h13_19890327.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

March 27,1989

Prepared by the FINANCIAL MARKETS SECTION

DIVISION OF INTERNATIONAL FINANCE

BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DuC. 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 $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

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280

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100 90

80

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50

200

180

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140

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100

90

80

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60

50

1=100

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100 90

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180

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45

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35

30

25

CHART 1

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

AVERAGES FOR WEEK ENDING WEDNESDAY

SCALE \1973=100

RATIOS MARCH 197:

FOREIGN CURRENCY PRICE O F U.S. DOLLAR

SWISS FRANC

__ BELGIAN FRANC

l I I i i i

- JAPANESE YEN

I I I I I I

-

U.K. POUND

I I I I I I

CANADIAN DOLLAR

DUTCH GUILDER

FRENCH FRANC

- GERMAN MARK

I I I I I I

- ITALIAN LIRA

^ ~

I I I

1987 1989 1987 1989


CHART 2

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


PERCENT PER ANNUM

4

CANADIAN DOLLAR

I I I

Ax/1"

I I I

^

i i l n l i i h i

V

GERMAN MARK

i 1 1 I I I

S W I S S FRANC

v ~

/ V /

I I I i . i n i i i i i i

PERCENT PER ANNUM

4

U. K. POUND

I I I I I I

-

JAPANESE YEN

I I I I I I

DUTCH GUILDER

I I I I I I

ITALIAN LIRA FRENCH FRANC

- 8

12

1987 1989 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

CHART 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

LLARSPER FINE OUNCE U.S. DOLLARS PER FINE Ol

12.5 Kg BARS AFTERNOON FIXING PRICE

I I I M I M I I I I I I I M I M 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 ANh

U.S. FEDERAL FUNDS FRANCE

JAPAN

CANADA

GERMANY

UNITED KINGDOM

S W TZERLAND

NETHERLANDS

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 S E R I E S

ENT PER ANNUM

J _ L

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

J _ L

PERCENT PER AW

FRENCH INTERBANK RATE

I I I I I

U.K. INTERBANK STERLING

GERMAN INTERBANK RATE

JAPANESE GENSAKI RATE

CANADIAN FINANCE CO. -

PAPER

f -

I I I I I I

-

- SWISS INTERBANK RATE . -

I I I I I I I I I I I 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

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

OVERNIGHT 3-MONTH

7-DAY

1-MONTH

6-MONTH

1-YEAR

I I I I I I

-

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 LINE

OVERNIGHT EURO-DOLLAR DEPOSITS

I I I I I M 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 LINE

I I I I i l l i i

DIFFERENTIAL

I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 1

DIFFERENTIAL

l I I J I I 1 1 1 1 1 1 1 1 1 1 1

1987 1989

[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 A S S E T S


ENTPER ANNUM PERCENT PER ANN

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

I I I I I M I I I I I II I I I I I I I I I I I I I M I I I

CANADIAN FINANCE CO. PAPER, COVERED

U.S. COMMERCIAL PAPER DASHED LINE

I I I 1111i l i1111l i i1111 i l l

DIFFERENTIAL

I I l u l u I I II I! I l l II

DIFFERENTIAL

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

INTERBANK DM COVERED FRANKFURT


SWISS INTERBANK (SF) COVERED


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

DIFFERENTIAL DIFFERENTIAL

V v _ y Y V y , Y / N vXAvA^xAr-

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

1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1987 1989


14

12

10

8

6

14

12

10

8

6

10

8

6

4

2

10

8

6

4

2

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12

10

8

6

14

12

10

8

6

10

8

6

4

2

10

8

6

4

2

CHART9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

DENT PER ANNUM PERCENT PER AN!

UNITED STATES

I I I I

CANADA

^ i /V\ / A r V

1 1 1 1 1 1

UNITED KINGDOM - FRANCE

v 1 1 1 1 1 I

V v V V V /

SWITZERLAND

I I I I I I I

__ JAPAN -

1 1 1 1 1 1

NETHERLANDS MONTHLY - GERMANY -

1 1 1

1987 1989 1987 1989


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969-100

RATIO SCALE 1969-100

600

500 -

400 UNITED STATES

A

300 A

200 -

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

800

600

500

400

300

JAPAN

-

I I I I I I

-

300

250 SWITZERLAND

200 -

150 - -

100 I I I I I I

600 |

500 CANADA

-

400

A "

300 r V z 200 I I I 1 1 1 i l l i i h i l l i 200

1987 1989

NETHERLANDS

GERMANY

FRANCE

UNITED KINGDOM

1987 1989


S E R I E S NAME L A S T VALOE PLOTTED

DATE VAi.DE

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

WEEKLY A V E R A G E S , NOON BUYING R A T E S ( U . S . CENi 'S )

GERMAN MARK MARCH 2 2 5 3 . 3 % J A P A N E S E 1 EN MARCH 22 0 . 7 6 1 0 9 DUTCH G U I L D E R MARCH 22 4 7 . 3 1 U . K . POUND MARCH 22 1 7 1 . 6 8 CANADIAN DOLLAR MARCH 22 8 3 . 7 5 FRENCH FRANC MARCH 22 1 5 . 7t> S w I S J FRANC MARCH 22 6 1 . 8 1 BELGIAN FRANC MARCH 22 2 . 5 4 5 3 3 1 ' iAx . IAN L I R A MARCH 22 0 . 0 7 2 7 b SWEDISH KRONA MARCH 22 1 5 . 6 2

H C E S , MARCH 1 9 7 3 BASE RATES = 1 0 0

GERMAN MARK MARCH 22 1 5 0 . 18 J A P A N E S E YEN MARCH 22 1 9 9 . 2 6 DUTCH G U I L D E R MARCH 22 1 J 5 . 6 2 U . K . POUND MARCH 22 6 9 . 4 4 CANADIAN DOLLAR MARCH 22 6 3 . 4 7 FRENCH FRANC MARCH 22 7 1 . 0 3 S W I S S FRANC MARCH 22 1 9 8 . 8 3 BELGIAN FRANC MARCH 22 1 0 0 . 4 b I T A L I A N L I R A MARCH 22 4 1 . 3 3

.GH'i'ED AVERAGE EXCHANGE VALUE I N D I C E S , MAR 1 9 7 3 = 1 0 0 i G - 1 0 C O U N T R I E S P L U S S W I T Z E R L A N D )

U . S . DOLLAR MARCH 22 9 7 . 2 4 GEaMAN MARK MARCH 22 1 5 8 . 3 2 J A P A N E S E YEN MARCH 22 2 1 1 . 0 6 DUTCH GUILDER MARCH 22 1 3 5 . 4 3 U . K . POUND MARCH 22 6 5 . 19 CANADIAN DOLLAR MARCH 22 8 0 . 3 0 FRENCH FRANC MARCH 22 6 6 . bO S W I S S FRANC MARCH 22 19 8 . 4 2 B E L G I A N FRANC MARCH 22 9 8 . 1 3 I T A L I A N L I R A MARCH 22 3 7 . 7 3 SWEDISH KRONA MARCH 22 6 6 . 7 3

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

CANADIAN DOLLAR MARCH 22 1 . 8 2 U . K . POUND MARCH 22 2m 3 8 GERMAN MARK MARCH 22 3 . 9 3 FRENCH FRANC MARCH 22 1 . 4 7 S W I S S FRANC MARCH 22 4 . 6 5 DUTCH G U I L D E R MARCH 22 3 . 51 J A P A N E S E YEN MARCH 22 5 . 7 5 I T A L I A N L I R A MARCH 22 - 2 . 0 5


S E R I E S NAME L A S T VALUE PLOTTED

DATE VALUE

C H A M 3 . GOLD P R I C E I N LONDON, AFTERNOON F I X I N G

U . S . DOLLARS PER P I N E OUNCE MARCH 2 2 3 9 3 . 0 6

CHART 4 . CALL MONEY R A T E S

U . S . FEDERAL FUNDS MARCH 22 9 . 8 6 O V E R N I G H T EURO-Dux. i .AR D E P O S I T S MARCH 22 9 . 7 1 U . K . MARCH 22 1 2 . 7 2 CANADA MARCH 22 1 1 . 17 GERMANY MARCH 22 5 . 7 b JAPAN MARCH 22 4 . 0 4 FRANCE MARCH 22 8 . 4 6 NETHERLANDS MASCH 22 5 . 8 5 S W I T Z E R L A N D MARCH 22 4 . 6 3

CHART 5 . 3 - M O N T H I N T E R E S T R A T E S

U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET MARCH 2 2 1 0 . 2 3 GERMAN INTERBANK LOAN MARCH 22 6 . 5 2 J A P A N E S E G E N S A K I RATE MARCH 22 4 . 2 0 CANADIAN F I N A N C E PAPER MARCH 22 1 2 . 2 7 I N T E R B A N K S T E R L I N G MARCH 2 2 1 2 . 9 6 S W I S S INTERBANK LOAN MARCH 2 2 5 . 6 7 FRENCH INTERBANK RATE MARCH 2 2 8 . 9 3 NETHERLANDS INTERBANK RATE MARCH 2 2 6 . 6 2 WEIGHTED AVERAGE F O R E I G N I N T E R E S T RATE MARCH 2 2 8 . 1 3

l G - 1 0 C O U N T R I E S P L U S S W I T Z E R L A N D )

CHART b . E U R O - D O L L A R D E P O S I T K A T E S : LONDON

O V E R N I G H T MARCH 2 2 9 . 7 1 7 - D A Y MARCH 2 2 9 . 8 3 1-MONTH MARCH 2 2 1 0 . 0 9 3-MONTH MAECH 2 2 1 0 . 3 0 6 - MONTH MARCH 2 2 1 0 . 6 6 1 - Y E A R MARCH 2 2 1 0 . 9 9

CHART 7 . S E L E C T E D EURO-DOLLAR AND U . S . MONEY MARKET B A T E S

OVERNIGHT E U R O - D O L L A E D E P O S I T S MARCH 2 2 9 . 71 U . S . FEDERAL FUNDS MARCH 2 2 9 . 8 6 D I F F E R E N T I A L MARCH 2 2 - 0 . 1 5

3 -MONTH EURO-DOLLAR D E P O S I T RATE MARCH 2 2 10. 3 0 U . S . 9 0 - D A Y C D ' S , SECONDARY MASKET MARCH 2 2 1 0 . 2 3 D I F F E R E N T I A L MARCH 2 2 ti. 0 7


S E R I E S NAME L A S I VALUE PLOTTED

DATE VALUE

CHART ti. 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 MARCH 2 2 1 0 . 3 0 INTERBANK S T E R L I N G (LONDON) , COVERED MARCH 2 2 1 0 . 5 2 D I F F E R E N T I A L MARCH 2 2 - 0 . 2 2

U . S . COMMERCIAL PAPER MARCH 2 2 1 0 . 0 7 CANADIAN F I N A N C E P A P E R , COVERED MARCH 2 2 1 0 . 4 0 D I F F E R E N T I A L MARCH 2 2 - 0 . 3 3

EURO-DOLLAR D E P O S I T MARCH 2 2 1 0 . 3 0 INTERBANK DM (FRANK* UKT) , COVERED MARCH 2 2 1 0 . 5 z D I F F E R E N T I A L MARCH 2 2 - 0 . 2 2

EURO-DOLLAR D E P O S I T MARCH 2 2 1 0 . 3 0 S W I S S I N T E R B A N K , COVERED MARCH 2 z 1 0 . 3 9 D I F F E R E N T I A L MARCH 2 2 - 0 . 0 9

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

UNITED STATES MARCH 1 7 9 . 3 5 GERMANY MARCH 1 7 6 . 8 7 JAPAN MARCH 1 7 4 . 8 1 SWITZERLAND MARCH 1 7 .4. 8 2 CANADA MARCH 1 7 1 Q . 5 7 FRANCE MARCH 1 7 9 . 5 7 NETHERLANDS (MONTHLY) DEC. 6 . 4 2 UNITED KINGDOM MARCH 1 7 8 . 70

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 MARCH 2 2 3 1 0 . 02 UNITED KINGDOM MARCH 2 2 3 7 1 . 6 6 CANADA MARCH 2 2 3 5 2 . 4 0 GERMANY MARCH 2 2 2 3 6 . 7 5 SWITZERLAND MARCH 2 2 2 1 8 . 8 6 NETHERLANDS MARCH 2 2 J 1 9 . 4 6 FnANCE MARCH 22 4 4 5 . 1 c JAPAN MARCH 22 6 3 1 . 2 7


FEDERAL RESERVE statistical release

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

FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MARCH 2 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 U N I T S PER DOLLAR)

COUNTRY MONETARY

UNIT MAR. 2 0 MAR. 2 1 MAR. 2 2 MAR. 2 3 MAR. 2 4

AUSTRALIA DOLLAR 8 2 . 3 9 8 2 . 2 0 8 2 . 0 8 8 2 . 7 6 8 2 . 7 0 AUSTRIA S C H I L L I N G 1 3 . 1 9 8 1 3 . 1 8 4 1 3 . 1 5 0 1 3 . 1 7 0 1 3 . 1 8 9 BELGIUM FRANC 3 9 . 2 8 0 3 9 . 2 1 0 3 9 . 1 5 0 3 9 . 1 8 0 3 9 . 2 5 0 CANADA DOLLAR 1 . 1 9 4 6 1 . 1 9 2 2 1 . 1 8 9 8 1 . 1 8 9 5 1 . 1 9 2 0 C H I N A , 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 . 3 2 8 5 7 . 3 1 6 0 7 . 3 0 0 0 7 . 3 0 6 0 7 . 3 1 9 0 FINLAND MARKKA 4 . 2 5 5 0 4 . 2 2 5 0 4 . 2 2 0 0 4 . 2 2 5 0 4 . 2 3 1 5 FRANCE FRANC 6 . 3 5 1 0 6 . 3 4 3 5 6 . 3 3 5 0 6 . 3 3 5 0 6 . 3 4 2 0 GERMANY D. MARK 1 . 8 7 5 5 1 . 8 7 3 0 1 . 8 6 9 3 1 . 8 7 1 5 1 . 8 7 3 5 GREECE DRACHMA 1 5 8 . 0 0 0 1 5 7 . 9 5 0 1 5 7 . 8 0 0 1 5 7 . 1 5 0 1 5 8 . 2 0 0 HONG KONG DOLLAR 7 . 7 9 5 5 7 . 7 9 4 5 7 . 7 9 3 0 7 . 7 8 8 5 7 . 7 8 8 5 I N D I A RUPEE 1 5 . 5 3 0 0 1 5 . 5 3 0 0 1 5 . 5 2 0 0 1 5 . 5 4 0 0 1 5 . 5 0 0 0

*1RELAND POUND 1 4 2 . 3 5 1 4 2 . 6 5 1 4 2 . 8 0 1 4 2 . 8 5 1 4 2 . 7 0 ITALY LIRA 1 3 7 5 . 0 0 1 3 7 2 . 0 0 1 3 7 4 . 5 0 1 3 7 6 . 0 0 1 3 7 6 . 7 5 JAPAN YEN 1 3 1 . 7 0 1 3 1 . 2 8 1 3 1 . 1 5 1 3 1 . 2 0 1 3 1 . 5 0 MALAYSIA R I N G G I T 2 . 7 5 5 0 2 . 7 5 4 0 2 . 7 5 2 5 2 . 7 4 9 0 2 . 7 4 9 0 NETHERLANDS GUILDER 2 . 1 1 6 0 2 . 1 1 3 5 2 . 1 0 9 2 2 . 1 1 1 0 2 . 1 1 3 5

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

U N I T E D KINGDOM POUND 1 7 1 . 0 3 1 7 2 . 0 0 1 7 2 . 2 8 1 7 2 . 1 8 1 7 1 . 9 0

MEMO: SUNITED STATES DOLLAR 9 7 . 3 3 9 7 . 1 3 9 7 . 0 1 9 7 . 0 7 9 7 . 2 1

SINDEX 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 1 0 COUNTRIES. S E R I E S 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: R E V I S I O N " ON PAGE 7 0 0 OF THE AUGUST 1 9 7 8 FEDERAL RESERVE B U L L E T I N .

VALUE I S U . S . CENTS


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