h13_19890123.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

January 23,1989

Prepared by the FINANCIAL MARKETS SECTION

DIVISION OF INTERNATIONAL FINANCE

BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM 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 -HMO 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 $24.00 per year or $.60 each in the United States, its possessions , Canada, and Mexico; 10 or more of the s a m e issue to one address , $22.50 per year or $.55 each. Elsewhere, $30.00 per year or $.70 each. Address reques ts 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.


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

90

80

70

60

50

1-100 140

120

100

90

80

70

280

240

200

180

160

140

120

100 90

80

70

60

50

200 180

160

140

120

100

60

50

45

40

35

30

25

CHART 1

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

AVERAGES FOR WEEK ENDING WEDNESDAY

SCALE 11973-100

FOREIGN CURRENCY PRICE OF U.S. DOLLAR

SWISS FRANC

RATIOS MARCH 197'

BELGIAN FRANC

JAPANESE YEN

X J W

I I I

U.K. POUND

CANADIAN DOLLAR

GERMAN MARK DUTCH GUILDER

FRENCH FRANC

1987 1989 1987 1989


CHART2

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


PERCENT PER ANNUM

4

CANADIAN DOLLAR

I I I

/V

I I I

<

GERMAN MARK

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

SWISS FRANC

X -f V v ^ V

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

ITALIAN LIRA

v

PERCENT PER ANNUM

4

+ 0

U.K. POUND

/X/ I I I

X I I I

A*

JAPANESE YEN

> V r

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

DUTCH GUILDER

I I I I I I l . l l l l . l l l . I I I . I I I . I l l

12

1987 1989 1987 1989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S.

520

500

480

460

440

420

400

380

360

340

320

300

NCE

520

500

480

460

440

420

400

380

360

340

320

300

CHART 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

LLARSPER FINE OUNCE U.S. DOLLARS PER FINE 01

12.5 Kg BARS AFTERNOON FIXING PRICE

i i I i i I i i I i i I i i I i i I i i l 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 AW

U.S. FEDERAL FUNDS

I I I

GERMANY

-L_L

FRANCE

1 1 1

JAPAN

I I I

CANADA

UNITED KINGDOM

NETHERLANDS

1 1 l l l l l l l l I

I I I I I

SWITZERLAND

J |Le J 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

CHARTS

3-MONTH INTEREST RATES WEEKLY SERIES

ENT PER ANNUM

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

J_L

PERCENT PER ANh

FRENCH INTERBANK RATE

U.K. INTERBANK STERLING

GERMAN INTERBANK RATE

JAPANESE GENSAKI RATE

CANADIAN FINANCE CO. -

PAPER -

1 1 1 1 1 1 1

-

SWISS INTERBANK RATE

f

I I I

V V z V v j y ^

i i i NETHERLANDS INTERBANK RATE

-

I I I I I I

-

1987 1989 1987 1989


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 ANNUM

14

OVERNIGHT 3-MONTH

7-DAY 6-MONTH

I l l l l l I I I 11

1-YEAR 1-MONTH

1987 1989 1987 1989


14

12

10

8

6

4

2

2

1

+ 0

1

CHART7

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


FEDERAL FUNDS DASHED UNE

OVERNIGHT EURO-DOLLAR DEPOSITS

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 I I

3-MONTH EURO-DOLLAR DEPOSITS

90-DAY CD'S DASHED UNE

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

DIFFERENTIAL

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

1987 1989

ENTIAL SCALE - 2 PERCENT ON RATE SCALE

DIFFERENTIAL

I I 1 1 1 1 1 1 1 1

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

CHARTS

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


ENTPER ANNUM PERCENT PER ANN

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

CANADIAN FINANCE CO. PAPER, COVERED

U.S. COMMERCIAL PAPER DASHED LINE

I I I I I I l i i 1111 i i l i i 1111 i i l i 1111 I I I I I I I I 11111 " I n 11111 i l i i l ' i

DIFFERENTIAL

i l i i l i i i n i i i i i l i i i H

DIFFERENTIAL

/S/A

I I I lllllll11111 111 III I

INTERBANK DM COVERED FRANKFURT


SWISS INTERBANK (SF) COVERED


I I I I I In hil l 11 u li i hi In l i i l I I I I I I I I 1111 ii 1111111111 i 1111111

DIFFERENTIAL DIFFERENTIAL

l l l l l l l I i i l i i l l l l l l l l l l l l I ill I I I I I I 1987 1989

1 PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE

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


14

12

10

8

6

14

12

10

8

6

10

8

6

4

2

10

8

6

4

2

14

12

10

8

6

14

12

10

8

6

10

8

8

4

2

10

8

6

4

2

CHART9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

yENT PER ANNUM

UNITED STATES

PERCENT PER ANI

l l I I I I I I I II I II I I I

CANADA

\ i / V \ W

1 1 1 1 1 1

UNITED KINGDOM -

v 1 1 1

wv 1 1 1 I l l l l l l l l l l

- FRANCE

_v 1 1 1

Kr 1 1 1

V v v v

I I I I I IM IH

SWITZERLAND

I I 1 1 1

- JAPAN -

X v A v ^

1 1 1

V1 1 1 1

NETHERLANDS - MONTHLY

1 1 1 1 1 1

-

- GERMANY -

1 1 1 1 1 1

-

1987 1989 1987 1989


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969-100

RATIO SCALE 1969-100

600 600

500 - - - - 500

400 UNITED STATES

A - NETHERLANDS - 400

300 ' , , / L r z w"l jK J __ 300 200 - V 200 150 i i i i i i u l i H i i l n I I I l l l l l l I I I I I || | | | | | | | | | 150

600

500

400

300

200

800 JAPAN

600 -

500 - -

400 - A u / -

300 J

200 i i i I I I I I I I l l l l l l l

300

SWITZERLAND 250

J

200 r

150 -

100 I I I I I I I I I . l l l l l l . i i l i i l i i l i i

CANADA

I I I I I I

l v / w V x - y V f

UNITED KINGDOM

GERMANY

FRANCE

- 500

400

300

200

1987 1989 1987 1989


S E R I E S NAME L A S T VALUE P L O T T E D

DATE VALUE

CHART 1 . S P O T EXCHANGE RATES AND I N D I C E S

WEEKLY A V E R A G E S , NOON BUYING RATES ( U . S . CENTS)

GERMAN MARK J A N . 1 8 5 4 . 2 0 J A P A N E S E YEN J A N . 1 8 0 . 7 8 5 7 1 DUTCH G U I L D E R J A N . 1 8 4 8 . 0 2 U . K . POUND J A N . 1 8 1 7 7 . 1 3 CANADIAN DOLLAR J A N . 1 8 8 3 . 5 5 FRENCH FRANC J A N . 1 8 1 5 . 9 0 S W I S S FRANC J A N . 1 8 6 3 . 6 4 BELGIAN FRANC J A N . 1 8 2 . 5 8 8 2 2 I T A L I A N L I R A J A N . 1 8 0 . 0 7 3 9 1 SWEDISH KtiONA J A N . 1 8 1 5 . 8 8

I N D I C E S , MARCH 1 9 7 3 BASE RATES = 1 0 0

GERMAN MARK J A N . 1 8 1 5 2 . 4 7 J A P A N E S E YEN J A N . 1 8 2 0 5 . 7 2 DUTCH G U I L D E R J A N . 1 8 1 3 7 . 8 5 U . K . POUND J A N . 1 8 7 1 . 6 4 CANADIAN DOLLAR J A N . 1 8 8 3 . 2 7 FRENCH FRANC J A N . 1 8 7 1 . 6 6 S W I S S FRANC J A N . 1 8 2 0 4 . 7 4 BELGIAN FRANC J A N . 1 8 1 0 1 . 9 9 I T A L I A N L I R A J A N . 1 8 4 1 . 9 9

WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , MAR 1 9 7 3 = 1 0 0 ( G - 1 0 C O U N T R I E S P L U S SWITZERLAND)

U . S . DOLLAR J A N . 1 8 9 5 . 5 0 GERMAN MARK J A N . 1 8 1 5 8 . 6 0 J A P A N E S E YEN J A N . 1 8 2 1 5 . 3 9 DUTCH GUILDER J A N . 1 8 1 3 5 . 6 1 U . K . POUND J A N . 18 6 6 . 5 0 CANADIAN DOLLAR J A N . 1 8 7 8 . 9 6 FRENCH FRANC J A N . 1 8 6 6 . 2 4 S W I S S FRANC J A N . 1 8 2 0 1 . 3 7 B E L G I A N FRANC J A N . 1 8 9 8 . 2 8 I T A L I A N L I R A J A N . 1 8 3 7 . 7 9 SWEDISH KRONA J A N . 1 8 6 6 . 9 4

CHART 2 . 3 - M O N T H FORWARD EXCHANGE R A T E S , PREMIUM OB D I S C O U N T

CANADIAN DOLLAR J A N . 1 8 - 1 . 8 0 U . K . POUND J A N . 1 8 - 3 . 5 2 GERMAN MARK J A N . 1 8 3 . 5 4 FRENCH FRANC J A N . 1 8 0 . 7 8 S W I S S FRANC J A N . 1 8 3 . 6 6 DUTCH G U I L D E R J A N . 1 8 3 . 2 7 J A P A N E S E YEN J A N . 1 8 4 . 8 5 I T A L I A N L I R A J A N . 1 8 - 2 . 5 4


S E R I E S NAME LAST VALUE PLOTT

DATE VALUE

CHART 3 . GOLD P R I C E I N LONDON, AFTSBNOON F I X I N G

U . S . DOLLARS PER F I N E OUNCE J A N . 18 4 0 3 . 19

CHART 4 . CALL MONEY RATES

U . S . FEDERAL FUNDS J A N . 18 9 . 13 OVERNIGHT EURO-DOLLAR D E P O S I T S J A N . 1 8 8 . 9 8 U . K . J A N . 18 1 2 . 84 CANADA J A N . 18 1 0 . 54 GERMANY J A N . 18 5 . 0 7 JAPAN J A N . 1 8 3 . 6 2 FRANCE J A N . 1 8 8 . 3 5 NETHERLANDS J A N . 18 5 . 67 SWITZERLAND JAM. 1 8 4 . 38

CHART 5 . 3-MONTH I N T E R E S T RATES

U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET J A N . 18 9 . 2 4 GERMAN INTERBANK LOAN J A N . 18 5 . 57 JAPANESE GENSAKI RATE J A N . 18 4 . 2 4 CANADIAN FINANCE PAPER J A N . 18 1 1 . 41 INTERBANK STERLING J A N . 18 1 3 . 0 8 SWISS INTERBANK LOAN J A N . 1 8 5 . 3 8 FRENCH INTERBANK RATE J A N . 18 8 . 4 6 NETHERLANDS INTERBANK RATE J A N . 18 5 . 9 7 WEIGHTED AVERAGE FOREIGN I N T E R E S T RATE J A N . 1 8 7 . 5 3

( G - 1 0 COUNTRIES PLUS SWITZERLAND)

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

OVERNIGHT J A N . 1 8 8 . 9 8 7-DAY J A N . 18 9 . 0 2 1-MONTH J A N . 1 8 9 . 1 5 3-MONTH J A N . 18 9 . 3 0 6-MONTH J A N . 18 9 . 4 3 1-YEAR J A N . 1 8 9 . 6 6

CHART 7 . SELECTED EURO-DOLLAR AND U . S .

OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS D I F F E R E N T I A L

3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . 90 -DAY C D ' S , SECONDARY MARK D I F F E R E N T I A L

MONEY MARKET RATES

J A N . 18 8 . 9 8 J A N . 1 8 9 . 13 J A N . 1 8 - 0 . 15

J A N . 18 9 . 3 0 J A N . 1 8 9 . 2 4 J A N . 18 0 . 0 6


S E R I E S NAME LAST VALOB PLOTTED

DATE VALUE

CHART 8 . INTEREST ARBITRAGE, 3-MONTH FUNDS

EURO-DOLLAR DEPOSIT J A N . 1 8 9 . 30 INTERBANK STERLING (LONDON) , COVERED J A N . 1 8 9 . 4 3 D I F F E R E N T I A L J A N . 1 8 - 0 . 13

U . S . COMMERCIAL PAPER J A N . 18 9 . 0 5 CANADIAN FINANCE P A P E R , COVERED J A N . 1 8 9 . 5 5 D I F F E R E N T I A L J A N . 1 8 - 0 . 5 0

EURO-DOLLAR DEPOSIT J A N . 18 9 . 3 0 INTERBANK DM (FRANKFURT) , COVERED J A N . 18 9 . 16 D I F F E R E N T I A L J A N . 18 0 . 14

EURO-DOLLAR DEPOSIT J A N . 18 9 . 3 0 SWISS INTERBANK, COVERED J A N . 1 8 9 . 0 8 D I F F E R E N T I A L J A N . 18 0 . 2 2

CHART 9 . LONG TERM GOVERMENT BOND Y I E L D S

UNITED STATES J A N . 6 9 . 2 4 GERMANY J A N . 1 3 6 . , 4 9 JAPAN J A N . 1 3 4 . 19 SWITZERLAND J A N . 1 3 4 . 3 7 CANADA J A N . 1 3 1 0 . 4 7 FRANCE J A N . 1 3 8 . 7 8 NETHERLANDS (MONTHLY) NOV. 6 . 2 5 UNITED KINGDOM J A N . 1 3 8 . 9 3

U . S . CORPORATE

AAA BONDS MAY 9 . 3 3

CHA5T 1 0 . STOCK I N D I C E S

UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN

J A N . 18 3 0 6 . 3 5 J A N . 18 3 3 8 . 5 7 J A N . 18 3 4 9 . 84 J A N . 18 2 3 6 . 9 2 J A N . 1 8 2 0 9 . 81 J A N . 18 3 1 3 . 96 J A N . 18 4 4 0 . 9 3 J A N . 18 6 4 5 . 8 1


. " ' o f GOw ".

FEDERAL RESERVE statistical release

H.10(512) JANUARY 24, 1989

FOREIGN EXCHANGE RATES FOR THE WEEK ENDING JANUARY 20, 1989

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 JAN. 16 JAN. 17 JAN. 18 JAN. 19 JAN. 20

AUSTRALIA DOLLAR 85.79 86.22 86.67 87.20 AUSTRIA SCHILLING 13.D04 13.125 13.110 12.960 BELGIUM FRANC 38.770 39.170 39.080 38.610 CANADA DOLLAR 1.1980 1.1940 1.1895 1.1879 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 7.1780 7.2500 7.2470 7.1590 FINLAND MARKKA H 4.2730 4.3130 . 4.3150 4.2810 FRANCE FRANC 6.3100 6.3720 6.3660 6.2830 GERMANY D. MARK 1.8505 1.8710 1.8668 1.8438 GREECE DRACHMA 0 153.300 154.250 154.950 153.100 HONG KONG DOLLAR 7.8060 7.8050 7.8030 7.8010 INDIA RUPEE 15.0900 15.0900 15.1100 15.1000

IRELAND POUND L 144.25 142.95 143.40 145.00 ITALY LIRA 1357.00 1368.50 1368.00 1351.00 JAPAN YEN 127.75 128.50 129.70 128.27 MALAYSIA RINGGIT I 2.7305 2.7330 2.7320 2.7250 NETHERLANDS GUILDER 2.0890 2.1120 2.1075 2.0820

*NEH ZEALAND DOLLAR 62.550 62.520 62.780 63.000 NORWAY KRONE D 6.7270 6.7750 6.7705 6.7025 PORTUGAL ESCUDO 152.200 153.300 153.200 151.450 SINGAPORE DOLLAR 1.9450 1.9470 1.9465 1.9430 SOUTH AFRICA RAND A 2.3905 2.3930 2.4040 2.3780 SOUTH KOREA WON 686.00 685.30 685.40 685.50 SPAIN PESETA 115.700 116.700 116.850 114.800 SRI LANKA RUPEE Y 33.160 33.167 33.178 33.167 SWEDEN KRONA 6.3120 6.3525 6.3470 6.2940 SWITZERLAND FRANC 1.5765 1.5903 1.5910 1.5685 TAIWAN DOLLAR 27.780 27.800 27.790 27.770 THAILAND BAHT 25.340 25.340 25.400 25.350

UNITED KINGDOM POUND 176.80 175.45 175.00 176.85

MEMO: SUNITED STATES DOLLAR 95.78 96.53 96.56 95.51

SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. WEIGHTS 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 I S U.S. CENTS


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