h13_19880516.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

May 16,1988 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 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

10. INDUSTRIAL STOCK INDICES

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.


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=100

RATIO SCALE MARCH 1973=100

200 so 180 FOREIGN CURRENCY - ITALIAN LIRA ^ 45 180 PRICE OF U.S. DOLLAR 40 160 40 140 - - - 35

120 - - - - 30

100 - - - - 25

80 i i i fTTTTi 111111 i i i 11111111111 11111111111 20 220 i 220 200 JAPANESE YEN/^ / ^ k S ^ T 200 180 - 180 160 GERMAN MARK - - K/ - 160 140 - - - j . 140

120 - - - r 120

100 - yy - - 100

80 Vi I I I i 11111111111 11111111111 i i i niiiiiiiii 11liill illl 80 CANADIAN DOLLAR

180 160

DUTCH GUILDER ' 140 120

100 90 60 70 60

90 80 - U K POUND 70 ^ -60 -50 - j\r . -40 1 1 1 1 1 1 ill ii hi In 140 120 - -

100 BELGIAN FRANC

90 -80 - -70 - ssj -60

50 I I I 1111! 11! 111 11111111111 1986 1988

90 - FRENCH FRANC V 80

70 - 60

50

\ I I I I I 1111111 I | I I I 11 I I I 11 I I I 40 280 V V v w - 240

SWISS FRANC 200 - 180

- 160 - - 140

120 I I I I I I I I | 1111 I 11 I 11111111111 100

1986 1988 100


CHART 2

3-MONTH FORWARD E X C H A N G E R A T E S PREMIUM (+) OR H

AVERAGES FOR WEEK ENDING WEDNESDAY

PERCENT PER ANNUM

4 CANADIAN DOLLAR

- V / V ^

I I I I I t

/ v S

U. K. POUND

Ur~ ! I I I

i/V I I I

V

PERCENT PER ANNUM

8 JAPAHESE YEN

r y

\ y "

I I I 1 1 1 Hh.ll.ll.

6BWAN MARK

I I I I I I

SWHSS FRANC -

I I I

V - v - * - " I I I 111111111111

0

4 12

DUTCH GUILDER

1 1 I 1 1 1 n u l n h uh.li.l..

0

8

0

FRENCH FRANC

L_L I I I h i n 1986 1988 1986 1988


U.S. [

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

I I I I I Ml I I I I I I I I I I I 1985 1986 1987 1988


PERC

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 SERES

r PER ANNUM PERCENT PER At

U. S. FEDERAL FUNDS

l u l l

FRANCE

- ALA K \

JAPAN

I I I

Vv I I I

- /

VM

GERMANY

i i i

CANADA

UNITED KINGDOM

NETHERLANDS

SWITZERLAND

L_L 1

1986 1988 1986 1988


12

10

8

6

4

2 16

14

12

10

8 10

8

6

4

2 10

8

6

4

2

16

14

12

10

8

6 14

12

10

6 to

8

6

4

2 8

6

4

2

0

CHART 5

3-MONTH INTEREST RATES WEEKLY SERIES

NT PER ANNUM PERCENT PER Ah

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

I I I i i i i i l

CANADIAN FINANCE CO. - PAPER

I I I I I I

GERMAN INTERBANK RATE

JAPANESE GENSAKI RATE

UK INTERBANK STERLING FRENCH INTERBANK RATE

NETHERLANDS INTERBANK RATE -

I I I I I I Ill I I lulu

SWISS INTERBANK RATE -

I I li I I H

; \ / -

1986 1988 1986 1988


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

NT PER ANNUM PERCENT PER Ah

OVERNIGHT 3-MONTH

7-DAY 6-MONTH

1-YEAR 1-MONTH

1986 1988 1986 1988


CHART 7

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


PERCENT PER ANNUM

14

12

10

OVERNIGHT EURO-DOLLAR DEPOSITS

FEDERAL FUNDS DASHED LINE

1 1 1 1 1 1 i i I M 1 1 1 1 1 1 1 1 1 1 1 1

DIFFERENTIAL

I I I I I I I I ' 11111111111111111111111

PERCENT PER ANNUM

14

12

3-MONTH

-

V \ EURO-DOLLAR DEPOSITS A

j\ A -

\ J^kJf K /J

" \ Jurf v

90-DAY CD* S

i i i

DASHED LINE

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

10

DEFERENTIAL

( / A p ' s \ a w A

I I I 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 1986 1988

1 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

CANADIAN FINANCE CO. PAPER, COVERED

U. S. COMMERCIAL PAPER DASHED LINE

PERCENT PER Ah

DIFFERENTIAL

_L i_L

INTERBANK DM COVERED FRANKFURT


I I

DIFFERENTIAL

SWISS INTERBANK (SF) COVERED


DIFFERENTIAL DIFFERENTIAL

1986 1988 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1986 1988


PER

16

14

12

10

8

6

14

12

10

8

6 8

6

4

2 17

15

13

11

9

7

5

16

14

12

10

8

6 10

8

6

4

2

10

8

6

4 15

13

11

9

7

5

3

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

ENT PER ANNUM PERCENT PER AL

UNITED STATES - CANADA

I I I I I I

UNITED KINGDOM

GERMANY SWITZERLAND

U. S. CORPORATE MONTHLY FRANCE

Aaa BONDS

NETHERLANDS MONTHLY

1986 1988 1986 1988


CHART .10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969=100

500

400

300

200

UNITED STATES jK

I I I I I I

UNITED KINGDOM

400

300 CANADA \

1 1 1 1 1 1 i

NETHERLANDS

RATIO SCALE 1969=100

500

400

300

200

FRANCE

SWITZERLAND /

Lr I I I I I I

200

tso

too 500

400 GERMANY

A y / \ . / V A . 300

yV / w - 200

i i i i i i 100 1986 1988 1986 1988


SERIES MAME LAST VALUE PLOTTED

DATE VALUE

CHA&T 1 . S ? 0 1 EXCHANGE BAl '&S AMD I N D I C E S

WEEKLY AVERAGES, NOON & DYING SATES ( U . S . CENIS)

SEEMAS MARK JA PA NESE I EN DUTCH GUILDER ti. K. POUND CAMADIA# DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KBONA

MAI MAX BAY MAY MAY MAY MAY MAY MAY MAY

11 11 11 11 11 11 11 11 11 11

59.54 0.80252

53. 03 187.51 80.89 17.53 71.52 2. 84625 0. 07994

17.00

INDICES, MARCH 1973 BASE BATES = 100

GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA

MAY MAY MAY MAY MAY MAY MAY MAY MAY

11 11 11 11 11 11 11 1 1 11

167. 49 210.13 152.24 75.84 80.62 78.99

230.09 112. 16 45.41

WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 iG-10 COUNTRIES PLUS SWITZERLAND)

U.S. DOLLAR MAY 11 89.28 GERMAN MARK MAY 11 166.56 JAPANESE YEN MAY 11 20 7. 84 DUTCH GUILDER MAY 11 142.49 O.K. POUND MAY 11 66. 79 CANADIAN DOLLAR MAY 11 72.02 FRENCH FRANC MAY 11 69.60 SWISS FRANC MAY 11 215.01 BELGIAN FRANC MAY 11 102.72 ITALIAN LIRA MAY 11 38.84 SWEDISH KRONA MAY 11 68.00

CHART 2. 3-MONTH FORWARD EXCHANGE BATES, PREMIUM OR DISCOUNT

CANADIAN DOLLAR MAY 11 -1.65 U.K. POUND MAY 11 -0.86 GERMAN MARK MAY 11 3.88 FRENCH FRANC MAY 11 -0.71 SWISS FRANC MAY 11 5. 10 DUTCH GUILDER MAY 11 3.27 JAPANESE YEN MAY 11 3.47 ITALIAN LIRA MAY 11 -2.90 Digitized for FRASER

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

SERIES NAME LAST VALUE PLOTTED

DATE VALUE

CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING

CHART

U.S. DOLLARS PER FINE OUNCE MAY 11 445. 5b

4. CALL HONEY BATES U.S. FEDERAL FUNDS MAY 11 7.0 2 OVERNIGHT EUfiO-DOLLAB DEPOSITS MAY 11 6.81 0. K. MAY 11 7.30 CANADA MAY 11 8. 52 GERMANY MAY 11 3.28 JAPAN MAY 11 3. 30 FRANCE MAY 11 7. 14 NETHERLANDS MAY 11 4.03 SWITZERLAND MAY 11 1.38

5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET MA Y 11 7. 17 GERMAN INTERBANK LOAN MAY 11 3.48 JAPANESE GENSAKI BATE MAX 11 3. 79 CANADIAN FINANCE PAPER MAY 11 9.04 INTERBANK STERLING MAY 11 8. 36 SWISS INTERBANK LOAN MAY 11 2. 13 FRENCH INTERBANK SATE MAY 11 7.98 NETHERLANDS INTERBANK RATE MAY 11 4. 06 WEIGHTED AVERAGE FOREIGN INTEREST RATE MAY 11 5. 66

(G-10 COUNTRIES PLUS SWITZERLAND)

6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT MAY 11 6.81 7-DAY MAY 11 6.90 1-MONTH MAY 11 7.09 3-MONTH MAY 11 7.34 6-MONTH MAY 11 7.59 1-YEAB MAY 11 8.05

7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET BATES

OVERNIGHT EURO-DOLLAR DEPOSITS MAY 11 6.81 U. 5. FEDERAL FUNDS MAY 11 7.02 DIFFERENTIAL MAY 11 -0.21

3-MONTH EURO-DOLLAR DEPOSIT RATE MAY 11 7.34 U.S. 90-DAY CD'S, SECONDARY MARKET MAY 11 7. 17 DIFFERENTIAL MAY 11 0. 17


SERIES NAME LAST VALUE PLOTTED

DATE VALUE

CHART ti. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT MAY 1 1 7.34 INTERBANK STERLING (LONDON), COVERED MAY 1 1 7. 48 DIFFERENTIAL MAY 11 -0.14 U.S. COMMERCIAL PAPER MAY 11 7.09 CANADIAN FINANCE PAPER, COVERED MAY 11 7. 3b DIFFERENTIAL MAY 11 -0.27 EURO-DOLLAR DEPOSIT MAY 1 1 7. 34 INTERBANK DM (FRANKFURT) , COVERED MAY 11 7.39 DIFFERENTIAL MAY 11 -0.05 EURO-DOLLAR DEPOSIT MAY 1 1 7.34 SWISS INTERBANK, COVERED MAY 11 7.j5 DIFFERENTIAL MAY 11 0.09

CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES MAY 6 8.93 GERMANY MAY 6 6.00 JAPAN MAY 6 4.01 SWITZERLAND APRIL 22 3. 95 CANADA ' APRIL 29 10.40 FRANCE MAY o 9. 42 NETHERLANDS (MONTHLY) FEB. 6. 09 UNITED KINGDOM MAY 6 8. 97

U.S. CORPORATE AAA BONDS MAY 9. 33

CHART 10. STOCK INDICES UNITED STATES MAY 1 1 271. 94 UNITED KINGDOM MAY 11 309. 20 CANADA MAY 11 319. 78 GERMANY MAY 1 1 181. 99 SWITZERLAND MAY 11 167. 19 NETHERLANDS MAY 11 284. 65 FRANCE MAY 1 1 315. 15 JAPAN MAY 1 1 57 5. 49


FEDERAL RESERVE statistical release

H.10(5X2)

FOREIGN EXCHANGE RATES HAY 13, 1988

FOR THE WEEK ENDING MAY 15, 1988

The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified tor customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies:

COUNTRY MONETARY 1 CURRENCY UNITS PER DOLLAR)

COUNTRY UNIT MAY 9 MAY 10 MAY 11 MAY 12 MAY 13

AUSTRALIA DOLLAR 77.09 77.50 77.30 77.10 77.33 AUSTRIA SCHILLING 11.824 11.800 11.800 11.816 11.840 BELGIUM FRANC 35.190 35.120 35.080 35.120 35.220 CANADA DOLLAR 1.2396 1.2384 1.2322 1.2313 1.2338 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 6.4850 6.4700 6.4500 6.4600 6.4600 FINLAND MARKKA 4.0125 4.0075 4.0070 4.0075 4.0100 FRANCE FRANC 5.7060 5.6920 5.6920 5.6950 5.7070 GERMANY D. MARK 1.6820 1.6787 1.6775 1.6792 1.6832 GREECE DRACHMA 135.000 134.700 134.700 134.700 134.900 HONG KONG DOLLAR 7.8140 7.8105 7.8130 7.8161 7.8150 INDIA RUPEE 13.2500 13.2600 13.2400 13.2800 13.2500 "IRELAND POUND 158.75 159.12 159.30 158.90 158.75 ITALY LIRA 1250.00 1249.00 1248.25 1250.50 1251.75 JAPAN YEN 124.82 124.44 124.25 124.39 124.68 MALAYSIA RINGGIT 2.5860 2.5870 2.5810 2.5800 2.5810 NETHERLANDS GUILDER 1.8865 1.8820 1.8815 1.8840 1.8880 *NEH ZEALAND DOLLAR 68.710 69.050 68.730 68.870 69.180 NORWAY KRONE 6.1725 6.1600 6.1490 6.1525 6.1575 PORTUGAL ESCUDO 137.700 137.380 137.480 137.650 137.690 SINGAPORE DOLLAR 2.0070 2.0070 2.0045 2.0055 2.0060 SOUTH AFRICA RAND 2.2020 2.2000 2.2020 2.2050 2.2090 SOUTH KOREA WON 741.80 740.90 740.00 739.10 739.20 SPAIN PESETA 111.650 111.170 111.680 111.850 111.600 SRI LAMCA RUPEE 30.980 30.977 30.977 30.992 30.990 SWEDEN KRONA 5.8875 5.8775 5.8625 5.8770 5.8800 SWITZERLAND FRANC 1.4010 1.3949 1.3940 1.3960 1.4002 TAIWAN DOLLAR 28.660 28.660 28.660 28.660 28.660 THAILAND BAHT 25.160 25.160 25.160 25.150 25.150 UNITED KINGDOM POUND 187.97 188.13 188.60 188.45 189.10

MEMO: 89.26 UNITED STATES DOLLAR 89.35 89.17 89.05 89.13 89.26

COUNTRIES. MARCH 197$ = 100. HEIGHTS 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 WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN.

VALUE IS U.S. CENTS


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