Selected Interest & Exchange Rates

(51/517) Selected Interest & Exchange Rates Weekly Series of Charts May,1991 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, DC. 551

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 $3. per year or $.7 each in the United States, Its possessions, Canada, and Mexico. Elsewhere. $35. per year or $. 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 1973= FOREIGN CURRENCY PRICE OF U.S. DOLLAR BELGIAN FRANC yv/ V> A RATIO SCALE MARCH 1973= i i I i i i I i i i I i i i SWISS FRANC I I I I I I l I I I I I I I I JAPANESE YEN i i I i i i I i i i I i i U.K. POUND i i i I i i i I i i i I i i i CANADIAN DOLLAR ' i l i ' i l ' ' i l i i DUTCH GUILDER i i I i i i I i i i I i i i GERMAN MARK I I ' I I I I I I I I I I I I I I I I» ' I I I I I ' ITALIAN LIRA FRENCH FRANC I I I I 1 I I I I I I I I I 199 1991» < i I i ' < l i i i I i i ' 199 1991

PERCENT PER ANNUM CANADIAN DOLLAR CHART 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY U.K. POUND PERCENT PER ANNUM I I I I I I I I I 1 1 I 1 1 1 GERMAN MARK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 JAPANESE YEN ^ A A A / lf\ ' V I I I I I I I I I I I I I I I SWISS FRANC i i i 1 i i i 1 i i i 1 i i i DUTCH GUILDER v/\ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r FRENCH FRANC ^ yvv^vx 'V- x * W. " V i i i 1 i i 1 1 1 1 1 i Y i i ITALIAN LIRA v * ~ i i i 1 i i i 1 i i 1 1 1 1 1 199 1991 1 1 1 1 1 1 1 1 1 1 1 1 i i i 199 1991

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 5 U.S. DOLLARS PER FINE OUNCE 5 5 5.5 Kg BARS AFTERNOON FIXING PRICE 3 3 3 3 3 3 3 Digitized for FRASER 19 i i I I I I I I 1 1 L 199 199 1991 3

CHART CALL MONEY RATES WEEKLY SERIES 1 CENT PER ANNUM PERCENT PER AN 1 U.S. FEDERAL FUNDS FRANCE JAPAN 1 i i i I i i i I i i i I i i i i i I i i i l i i i I i i i 1 GERMANY CANADA 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 1 UNITED KINGDOM SWITZERLAND NETHERLANDS i i ' l ' ' ' I ' ' i I i i i 199 1991 199 1991

CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES ENT PER ANNUM PERCENT PER ANh IUM U.S. CD'S WEIGHTED AVERAGE FOREIGN RATE SWISS INTERBANK RATE 1 i i i I i I ' I i ' i I I I I I I I I I I I I I I 1 1 1 U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER 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 GERMAN INTERBANK RATE FRENCH INTERBANK RATE i i i I i i i I < I i I I I I I I I I I I I I I I 1 JAPANESE CD RATE NETHERLANDS INTERBANK RATE ' i i I i ' i I i i i I i i i 199 1991 I I I I I I I I ' I I I I I ' 199 1991

CHART EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY 1 CENT PER ANNUM PERCENT PER AN 1 OVERNIGHT 3-MONTH 1 i ' i I i i ' l i ' i I i i ' i i i I ' i i I i i i I i i i 1 7-DAY -MONTH V - 1 i I i l ' ' I 1 1-MONTH 1-YEAR ' I» I ' ' ' i < ' l ' I ' i I i ' ' 199 1991 199 1991

PERCENT PER ANNUM 1 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 ANNUM 1 OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EURO-DOLLAR DEPOSITS FEDERAL FUNDS DASHED LINE 9-DAY CD'S DASHED LINE J I l I I I I I i i i J I I I I I i i i DIFFERENTIAL DIFFERENTIAL ma L I I I I 1 1 I 1 1 1 I i i i 199 1991 J 1 I I I l_ 199 J I i i i 11 1991

CHART INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY 1 DENT PER ANNUM PERCENT PER ANNUI INTERBANK STERLING COVERED LONDON CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS DASHED LINE U.S. COMMERCIAL PAPER DASHED LINE I 1 I I I 1 1 1 1 ' ' ' ' i i i I i i i I i i i I i DIFFERENTIAL DIFFERENTIAL + 1 I I I I I» I ' I I I I I I I I I 1 I I I I ' I I ' I INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED _ EURO-DOLLAR DEPOSITS DASHED LINE EURO-DOLLAR DEPOSITS DASHED LINE + DIFFERENTIAL ' I ' I I 1 I I ' I ' ' I I I I I DIFFERENTIAL» I» 1 I» I I 1 I 1 I 1 I I «I I I 1 I I 1 I I ' 1 1 I I 199 1991 199 1991

CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES 1 tcent PER ANNUM UNITED STATES CANADA PERCENT PER ANN! 1 1 i i i I i i i I i i ' I i i ' I I I I l l l I l l l I l l l UNITED KINGDOM FRANCE 1 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 i JAPAN i i i I i i i I i i i I NETHERLANDS I I I I I I I I I I I I I I ' GERMANY i i i l i i ' I i ' ' l i i ' 199 1991 i i I i i i I ' i i l i i ' 199 1991

19= 175 15 5 icale UNITED STATES CHART STOCK INDICES WEEKLY SERIES _ NETHERLANDS RATIO SCv 19= 75 5 35 3 5 i i i l i i i I i i l l i i i. JAPAN GERMANY 15 175 15 5 i i i I i i i I i i i I i i i. SWITZERLAND,FRANCE 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.canada. UNITED KINGDOM Digitized for FRASER i i i i i I i i i l i i i I I I I I I I I I I I I I 199 1991 199 1991

SERIES -Apr-91 l-may-91 -May-^l 15-May-91 -May-91 Chart 1. Spot Exchange Rates and Indices Noon buying rates (U.S. cents, weekly averages) Belgian franc.7999.793.7.3.7 Canadian dollar.531.771.73.7.997 French franc 17.9 17.31 17.5 17. 17.155 German mark 57.5 57.5 57.77 5.3 5.1 Italian lira.7793.775.7797.7.73 Japanese yen.731.791.7315.7.73 Netherlands guilder 51.9 51.7 51.7 51.75 51.3 Swiss franc.7.3. 9.7.3 U.K. pound 171.7 17. 171. 17.1 17.3 Indices, March 1973 base rates = Belgian franc 1.33 1.7 1. 111.7 111.7 Canadian dollar...59.5.71 French franc 7.9 7.75 7.7 77.5 77.3 German mark 11.9 11.7 1.33 1. 13.1 Italian lira.7.9.7 5.1.9 Japanese yen 19.5 19.33 19.3 1.75 19.7 Netherlands guilder 1.9 1.55 17.1 1.5 1. Swiss franc 19. 19. 19..1.9 U.K. pound 9.5. 9.1 9.9 9.9 Weighted average exchange value indices, Mar. 1973= Belgian franc.3.35.55 5.7. Canadian dollar.7.37.35 79.7.7 French franc 9.93 9. 9.3 7. 9.91 German mark 15.9 15.9 1.3 17.3 1.99 Italian lira 39. 39.5 39. 39.1 39.5 Japanese yen 191. 19.7 191.3 19. 19. Netherlands guilder 11.5 11.5 11.77.5.9 Swedish krona.5.51.1.7.5 Swiss franc 11.5 11.7 11.9.77 11.7 U.K. pound.7...71.79 U.S. dollar 9. 9.95 9.7 9.13 9. Chart. 3-Month Forward Exchange Rates, Premium or Discount Canadian dollar -3.9-3.5-3. -3.1 -.91 French franc -3. -3. -3.5-3. -3.5 German mark -.93-3.11-3.11-3.5 -.9 Italian lira -5.3-5.39-5. -5.1-5.1 Japanese yen -1.73-1. -1. -1.7-1.7 Netherlands guilder -.9-3.13-3.1-3.1-3. Swiss franc -.5 -.53 -.5 -.3 -.19 U.K. pound -5.3-5. -5.3-5.37-5.39 Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce 35. 35.37 355. 357. 355.3 Chart. Call Money Rates U.S. federal funds 5.9 5.9 5.79 5.7 5.79 Overnight Euro-dollar deposits 5.9 5.9 5.79 5. 5. Canada 9.3 9.35 9.33 9.3 9.13 France 9.9 9. 9.19 9.5 9.3 Germany....7. Japan.1.1.1 7.9 7.9 Netherlands..5 9.7..91 Switzerland 7. 7. 7. 7. 7.75 United Kingdom 11. 11.7.1.3.35

SERIES -Api 91 l-may-91 ~May~91 15-May-91 -May-91 Chart 5. 3-Month Interest Rates U.S. 9-day CD's, secondary market.9 5. 9 5.9 5.9 5. 9 Canadian finance paper 9. 9. 3 9.7 9.1 9. 7 French interbank rate 9.1 9. 9.13 9.9 9. 3 German interbank rate 9.7 9. 9. 9.. 99 Japanese CD rate 7.99 7.99 7.91 7.5 7. 7 Netherlands interbank rate 9.9 9. 11 9. 9.9 9. Swiss interbank rate.. 31.35.9. U.K. interbank sterling 11.73 11. 11. 11.55 11. 53 Weighted average foreign interest rate 9.5 9. 5 9.9 9. 9. 35 (G- Countries) Chart. Euro-Dollar Deposit Rates Overnight 5.9 5. 9 5.79 5. 5. 7-day. 5. 9 5.3 5.1 5. 1 1-month. 5. 9 5. 5.3 5. 1 3-month.13. 5.93 5.9 5. 9 -month.3. 1... 11 1-year.7. 1..5.,5 Chart 7. Selected Euro-dollar & U.S. Money Market Rates Overnight Euro-dollar deposits 5.9 5. 9 5.79 5. 5. U.S. federal funds 5.9 5. 9 5.79 5 :7 5. 79 Differential....,,1 3-month Euro-dollar deposit.13. 5.93 5.9 5. 9 U.S. 9-day CD's, secondary market.9 5. 9 5.9 5.9 5. 9 Differential..... Chart. Interest Arbitrage, 3-Month Funds Euro-dollar deposit.13. 5.93 5.9 5..9 Interbank sterling (London), covered.1. 5.95.3 5..9 Differential -.9 -. -. -.9 -..5 U.S. commercial paper.9. 5.91 5.93 5..9 Canadian finance paper, covered.3. 31...9 Differential -.1 -. 9 -.17 -.15 -. 15 Euro-dollar deposit.13. 5.93 5.9 5..9 Interbank DM (Frankfurt), covered.7 5. 9 5. 5.91 5,.9 Differential.5. 15.9. -..3 Euro-dollar deposit.13. 5.93 5.9 5.9 Swiss interbank, covered 5.9 5. 73 5.7 5.9 5,.77 Differential.. 3.19.5..17 Chart 9. Long Term Government Bellwether Bond Yields -year maturity, where available Canada 9.5 9. 5 9.5 9.59 9.. France.5..7.3..5 Germany.1. 1.3.39..3 Japan.5.....59 Switzerland.. 5.7.1 5..93 Netherlands.5..1..3 United Kingdom...19.,.37 United States.9. 5.3.. Chart. Stock Indices (Wednesday figures) Canada 11.7 11. 1 11. 115.37 11. France 13. 13. 11 133.9 13.3 13. Germany 1.1 1. 9 1.9.73.5 Japan 19.7 151. 11 15.5 1.3 1.1 Netherlands.5. 9 9.3.97 7.5 Switzerland 13.. 95..33 131. United Kingdom 151. 15. 153.93 19. 153. United States 153.77 15. 93 15.7 1.5 151.39 Indices (in order, rebased to 19=) 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.(5) FOREIGN EXCHANGE RATES May, 1991 FOR THE WEEK ENDING MAY, 1991 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 May. May. 1 May. May. 3 May. AUSTRALIA DOLLAR.7.775.7715.755.759 AUSTRIA SCHILLING.15..115..5 BELGIUM FRANC 35.53 35.3 35.5 35. 35.1 CANADA DOLLAR 1.19 1.1 1.19 1.159 1.195 CHINA,P.R. YUAN 5.333 5.333 5.39 5.3359 5.3359 DENMARK KRONE.55.55.59.5.55 *EURO COMMUNITY ECU 1.195 1.1995 1.19 1.19 1.13 FINLAND MARKKA.5.3.9..55 FRANCE FRANC 5.575 5. 5.5 5. 5.9 GERMANY D. MARK 1.775 1.75 1.7 1.7 1.71 GREECE DRACHMA 1.95 17.95 19.5 17.95 17.5 HONG KONG DOLLAR 7.7915 7.7915 7.75 7.77 7.75 INDIA RUPEE.7.5..7.7 IRELAND POUND 1.55 1.55 1.5535 1.5 1.55 ITALY LIRA. 71. 79. 7.5 71.5 JAPAN YEN 13. 137.5 13.5 137.73 13. MALAYSIA RINGGIT.755.7.757.75.759 NETHERLANDS GUILDER 1.93 1.99 1.93 1.9313 1.9 *NEW ZEALAND DOLLAR.5.5.575.575.5 NORWAY KRONE.717.75.7.7. PORTUGAL ESCUDO 15.95 19.55 15.5 19.95 19.5 SINGAPORE DOLLAR 1.7735 1.77 1.77 1.77 1.75 SOUTH AFRICA RAND.79.75.5.775.5 SOUTH KOREA WON 7.3 N.A. 7. 79. 7.9 SPAIN PESETA.9.1.3.3.3 SRI LANKA RUPEE 1.1 1. N.A. N.A. N.A. SWEDEN KRONA.55..17.155. SWITZERLAND FRANC 1.57 1.95 1. 1.53 1.5 TAIWAN DOLLAR 7. 7.55 7.5 7. 7.5 THAILAND BAHT 5.9 5.5 5.3 5.5 5. UNITED KINGDOM POUND 1.719 1.735 1.77 1.735 1.73 MEMO: WUNITED STATES DOLLAR 9. 91.9 9.37 9. 91.95 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 7 OF THE AUGUST 197 FEDERAL RESERVE BULLETIN. THIS RELEASE IS NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL ) 377-19.