h13_19860303.pdf

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i I

Selected Interest & Exchange Rates Weekly Series of Charts

r 4

March 3,1986 f Prepared by the FINANCIAL MARKETS SECTION

DIVISION OF INTERNATIONAL FINANCE

BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 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 PRICE-LONDON

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 $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Divi-sion of Administrative Services, and make payment 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.


MARCH

200 180

160

140

120

100

180 160

140

120

100

90

80 140

120

100

90

80 70

60 90

80 70

60

50

40

120

100

90

80 70

60

50

1=100

50 45

40

35

30

25

180 160

140

120

100

90

80 140

120

100

90

80 7 0

60 90

80 70

60

50

40

240

200 180

160

140

120

100

CHART 1

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

AVERAGES FOR WEEK ENDING WEDNESDAY

:ALE 973=100

FOREIGN CURRENCY PRICE OF U.S. DOLLAR

RATIO : MARCH 197

ITALIAN LIRA

GERMAN MARK

CANADIAN DOLLAR

U.K. POUND

BELGIAN FRANC

JAPANESE YEN

/ -

I I I I I I I I I N i l I l l T

DUTCH GUILDER

FRENCH FRANC

I I I

-

SWISS FRANC -

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

1984 1986 1984 1986


4

+ 0

4

4

+ 0

4

8 8

4

0

8

+ 0

8

16

24

32

8

4

0

12

8

4

0

8

4

0

8

+ 0

8

16

24

32

CHART 2

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


ENT PER ANNUM PERCENT PER Ah

CANADIAN DOLLAR

DUTCH GUILDER

U. K. POUND

n i l i h i l l i

\ -

SWISS FRANC

-

GERMAN MARK

I I I I I I I I I I I

JAPANESE YEN

I I I

FRENCH FRANC ITALIAN LIRA

1984 1986 1984 1986


U.S. DC 520

500

480

460

440

420

400

380

360

340

320

300

280

260

520

500

480

460

440

420

400

380

360

340

320

300

280

260

CHART 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

ARS PER FINE OUNCE U.S. DOLLARS PER FINE C

12.5 Kg BARS AFTERNOON FIXING PRICE

1983 1984 1985 1986


20

16

12

8

4

0

20

16

12

8

4

0

20

16

12

8

4

0

20

16

12

8

4

0

20

16

12

8

4

0

20

16

12

8

4

0

CHART 4

CALL MONEY RATES WEEKLY SERIES

NT PER ANNUM PERCENT PER Ah

U. S. FEDERAL FUNDS FRANCE

JAPAN

SWITZERLAND CANADA

I l u l l

UNITED KINGDOM

NETHERLANDS

GERMANY

-

K , * . - - . ,yvAft/s/w

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

1984 1906 1904 1986


14

12

10

8

6

4

16

14

12

10

8 10

8

6

4

2 9

8

7

6

5

16

14

12

10

8

6 16

14

12

10

8 10

8

6

4

2 8

6

4

2

0

CHART 5

3-MONTH INTEREST RATES WEEKLY SERIES

T PER ANNUM PERCENT PER AN

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

CANADIAN FINANCE CO. PAPER

A

I I I I I I

-

U.K. INTERBANK STERLING FRENCH INTERBANK RATE

GERMAN INTERBANK RATE NETHERLANDS INTERBANK RATE

-

I I I I I I I I I I I I I I I I I

-

JAPANESE GENSAKIRATE

SWISS INTERBANK RATE

i i i 11111111111

A

1984 1986 1984 1986


16

14

12

10

8

6 16

14

12

10

8

6 16

14

12

10

8

6

16

14

12

10

8

6 16

14

12

10

8

6 16

14

12

10

8

6

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

ENT PER ANNUM PERCENT PER Ah

OVERNIGHT 3-MONTH

-

-

I I I I I I I I I I I I I I I I I I I I I I

6-MONTH 7-DAY

1-MONTH 1-YEAR

1984 1986 1984 1986


CHART 7

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


PERCENT PER ANNUM

16

14

12

10

FEDERAL FUNDS DASHED LINE

OVERNIGHT EURO-DOLLAR DEPOSITS

J I 111111111111 JLL

PERCENT PER ANNUM

16

14 EURO-DOLLAR DEPOSITS 3-MONTH

90-DAY CD' S

I I I I I I I I I I I I I I I I I I I I I I I

12

10

DIFFERENTIAL

W W l v u / M I I A aaA i M iW JI , A aA 1 A a V l \ J

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 1

1984

1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1986

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

1984 1986

+ 0


18

14

10

6

2 2

+ 0

2 18

14

10

6

2 2

+ 0

2

18

14

10

6

2 2

+ 0

2 18

14

10

6

2 2

+ 0

2

CHART 8

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


NT PER ANNUM

EURO-DOLLAR DEPOSITS DASHED LINE

INTERBANK STERLING COVERED LONDON

CANADIAN FINANCE CO. PAPER, COVERED

PERCENT PER Ah

U. S. COMMERCIAL PAPER

j i i l n l

DIFFERENTIAL

I I I I

DIFFERENTIAL

1L

INTERBANK DM COVERED FRANKFURT


1 1 l l l l l l l 1 1

SWISS INTERBANK (SF) COVERED


DIFFERENTIAL DIFFERENTIAL

1984 1986

PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1984 1986


PERC

17

15

13

11

9

7

15

13

11

9

7

10

8

6

4

18

16

14

12

10

8

6

17

15

13

11

9

7

9

7

5

3

1

10

8

6

4

18

16

14

12

10

8

6

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

IT PER ANNUM PERCENT PER AN

UNITED STATES - CANADA

-

UNITED KINGDOM

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

SWITZERLAND

GERMANY

JAPAN

U. S. CORPORATE MONTHLY

Aaa BONDS

1984 1986

v FRANCE

-

I NETHERLANDS

MONTHLY

I I I n h i l n l i i 1984 1986


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969=100

RATIO SCALE 1969=100

UNITED STATES

180

140

- , -

- NETHERLANDS -

UNITED KINGDOM

I I I I I I 100

340

GERMANY

FRANCE

SWITZERLAND

340 340

300 CANADA

- 300

260 JAPAN / v 260

220 - - - ( - 220 180 - - - - 180

140 I I I I I I I I | I I | I 11 I I ||| | | ||| ||| I I I I I I i i l l I | , , | | | I I | I I | I I | I I 140 140 1984 1986 1984 1986

140


SERIES NAME LAST VALUE PLOTTED

DATE VALUE

CHART 1. SPOT EXCHANGE BATES AND INDICES

WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA

INDICES, MARCH 1973 BASE RATES = 100

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

U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER 0. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA

FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26

FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26

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

FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26

4 3. 0 .

38. 146. 71. 1 4 . 52. 2.

0 . 1 3 .

98 55047 90 84 91 31 52 14719 06457 75

123.72 144. 13 111.67 59.39 71.67 64.48 168.97 84.61 36.68

116.21 148.58 171.90 127. 69 64.11 79.33 69.95 193.72 94.98 38. 58 67.68

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

CANADIAN DOLLAR FEB. 26 -3.77 U.K. POUND FEB. 26 -4.21 GERMAN MARK FEB. 26 3. 36 FRENCH FRANC FEB. 26 -6. 04 SWISS FRANC FEB. 26 3.95 DUTCH GUILDER FEB. 26 2.08 JAPANESE YEN FEB. 26 1.86 ITALIAN LIRA FEB. 26 -9.62


SERIES NAME LAST VALUE PLOTTED

DATE < VALUE

CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE FEB. 26 343.01

CHART 4. CALL MONEY RATES U.S. FEDERAL FUNDS FEB. 26 7. 82 OVERNIGHT EURO-DOLLAR DEPOSITS FEB. 26 7. 79 U.K. FEB. 26 12. 70 CANADA FEB. 26 13. 10 GERMANY FEB. 26 4. 63 JAPAN FEB. 26 5. 76 FRANCE FEB. 26 8. 55 NETHERLANDS FEB. 26 5. 90 SWITZERLAND FEB. 26 4. 80

CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET FEB. 26 7.66 GERMAN INTERBANK LOAN FEB. 26 4.44 JAPANESE GENSAKI RATE FEB. 26 5. 96 CANADIAN FINANCE PAPER FEB. 26 11.77 INTERBANK STERLING FEB. 26 12.34 SWISS INTERBANK LOAN FEB. 26 3.92 FRENCH INTERBANK RATE FEB. 26 8.65 NETHERLANDS INTERBANK RATE FEB. 26 5.79 WEIGHTED AVERAGE FOREIGN INTEREST RATE FEB. 26 7.77

(G-10 COUNTRIES PLUS SWITZERLAND)

CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR

FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26 FEB. 26

7. 79 7.85 7.86 7.86 7. 86 7.98

CHART 7. SELECTED EURO-DOLLAR AND U.S. HONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS FSB. 26 7.79 U.S. FEDERAL FUNDS FEB. 26 7.82 DIFFERENTIAL FEB. 26 -0.03 3-MONTH B010-80M.Se DEPOSIT I M S FEB. 26 7.96 U.S. 90-OAT CD'S, SSCOffMIV fltftSST F*. 26 7.66 DIFFEITIAL FXB. 26 0.20


SEBIES NAME LAST VALUE PLOTT

DATE VALUE

CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT FEB. 26 7. 86 INTERBANK STERLING (LONDON), COVERED FEB. 26 8. 00 DIFFERENTIAL FEB. 26 -0. 13 U.S. COMMERCIAL PAPER FEB. 26 7. 61 CANADIAN FINANCE PAPER, COVERED FEB. 26 7. 88 DIFFERENTIAL FEB. 26 -0. 28 EURO-DOLLAR DEPOSIT FEB. 26 7. 86 INTERBANK DM (FRANKFURT), COVERED FEB, 26 7. 84 DIFFERENTIAL FEB. 26 0. 02 EURO-DOLLAR DEPOSIT FEB. 26 7. 86 SWISS INTERBANK, COVERED FEB. 26 7. 91 DIFFERENTIAL FEB. 26 -0. 05

CHART 9. LONG TBBM GOVEKMENT BOND YIELDS UNITED STATES FEB. 21 8. 62 GERMANY FEB. 21 6. 10 JAPAN (MONTHLY) JAN. 6. 29 SWITZERLAND FEB. 7 4. 41 CANADA FEB. 21 10. 12 FRANCE FEB. 14 10. 73 NETHERLANDS (MONTHLY) DEC, 6. 96 UNITED KINGDOM FEB. 21 9. 79

U.S. CORPORATE AAA BONDS JAN. 10.05

CHART 10. STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN

FEB. 19 223.63 FEB. 19 271.54 FEB. 19 276.40 FEB. 19 282.27 FEB. 19 189.60 FEB. 19 290.06 FEB. 19 304.49 FEB. 19 284.42


FEDERAL RESERVE statistical release (|fS>!;

H.10 (512) FEBRUARY 2 8 , 1906

FOREIGN EXCHANGE RATES FOR THE WEEK ENDING FEBRUARY 28 , 1986

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] I

COUNTRY MONETARY

UNIT FEB. 24 FSB. 25 FEB. 26 FEB. 27 FEB. 2d

AUSTRALIA DOLLAR 70-39 70.83 70.86 69.70 69.93 AUSTRIA SCHILLING 16.050 15.780 15.670 15.610 15.680 BELGIUM FRANC *6.810 46.010 45.610 45.530 4b.800 BRAZIL CRUZEIRO 13475.Q0 13570.00 13660.00 13750.00 13840.00 CANADA DOLLAR 1.3878 1.3925 1.3951 1.4100 1.4230 CHINA,P.R. YUAN 3.2159 3.2159 3.2159 3.2159 3.2159 DENMARK KRONE 8.4425 8.3000 8.2410 8.1900 8.2500 FINLAND MARKKA 5.1630 5.0860 5.0675 5.0325 5. 1000 FRANCE FRANC 7.0150 6.9050 6.8500 6.8300 6.8655 GERMANY D. MARK 2.2825 2.2450 2.2275 2.2220 2.2308 GREECE DRACHMA 141.300 139.200 138.300 137.800 138.300 HONG KONG DOLLAR 7.8030 7.8020 7.7990 7.8005 7-8050 INDIA RUPEE 12.2600 12.1200 12.1300 12.1400 12.2700

IRELAND POUND 132.25 134.60 135.60 136.10 135.35 ITALY LIRA 1556.00 1529.50 1518.00 1517.00 1522.00 JAPAN YEN 182.15 180.95 181.15 180.15 180.55 MALAYSIA RINGGIT 2.4750 2.4735 2.4820 2.4850 2.4930 MEXICO PESO NA NA NA NA NA NETHERLANDS GUILDER 2.5825 2.5415 2.5165 2.5125 2.5185

NEW ZEALAND DOLLAR 52.500 52.850 53.020 51.800 52.300 NORWAY KRONE 7.1530 7.0275 6.9780 6.9700 7.0325 PORTUGAL ESCUDO 150.100 148.400 147.500 146.900 14 7.600 SINGAPORE DOLLAR 2.1465 2.1410 2.1480 2.1565 NA

SOOTH AFRICA RAND 50.05 50.55 50.43 50.40 50.35 SOUTH KOREA WON 887.60 887.20 886.80 886.50 886. 10 SPAIN PESETA 144.000 1*1.600 143.080 140.430 147.600 SRI LANKA RUPEE 27.600 27.602 27.602 27.595 27.598 SWEDEN KRONA 7.2920 7.2040 7.1725 7.1550 7.2005 SWITZERLAND FRANC 1.9020 1.8855 1.8805 1.8760 1.8880 TAIWAN DOLLAR 39.000 NA 39.060 39.100 39.140 THAILAND BAHT 26.450 26.410 26.420 26.380 26.370 UNITED KINGDOM POUND 146.30 149.20 148.90 148.15 144.60

MEMO: UNITED STATES DOLLAR 116.57 115.04 114.52 114.46 115.25

INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. HARCH 1973 = 100. HEIGHTS ARB 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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