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Selected Interest & Exchange Rates Weekly Series of Charts

May 23,1988 DIVISION OF INTERNATIONAL FINANCE

Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, OiC. 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 RATES 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 $21.00 per year or $.50 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $19.50 per year or $.45 each. Elsewhere, $26.00 per year or $.60 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


200 180

160

140

120

100

80 220 200 180

160

140

120

100

80 180 160

140

120

100 90 80 70 60 90 80 70

60

50

40 140 120

100 90 80 70

60 50

CHART 1

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

AVERAGES FOR WEEK ENDING WEDNESDAY CALE 1973=100

FOREIGN CURRENCY PRICE OF US. DOLLAR

GERMAN MARK

CANADIAN DOLLAR

UK. POUND

BELGIAN FRANC

RATIO ! MARCH 197

JAPANESE YEN z~^ x

-

I I I I I I I I I I I I I I I I I Illllllllll

DUTCH GUILDER

-

I I I I I I I I I I I -

FRENCH FRANC j / - -

1 1 1 l l I

-

SWISS FRANC

1 1 1 1 1 1 1986 1988 1986 1988


CHART 2

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

AVERAGES FOR WEEK ENDING WEDNESDAY

PERCENT PER ANNUM

CANADIAN DOLLAR

I I I I I I

A /

U. K. POUND

l\T" I I I I I I

V

PERCENT PER ANNUM

8 JAPANESE YEN

M '

I I I I I I

GERMAN MARK

i i i I I I

SWISS FRANC -

i i i

n -

4 12

DUTCH GUILDER

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

FRENCH FRANC ITALIAN LIRA

- 8

12 1986 1988 1986 1988


U.S. c 520

500

480

460

440

420

400

380

360

340

320

300

280

520

500

480

460

440

420

400

380

360

340

320

300

280

CHART 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

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

12.5 Kg BARS AFTERNOON FIXING PRICE

1985 1986 1987 1988


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

CHART 4

CALL MONEY RATES WEEKLY SERIES

T PER ANNUM PERCENT PER AL

U. S. FEDERAL FUNDS FRANCE

GERMANY

CANADA

SWITZERLAND

UNITED KINGDOM

NETHERLANDS

I I I | u 1986 1988 1986 1988


12

10

8

6

4

2 16

1 4

12

10

8 10

8

6

4

2 10

8

6

4

2

16

1 4

12

10

8

6 1 4

12

10

8

6 10

8

6

4

2 8

6

4

2

0

CHART 5

3-MONTH INTEREST RATES WEEKLY SERIES

:NT PER ANNUM PERCENT PER A h

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

UK. INTERBANK STERLING

GERMAN INTERBANK RATE

JAPANESE GENSAKI RATE

CANADIAN FINANCE CO. ~ PAPER

-

I I I I I I i i l i i l i i l n I I I I I I I I I I I

- FRENCH INTERBANK RATE -

I I I I I I

-

__ NETHERLANDS INTERBANK RATE -

I I I I I I ill 11hilii

SWISS INTERBANK RATE -

I I I I I I I I I I 11 I I

1 9 8 6 1 9 8 8 1 9 8 6 1 9 8 8


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 AL

OVERNIGHT 3-MONTH

7-DAY 6-MONTH

1-MONTH 1-YEAR

-

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

-

1986 1988 1986 1988


14

12

10

8

6

4

2 2

1

+ 0

1

CHAhT 7

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


NT PER ANNUM

OVERNIGHT EURO-DOLLAR DEPOSITS

I I I I I

FEDERAL FUNDS DASHED LINE

111111111111111111111111 I I I I

3-MONTH

90-DAY CD' S DASHED LINE

I I I

DIFFERENTIAL

J\ .A zx AA 1A fX /AVA/->JV

-

1 1 1 1 1 1 I f 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

PERCENT PER ANNUM

14

12

11111111111

10

DIFFERENTIAL

V V

1 1 1 1 1 1

f

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I 1 1 1

2 2

0

1986 1988

PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1986 1988


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

CHART 8

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


-NT PER ANNUM

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

I I I I I

DIFFERENTIAL

1 _ 1 I I I

INTERBANK DM COVERED FRANKFURT


DIFFERENTIAL

I I I I I 11111111111

l i i l n l i

CANADIAN FINANCE CO. PAPER, COVERED

U. S. COMMERCIAL PAPER DASHED LINE

J_J_

DIFFERENTIAL

I I I I I I I

SWISS INTERBANK (SF) COVERED


I I I I I I

DIFFERENTIAL

PERCENT PER Ah

,>rvv

J _ L 1986 1988

I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1986 1988


16

1 4

12

10

8

6 1 4

12

10

8

6 8

6

4

2 1 7

1 5

1 3

11

9

7

5

16

1 4

12

10

8

6 10

8

6

4

2 10

8

6

4

1 5

1 3

11

9

7

5

3

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

ENT PER ANNUM

UNITED STATES

PERCENT PER A t

CANADA

I I I I I I

-

- UNITED KINGDOM

U L

- JAPAN -

I I I I I I

SWITZERLAND GERMANY

U.S. CORPORATE MONTHLY

Aaa BONDS

FRANCE

NETHERLANDS MONTHLY

i i i i i i i

1 9 8 6 1 9 8 8 1 9 8 6 1 9 8 8


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1 9 6 9 = 1 0 0

RATIO SCALE 1 9 6 9 = 1 0 0

500 C

UNITED STATES

FRANCE

SWITZERLAND

CANADA

NETHERLANDS

GERMANY


SBSIBS BABE LAST TALOE PLOTTBB DATE VALOE

CHABT 1. SPOT SXCBAH6B BAMS AMD INDICES

BEEKLI AfEBAGBS, MOO* BOIING BATES (0.S. CENTS) GEBHAN SABS HAT 18 59. 10 JAPANESE IBB HAI 18 0.79982 DOTCB GOILDEB HAI 18 52.71 D.B- POUND HAI 18 187.85 CANADIAN DOLLAB HAI 18 80. 97 FBEBCB FBANC HAI 18 17.44 SBISS FBABC HAI 18 71.01 BELGIAN FBANC HAI 18 2.82783 ITALIAN LISA HAI 18 0.07953 SMBDISH BBOBA HAI 18 16.94

INDICES, HABCB 1973 BASS BATES = 100 GEBttAN HABI JAPANESE IBM DUTCH GOILDEB U.$. POO ID CANADIAN DOLLAB PBENCH FBABC SMISS FBABC BELGIAN FBABC ITALIAN LIBA

HAY 18 166. 24 HAI 18 209.42 HAT 18 151.31 HAT 18 75.8 HAT 18 80.70 HAT 18 78.60 HAT 18 228.45 HAT 18 111.43 HAI 18 45.18

8EISBTED AVEBAfiS EICHANGE YALOE INDICES# HAS 1973 = 100 (G-10 COOBTBIES PLUS SBITZBBLAND)

0.5. DOLLAB HAI 18 89.66 GEBHAB HABK HAI 18 165.73 JAPANESE IBB HAI 18 207.82 DOTCB GOILDEB HAI 18 142.06 0.1. POOMD HAI 18 67. 16 CANABIAB DOLLAB HAI 18 72.34 FBEBCB FBABC HAI 18 69. 47 SWISS FBABC HAI 18 214. 15 BBLGIAB FBABC HAI 18 102.37 ITALIAN LISA HAI 18 38.76 SHEDISH CBOBA HAI 18 67. 96

CHABT 2. 3-HOMTB FOBSABO EXCHANGE BATES, PBEHIOH OB DISCOUNT CANADIAN DOLLAB HAI 18 -1.59 0.Km POOMD HAT 18 -0.53 CEBHAN HABK HAI 18 3.88 FBEBCB FBANC HAI 18 -0.63 SilSS FBABC HAI 18 5.08 D0TC8 G OIL DEB HAI 18 3.27 JAPANESE TEN HAI 18 3.42 ITALIAN LISA HAY 18 -2.94


SERIES HAM* LAST VALUE PLOTTED D A M VALUE

CHAM 3. GOLD MICE IE LONDON, AFTERNOON FIXING 0* S* . DOLLARS PES PIES OUNCE HA I 18 452.49

CHANT 4. CALL EOHEX BATES 0.5. FEDERAL FUNDS HAX 18 7.04 OVERNIGHT E8R0-D0LLAE DEPOSITS MAI 18 6.99 0.*. MAI 18 7,20 CANADA MAI 18 8.57 GERMAN! MAI 18 3.21 JAPAN MAI 18 3.40 FRANCE MAI 18 7 # NETHERLANDS MAI 18 3.63 SWITZERLAND MAI 18 1.38

CHANT 5. 3-HONTH INTEREST BATES O.S.,90-SAI CD'S, SECONDARI MARKET MAI 18 7.2# GERMAN INTERBANK LOAN MAI 18 3.56 JAPANESE GENSAKI BATE MAI 18 3.79 CANADIAN FINANCE PAPER MAI 18 9.03 INTERBANK STERLING MAI 18 8.05 S1ISS INTEEBANK LOAM MAI 18 3.25 FBENCH INTERBANK RATE MAI 18 7.89 NETHERLANDS INTERBANK BATE MAI 18 4. 14 8EIGHTED AVERAGE FOREIGN INTEREST RATE MAI 18 5.69

46-10 COUNTRIES PLUS SHITSEBLAND)

CHART 6. E0RO-9OLLAR DEPOSIT BATES; LONDON OVERNIGHT MAI 18 6.99 7DAI MAI 18 7.03 1MONTH MAI 18 7.18 3-MONTH MAX 18 7.40 6 - M O m MAI 18 7.63 1-IEAB MAX 18 8.04

CHART 7. SELECTED EURO-DOLLAB AED U.S. HONEX HAHNET BATES OVERNIGHT EURO-DOLLAR DEPOSITS MAI 18 6.99 U.S. FEDERAL PONDS MAI 18 7.04 DIFFERENTIAL MAX 18 05 3-MONTH EURO-DOLLAR DEPOSIT RATE MAI 18 7.40 O.S.,90-DAI CD'S, SECONDARI MARKET MAI 18 7.24 DIFFERENTIAL MAI 18 0, 16


SBBIBS 1 M B LAST TALOB PLOTTED M M TILDE

CBABT 8. I1TBBBST ABBITBAGB, 3-80*18 FOHDS BOBO-DOLLAB DEPOSIT HAI 18 7.40 IBTBBBAK SIBBLISS (LOMDOI), COTBBBD HAI 18 7,51 DIMBBBMIAL BAT 18 -0.11 D.S. COfiflEBCIAL FAPBB HAI 18 2. ^ 0 CABADIAB FIBAMCB PAPER, COVERED BAI 18 7.40 0IF7BBBHIXAL BAI 18 -0.20 BOBO-DOLLAB DEPOSIT BAI 18 7.40 IBMBBABX DB (PBAM&FQBT) , COTBBBD BAI 18 7.47 DIP? BBEXTIAL BAI 18 -0..07 BOBO-DOLLAB DEPOSIT BAI 18 7.40 S8XSS IBTBBBABB, COTBBBD BAI 18 7.36 DirZBBBMIAL HAI 18 0.Q4

CBABT 9. LOBG TBBB GOTBBBBBT BOID IIBLDS OIITBD STATES HAI 13 9.04 GBBBABI BAI 13 6.12 JAPAB HAI 6 4.01 S8ITZEBLASD BAI 13 4.08 CAMADA BAI 6 10.. 46 FBAJCB BAI 6 9.42 HBZBBBLABDS (BOHXBLI) BABCB 6. pi OHITBD KEBGDOB HAI 13 8.92

B.S..COBPOBATB AAA BOMDS BAI 9.

CBABT 10. STOCB IBDICBS OMITED StATBS BAI 18 269.57 OHITBD BIB6D0B HAI 18 313.38 CABADA HAI 18 314.81 GBBBABI BAI 18 190, 17 SBIMBBLABD HAI 18 169.63 BBTHBBLABDS HAI 18 240.21 FBABCB BAI 18 311.03 JAPAB BAI 18 583.37


. . # m

. FEDERAL RESERVE statistical release i l l s ; ^ 1 1 1 ? ; -

H.10(512) MAY 20, 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING MAY 20, 1988

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 MAY 16 MAY 17 MAY 18 MAY 19 MAY 20

^AUSTRALIA DOLLAR 77.27 76.61 77.04 77.50 78.31 AUSTRIA SCHILLING 11.870 11.985 12.005 11.960 11.980 BELGIUM FRANC 35.270 35.590 35.620 35.500 35.560 CANADA DOLLAR 1.2335 1.2360 1.2409 1.2434 1.2423 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 6.4730 6.5330 6.5370 6.5025 6.5020 FINLAND MARKKA 4.0200 4.0555 4.0460 4.0370 4.0395 FRANCE FRANC 5.7260 5.7700 5.7700 5.7535 5.7585 GERMANY D. MARK 1.6890 1.7043 1.7054 1.7006 1.7034 GREECE DRACHMA 135.350 136.450 136.850 136.400 136.420 HONG KONG DOLLAR 7.8100 7.8150 7.8155 7.8185 7.8155 INDIA RUPEE 13.2600 13.3300 13.3100 13.3300 13.3700

^IRELAND POUND 158.25 156.93 156.72 157.20 156.90 ITALY LIRA 1254.30 1265.00 1265.75 1261.75 1263.75 JAPAN YEN 124.95 125.73 125.40 124.87 124.84 MALAYSIA RINGGIT 2.5830 2.5900 2.5930 2.5890 2.5845 NETHERLANDS GUILDER 1.8945 1.9100 1.9100 1.9050 1.9075 *NEM ZEALAND DOLLAR 69.000 68.600 68.640 68.970 68.230 NORWAY KRONE 6.1650 6.2100 6.2100 6.1975 6.2050 PORTUGAL ESCUDO 138.000 139.450 139.450 138.850 139.300 SINGAPORE DOLLAR 2.0075 2.0150 2.0145 2.0150 2.0155 SOUTH AFRICA RAND 2.2050 2.2130 2.2230 2.2200 2.2220 SOUTH KOREA WON 738.30 738.40 738.50 738.60 737.70 SPAIN PESETA 111.710 112.630 112.850 112.490 112.630 SRI LANKA RUPEE 30.990 30.988 30.988 31.008 31.010 SWEDEN KRONA 5.8910 5.9350 5.9370 5.9225 5.9285 SWITZERLAND FRANC 1.4045 1.4195 1.4215 1.4172 1.4207 TAIWAN DOLLAR 28.660 28.660 28.660 28.670 28.670 THAILAND BAHT 25.160 25.170 25.210 25.180 25.180

*UNITED KINGDOM POUND 188.90 186.38 186.40 186.68 186.18

MEMO: UNITED STATES DOLLAR 89.46 90.20 90.23 90.01 90.11 INDEX OF NEIGHTEO AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10

c COUNTRIES. MARCH 1973 = 100. MEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES. SERIES REVISED AS OF AUGUST 1978. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE NEIGHTED-AVE1CAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN. % "VALUE IS U.S. CENTS
