h13_19890731.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

I Ju ly 3 1 , 1 9 8 9 DIVISION OF INTERNATIONAL FINANCE

Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, OC. 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. S P O T 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 yea r or $.60 e a c h in t h e United S t a t e s , its p o s s e s s i o n s , C a n a d a , and Mexico; 10 or m o r e of t h e s a m e i s s u e t o o n e a d d r e s s , $22.50 per year or $.55 each . Elsewhere , $30.00 per year or $.70 e a c h . A d d r e s s r e q u e s t s to P u b l i c a t i o n s Serv ices , Division of Adminis t ra t ive Services , a n d m a k e pay-m e n t r e m i t t a n c e p a y a b l e to t he order of t h e Board of Gove rno r s of t h e Federa l Reserve S y s t e m in a fo rm co l lec t ib le at par in U.S. Cur rency .


140

120

100

90

80

70

280

240

200

180

160

140

120

100 90

80

70

60

50

200 180

160

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120

100

120

100

90

80

70

60

50

1=100

140

120

100

90

80

70

280

240

200

180

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140

120

100 90

80

70

60

5 0

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

RATIOS MARCH 197:

BELGIAN FRANC

I I I I I I

-

SWISS FRANC JAPANESE YEN

I I I I I I

-

__ U.K. POUND

I I I I I I I

CANADIAN DOLLAR

I I I I I I

DUTCH GUILDER __ GERMAN MARK

- ^

/ x / v

I I I I I I

V -

FRENCH FRANC

1987 1989

ITALIAN LIRA

1987 1989


CHART2

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


PERCENT PER ANNUM

4

CANADIAN DOLLAR

I I I

A /

i i i

s

_

GERMAN MARK

. yv

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

SWI

v ~ S S FRANC

\ I I I I I I

PERCENT PER ANNUM

4

U. K. POUND

t/X/ 111

/-/ A* \ -JAPANESE YEN

I I I I I I l l l l l l l l l l l l l h l l l l l l l

8

8

DUTCH GUILDER

I I I I I I

12

FRENCH FRANC ITALIAN LIRA

1987 1989 1987 1989


U.S.

5 2 0

5 0 0

4 8 0

4 6 0

4 4 0

4 2 0

4 0 0

3 8 0

3 6 0

3 4 0

3 2 0

3 0 0

5 2 0

5 0 0

4 8 0

4 6 0

4 4 0

4 2 0

4 0 0

3 8 0

3 6 0

3 4 0

3 2 0

3 0 0

CHART 3

PRICE OF GOLD IN LONDON A V E R A G E S F O R W E E K E N D I N G W E D N E S D A Y

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

1 2 . 5 Kg B A R S

AFTERNOON FIXING PRICE

/

1 9 8 6 1 9 8 7 1 9 8 8 1 9 8 9


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 ANF

U.S. FEDERAL FUNDS

I I I I

FRANCE

J V , i K . . r - a /

JAPAN

V v v w ^ r

1 1 1 1 1 1 n i l H i i l l 1

GERMANY

CANADA

UNITED KINGDOM

SWITZERLAND

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

CHARTS

3-MONTH INTEREST RATES WEEKLY SERIES

ENTPER ANNUM

U.S. C D ' S

WEIGHTED AVERAGE FOREIGN RATE

PERCENT PER AW

FRENCH INTERBANK RATE

U.K. INTERBANK STERLING

GERMAN INTERBANK RATE

CANADIAN FINANCE CO.

PAPER

f

I I I I I I

-

- S W I S S INTERBANK RATE jJ

I I I I I I

-

J A P A N E S E GENSAKI RATE

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

14

12

10

8

6

4

14

12

10

8

6

4

14

12

10

8

6

4

CHART6

EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

)ENT PER ANNUM PERCENT PER ANI

OVERNIGHT 3-MONTH

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

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.


PERCENT PER ANI

FEDERAL FUNDS DASHED UNE

OVERNIGHT EURO-DOLLAR DEPOSITS

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

DIFFERENTIAL

I n 11 i I i i l n 1 1 1 1 i i I 1 1 1 1 1 I I

3-MONTH EURO DOLLAR DEPOSITS

V \ / v V _ /

VjbS V ^ p > v

90-DAY C D ' S

-

DASHED UNE

-

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

1987 1989

IENTIAL SCALE - 2 PERCENT ON RATE SCALE

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

1987 1989


PEF 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


ENTPER ANNUM PERCENT PER ANH

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

I I I I I I ' l l 111 I I I 111 H l l I

CANADIAN FINANCE CO. PAPER, COVERED

U.S. COMMERCIAL PAPER DASHED LINE

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

DIFFERENTIAL

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

DIFFERENTIAL

/ \ / A ^ v v y V x - ^ v v V N ^

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

INTERBANK DM COVERED FRANKFURT


1 1 I I I h i l l i l u l i H i l l i l l I I

SWISS INTERBANK (SF) COVERED


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

DIFFERENTIAL

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

DIFFERENTIAL

I I I I I I l i I M 1111111 l l 1111 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

14

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

;ENT PER ANNUM PERCENT PER ANP

UNITED STATES CANADA

f \ . / v S v \ _

I I I I I I

V

UNITED KINGDOM

I I

- FRANCE

_v I I I I I I 11111111111

A -

SWITZERLAND

I I II I II I

- JAPAN -

I I I I I I

-

NETHERLANDS MONTHLY

I I I

GERMANY -

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

1987 1989 1987 1989


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969=100

RATIO SCALE 1969=100

600

500 - -

400 UNITED STATES -

300 - ' -

200 - -

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

JAPAN

-

-

SWITZERLAND f -

I I I

-

CANADA

-

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

NETHERLANDS

GERMANY

FRANCE

UNITED KINGDOM

1987 1989 1987 1989


LAST VALUE PLOTTED DATE VALUE

CHART 1 . SPOT EXCHANGE BATES AND INDICES

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

GERMAN MARK JULY 2 6 5 2 . 7 1 JAPANESE YEN JULY 2 6 0 - 7 0 4 5 0 DUTCH GUILDER JUL I 2 6 4 6 . 7 2 U . . .. POUND JULY 2 6 1 6 2 . 7 8 CANADIAN DOLLAR JULY 2 6 8 4 . 1 8

( FRENCH FRANC JULY 2 6 1 5 . 5 5 ( SWISS FRANC JULY 2 6 6 1 . 15 BELGIAN FRANC JULY 2 6 2 . 5 1 9 3 8

( ITALIAN LIRA JULY 2 6 0 , 0 7 3 0 7 SWEDISH KRONA JULY 2 6 1 5 . 43

I N D I C E S , MARCH 1 9 7 3 BASE RATES = 100

GERMAN MARK JULY 2 6 1 4 8 . 2 7 JAPANESE YEN JULY 2 6 1 8 4 . 4 6 DUTCH GUILDER JULY 2 6 1 3 4 . 13 U. K. .. POUND JULY 2 6 6 5 . 8 4 CANADIAN DOLLAR JULY 2 6 8 3 . 9 0 FRENCH FRANC JULY 2 6 7 0 . 0 5 SWISS FRANC JULY 2 6 1 9 6 . 7 4 BELGIAN FRANC : JULY 2 6 9 9 . 2 8 ITALIAN LIRA JULY 2 6 4 1 . 5 1

WEIGHTED AVERAGE EXCHANGE VALUE INDICES , MAR 1 9 7 3 = 1 0 0 ( G - 1 0 COUNTRIES PLOS SWITZERLAND)

( U. S . DOLLAR JULY 2 6 9 9 . 4 7 GERMAN MARK JULY 2 6 1 5 9 . 3 8 JAPANESE YEN JULY 2 6 1 9 7 . 5 7

( DUTCH GUILDER JULY 2 6 1 3 6 . 2 8 U .K. POUND JULY 2 6 6 2 . 75 CANADIAN DOLLAR JULY 2 6 8 2 . 40

(' FRENCH FRANC JULY 2 6 6 6 . 9 3 SWISS FRANC JULY 2 6 1 9 9 . 74 BELGIAN FRANC JULY 2 6 9 8 . 8 0

t ITALIAN LIRA JULY 2 6 3 8 . 6 3 SWEDISH KRONA JULY 2 6 6 7 . 16

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

( CANADIAN DOLLAR J O L T 2 6 - 3 . 2 6 U. K. POUND J U L ! 2 6 - 4 . 8 1 GERMAN MARK JULY 2 6 1 . 9 9

f FRENCH FRANC JULY 2 6 - 0 . 09 f SWISS FRANC JULY 2 6 1 . 7 7 DUTCH GUILDER JULY 2 6 1 . 7 7

( JAPANESE YEN JULY 2 6 3 . 5 7 ITALIAN LIRA JULY 2 6 - 3 . 2 8

I

SERIES NAME

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

SERIES NAME LAST FALUE PLOTTED

DATE FA IDE

CHART 3 . GOLD PRICE I B LONDON, AFTERNOON FIXING

U. S . DOLLARS PER F INE OUNCE JOLT 2 6 3 7 1 . 7 9

CHART 4 . CALL MONEY RATES

U . S . FEDERAL FUNDS JULY 2 6 9 . 14 OVERNIGHT EURO-DOLLAR DEPOSITS JULY 2 6 9 . 0 5 U. K. JULY 2 6 1 4 . 0 3 CANADA JULY 2 6 1 2 . 3 3 GERMANY JULY 2 6 6 . 8 9 JAPAN JULY 2 6 5 . 10 FRANCE JULY 2 6 8 . 9 5 NETHERLANDS JULY 2 6 6 . 7 8 SWITZERLAND JULY 2 6 6 . 3 8

CHART 5 . 3-MONTH INTEREST RATES

U . S . 90-DAY C D ' S , SECONDARY MARKET JULY 2 6 8 . 7 4 GERMAN INTERBANK LOAN JULY 2 6 7 . 0 0 JAPANESE GENSAKI RATE JULY 2 6 4 . 7 8 CANADIAN FINANCE PAPER JULY 2 6 1 2 . 2 4 INTERBANK STERLING JULY 2 6 1 3 . 94 SWISS INTERBANK LOAN JULY 2 6 6 . 9 0 FRENCH INTERBANK RATE JULY 2 6 8 . 9 8 NETHERLANDS INTERBANK RATE JULY 2 6 7 . 1 1 WEIGHTED AVERAGE FOREIGN INTEREST RATE JULY 2 6 8 . 55

( G - 1 0 COUNTRIES PLOS SWITZERLAND)

CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON

OVERNIGHT JULY 2 6 9 . 0 5 7-DAY JULY 2 6 9 . 0 1 1-MONTH JULY 2 6 8 . 9 9 3-MONTH JULY 2 6 8 . 84 6-MONTH JULY 2 6 8 . 6 8 1-YEAR JULY 2 6 8 . 4 5

CHART 7 . SELECTED EURO-DOLLAR AND U . S . MONET MARKET RATES

OVERNIGHT EURO-DOLLAR DEPOSITS JULY 2 6 9 . 05 U . S . FEDERAL FUNDS JULY 2 6 9 . 14 DIFFERENTIAL J U L I 2 6 - 0 . 09

3-MONTH EURO-DOLLAR DEPOSIT RATE JULY 2 6 8 . 84 U . S . 90-DAY C D ' S , SECONDARY MARKET JULY 2 6 8 . 74 DIFFERENTIAL JULY 2 6 A. 10


S E R I E S NAME LAST VALUE PLOTTED

DATE VALUE

CHART 8 . INTEREST ARBITRAGE, 3-HONTH FUNDS

EURO-DOLLAR DEPOSIT JULY 26 8. 84 INTERBANK STERLING (LONDON). COVERED JULY 26 8. 96 DIFFERENTIAL JULY 26 - o . 12

U . S . COMMERCIAL PAPER JULY 26 8. 64 CANADIAN FINANCE PAPER, COVERED JULY 26 8. 89 DIFFERENTIAL JULY 26 - 0 . 24

EURO-DOLLAR DEPOSIT JULY 26 8 . 84 INTERBANK DM (FRANKFURT) , COVERED JULY 26 9 . 03 DIFFERENTIAL JULY 26 - a . 19

EURO-DOLLAR DEPOSIT JULY 26 8. 84 SWISS INTERBANK, COVERED JULY 26 8. 7 0 DIFFERENTIAL JULY 26 0, 14

CHART 9 . LONG TEEM GOVERMENT BOND YIELDS

UNITED STATES JULY 2 1 8 . 0 7 GERM ANY JULY 2 1 6 . 77 JAPAN JULY 2 1 5 . 0 6 SWITZERLAND JULY 2 1 5 . 1 6 CANADA JULY 1 4 9 . 6 0 FRANCE JULY 2 1 8 . 9 9 NETHERLANDS (MONTHLY) APRIL 7 . 0 8 UNITED KINGDOM JULY 2 1 9 . 1 1

U . S . CORPORATE

AAA BONDS HAY 9 . 3 3

CHART 1 0 . STOCK INDICES

UNITED STATES UNITED KINGDOH CANADA GERMANY SWITZERLAND NETHERL ANDS FRANCE JAPAN

JULY 19 3 5 5 . 0 0 JULY 19 4 1 8 . 4 2 JULY 19 3 8 3 . 5 6 JULY 19 2 7 1 . 5 8 JULY 19 2 5 5 . 5 9 JULY 19 4 4 9 . 8 7 JULY 1 9 4 9 1 . 4 5 JULY 19 6 6 2 . 8 2


FEDERAL RESERVE statistical release

H . 1 0 ( 5 1 2 )

FOREIGN EXCHANGE RATES FOR THE WEEK ENDING JULY 2 8 , 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

U N I T (CURRENCY U N I T S PER DOLLAR)

COUNTRY MONETARY

U N I T JULY 2 4 JULY 2 5 JULY 2 6 JULY 2 7 JULY 2 8

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

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

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

*UNITED KINGDOM POUND 1 6 1 . 7 3 1 6 2 . 5 8 1 6 4 . 9 5 1 6 5 . 9 8 1 6 4 . 4 5

MEMO: U N I T E D STATES DOLLAR 1 0 0 . 0 7 9 9 . 4 7 9 8 . 3 8 9 7 . 9 4 9 8 . 7 2

8 INDEX 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 .

JULY 3 1 , 1 9 8 9

*VALUE I S U . S . CENTS


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