h13_19880502.pdf
TRANSCRIPT
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(516/517)
Selected Interest & Exchange Rates Weekly Series of Charts
M a y 2 , 1 9 8 8 DIVISION OF INTERNATIONAL FINANCE
Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, DC. 20551
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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
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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
RATIO SCALE MARCH 1373=100
FOREIGN CURRENCY PRICE OF U.S. DOLLAR
220 200 180 - -160 - GERMAN MARK ^ -140 -120 -
100 - y\l -
80 v f i I i i i 11111111111 ,l| H hill i
CANADIAN DOLLAR
90 80 - UK. POUND 70 - -
60 -
50 - AT -
40 I I I ||| I, hill I
BELGIAN FRANC
I I I I I I
-
1986 1988
50 - ITALIAN LIRA 45 - ^ - 40 - y v - 35 - - - 30
- - 25
I I I I I I ,|| I, hill | I, I,, hili i 20 220
JAPANESE YEN, 200 180 - 160
- j - 140
- f - 120
- 100
I I I I I I I I I I I I I I I I I 111 ii 111111 80 180
- V V _ - 160 - DUTCH GUILDER x - 140
- 120
js 100 - W - 90
- 80 - 70
I I I I I I 11111111111 60 90 - FRENCH FRANC S 80
- 70 z / - 60
- - 50
\ I I I I I I I I I I I I I I I I n I n h i l i i 40 280 - J Vwv. 240
SWISS FRANC 200
- y X Z / V - 180 - - 160 - /AJ - 140
- 120 I I I I I I 11111 h 1111 100
1986 1988 100
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PE!
4
0
4
8 4
+ 0
4
8 8
4
0
4 4
0
4
8
12
CHART 2
3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
:ENT PER ANNUM
CANADIAN DOLLAR
I I I
V ~ j
I I I
A V
FRENCH FRANC
PERCENT PER ANNUM
8 JAPANESE YEN
A v y I I I i i i iiliilnln
U. K. POUND
I I I I
\ / \ j
I I I
// V GERMAN MARK
I I I I I I M I I I I M I . I
DUTCH GUILDER
SWISS FRANC -
I I I
4 12
11 4 4
- 4
12
1986 1988 1986 1988
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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U.S. c 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
LARS PER FINE OUNCE U.S. DOLLARS PER FINE <
12.5 Kg BARS AFTERNOON FIXING PRICE
I I I I I I I I I I I
1985 1986 1987 1988
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PER<
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
R PER ANNUM PERCENT PER AH
U. S. FEDERAL FUNDS FRANCE
I I I I I
GERMANY
CANADA
UNITED KINGDOM
NETHERLANDS
__ SWITZERLAND
I I I I LLUfl I
1986 1988 1986 1988
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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
I I I
CANADIAN FINANCE CO. - PAPER
-
I I I I I I
-
UX. INTERBANK STERLING
GERMAN INTERBANK RATE
FRENCH INTERBANK RATE -
I I I I I I
\r* -
__ NETHERLANDS INTERBANK RATE -
I I I I I I
\ -
- JAPANESE GENSAKI RATE -
I I I I I I
-
SWISS INTERBANK RATE -
I I I I I I
\ / -
1986 1988 1986 1988
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PER
14
12
10
8
6
4 14
12
10
8
6
4 14
12
10
8
6
4
WM 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 PERCENT PER AL
OVERNIGHT 3-MONTH
7-DAY 6-MONTH
1-MONTH 1-YEAR
1986 1988 1986 1988
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CHART 7
SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U. S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
14
12
10 FEDERAL FUNDS DASHED LINE
OVERNIGHT EURO-DOLLAR DEPOSITS
111111111111111 n 111111
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
J\ .A zx aA 1A 4/^/VAjAurJL
-
M I I M I 111111111111111111111111 1986 1988
1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE
DFFERENTIAL
I I I I I I
f
I I I I I I I I I I I I I I I I I I I I I I 1986 1988
2 2
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CHART 0
INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS
-
16
1<
12
10
8
6 14
12
10
8
* 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 AL
UNITED STATES
UNITED KINGDOM
SWITZERLAND
U. S. CORPORATE MONTHLY FRANCE
Aaa BONDS
NETHERLANDS MONTHLY
1986 1988 1986 1988
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CHART 10
INDUSTRIAL STOCK INDICES WEEKLY SERIES
RATIO SCALE 1969=100
500
400 UNITED STATES
-
300 I /v ""
200 - / V S Z -
100 I I I I I I Ml, 650 550 AA/WV / -
450 __ JAPAN f 1 ^ -
350 -
250 -
150 I l l I I I , n Ml,,!,,In 500
400 CANADA
A . -
300 V
200 I I I I I I 500
400 - NETHERLANDS -
300 v * v S -
200 / -
100 I I I I I I 11111111111 100 1986 1988
UNITED KINGDOM
I M I I
RATIO SCALE 1969=TOO
500
400
300
200
- FRANCE -
I I I [ i r
-
100
650 550
450
350
- 250
SWITZERLAND /
/ v V *
I I I nliilnln
150 250
200
150
GERMANY
1986 1988
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SERIES NAME LAST VALUE PLOTTED
DATE VALUE
CHABT 1. SPOT EXCHANGE BATES AMD INDICES
WEEKLY AVERAGES, BOOB BDYING RATES (U.S. CENTS) GERMAN BARK JAPANESE YEN DUTCH GUILDER O.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA S1EDISH KRONA
INDICES, MARCH 1973 BASE BATES * 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER O.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA
WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAS 1973 tG-10 COUNTRIES PLUS SWITZERLAND)
U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U. K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA
APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27
APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27
100
APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27
59.76 0.80185
53. 29 188.28 81.22 17.61 72.24 2. 85798 0.06041 17.01
168.16 209.95 152. 99 76. 15 80.95 79. 33
232.39 1 1 2 . 62 45. 68
88. 95 166. 78 206.97 142.79 66.87 72.11 69.71
216.57 102. 85 38. 96 67. 83
CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FBANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA
APRIL 27 APRIL 27 APfilL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27 APRIL 27
-1.71 -1.00 3.80
-1.08 5. 02 3. 19 3.21
-3. 43
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SERIES HAHE LAST VALUE PLOTTED
DATE ?ALUE
CHART 3. GOLD PRICE IN LOHDOH, AFTERNOOH FIXING U.S. DOLLARS PER FIVE OUHCE APRIL 27 450.07
CHART 4. CALL HONE? RATES 0.5. FEDERAL FORDS APRIL 27 6. 85 OVERSIGHT EURO-DOLLAR DEPOSITS APRIL 27 6.73 o.s. APRIL 27 7.96 CANADA APRIL 27 8.42 GBRHAHI APRIL 27 3.25 JAPAN APRIL 27 3.30 FRANCE APRIL 27 7.71 NETHERLANDS APRIL 27 3. 85 SWITZERLAND APRIL 27 1.77
CHART 5. 3-HOHTH UTERES! RATES 90-DAY CD'S. SECONDAHI HARKET APRIL 27 6.99
GEBHAN INTERBANK LOAH APRIL 27 3.36 JAPANESE GEHSAKI RATE APRIL 27 3.80 CANADIAN FINANCE PAPER APRIL 27 9.04 INTERBANK STERLING APRIL 27 8.21 SWISS INTERBANK LOAN APRIL 27 2.00 FREHCH INTERBANK RATE APRIL 27 8.00 HETHERLAHDS INTERBANK RATE APRIL 27 3. 99 WEIGHTED AVERAGE FOBEIGH INTEREST RATE APRIL 27 5.58
IS-10 COURTRIES PLUS SWITZERLAND)
CHART 6.,EURO-DOLLAR DEPOSIT RATES: OVERHIGHS 7-DAY 1- HO NTH 3-BO NTH 6-HONTH 1-YEAR
LOMDOH APRIL 27 6. 73 APRIL 27 6. 84 APRIL 27 7. 00 APRIL 27 7. 18 APRIL 27 7. 36 APRIL 27 7. 76
CHART 7. SELECTED EURO-DOLLAR AID U.S. HOME! MARKET RATES OVERHIGH! EURO-DOLLAR DEPOSITS APRIL 27 6.73 0.S., FEDERAL FUNDS APRIL 27 6.85 DIFFERENTIAL APRIL 27 -0. 13 3-HOHTH E8RO-DOLLAR DEPOSIT RATE APRIL 27 7. 18 8.S. 90-DAY CD'S* SECOHDARY HARKET APRIL 27 6.99 DIFFERENTIAL APRIL 27 0.19
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SEBIBS NAME LAST VALUE PLOTTED
DATE fALOE
CHART 8, INTBEEST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT APRIL 27 7. 18 INTERBANK STERLING (LONDON), COVERED APRIL 27 7. 19 DIFFERENTIAL APRIL 27 -0. 01 U.S. COMMERCIAL PAPER APRIL 27 6. 92 CANADIAN FINANCE PAPER, COVERED APRIL 27 7. 29 DIFF ERE NTIAL APRIL 27 -0. 37 EURODOLLAR DEPOSIT APRIL 27 7. 18 INTERBANK DM (FRANKFORT), COVERED APRIL 27 7. 19 DIFFERENTIAL APRIL 27 -0. 02 EURO-DOLLAE DEPOSIT APRIL 27 7. 18 SWISS INTERBANK, COVERED APRIL 27 7. 05 DIFFERENTIAL APRIL 27 0. 13
CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES APRIL 22 8.81 GERMANY APRIL 22 5.78 JAPAN APRIL 1 3.93 SWITZERLAND APRIL 8 4.05 CANADA APRIL 15 10.38 PRANCE APRIL 22 9.36 NETHERLANDS (MONTHLY) FEB. 6.09 UNITED KINGDOM APRIL 22 8.90
U.S. CORPORATE AAA BONDS MAY 9.33
CHART 10. STOCK INDICES UNITED STATES UNITED KINGDOM CANADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN
APRIL 20 236. 88 APRIL 20 312.74 APRIL 20 331.94 APRIL 20 195.72 APRIL 20 172.98 APRIL 20 246.70 APRIL 20 302.27 APRIL 20 573.40
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FEDERAL RESERVE statistical release
H.10(512) . APRIL 29, 1988
FOREIGN EXCHANGE RATES FOR THE MEEK ENDING APRIL 29, 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 APR. 25 APR. 26 APR. 27 APR. 28 APR. 29
"AUSTRALIA DOLLAR 75.47 75.50 75.47 75.79 75.76 AUSTRIA SCHILLING 11.792 11.778 11.783 11.733 11.775 BELGIUM FRANC 35.100 35.030 35.050 34.900 35.020 CANADA DOLLAR 1.2318 1.2290 1.2285 1.2315 1.2292 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 6.4550 6.4525 6.4585 6.4330 6.4550 FINLAND MARKKA 4.0050 4.0090 4.0105 3.9950 4.0050 FRANCE FRANC 5.6930 5.6900 5.6870 5.6690 5.6910 GERMANY D. MARK 1.6775 1.6752 1.6750 1.6687 1.6746 GREECE DRACHMA 134.400 134.400 134.620 134.000 134.200 HONG KONG DOLLAR 7.8155 7.8165 7.8210 7.8165 7.8180 INDIA RUPEE 13.2300 13.2000 13.2700 13.2200 13.2100 *1RELAND POUND 159.25 159.45 159.40 159.73 159.40 ITALY LIRA 1247.25 1245.00 1246.00 1240.50 1247.00 JAPAN YEN 124.82 124.79 125.10 124.60 124.92 MALAYSIA RINGGIT 2.5730 2.5750 2.5800 2.5770 2.5750 NETHERLANDS GUILDER 1.8820 1.8790 1.8780 1.8720 1.8780 *NEH ZEALAND DOLLAR 67.100 66.600 66.830 67.200 67.270 NORWAY KRONE 6.1835 6.1900 6.1770 6.1530 6.1750 PORTUGAL ESCUDO 137.250 137.000 137.150 136.750 137.100 SINGAPORE DOLLAR 2.0055 2.0040 2.0060 2.0025 2.0050 SOUTH AFRICA RAND 2.1510 2.1520 2.1533 2.1510 2.1545 SOUTH KOREA WON 743.80 743.80 743.90 744.00 743.30 SPAIN PESETA 110.900 110.550 110.780 110.350 110.830 SRI LANKA RUPEE 30.962 30.965 30.965 30.962 30.962 SWEDEN KRONA 5.8900 5.8850 5.8855 5.8630 5.8750 SWITZERLAND FRANC 1.3885 1.3866 1.3880 1.3846 1.3935 TAIWAN DOLLAR 28.700 28.700 28.700 28.700 28.700 THAILAND BAHT 25.180 25.180 25.180 25.170 25.150 "UNITED KINGDOM POUND 187.48 187.50 187.70 187.40 187.85
MEMO: UNITED STATES DOLLAR 89.17 89.07 89.09 88.86 89.08 INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. NEIGHTS 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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