h13_19880404.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

April 4, 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 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

SUBSCRIPTION RATES:

Weekly $21.00 per year or $.50 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $19.50 per year or $.45 each. Elsewhere, $26.00 per year or $.60 each. Address requests 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.

10. INDUSTRIAL STOCK INDICES


CHART 1

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

AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1973=100

200 180 160

140 120

100

80

RATIO SCALE MARCH 1973=100

FOREIGN CURRENCY PRICE OF U.S. DOLLAR

I I I

-

140 120

100 90 80 70 60 50

_ GERMAN MARK

v f i i i i i

-

CANADIAN DOLLAR

90 80 - U.K. POUND 70 60

50 - j\r

40 i i i i i i iiiniiiiii

BELGIAN FRANC

1 1 1 1 1 1

1986 1988

50 ITALIAN LIRA N^v 45

- - - 40 - 35

- - 30

- 25

1 1 1 1 1 1 lllilllllll 20 220

JAPANESE YEN/~x_ 200 180 - 160

- j - 140 - r - 120

- 100

1 1 1 1 1 1 I ill|||||i| lllilllllll 80 180 - y V - 160 __ DUTCH GUILDER v - 140

120

js 100 - w - 90

- 80 - - 70

1 1 1 1 1 1 lllilllllll lllilllllll 60 90

FRENCH FRANC .j/ 80 - 70

J - 60

- A - 50

\ I I 1 1 1 lllilllllll 40 280 - J \-v - 240

SWISS FRANC 200

- - 180 - - 160 - y Y - 140

- - 120 1 1 1 1 1 1 I I | I I | I I | I I lllilllllll 100

1986 1988 100


CHART 2

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

AVERAGES FOR WEEK ENDING WEDNESDAY

PERCENT PER ANNUM

CANADIAN DOLLAR

1 1 I 1 1 1

A /

a K. POUND

l\T* 1 1 1

\ / \ j

1 1 1

PERCENT PER ANNUM

8

GERMAN MARK

1 1 1 1 1 1

JAPANESE YEN

V "

1 1 1 i i i III III III)1 lllllllllll

SWISS FRANC

r

l l l "V,

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 iiiniiiiii

4 12

DUTCH GUILDER

1 1 1 l l l

0 8

FRENCH FRANC

I I III III I I I

0

4 4

- 8

12

1986 1988 1986 1988


U.S. [

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

CHART 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE ILLARS PER FINE OUNCE

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 i 1985 1986 1987 1988


PERI

16

12

8

4

0 16

12

8

4

0 16

12

8

4

0

NUM

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 Ah

U. S. FEDERAL FUNDS

I I

FRANCE -

JAPAN

I I I I I I

CANADA

GERMANY

UNITED KINGDOM

SWITZERLAND

NETHERLANDS

1986 1988 1986 1988


PER

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

CHART 5

3-MONTH INTEREST RATES WEEKLY SERIES

:NT PER ANNUM PERCENT PER AH

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

CANADIAN FINANCE CO. - PAPER

-

-

I I I I I I I I I I I

_ A U.K. INTERBANK STERLING

-

FRENCH INTERBANK RATE -

\[ -

GERMAN INTERBANK RATE

JAPANESE GENSAKI RATE

- NETHERLANDS INTERBANK RATE -

-

SWISS INTERBANK RATE -

I I I

\ -

1986 1988 1986 1988


14

12

10

8

6

4 14

12

10

8

a

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

NT PER ANNUM

OVERNIGHT

PERCENT PER A!>

I I I I I 1111 M I I I I I I I H I I I I i I I I I I I I I I L J L i

7-DAY

1-MONTH

I I I I I I [

3-MONTH

6-MONTH

1-YEAR

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

1986 1988 1986 1988


CHART 7

SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS

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

AVERAGES FOR WEEK ENDING WEDNESDAY

:NT PER ANNUM

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

DIFFERENTIAL

lull

- CANADIAN FINANCE CO. PAPER, COVERED

U. S. COMMERCIAL PAPER DASHED LINE

l i i i

I I I I I I I I I I

DIFFERENTIAL

n i l

PERCENT PER Ah

INTERBANK DM COVERED FRANKFURT


SWISS INTERBANK (SF) COVERED


DIFFERENTIAL

Z\ A

A / V v V ^

I I I - I I I III III nil I

s W

1 1 1 1 1 1 1 1 1 1 1

DIFFERENTIAL

1986 1988 I PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

1986 1988


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 PERCENT PER Af

UNITED STATES

-

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

- CANADA

I I I I I I

-

UNITED KINGDOM -

I I I

V 1 1 1

YZV X - JAPAN -

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

SWITZERLAND GERMANY

U. S. CORPORATE MONTHLY

- Aaa BONDS -

11111111111

-

FRANCE

NETHERLANDS MONTHLY

11 1986 1988 1986 1988


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969=100

UNITED STATES UNITED KINGDOM

650 550 - f -450 JAPAN jf Y

350 - -

250

150 I I I I I I , I n ,> !>> ! , , In

500 I 400 -V

CANADA

300 V

200 I I I I I I 500

400 __ NETHERLANDS -

300 - V ^ V | -

200 / -

100 I I I I I I I 100 1986 1988

RATIO SCALE 1969=100

500

400

300

200

FRANCE

SWITZERLAND /

I I I I I I I

GERMANY

200

150

100

500

400

- 300

- 200

100 1986 1988


SERIES DABS LAST VALUE PLOTTED

DATE VALUE

CHART 1. SPOT EXCHANGE BATES AMD INDICES

WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK MARCH 30 59.93 JAPANESE YEN MARCH 30 0.80028 DUTCH GUILDER MARCH 30 53.35 U.K. POUND MARCH 30 185.66 CANADIAN DOLLAR MARCH 30 80.70 FRENCH FRANC MARCH 30 17.67 SWISS FRANC MARCH 30 72.54 BELGIAN FRANC MARCH 30 2.86245 ITALIAN LIRA MARCH 30 0.98090 SWEDISH K80NA MARCH 30 16.92

INDICES, MARCH 1973 BASE BATES 100 GERMAN HARK JAPANESE YEN DUTCH GUILDER 0. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA

MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30

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

168. 59 209.54 153. 14 75.09 80. 43 79.61

233-36 112.79 45.96

0. S. DOLLAR MARCH 30 89.03 GERMAN MARK MARCH 30 167.43 JAPANESE YEN MARCH 30 206.68 DUTCH GUILDER MARCH 30 143.05 U.K. POUND MARCH 30 65.90 CANADIAN DOLLAR MARCH 30 71.66 FRENCH FRANC MARCH 30 70.04 SWISS FRANC MARCH 30 217.65 BELGIAN FRANC MARCH 30 103. 10 ITALIAN LIRA MARCH 30 39.24 SWEDISH KB ON A MARCH 30 67. #8

CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR MARCH 30 -1.71 U.K. POUND MARCH 30 -1.80 GERMAN MARK MARCH 30 3.53 FHESCH FRANC MARCH 30 -*.60 SWISS FRANC MARCH 30 5.12 DUTCH GUILDER MARCH 30 2.86 JAPANESE YEN MARCH 30 2.63 ITALIAN LIRA MARCH 30 -4.23


SERIES NAME LAST VALUE PLOTTED

DATE VALUE

CHART 3. GOLD PBICB IN LONDON, AFTERNOON FIXING U.S. DOLLABS PEB FINE OUNCE HABCH 30 453. 66

. CALL HONEY BATES U.S. FEDEBAL FUNDS HABCH 30 6.62 OVERNIGHT EOBO-DOLLAB DEPOSITS HABCH 30 6.49 O.K. HARCH 30 8.51 CANADA HABCH 30 8.45 GEBHANT HABCH 30 3. 10 JAPAN -m HABCH 30 3.55 FBANCE HABCH 30 7.48 NETBEBLANDS HABCH 30 3.40 SWITZERLAND HABCH 30 0. 13

CBABT 5. 3-MONTH INTBBBST BATES O.S. 90-DAY CD'S, SECONDARY MARKET HABCB 30 6.66 GERHAN INTERBANK LOAN HABCH 30 3.37 JAPANESE GENSAKI BATE HABCB 30 3.82 CANADIAN FINANCE PAPEB HABCH 30 8. 70 INTERBANK STERLING HABCH 30 8.70 SWISS INTERBANK LOAN HABCB 30 1.52 FRENCH INTERBANK BATE HABCB 30 8. 15 NBTBBBLANDS INTERBANK BATE HABCH 30 3.95 NEIGHTED AVERAGE FOREIGN INTEREST RATE HABCB 30 5.60

(G-10 COUNTRIES PLUS SNITZJI BLAND)

CBABT 6. EURO-DOLLAR DEPOSIT BATES: LONDON OVEBNIGBT HABCH 30 6.49 7DAI HABCH 30 6.66 1-HO NT H HABCH 30 6.*9 3-HO NTH HABCB 30 6.78 6HO NTH HABCH 30 6. 99 1-TEAB HABCH 30 7.43

CBABT 7. SELECTED EURO-DOLL AB AND U.S. BONEI MARKET BATES OVEBNIGBT BUBO-DOLLAR DEPOSITS U.S. FEDEBAL FUNDS DIFFERENTIAL 3-MONTH EOBO-DOLLAB DEPOSIT BATE U.S. 90DAI CD'S, SECOSDABI BASKET DIFFERENTIAL

HABCH 30 6. 49 MARCH 30 6. 62 HARCH 30 -0. 13 HARCH 30 6. 78 MARCH 30 6. 66 HARCH 30 0. 12


SERIES NAME LAST 7ALOE PLOTTED

DATE VALUE

CHART 8. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT) , COVERED DIFFERENTIAL

MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30 MARCH 30

6.78 6.87 0.99 6.67 6. 96 *Q. 29

6.78 6.93 0.15

EURO-DOLLAR DEPOSIT S8ISS INTERBANK, COVERED DIFFERENTIAL

MARCH 30 MARCH 30 MARCH 30

6.78 6.67 0. 11

CHART 9. LONG TERM GOVERMSNT BOND YIELDS UNITED STATES GERMANY JAPAN SWITZERLAND CANADA FRANCE NETHERLANDS (MONTHLY) UNITED KINGDOM

MARCH 25 MARCH 25 MARCH 18 MARCH 18 MARCH 18 MARCH 25 FEB,

MARCH 25

8.48 5.65 4.01 4.05 10.09 9.51 6. 09 8. 95

U.S. CORPORATE AAA BONDS MAY 9.33

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

MARCH 23 288.30 MARCH 23 320.94 MARCH 23 76 MARCH 23 203.84 MARCH 23 179.32 MARCH 23 247.78 MARCH 23 29 4.93 MARCH 23 565.60


FEDERAL RESERVE statistical release

H.10(512) APRIL 1, 1988 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING APRIL 1, 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 (CURRENCY UNITS PER DOLLAR)

COUNTRY MONETARY

UNIT MAR. 28 MAR. 29 MAR. 30 MAR. 31 APR. 1 ^AUSTRALIA DOLLAR 73.27 73.54 73.88 74.12, 74.15 AUSTRIA SCHILLING 11.670 11.688 11.686 11.640 11.641 BELGIUM FRANC 34.760 34.820 34.800 34.680 34.650 CANADA DOLLAR 1.2373 1.2360 1.2364 1.2342 1.2348 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 6.3730 6.3910 6.3800 6.3600 6.3650 FINLAND MARKKA 4.0075 4.0115 4.0100 3.9925 3.9950 FRANCE FRANC 5.6260 5.6400 5.6430 5.6125 5.6175 GERMANY D. MARK 1.6606 1.6632 1.6637 1.6558 1.6560 GREECE DRACHMA 133.300 ~ 133.150 133.200 135.850 132.700 HONG KONG DOLLAR 7.8045 7.8065 7.8050 7.8020 7.8050 INDIA RUPEE 13.0000 12.9600 13.0500 12.9600 13.0000

*1RELAND POUND 160.75 161.00 160.95 161.20 161.32 ITALY LIRA 1229.75 1232.00 1232.50 1228.00 1229.00 JAPAN YEN 124.20 124.65 124.84 124.10 124.00 MALAYSIA RINGGIT 2.5575 2.5665 2.5655 2.5655 2.5625 NETHERLANDS GUILDER 1.8655 1.8685 1.8685 1.8590 1.8595

*NEW ZEALAND DOLLAR 64.580 65.280 65.000 65.400 65.250 NORWAY KRONE 6.2590 6.2905 6.2670 6.2350 6.2400 PORTUGAL ESCUDO 136.300 136.500 136.600 135.800 135.750 SINGAPORE DOLLAR 2.0055 2.0065 2.0065 2.0010 2.0000 SOUTH AFRICA RAND 2.1250 2.1170 2.1270 2.1250 2.1220 SOUTH KOREA WON 750.90 749.40 749.50 749.60 748.10 SPAIN PESETA 110.870 111.250 110.910 110.620 110.550 SRI LANKA RUPEE 30.908 30.908 30.908 30.915 NA SWEDEN KRONA 5.8910 5.8940 5.8980 5.8710 5.8700 SWITZERLAND FRANC 1.3707 1.3745 1.3730 1.3625 1.3650 TAIWAN DOLLAR 28.690 NA 28.690 NA 28.690 THAILAND BAHT 25.140 25.120 25.170 25.160 NA

*UNITED KINGDOM POUND 185.88 186.80 187.70 188.65 189.00

MEMO: UNITED STATES DOLLAR 88.64 88.72 88.71 88.29 88.28 INDEX 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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