-0.07..5-0.0 9. 7.79 7.1.3 5.1 7.9.75 7.1 135.0 150. 11.11 1.9 11.35 17.30 179.3 13.7 1 3 3 1 9 5.0.15..15.1.7.13.1.19.19-0.19 0.0-0. 11-0. 0-0.05.50.,.5,.. 1.51.7..9. -0.00-0..01 0..01-0..01-0..01.1.7-0.0.3.3-0.0.1.5-0.0.1.5-0.0 9.35 7.5.9.7 5. 7.0.5 7.0 13. 151.95 11.39 1.0.70 17.7 17.30 11.37 to SBF50

FEDERAL RESERVE statistical release RB.^. H.1(51) FOREIGN EXCHANGE RATES July 5, 199 FOR THE WEEK ENDING JULY 1, 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 (CURRENCY UNITS PER DOLLAR) UNIT Jun. 7 Jun. JUn. 9 Jun. 30 Jul. 1 ^AUSTRALIA DOLLAR 0.7 0.70 0.77 0.73 0.7 AUSTRIA SCHILLING 11.0 11.11 11. 11.15 11.0 BELGIUM FRANC 3.5 3.50 3.0 5.30 3.30 CANADA DOLLAR 1.375 1.3 1.30 1.35 1.3 CHINA,P.R. YUAN 0.73.733.7.717.7001 DENMARK KRONE.1970.075..0.515 *EURO COMMUNITY ECU 1.11 1.11 1.00 1.075 1.007 FINLAND MARKKA S.% 5.705 5. &.70 5.315 FRANCE FRANC 5.00 5.00 5.75 5.355 5.570 GERMANY D. MARK 1.570 1.5 1.537 1.550 1.595 GREECE DRACHMA 3.50 3.0 39.13 ^0.00 0. HONG KONG DOLLAR 7.7*95 7.795 7.790 7.7300 7.795 INDIA RUPEE 31.370 Si.370 31.373 31.370 31.373 ^IRELAND POUND 1.530 1.5300 1.530 1.5* 1.500 ITALY LIRA 1557.00 151.00 1571.50 177.00 153.75 JAPAN YEN 0.05 0.03 9. 9.51 9.51 MALAYSIA RINGGIT.590.590.05.03.0 MEXICO PESO 3.3950 3.39 3.390 3.000 3.3950 NETHERLANDS GUILDER 1.770 1.773 1.777 1.7771 1.7 *NEW ZEALAND DOLLAR 0.597 0.591 0.59 0.5950 0.5975 NORWAY KRONE.70.90.9055.9150.9590 PORTUGAL ESCUDO 1. 1.1 1.7 13.0 1&. SINGAPORE DOLLAR 1.57 1.553 1.537 1.59 1.530 SOUTH AFRICA RAND 3.150 3.00 3.0 3.50 3.50 SOUTH KOREA WbN 09.0.0 09.0 0.70 0.30 SPAIN PESETA 130.090 130.90 130.0 130.90 131.30 SRI LANKA RUPEE 9.0 9.050 9. 9.090 9.050 SWEDEN KRONA 7.5915 7.075 7.0 7.590 7.00 SWITZERLAND FRANC 1.3 1.30 1.3315 1.335 1.3355 TAIWAN DOLLAR.91.91..1.5 THAILAND BAHT 5.00 5.00 5.030 5.00 5.00 *UNIT D KINGDOM POUND 1.595 1.551 1.5 1.53 1.5390 MEMO: i*united STATES DOLLAR 9. 9.55 9.5 9.59 9.9 VALUE IS U.S. DOLLARS **INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G- COUNTRIES. MARCH 1973 =. 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.