h13_19890717.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

July 1 7 , 1 9 8 9 DIVISION OF INTERNATIONAL FINANCE

Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, DC. 20551

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents

TABLES

1. LATEST FIGURES PLOTTED

2. DAILY CERTIFIED SPOT EXCHANGE R A T E S -H.10 RELEASE

CHARTS

1. SPOT EXCHANGE RATE INDICES

2. 3-MONTH FORWARD EXCHANGE RATES

3. GOLD PRICELONDON

4. 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

SUBSCRIPTION RATES:

Weekly $24.00 per year or $.60 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $22.50 per year or $.55 each. Elsewhere, $30.00 per year or $.70 each. Address requests to Publications Services, Division of Administrative Services, and make pay-ment 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. INDUSTRIAL STOCK INDICES


140

120

100

90

80

70

280

240

200

180

160

140

120

100 90

80

70

60

50

200 180

160

140

120

100

120

100

9 0

80

7 0

60

50

1=100

140

120

100

90

80

70

280

2 4 0

200

180

160

140

120

100 90

80

70

60

50

200 180

160

140

120

100

60

50

4 5

40

3 5

30

2 5

CHART 1

SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)

AVERAGES FOR WEEK ENDING W E D N E S D A Y

SCALE 1973=100

RATIO S< MARCH 1973

FOREIGN CURRENCY PRICE OF U.S. DOLLAR BELGIAN FRANC

-

I I I I I I

S W I S S FRANC J A P A N E S E YEN

1 1 l l l l l l 1 1 1

CANADIAN DOLLAR

U.K. POUND

GERMAN MARK DUTCH GUILDER

- ITALIAN LIRA

FRENCH FRANC

1987 1989 1987 1989


CHART 2

3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-)

AVERAGES FOR WEEK ENDING WEDNESDAY

PERCENT PER ANNUM

4

CANADIAN DOLLAR

I I I

AV I I I

^ ^ V x / "

GERMAN MARK

I I I I I I

S W I S S FRANC

f

A . " I I I I I I M l n h i h i , I

PERCENT PER ANNUM

4

U. K. POUND

I I I I I I

A* \ -JAP A N E S E YEN

IK -

I I I I I I I I I I I I I i l l I

DUTCH GUILDER

-

I I I I I I

FRENCH FRANC ITALIAN LIRA

- 4

12

1 9 8 7 1 9 8 9 1987 1989


U.S.

520

500

480

460

440

420

400

380

360

340

320

300

520

500

480

460

440

420

400

380

360

340

320

300

CHART3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

LLARS PER FINE OUNCE U.S. DOLLARS PER FINE 01

12.5 Kg BARS AFTERNOON FIXING PRICE

I I I I I

1986 1987 1988 1989


16

12

8

4

0

16

12

8

4

0

16

12

8

4

0

16

12

8

4

0

16

12

8

4

0

20

16

12

8

4

0

CHART4

CALL MONEY RATES WEEKLY SERIES

;ENTPER ANNUM PERCENT PER ANI

U.S. FEDERAL FUNDS FRANCE

AA .A K . f

JAPAN

I I I I I I

GERMANY

UNITED KINGDOM

CANADA

NETHERLANDS

SWITZERLAND

4 jr; i l l 1987 1989 1987 1989


12

10

8

6

4

2

16

14

12

10

8

6

8

6

4

2

0

10

8

6

4

2

12

10

8

6

4

2

16

14

12

10

8

6

8

6

4

2

0

10

8

6

4

2

CHART 5

3-MONTH INTEREST RATES WEEKLY SERIES

ENTPER ANNUM

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

m i l l 11

FRENCH INTERBANK RATE

I I I I I I

PERCENT PER AM

U.K. INTERBANK STERLING

GERMAN INTERBANK RATE

CANADIAN FINANCE CO. -

PAPER

f -

I I I u l i i h i l l i

- SWISS INTERBANK RATE J -

I I I I I I

-

JAPANESE GENSAKI RATE

I I I

NETHERLANDS INTERBANK RATE -

I I I I I I I I I I I I I I

1 9 8 7 1989 1 9 8 7 1989


14

12

10

8

6

4

14

12

10

8

6

4

14

12

10

8

6

4

14

12

10

8

6

4

14

12

10

8

6

4

14

12

10

8

6

4

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

?ENT PER ANNUM PERCENT PER ANH

3-MONTH OVERNIGHT

7-DAY 6-MONTH

1-MONTH 1-YEAR

I I I I I I

-

1987 1989 1987 1989


14

12

10

8

6

4

2

2

1

+ 0

1

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+),FAVORS BORROWING IN U.S.


FEDERAL FUNDS DASHED LINE

OVERNIGHT EURO-DOLLAR DEPOSITS

I I I

11

DIFFERENTIAL

11

3-MONTH EURO-DOLLAR DEPOSITS

90-DAY CD'S DASHED LINE

LLU

i i i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

DIFFERENTIAL

1 1 1 1 1 1 1 1 1 9 8 7 1 9 8 9

ENTIAL SCALE = 2 PERCENT ON RATE SCALE

1987


16

12

8

4

0

2

+ 0

2

16

12

8

4

0

2

+ 0

2

16

12

8

4

0 2

+ 0

2

16

12

8

4

0

2

+ 0

2

CHART8

INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS


ENT PER ANNUM

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

i i l l i I i i i i i l i i I i i I i i l l i

DIFFERENTIAL

I I I I I I i i l i i h i l i i I I I I i l l i l l I

PERCENT PER ANLS

~ CANADIAN FINANCE CO. PAPER, COVERED

-

A jpv\

U.S. COMMERCIAL PAPER ~ DASHED LINE

I I I I I I i i I i i I i i l l i u l i i h i l i i

DIFFERENTIAL

I I I I I I I I I I I I I I I I l I I I I I I I I I I

INTERBANK DM COVERED FRANKFURT


1L

DIFFERENTIAL

1 1

I I I I I I I I I l l l l l I I I I I i l l I

SWISS INTERBANK (SF) COVERED


I I I H i l l I

DIFFERENTIAL

I I I I I I I I I I I I I I I I I l l l l 1987 1989

I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1987 1989


CHART9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

PERCENT PER ANNUM

14

12 UNITED STATES -

10 - 1

v X "

8 " W j V " V . 6 I M M i r i i h i l i i l n I l l l l l l l l l l

14

UNITED KINGDOM 12

10

8

i l l 11 6

10

SWITZERLAND 8

6

4

2

10

NETHERLANDS MONTHLY 8

6

4

2

1987 1989

PERCENT PER ANNUM

CANADA

14

FRANCE

JAPAN

10

GERMANY

1987 1989


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969*100

RATIO SCALE 1969*100

600

500 - -

400 UNITED STATES -

300 - I ' -

200 - -

150 I I I I I I i i l i i h i l i i

600

500

400

300

200

800 JAPAN

600 - -

500 - -

400 - } \ \ f -

300 -J -

200 I I I I I I

300

250 SWITZERLAND

200 -

150 - -

100 I I I I I I , i l ,

600

- - 500

NETHERLANDS J " 400 V s A JK 300

- 200

1 1 1 n l i i i i i l i i 150

CANADA

I I I

' V I I I

l y - V " W V

GERMANY

FRANCE

UNITED KINGDOM

1987 1989 1987 1989


S E R I E S NAME LAST T I L T H PLOTTED

DATE VALUE

CHART 1 . SPOT EXCHANGE BATES AND I N D I C E S

WEEKLY AVERAGES, NOON BUYING RATES ( 0 . S . CENTS)

GERMAN MARK J U L Y 1 2 5 3 . 26 JAPANESE YEN JULY 1 2 0 . 7 1 5 9 8 DUTCH GUILDER J U L Y 1 2 4 7 . 2 3 U . K . POUND JULY 1 2 1 6 2 . 7 4 CANADIAN DOLLAR J U L Y 1 2 8 4 . 0 1 FRENCH FRANC JULY 1 2 1 5 . 7 0 SWISS FRANC JULY 1 2 6 1 . 9 6 BELGIAN FRANC JULY 1 2 2 . 5 4 4 7 3 I T A L I A N L I R A JULY 12 0 . 07 3 3 5 SWEDISH KRONA JULY 1 2 1 5 . 5 2

I N D I C E S , MAPCR 1 9 7 3 BASE BATES = 1 0 0

GERMAN MARK J U L Y 1 2 1 4 9 . 8 1 JAPANESE YEN JULY 1 2 1 8 7 . 4 7 DUTCH GUILDER J U L Y 1 2 13 5 . 5 9 U . K . POUND J U L Y 1 2 6 5 . 8 2 CANADIAN DOLLAR JULY 1 2 8 3 . 7 3 FRENCH FRANC JULY 1 2 7 0 . 76 SWISS FPANC J U L Y 1 2 1 9 9 . 33 BELGIAN FRANC J U L Y 1 2 1 0 0 . 2 8 I T A L I A N L I R A JULY 1 2 4 1 . 6 7

WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , MAR 1 9 7 3 = = 1 0 0 ( G - 1 0 COUNTRIES PLUS SWITZERLAND)

U . S . DOLLAR J U L Y 1 2 9 8 . 6 7 GERMAN MARK JULY 1 2 1 6 0 . 1 5 JAPANESE YEN JULY 1 2 1 9 9 . 7 6 DUTCH GUILDER JULY 1 2 1 3 6 . 9 5 U . K . POUND J U L Y 12 6 2 . 33 CANADIAN DOLLAR JULY 1 2 8 1 . 6 5 FRENCH FRANC JULY 1 2 6 7 . 21 SWISS FRANC J U L Y 1 2 23 1 . 14 BELGIAN FRANC JULY 12 9 9 . 13 I T A L I A N LIRA J U L Y 1 2 3 8 . 5 3 SWEDISH KRONA J U L Y 1 2 6 7 . 12

CHAPT 2 . 3-MONTH FORWARD EXCHANGE P A T E S , PREMIU1 OR DISCOUNT

CANADIAN DOLLAR JULY 12 - 3 . 11 U . K . POUND J U L Y 1 2 - 4 . 7 0 GERMAN MARK JULY 12 2 . 0 8 FRENCH FPANC J U L Y 12 - 0 . 0 8 SWISS FRANC JULY 1 2 1 . 93 DUTCH GUILDER JULY 1 2 1 . 8 5 JAPANESE YEN JULY 1 2 3 . 6 3 I T A L I A N L I R A JULY 1 2 - 2 . 9 6


LAST VALUE PLOTTED S E R I E S NAME DATE VALUE

. GOLD P R I C E I N LONDON, AFTERNOON F I X I N G

U . S . DOLLARS P E S F I N E OUNCE J U L Y 12 3 8 2 . 16

. CALL MONEY RATES

U . S . FEDERAL FUNDS JULY 12 9 . 31 OVERNIGHT EURO-DOLLAR D E P O S I T S JULY 12 9 . 19 U . K . JULY 1 2 1 3 . 7 5 CANADA JULY 12 1 2 . 3 2 GERMANY JULY 12 6 . 9 3 JAPAN J U L Y 12 5 . 02 FRANCE JULY 1 2 8 . 9 6 NETHERLANDS JULY 1 2 6 . 8 5 SWITZERLAND JULY 1 2 6 . 3 8

. 3-MONTH I N T E R E S T RATES

U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET JULY 1 2 8 . 8 2 GERMAN INTERBANK LOAN JULY 1 2 6 . 9 9 JAPANESE GENSAKI RATE JULY 1 2 4 . 6 5 CANADIAN FINANCE PAPER JULY 1 2 1 2 . 2 3 INTERBANK S T E R L I N G JULY 12 1 3 . 9 3 SWISS INTERBANK LOAN JULY 12 6 . 92 FRENCH INTERBANK RATE JULY 1 2 9 . 0 6 NETHERLANDS INTERBANK RATE JULY 1 2 7 . 0 3 WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE JULY 1 2 8 . 5 1

( G - 1 0 COUNTRIES PLOS SWITZERLAND)

CHART 6 . EURO-DOLLAR D E P O S I T P A T E S : LONDON

OVERNIGHT JULY 1 2 9 . 19 7 -DAY JULY 1 2 9 . 1 5 1-KDNTH JULY 1 2 9 . 1 0 3-MONTH JULY 12 8 . 91 6-MONTH JULY 12 8 . 7 3 1-YEAR JULY 1 2 8 . 5 8

ZHAPT 7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES

OVERNIGHT EURO-DOLLAR D E P O S I T S JULY 12 9 . 19 U . S . FEDERAL FUNDS JULY 1 2 9 . 31 D I F F E R E N T I A L JULY 1 2 -0 . 12

3-MONTH EURO-DOLLAR DEPOSIT RATE JULY 12 8 . 9 1 U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET JULY 1 2 8 . 82 D I F F E R E N T I A L JULY 1 2 0. 0 9


S E R I E S NAME L I S T VALUE P L 3 T T E D

DATE VALUE

CHART 8 . I N T E R E S T A R B I T R A G E , 3-MONTH FUNDS

EURO-DOLLAR D E P O S I T J U L Y 12 8 . 9 1 INTERBANK S T E R L I N G ( L O N D O N ) , COVERED JULY 1 2 9 . 06 D I F F E R E N T I A L J U L Y 1 2 - 0 . 1 5

U . S . COMMERCIAL PAPER JULY 1 2 8 . 7 5 CANADIAN FINANCE P A P E R , COVERED JULY 1 2 9 . 0 3 D I F F E R E N T I A L JULY 1 2 - 0 . 2 8

EURO-DOLLAR D E P O S I T JULY 1 2 8 . 9 1 INTERBANK DM (FRANKFURT) , COVERED J U L Y 1 2 9 . 19 D I F F E R E N T I A L JULY 1 2 - 0 . 19

EURO-DOLLAR D E P O S I T J U L Y 1 2 8 . 9 1 SWISS I N T E R B A N K , COVERED J U L Y 1 2 8 . 89 D I F F E R E N T I A L JULY 1 2 0 . 0 3

C H A P r 9. LONG TERM GOVERMEN? BOND Y I E L D S

UNITED STATES J U L Y 7 8 . 0 3 GERMANY JULY 7 6 . 8 4 JAPAN J U L Y 7 5 . 12 SWITZERLAND J U L Y 7 5 . 16 CANADA J U N E 2 3 9 . 7 4 FRANCE JULY 7 9 . 0 9 NETHERLANDS (MONTHLY) A P R I L 7 . 0 9 UNITED KINGDOM JULY 7 9 . 2 3

U . S . CORPORATE

AAA BONDS MAY 9 . 3 3

CHART 1 0 . STOCK I N D I C E S

UNITED S T A T E S JULY 5 3 3 8 . 3 3 UNITED KINGDOM JULY 5 3 9 5 . 2 9 CANADA J U L Y 5 3 7 3 . 6 2 GERMANY JULY 5 2 6 6 . 6 4 SWITZERLAND JOLY 5 2 5 4 . 5 2 NETHERLANDS J U L Y 5 4 3 5 . 3 8 FRANCE J U L Y 5 4 8 5 . 5 1 J A P A N J U L Y 5 6 5 7 . 3 7


FEDERAL RESERVE statistical release

JULY 1 4 , 1 9 8 9 H . 1 0 ( 5 1 2 )

FOREIGN EXCHANGE RATES FOR THE MEEK ENDING JULY 1 4 , 1 9 8 9

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 (CURRENCY UNITS PER DOLLAR)

COUNTRY MONETARY

UNIT JULY 1 0 JULY 11 JULY 12 JULY 1 3 JULY 14

AUSTRALIA DOLLAR 7 6 . 4 3 7 5 . 8 4 7 6 . 1 1 7 5 . 5 2 7 5 . 5 7 AUSTRIA SCHILLING 1 3 . 1 0 2 1 3 . 2 4 5 1 3 . 1 9 4 1 3 . 2 4 8 1 3 . 3 8 0 BELGIUM FRANC 3 8 . 9 2 0 3 9 . 3 4 0 3 9 . 2 6 0 3 9 . 4 0 0 3 9 . 8 4 0 CANADA DOLLAR 1 . 1 8 8 6 1 . 1 9 0 3 1 . 1 9 0 1 1 . 1 9 3 0 1 . 1 9 1 8 CHINA,P .R. YUAN 3 . 7 3 1 4 3 . 7 3 1 4 3 . 7 3 1 4 3 . 7 3 1 4 3 . 7 3 1 4 DENMARK KRONE 7 . 2 3 0 0 7 . 3 0 8 0 7 . 2 9 4 0 7 . 3 2 5 0 7 . 4 0 9 5 FINLAND MARKKA 4 . 2 2 6 0 4 . 2 6 0 0 4 . 2 5 7 5 4 . 2 5 8 0 4 . 2 9 4 5 FRANCE FRANC 6 . 3 0 5 0 6 . 3 7 4 0 6 . 3 6 5 0 6 . 3 8 8 0 6 . 4 5 9 0 GERMANY D. MARK 1 . 8 5 8 0 1 . 8 8 0 5 1 . 8 7 6 0 1 . 8 8 2 0 1 . 9 0 3 5 GREECE DRACHMA 1 6 1 . 4 5 0 1 6 2 . 3 8 0 1 6 2 . 7 0 0 1 6 2 . 6 5 0 1 6 4 . 4 5 0 HONG KONG DOLLAR 7 . 7 9 8 5 7 . 8 0 2 0 7 . 8 0 6 5 7 . 8 0 5 0 7 . 8 0 5 5 INDIA RUPEE 1 6 . 3 2 0 0 1 6 . 3 3 0 0 1 6 . 3 9 0 0 1 6 . 3 8 0 0 1 6 . 3 8 0 0

*1RELAND POUND 1 4 3 . 7 0 1 4 2 . 1 5 1 4 2 . 4 5 1 4 2 . 4 0 1 4 0 . 6 5 ITALY LIRA 1 3 5 2 . 5 0 1 3 6 3 . 7 5 1 3 6 0 . 0 0 1 3 6 6 . 0 0 1 3 8 1 . 0 0 JAPAN YEN 1 3 9 . 0 0 1 4 0 . 3 0 1 3 9 . 8 5 1 3 9 . 4 5 1 4 0 . 5 0 MALAYSIA RINGGIT 2 . 6 8 2 0 2 . 6 8 5 0 2 . 6 8 6 5 2 . 6 8 3 0 2 . 6 8 5 5 NETHERLANDS GUILDER 2 . 0 9 5 2 2 . 1 2 0 5 2 . 1 1 5 5 2 . 1 2 1 9 2 . 1 4 7 2

*NEW ZEALAND DOLLAR 5 7 . 5 5 0 5 7 . 4 8 0 5 7 . 4 7 0 5 6 . 7 0 0 5 7 . 0 4 0 NORWAY KRONE 6 . 8 6 9 0 6 . 9 3 3 0 6 . 9 2 5 0 6 . 9 4 0 0 6 . 9 9 4 5 PORTUGAL ESCUDO 1 5 6 . 3 8 0 1 5 7 . 6 0 0 1 5 7 . 3 0 0 1 5 7 . 5 8 0 1 5 9 . 0 0 0 SINGAPORE DOLLAR 1 . 9 5 8 0 1 . 9 6 1 0 1 . 9 5 7 0 1 . 9 5 4 5 1 . 9 5 7 5 SOUTH AFRICA RAND 2 . 6 5 7 0 2 . 6 8 5 0 2 . 6 7 7 5 2 . 6 8 1 0 2 . 7 0 0 0 SOUTH KOREA WON 6 6 9 . 7 0 6 6 9 . 6 0 6 6 9 . 9 0 6 6 9 . 8 0 6 6 9 . 7 0 SPAIN PESETA 1 1 6 . 6 5 0 1 1 8 . 0 0 0 1 1 7 . 4 5 0 1 1 7 . 9 5 0 1 1 9 . 7 5 0 SRI LANKA RUPEE 3 4 . 6 1 7 3 4 . 6 3 7 3 4 . 6 5 8 3 4 . 6 7 8 NA SWEDEN KRONA 6 . 3 9 8 0 6 . 4 5 9 0 6 . 4 4 5 0 6 . 4 4 8 0 6 . 5 0 2 0 SWITZERLAND FRANC 1 . 5 9 6 0 1 . 6 1 7 0 1 . 6 1 4 5 1 . 6 1 9 5 1 . 6 4 6 5 TAIWAN DOLLAR 2 5 . 7 8 0 2 5 . 8 8 0 2 5 . 8 7 8 2 5 . 8 4 0 2 5 . 8 4 0 THAILAND BAHT 2 5 . 7 6 0 2 5 . 7 8 0 2 5 . 8 0 0 2 4 . 7 9 0 2 5 . 7 9 0

UNITED KINGDOM POUND 1 6 4 . 0 5 1 6 2 . 6 5 1 6 2 . 5 0 1 6 2 . 3 5 1 6 1 . 2 5

MEMO: TUNITED STATES DOLLAR 9 7 . 8 7 9 8 . 8 2 9 8 . 6 5 9 8 . 8 5 9 9 . 7 6

FINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U . S . DOLLAR AGAINST CURRENCIES OF OTHER G - 1 0 COUNTRIES. MARCH 1 9 7 3 = 1 0 0 . WEIGHTS ARE 1 9 7 2 - 7 6 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES. SERIES REVISED AS OF AUGUST 1 9 7 8 . FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U . S . DOLLAR: REVISION" ON PAGE 7 0 0 OF THE AUGUST 1 9 7 8 FEDERAL RESERVE BULLETIN.

VALUE I S U . S . CENTS


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