Selected Interest & Exchange Rates

(56/5) Selected nterest & Exchange Rates Weekly Series of Charts June 2,995 Prepared by the FNANCAL MARKETS SECTON DVSON OF NTERNATONAL FNANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DuC. 2058

Table of Contents TABLES. LATEST FGURES PLOTTED 2. DALY CERTFED SPOT EXCHANGE RATES H.0 RELEASE CHARTS. SPOT EXCHANGE RATE NDCES 2. 3-MONTH FORWARD EXCHANGE RATES 3. GOLD PRCE LONDON 4. CALL MONEY RATES 5. 3-MONTH NTEREST RATES 6. EURO-DOLLAR DEPOST RATES. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES 8. NTEREST ARBTRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YELDS 0. NDUSTRAL STOCK NDCES SUBSCRPTON RATES: Weekly $30.00 per year or $.0 each in the United States, its possessions, Canada, and Mexico. Elsewhere. $35.00 per year or $.80 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 SPOT EXCHANGE NDCES DOLLAR PRCES OF FOREGN CURRENCES AND WEGHTED AVERAGE VALUES (THN LNE) AVERAGES FOR WEEK ENDNG WEDNESDAY RATO SCALE MARCH 93=00 20 FOREGN CURRENCY PRCE OF U.S. DOLLAR 00 BELGAN FRANC RATO SCALE MARCH 93=00 50 30 80 0 «' '» ' ' 90 390 SWSS FRANC JAPANESE YEN 330 20 20 U.K. POUND CANADAN DOLLAR 50 05 85 65 ' ' ' ' ' ' 45 25 DUTCH GULDER GERMAN MARK 95 5»» 55 5 95 FRENCH FRANC TALAN LRA 55 5 35 55 i i i i i i i i i i i 993 995» 993 995 Digitized for FRASER 5

2 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMUM (+) OR H AVERAGES FOR WEEK ENDNG WEDNESDAY U.K. POUND 2 CANADAN DOLLAR JAPANESE YEN SWSS FRANC DUTCH GULDER FRENCH FRANC % TALAN LRA 993 995 992 994

CHART 3 PRCE OF GOLD N LONDON AVERAGES FOR WEEK ENDNG WEDNESDAY U.S. DOLLARS PER FNE OUNCE 420 U.S. DOLLARS PER FNE OUNCE 420 2.5 Kg BARS AFTERNOON FXNG PRCE 400 400 380 -- 380 360 360 340 340 320 99 992 993 994 995 320

CHART 4 CALL MONEY RATES WEEKLY SERES 0 SWTZERLAND U.S. FEDERAL FUNDS JAPAN NETHERLANDS GERMANY FRANCE CANADA UNTED KNGDOM 993 995 993 995

CHART 5 3-MONTH NTEREST RATES WEEKLY SERES 0 ENT PER ANNUM PERCENT PER AM 9 CANADAN FNANCE PAPER 8 WEGHTED AVERAGE FOREGN RATE 6 5 4 U.S. CD'S 2 2 i i i i i i i i i i i i i i i i i i i i i i i i 3 0 NETHERLANDS NTERBANK RATE 9 U.K. NTERBANK STERLNG 8 6 5 4 i ' ' i»»»»» «3 3 5 JAPANESE CD RATE FRENCH NTERBANK RATE 9 3 0 i» i i i ' ' ' i i»^i i i i i i i i i 5 8 GERMAN NTERBANK RATE 9 6 SWSS NTERBANK 4 5 2 i i l i i i i i i i i i 993 995 ' «' «' 993 995 3

CHART 6 EURO-DOLLAR DEPOST RATESLONDON AVERAGES FOR WEEK ENDNG WEDNESDAY 8 8 OVERNGHT 3-MONTH 6 i i i i ' ' ' i [ 2 8 -DAY 6-MONTH 6 ' ' i i i i i i i i i '» ' -MONTH -YEAR 6 ' ' 993 995 993 995

CHART SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DFFERENTAL: PLUS(+), FAVORS BORROWNG N U.S. AVERAGES FOR WEEK ENDNG WEDNESDAY ML i OVERNGHT EURO-DOLLAR DEPOSTS 3-MONTH EURO-DOLLAR DEPOSTS FEDERAL FUNDS DASHED LNE 90-DAY CD'S DASHED LNE J L J L J L_J L DFFERENTAL DFFERENTAL, * A n.a, ^.ftr\,. Digitized for FRASER J L J L J L 993 995 993 995

CHART 8 NTEREST ARBTRAGE: 3-MONTH FUNDS DFFERENTAL: PLUS(+), NDCATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDNG WEDNESDAY 6 NTERBANK STERLNG COVERED LONDON CANADAN FNANCE CO. PAPER, COVERED 5 EURO-DOLLAR DEPOSTS DASHED LNE U.S. COMMERCAL PAPER DASHED LNE 3 ' i i ' i i i i i i _L_L i i i ' '» DFFERENTAL DFFERENTAL ' '» '» 6 NTERBANK DM COVERED FRANKFURT SWSS NTERBANK (SF) COVERED EURO-DOLLAR DEPOSTS A DASHED LNE ^URO-DOLLAR DEPOSTS DASHED LNE 3 '» ' ' i i '»» DFFERENTAL DFFERENTAL >a/\aa\ ^ \ffo~ J_L» ' » * 993 995 ' ' ' ' ' ' ' 993 995

CHART 9 LONG-TERM GOVERNMENT BOND YELDS WEEKLY SERES 9 UNTED KNGDOM CANADA FRANCE SWTZERLAND JAPAN NETHERLANDS GERMANY i i i i i i i i i 993 995 993 995

RATO SCALE 986=00 220 i UNTED STATES CHART 0 STOCK NDCES WEEKLY SERES UNTED KNGDOM RATO SCALE 986=00 200 80 60 40 SWTZERLAND JAPAN» J_L 20 60 40 20 00 GERMANY CANADA ' ' ' 80 80 40 60 20 40 00 20 80 90 FRANCE i i NETHERLANDS 00 80 0 60 50 40 30 20 0» i» ' i i ' 993 995 ' i l l i i i i 00 993 995

Chart. Spot Exchange Rates and ndices Noon buying rates (U.S. cents, weekly averages) Belgian franc Canadian dollar French franc German mark talian lira Japanese yen Netherlands guilder Swiss franc U.K. pound ndices, March 93 base rates = 00 Belgian franc Canadian dollar French franc German mark talian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 0-May-95 -May-95 24-May-95 3-May-95 -Jun-95 3.5302 3.625 20.542 2.80 0.0626.92 64.998 88.6 59.9 3.386 3.6 9.8 69.53 0.06055.5586 62. 83.30 56.63 Weighted average exchange value indices, Mar. 93=00 Belgian franc Canadian dollar French franc German mark talian lira Japanese yen Netherlands guilder Swedish krona Swiss franc U.K. pound U.S. dollar Chart 2. Canadian dollar French franc German mark talian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 3-Month Forward Exchange Rates, Chart 3. Gold Price in London, Afternoon Fixing U.S. dollars per fine ounce 3.3644 3.430 9.53 69.230 0.05958.462 6.849 83.025 5.05 3.4853 2.953 20.303.626 0.0606.9223 63.9 86.694 59.88 3.4502 2.59 20.6 0.98 0.0608.96 63.295 85.862 59.20 39. 33,.43 32.5 3,.34 35..96 3.,38 3,.52 3,.9 2. 2,.36 92.5 89,.3 8.93 9,.49 90.85 204.9 95,.55 94.5 20..49 99,.6 35,.6 34,.5 34,.20 35,,05 35.06 33,.60 302.64 300.3 32,. 308.90 86.60 8.48.56 83,.6 8,. 283.65 26.99 26.0 28,.9 26.23 64.68 63.35 63.52 64.6 64.39 9.8.2 6. 96 8.55 8. 02 60. 05 6. 82 6. 86 59. 96 60. 02 6.43 5. 35 4.65 6.0 6.00 93.6 88. 93 89. 9. 80 90.48 26. 9 2. 30 26. 98 2.04 2. 22 299.35 295. 85 294.8 300. 40 298. 85 63.54 60.9 60.8 62.3 6. 29 50.99 5. 34 5. 23 50.85 5. 29 246.95 239.03 239. 48 244.64 243.0 5. 59 5.,84 52.29 52.,03 52.,2 8.,2 83.84 84.39 82.,0 82..62 Premium or Discount -..26 -,.22 -..28 -..3 -..29 -..3-0,.98 -..8 -..49 -..40,.5..56..62,.63..52-4.4, -3., -4.5, -4.58, -4.66, 4.84, 4.86, 4.89, 5,.02 4.88,.58.62,.69,.69,.42 2.2 2.59 2.5, 2.88, 2.62-0.66-0.60-0.44-0.52-0.5 38.3 383.54 382.53 385.34 384.20 Chart 4. Call Money Rates U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom 6.00 6.02 5.99 6.02 6.0 5.94 5.94 5.94 5.94 5.94.85.62.64.62.45.6.56.5.56.4 4.45 4.45 4.42 5.22 4.45.2.29.24.24.24 4.35 4.32 4.36 4.8 4.3 3.03 3.3 3.08 3.3 3.4 5.5 6.38 5.90 5.9 6.05

Chart 5. 3-Month nterest 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-0 Countries) Chart 6. Euro-Dollar Deposit Rates Overnight -day -month 3-month 6-month -year Chart. Selected Euro-dollar & U.S. Mone y 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 8. nterest Arbitrage, 3-Month Funds Euro-dollar deposit nterbank sterling (London), covered Differential U.S. commercial paper Canadian finance paper, covered Differential Euro-dollar deposit nterbank DM (Frankfurt), Differential Euro-dollar deposit Swiss interbank, covered Differential Chart 9. Canada France Germany Japan Switzerland Netherlands United Kingdom United States covered Dnd Yields 0-year maturity, where available Chart 0. Stock ndices (Wednesday figures) Canada France Germany Japan Netherlands Switzerland United Kingdom United States Financial Times Ordinary, NYSE Composite Digitized for FRASER May -95 -May -95 24-May-95 3-May -95 -Jun-95 6.02 6.03 6.02 5.9 5.84.58.44.52.50.34.44 6.96.0.42.20 4.50 4.50 4.4 4.45 4.43.33.34.34.24.5 4.46 4.44 4.39 4.30 4.26 3.2 3.39 3.30 3.3 3.9 6.5 6.60 6.5 6.54 6.56 4.94 4.88 4.89 4.84 4.6 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.90 5.99 5.98 5.99 5.98 5.90 6.04 6.03 6.02 5.9 5.84 6. 6.06 6.06 5.96 5. 6.29 6.09 6. 5.96 5.69 5.94 5.94 5.94 5.94 5.94 6.00 6.02 5.99 6.02 6.0-0.06-0.08-0.05-0.08-0.0 6.04 6.03 6.02 5,.9 5.84 6.02 6.03 6.02 5.9 5.84 0,.02 0,.00-0.0-0,.00 0.0 6..04 6..03 6.02 5..9 5.84 6..08 5..99 6.06 6..0 5.98-0..04 0..04-0.04-0..04-0.4 6..06 6..0 6.05 6. 02 5.90 6.,29 6.,9 6.2 6. 6 6.02-0. 23-0. 3-0.6-0. 4-0.2 6. 04 6. 03 6.02 5.9 5.84 6. 09 6. 08 6. 6. 09 5.96-0. 05-0. 05-0.09-0. 3-0.2 6. 04 6. 03 6.02 5. 9 5.84 6. 0 6. 00 6.0 6. 02 5.83 0. 04 0. 03-0.06-0. 05 0.0 8. 05 8. 0 8.03. 98.4. 62. 45.43. 39.3 6. 92 6. 84 6.80 6. 65 6.65 3. 48 3.43 3.30 3.04 2.9 4. 5 4. 4.6 4.69 4.6. 00 6. 95 6.88 6. 6 6.4 8. 24 8. 4 8.02. 85.6 6. 0 6. 6 6.5 6. 35 6.3 42.6 53.99 4.0 0.05 54.96 220.26 94.28 20.6 45 54 6 99 55 226 4 6 63 20 6 2 94.5 208.42 48.00 52.9 6.45 96.5 56.64 22.93 95.30 208.6 48.25 5.0 5.0 94.83 56.0 22.33 94. 20.5 49. 53.5 8.2 95.53 5.3 228.35 9.9 20.95 to SBF250

FEDERAL RESERVE statistical release iisi$&; H.0(52) FOREGN EXCHANGE RATES June 2, 995 FOR THE WEEK ENDNG JUNE 9, 995 The Board of Governors of the Federal Reserve System is advisee! that the federal Reserve Bank of New York: has certified for customs purposes the following noon buying rates m New York City for cable transfers payable m foreign currencies: COUNTRY MONETARY UNT T (CURRENCY UNTS PER DOLLAR) Jun. 5 Jun. 6 Jun. Jun. 8 Jun. 9 ^AUSTRALA DOLLAR AUSTRA SCHLLNG BELGUM FRANC CANADA DOLLAR CHNA,P.R. YUAN DENMARK KRONE *EURO COMMUNTY ECU FNLAND MARKKA FRANCE FRANC GERMANY D. MARK GREECE DRACHMA HONG KONG DOLLAR NDA RUPEE ^RELAND POUND TALY LRA JAPAN YEN MALAYSA RNGGT MEXCO ; PESO NETHERLANDS GULDER *NEW ZEALAND DOLLAR NORWAY KRONE PORTUGAL i ESCUDO SNGAPORE DOLLAR SOUTH AFRCA RAND SOUTH KOREA WON SPAN PESETA SR LANKA RUPEE SWEDEN KRONA SWTZERLAND FRANC TAWAN!DOLLAR THALAND BAHT *UNTED KNGDOM; POUND 0.43 9.880 28.800.32 8.398 5.45.385 4.365 4.980.4050 225.2.345 3.400.6250 623.50 84.63 2.452 6.800.54 0.6680 6.2395 4.5.395 3.60 63.80 2.00 50.220.2220.555 25.60 24.660.5955 0.65 9.960 29.090.380 8.3204 5.5230.308 4.3480 4.9665.462 22.5.350 3.400.6200 636.50 85.0 2.430 6.250.5835 0.603 6.340 48. 3930 3.60 63.80 2.920 49.90.2385.00 25.40 24.690.5900 0.205 9.88 28.880.3805 8.383 5.4850.356 4.3080 4.9500.4050 225.9.345 3.42.6240 642.25 84.24 2.4392 6.500.56 0.620 6.2590 4.88.39 3.690 64.90 22.20 49.850.235.580 25.690 24.650.5942 0.22 9.953 29.00.338 8.366 5.520.308 4.340 4.9800.452 22.90.345 3.40.620 646.25 84.90 2.4385 6.2300.5832 0.603 6.3230 48.84.3923 3.6805 64.00 22.660 49.950.2390.685 25.690 24.00.5920 0.200 9.8 28.850.369 8.3200 5.490.36 4.390 4.9250.4035 226.6.345 3.420.6290 634.00 84.40 2.448 6.200.505 0.6680 6.2425 4.56.3920 3.650 63.50 2.60 50.200.225.585 25.690 24.660.5945 MEMO: **UNTED STATES! DOLLAR 82.22 82.9 82.3 82. 82.25 *VALUE S U.S. DOLLARS **NDEX OF WEGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGANST CURRENCES OF OTHER G-0 COUNTRES. MARCH 93 = 00. WEGHTS ARE 92-6 GLOBAL TRADE OF EACH OF THE 0 COUNTRES. SERES REVSED AS OF AUGUST 98. FOR DESCRPTON AND BACK DATA, SEE "NDEX OF THE WEGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVSON" ON PAGE 00 OF THE AUGUST 98 FEDERAL RESERVE BULLETN. THS RELEASE S AVALABLE ONLNE THROUGH THE FACLTES OF THE DEPARTMENT OF COMMERCE'S ECONOMC BULLETN BOARD. FOR NFORMATON, CALL (202) 482-986. FOR NFORMATON ABOUT YOUR SUBSCRPTON TO THS RELEASE OR ABOUT RECEVNG T N DOCUMENT FORM, PLEASE CALL PUBLCATONS SERVCES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.