h13_19880125.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

d January 25,1988 DIVISION OF

INTERNATIONAL FINANCE

Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION 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 a 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.


C H A R T 1

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

AVERAGES FOR WEEK ENDING WEDNESDAY

RATIO SCALE MARCH 1 9 7 3 = 1 0 0

RATIO SCALE MARCH 1 9 7 3 = 1 0 0

FOREIGN CURRENCY PRICE OF U.S. DOLLAR

220 200 180

160 __ GERMAN MARK ^

140 -

120 - NY

100 - y\l -

80 V i i I I I I I I , , l u l , , I l l l l l l l l l l

CANADIAN DOLLAR

90 80 - U.K. POUND

70 - V Z V V V X A y / / ^ X -

60 -

50 - y \ r -

40 I I I i l l l l l l l l l l i l l l l l l l l l l

BELGIAN FRANC

1986 1988

50 - ITALIAN LIRA - 45

- - ^ 40 - - 35

- ^ y v A / - 30

- 25

I I I I l l l l l l l l l l I l l l l l l l l l l 20

220 ~ JAPANESE Y E N y ^ . 200 ^ y \ j V 180

- 160

- / - 140 - r - 120

- 100

i i i I l l l l l l l l l l I l l l l l l l l l l 80

180 j \ - 160

- DUTCH GUILDER - 140

- 120

100

- w - 90

- 80

- - 70


90 - FRENCH FRANC X x 80

70

- 60

- - 50

M i i I I I I l l l l l l l l l l 40

280

- y V - 240

SWISS FRANC 200 - " V / - 180

- - 160

- v y - 140

- 120


1986 1988

100


C H A R T 2

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


PERCENT PER ANNUM

4

CANADIAN DOLLAR

I I I

A x / - * L

U. K .POUND

I

GERMAN MARK

K

I I I i i i

PERCENT PER ANNUM

8 JAPANESE YEN

I I I I I I

SWISS FRANC -

/

4

12

DUTCH GUILDER

S A \ ^ y - Z N V v

I I I I I I

FRENCH FRANC ITALIAN LIRA

4

4

- 4

12

1986 1988 1986 1988

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

U.S. D<

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

C H A R T 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

ARS PER FINE OUNCE U.S. D O L L A R S PER FINE C

12.5 Kg BARS AFTERNOON FIXING PRICE

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

1985 1986 1987 1988


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 SERIES

T PER ANNUM PERCENT PER M

U. S. FEDERAL FUNDS

L J I I I 111 i l l 111

GERMANY

I I I I I I I

SWITZERLAND

UNITED KINGDOM

NETHERLANDS

~ FRANCE -

JAPAN

I I I I I I

\ -

CANADA &

I I I I I I

r __

11111111111

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

8

6 10

8

6

4

2 8

6

4

2

0

C H A R T 5

3-MONTH INTEREST RATES WEEKLY SERIES

NT PER ANNUM PERCENT PER AN

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

CANADIAN FINANCE CO. - PAPER

-

I I I I I I

U.K. INTERBANK STERLING

GERMAN INTERBANK RATE

FRENCH INTERBANK RATE -

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

NETHERLANDS INTERBANK RATE -

I I I I I I

- JAPANESE GENSAKI RATE -

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

__ SWISS INTERBANK RATE -

I I I I I I

* -

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

C H A R T 6

EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

ENT PER ANNUM PERCENT PER AL

3-MONTH OVERNIGHT

6-MONTH 7-DAY

1-MONTH 1-YEAR

1986 1988 1986 1988


CHART 7

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

AVERAGES FOR WEEK ENDMG WEDNESDAY

PERCENT PER ANNUM

14

FEDERAL FUNDS DASHED LINE

OVERNIGHT EURO-DOLLAR DEPOSITS

1 M I 1 1 1 I 1 1 1 1 1 I I I I I 1 I I

DIFFERENTIAL

1 I 1

90-DAY CD' S DASHED LINE

PERCENT PER ANNUM

14

12

3-MONTH 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

10

DIFFERENTIAL

I I I I I I

I

11111111111 11111 In 111

2 2

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 PERCENT PER Ah

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

JJJ i l l I I I I

CANADIAN FINANCE CO. PAPER, COVERED

U. S. COMMERCIAL PAPER DASHED L INE

I I I I I I I I

DIFFERENTIAL

M i l l I

DIFFERENTIAL

INTERBANK DM COVERED FRANKFURT

EURO-DOLLAR DEPOSITS DASHED LINE

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS DASHED L INE

1 1 1 M l

DIFFERENTIAL DIFFERENTIAL

1986 1988 1986 1988

1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE


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

UNITED STATES

PERCENT PER At

UNITED KINGDOM

I M U

CANADA

-

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

- JAPAN -

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

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

UNITED STATES

RATIO SCALE 1969=100

UNITED KINGDOM a a T I

I I I I I I

-

650

550 - / vA /vvx -

450 - JAPAN J I V -

350 - / * -

250 -

150 I I I I I I 11111111111

500

400 vv

CANADA

300

200 I I I 11111111111

500

400 __ NETHERLANDS

300 - V ^ v ] -

200 "jr* -

100 I I I I I I

FRANCE

-

I I I I I I 11111111111

SWITZERLAND /

/ V

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

GERMANY

1986 1988 1986 1988


SERIES IAMB LAST VALUE PLOTTED

DATE VALUE

CHART 1. SPOT EXCHANGE BATES AMD INDICES

WEEKLY AVERAGES, 8001 BUYING RATES (U.S. CBNTS) GERFLAI BARK JAPABESB TBI DUTCH GUILDER Q.K. POUBD CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH XRONA

JAH. 20 JAB. 20 JAB. 20 JAM. 20 JAM. 20 JAM. 20 JAM. 20 JAM. 20 JAM. 20 JAM. 20

6 Q. 12 Q. 77894

53.51 178.97 77. 72 17.42 73.77 2.87594 a . 0 8 1 8 2 16.67

INDICES, BARCH 1973 BASE RATES = 100 GEBHAM HARK JAM. 20 169.12 JAPANESE IBM JAM. 20 203.95 DUTCH GUILDER JAM. 20 153.63 O.JU POUBD JAM. 20 72.39 CAMADIAM DOLLAR JAM, 20 77.46 FRENCH FRANC JAM. 20 80.31 SWISS FRANC JAN. 20 237.31 BELGIAN FRANC JAN. 20 113.33 ITALIAN LIRA JAN. 20 46.48

HSIGHTED AVERAGE EXCHANGE VALUE INDICES, BAR 1973 = 100 (G-10 COUNTRIES PIUS SWITZERLAND)

U.S. DOLLAR JAN. 20 89. 76 GERBAN BARK JAN. 20 169.35 JAPANESE IEN JAN. 20 201.96 DUTCH GUILDER JAN. 20 *44.52 U.K. POUND JAN. 20 63.73 CANADIAN DOLLAR JAN. 20 69.29 FRENCH FRANC JAB. 20 71.23 SWISS FRANC JAN. 20 222.91 BELGIAN FRANC JAB. 20 104.31 ITALIAN LIRA JAB. 20 4Q.OO SWEDISH KROMA JAB. 20 66.91

CHART 2. 3-BONIB FORWARD EXCBABGE RATES, PREBIUB OR DISCOUNT CANADIAN DOLLAR JAB. ,20 -1.45 U.K. POUND JAB. 20 -1.65 GBRBAB BARK J&** 20 3.78 FRENCH FRANC JAN. 20 -1-50 SWISS FRANC JAB. .20 4.98 DUTCH GUILDER JAN. 20 2.88 JAPANESE TEH JAN. 20 3.13 ITALIAN LIRA J&** 20 -3.45


SERIES BABE LAST VLLOS PLOTTED

DATE VALUE

CHABT 3. GOLD PBICB IN LOUDOM, AFTERNOON FIXING U.S. . DOLLARS PER PISE OUNCE JAB. .20 478.37

CHABT 4. CALL HOMEY RATES U.S. FEDERAL PONDS OVERNIGHT EURO-DOLLAR DEPOSITS O.K. CANADA GERMANY JAPAN PRANCE NETHERLANDS SWITZERLAND

JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20

6.89 6.72 7.31 8.50 3.15 3.44 7.60 3.99 Q. 13

CHART 5. J-MONTH INTEREST RATES U.S. 90-DAI CD'S. SECONDARY RABBET GERMAN INTERBANK LOAN JAPANESE GENSAKI RATE CANADIAN FINANCE PAPER INTERBANK STERLING S1ISS INTERBANK LOAN PR2NCH INTERBANK RATE NETHERLANDS INTERBANK RATE WEIGHTED AVERAGE FOREIGN INTEREST RATE

(G-10 COUNTRIES PLUS SBITZSBLASD)

JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20

6.92 3.41 3.88 8.76 8.88 2.05 8.25 4.20 5.72

CHART 6. EURO-DOLLAR DEPOSIT BATES: LOBDOB OVERNIGHT 7DAT 1-MONTH 3-MO NTH 6-HO NTH 1YEAR

JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20 JAB. 20

6.72 6.76 6.90 7.11 7.33 7.71

CHART 7. SELECTED EURO-DOLLAR ABD U.S. BOBET MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS JAB. 20 6.72 U.S. FEDERAL FUNDS JAB. 20 6.89 DIFFERENTIAL JAN. 20 -0.17 3-MONTH EURO-DOLLAR DEPOSIT RATE JAN. 20 7.11 U.S. 90-DAI CD'S. SECONDARY MARKET JAN. 20 6.92 DIFFERENTIAL JAN. 20 0. 19


SEMES MA ME LAST VALUE PLOTTED

DATE VALOE

CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT JAN. 20 7. 11 INTERBANK STERLING (LONDON), COVERED JAN. 20 7. 18 DIFFERENTIAL JAN. 20 -0.07 U.S. COMMERCIAL PAPER JAN. 20 6.89 CANADIAN FINANCE PAPER, COVERED JAN. 20 7.29 DIFFERENTIAL JAN. 20 -ft. 40 EURO-DOLLAR DEPOSIT JAN. 20 7.11 INTERBANK DM (FRANKFORT) , COVERED JAM. 20 7.22 DIFFERENTIAL JAN. 20 -0. 10 EURO-DOLLAR DEPOSIT JAN. 20 7.11 SWISS INTERBANK, COVERED JAN. 20 7.05 DIFFERENTIAL JAN. 20 0.06

CHART 9. LOMG TERM GOVERMEMT BOHD YIELDS UNITED STATES GERMAN! JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM

U.S. CORPORATE AAA BONDS MAI 9.33

JAN. 15 8. 84 JAN. 15 6. 00 JAN. 8 4.21 JAM. 8 4.08 DEC. 25 10.34 JAN. 15 10.57 NOV. 6.37 JAN. 15 9.30

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

JAN. 13 261.62 JAM. 13 306.84 JAN. 13 31 a- 60 JAM. 13 175.44 JAN. 13 156.36 JAN. 13 19ft. 49 JAM. 13 273.70 JAN. 13 470.67


v o S J g S ; .

FEDERAL RESERVE statistical release i l g M

H.10(512) JANUARY 22, 1988 FOREIGN EXCHANGE RATES FOR THE MEEK ENDING JANUARY 22, 1988

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

1 CURRENCY UNITS PER DOLLAR) COUNTRY

MONETARY UNIT JAN. 18 JAN. 19 JAN. 20 JAN. 21 JAN. 22

^AUSTRALIA DOLLAR 71.15 71.45 71.55 71.40 AUSTRIA SCHILLING 11.800 11.675 11.705 11.778 BELGIUM FRANC 35.100 34.640 34.790 35.000 CANADA DOLLAR 1.2870 1.2825 1.2827 1.2798 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 6.4305 6.3750 6.3950 6.4400 FINLAND MARKKA H 4.0790 4.0430 4.0500 4.0725 FRANCE FRANC 5.6490 5.6035 5.6110 5.6460 GERMANY D. MARK 1.6758 1.6618 1.6640 1.6755 GREECE DRACHMA 0 134.000 132.850 132.800 133.600 HONG KONG DOLLAR 7.7910 7.7900 7.7910 7.7940 INDIA RUPEE 13.0800 13.0400 12.9900 13.0300

*1RELAND POUND L 158.55 160.13 159.80 158.65 ITALY LIRA 1230.50 1220.50 1224.75 1231.00 JAPAN YEN 128.60 127.75 127.20 127.85 MALAYSIA RINGGIT I 2.5565 2.5490 2.5464 2.5475 NETHERLANDS GUILDER 1.8835 1.8665 1.8700 1.8830 *NEW ZEALAND DOLLAR 66.070 66.470 66.320 66.530 NORWAY KRONE D 6.4020 6.3500 6.3570 6.3750 PORTUGAL ESCUDO 137.500 136.050 136.050 136.750 SINGAPORE DOLLAR 2.0420 2.0230 2.0215 2.0260 *SOUTH AFRICA RAND A 50.05 50.50 50.60 50.30 SOUTH KOREA WON 791.30 790.10 788.90 788.10 SPAIN PESETA 113.850 112.900 112.900 113.270 SRI LANKA RUPEE Y 30.827 30.825 30.822 30.837 SWEDEN KRONA 6.0305 5.9880 5.9910 6.0200 SWITZERLAND FRANC 1.3660 1.3490 1.3510 1.3567 TAIWAN DOLLAR 28.640 28.650 28.650 28.650 THAILAND BAHT 25.350 25.320 25.260 25.260 *UNITED KINGDOM POUND 177.85 179.23 179.60 178.23

MEMO: UNITED STATES DOLLAR 0.25 90.28 89.56 89.60 90.09 SINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 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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