h13_19880606.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

June 6,1988

Prepared by the FINANCIAL MARKETS SECTION

DIVISION OF INTERNATIONAL FINANCE

BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, DC, 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

220 200 180

160

140

120

100

80

- FOREIGN CURRENCY PRICE OF U.S. DOLLAR

-

I I I i M i l l u l i l l Ii1111111111

GERMAN MARK ^ -

CANADIAN DOLLAR

90 80 - U.K. POUND

70 - / V V v w v V A -

60 -

50 - Ar -

40 I I I I I I

MARCH 1973=100

SO ITALIAN LIRA 45

- - 40

- 35

- - 30

- - 25

I I I 1 1 1 u l i , l u l u 20

220 JAPANESE YEN, r ^ J ^ T 200

180

- 160

- / - 140 - r - 120

- 100

i i i 1 | | | | | | | | | | l l l i l l l l l l l 80

180 - j V ~~ 160

DUTCH GUILDER - - 140

- t\ - 120

js 100 / v - 90

- 80

- 7 0

I I I 1 1 1 1 1 | 1 1 | 1 1 | 1 1 l l l i l l l l l l l 60 90

FRENCH FRANC y / \ ^ s 80

- - 70

- 60

- - 50

1 1 1 1 1 1 l l l i l l l l l l l 40

140 ~ ~ 280

120 - - y - 240 BELGIAN FRANC 1 SWISS FRANC

100 _ W V ^ / / 200 90 - - - y v v v V ~ ~ ' / v ' - 160

80 - - - n - 160 70 - - - v \ / - 140

60 - - 120

50 1 1 1 l l l i l l l l l l l l l l i l l l l l l l I I I 100 50

1986 1988 1986 1988

100


CHART 2

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


PERCENT PER ANNUM PERCENT PER ANNUM

JAPANESE YEN

12

SWISS FRANC

CANADIAN DOLLAR

4

U. K. POUND

+ 0

4

8

8

GERMAN MARK

4

4

4

FRENCH FRANC

+ 0

4

8

12 1988 1986

DUTCH GUILDER

ITALIAN LIRA

1988 1986


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

LLARS 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 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

u l i i l i

GERMANY

I I I

FRANCE

- V X K \

JAPAN

I I I

V v I I I

V v

V y w v

CANADA

^.J\ .

I I I I I I

__

UNITED KINGDOM

SWITZERLAND

NETHERLANDS

1986 1988 1986 1988


12

10

8

6

4

2

14

12

10

8

6

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 AN

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

CANADIAN FINANCE CO. - PAPER

-

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

UK. INTERBANK STERLING

GERMAN INTERBANK RATE

FRENCH INTERBANK RATE -

I I I I I I

\ / V \ -

NETHERLANDS INTERBANK RATE -

I I I

\ A -

- JAPANESE GENSAKI RATE -

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

SWISS INTERBANK RATE -


1986 1988 1986 1988


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

ENT PER ANNUM

OVERNIGHT

PERCENT PER Af

3-MONTH

-


7-DAY

14

12

10

8

6

4

2

2

1

0

1

14

12

10

8

6

4

2

2

1

0

1

CHART 7

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


[NT PER ANNUM

OVERNIGHT EURO-DOLLAR DEPOSITS

I I I

PERCENT PER A

FEDERAL FUNDS DASHED LINE

11111111111 11111111111

3-MONTH EURO-DOLLAR DEPOSITS

I I I

90-DAY CD* S DASHED LINE

11111111111 i i l l i l l 1 1 1

DIFFERENTIAL

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

DIFFERENTIAL

I I I I I I I I I I I I I M I I I I I I 1986 1988

I 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

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: F L U S H , INDICATES FAVOR DOLLAR ASSETS


ENT PER ANNUM

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

M i l l

DIFFERENTIAL

I I I I I I I

INTERBANK DM COVERED FRANKFURT


DIFFERENTIAL

M M i

I I I I I 1111111111111111111111111 I I I I

SWISS INTERBANK (SF) COVERED


1986

I I I I I I I 1988

DIFFERENTIAL

PERCENT PER Ah

- CANADIAN FINANCE CO. PAPER, COVERED

-

i JL v \ Z ^ Z N ^ V V x A A

U. S. COMMERCIAL PAPER DASHED LINE

DIFFERENTIAL

1 1 1 1 1 1 11111111111

I I I

1986 1988

PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE


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 A N N U M

UNITED STATES

PERCENT PER M

CANADA

I I I I I I

-

UNITED KINGDOM

I I I I I I

W v

11111111111

v X y -

I ! i I I I I I I I

SWITZERLAND

JAPAN

GERMANY

U. S. CORPORATE MONTHLY

Aaa BONDS

FRANCE

NETHERLANDS MONTHLY

1986 1988 1986 1988


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969=100

RATIO SCALE 1969=100

UNITED STATES UNITED KINGDOM

FRANCE

SWITZERLAND

NETHERLANDS

GERMANY


SERIES NAME LAST VALUE PLOTTED

DATE VALUE

CHART 1 . SPOT EXCHANGE BATES AND INDICES

WEEKLY AVERAGES, NOON BUYING BATES ( U . S . CENTS)

GERMAN MARK JUNE 1 5 8 . 13 JAPANESE YEN JUNE 1 0 . * 0 0 4 0 DUTCH GUILDER JUNE 1 5 1 . 8 9 U . K . POUND JUNE 1 184 . 49 CANADIAN DOLLAR JUNE 1 8 0 . 9 1 FRESCH FRANC JUNE 1 17 . 25 SWISS FRANC JUNE 1 6 9 . 6 2 BELGIAN FRANC JUNE 1 2 . 78522 I T A L I A N L I S A JUNE 1 0 . 0 7 8 22 SWEDISH KRONA JUNE 1 1 6 . 7 4

I N D I C E S , 8ARCH 1973 BASE KATES = 100

GERMAN MARK JUNE 1 1 6 3 . 5 3 JAPANESE YEN JUNE 1 2 0 9 . 5 7 DUTCH GUILDER JUNE 1 148 . 96 U . K . POUND JUNE 1 7 4 . 62 CANADIAN DOLLAR JUNE 1 8 0 . 6 4 FRENCH FMANC JUNE 1 7 2 . 7 4 SHISS FRANC JUNE 1 2 2 3 . 9 8 BELGIAN FRANC JUNE 1 109 . 75 I T A L I A N L IRA JUNE 1 4 4 . 43

WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , MAR 1973 = 100 i t i - 1 0 COUNTRIES PLUS SWITZERLAND)

U. S . DOLLAR JUNE 1 9 0 . 7 3 GERMAN MARK JUNE 1 164 . 33 JAPANESE YEN JUNE 1 210,. 19 DUTCH GUILDER JUNE 1 141 . 11 U . K . POUND JUNE 1 6 6 . 5 2 CANADIAN DOLLAR JUNE 1 7 3 . 0 3 FRENCH FRANC JUNE 1 6 9 . 3 4 SWISS FRANC JUNE 1 21 1 . 8 9 BELGIAN FRANC JUNE 1 1 0 1 . 7 5 I T A L I A N L I R A JUNE 1 3 8 . 46 SWEDISH KRONA JUNE 1 6 7 . 79

IT 2 . 3-MONTH FORWARD EXCHANGE RATES, PREMIUM 08 DISCOUNT

CANADIAN DOLLAR JUNE 1 - 1 . 5 3 U . K . POUND JUNE 1 - 0 . 0 6 GERMAN MARK JUNE 1 4 . 14 FRENCH FRANC JUNE 1 0 . 0 9 SWISS FRANC JUNE 1 4 . 9 0 DUTCH GUILDER JUNE 1 3 . 55 JAPANESE YEN JUNE 1 3 . 5 7 I T A L I A N L I R A JUNE 1 - 2 . 6 5


SERIES NAME LAST VALUE PLOTTED

DATE VALUE

CHART 3 . GOLD PRICE I N LONDON, AFTERNOON F I X I N G

a . 5 . DOLLARS PER F I N E OUNCE JUNE 1 4 5 4 . 3 7

CHA&l 4 . CALL MONEY MATES

0 . S . FEDERAL FUNDS JUNE 1 7 . 41 OVERNIGHT EURO-DOLLAR DEPOSITS JUNE 1 7 . 3 6 U. k . JUNE 1 7 . 3 8 C A M DA JUNE 1 8 . 7 7 GERMANY JUNE 1 3 . 32 JAPAN JUNE 1 3 . 19 FRANCE JUNE 1 7 . 3 1 NETHERLANDS JUNE 1 3 . 88 SWITZERLAND JUNE 1 1 . 6 5

CHART 5 . 3-MONTH INTEREST BATES

U . S . 9 0 - D A Y C D ' S , SECONDARY MARKET JUNE 1 7 . 4 7 GERMAN INTERBANK LOAN JUNE 1 3 . 54 JAPANESE GENSAKI RATE JUNE 1 3 . 82 CANADIAN F INANCE PAPER JUNE 1 9 . 19 INTERBANK STERLING JUNE 1 7 . 8 0 SWISS INTERBANK LOAN JUNE 1 2 . 52 FRENCH INTERBANK RATE JUNE 1 7 . 4 4 NETHERLANDS INTERBANK RATE JUNE 1 4 . 0 6 WEIGHTED AVERAGE FOREIGN INTEREST RATE JUNE 1 5 . 6 5

&G-10 COUNTRIES P i U S SWITZERLAND)

CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON

OVERNIGHT JUNE 1 7 . 36 7 -DAY JUNE 1 7 . 38 1-MONTH JUNE 1 7 . 4 5 3-MONTH JUNE 1 7 . 6 0 6-MONTH JUNE 1 7 . 80 1-YEAR JUNE 1 8 . 3 5

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

OVERNIGHT EURO-DOLLAR DEPOSITS JUNE 1 7 . 3 6 U . S . FEDERAL FUNDS JUNE 1 7 . 4 1 D I F F E R E N T I A L JUNE 1 - 0 . 0 5

3-MONTH EURO-DOLLAR DEPOSIT SATE U . S . 90 -DAY C D ' S . SECONDARY MARKET D I F F E R E N T I A L

JUNE JUNE JUNE

1 1 1

7 . 6 0 7 . 4 7 0 . 13


SEBi.ES hAME LAST VALUE PLOTTED

DATE VALUE

CHART 0 . INTEREST ARBITRAGE, 3-MO NTH FUNDS

EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED D IFFERENTIAL

JUNE 1 JUIJE 1 JUNE 1

7 . 60 7 . 7 4

0 . 14

U . S . COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED D IFFERENTIAL

EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED D IFFERENTIAL

EURO-DOLLAR DEPOSIT SWISS INTER B A M , COVERED D IFFERENTIAL

JUNE 1 JUNE 1 JUNE 1



7 . 44 7 . 6 2

0. 16

7 . 6 0 7 . 72

-0. 12

7 . 6 0 7 . 46 0 . 14

CHART S . LONG TERM GOVERMENT BOND Y IELDS week end ing :

UNITED STATES MAY 27 9 . 22 GERMANY MAY 27 6 . 11 JAPAN MAY 27 4 . 24 SWITZERLAND MAY 13 4 . 0 8 CANADA MAY 2 7 10.38 FRANCE MAY 2 0 9 . 5 1 NETHERLANDS (MONTHLY) MARCH 6 . 0 1 UNITED KINGDOM MAY 2 7 8 . 9 3

U . S . CORPORATE

AAA BONDS MAX 9 . 3 3

CHART 1 0 . STOCK IND ICES

UNITED STATES UNITED KINGDOM CA NADA GERMANY SWITZERLAND NETHERLANDS FRANCE JAPAN

JUNE 1 28 4 . 62 JUNE 1 3 1 6 . 41 JUNE 1 32 4 . 81 JUNE 1 1 9 7 . 73 JUNE 1 1 7 4 . 69 JUNE 1 3 1 7 . 56 JUNE 1 3 4 3 . 03 JUNE 1 5 7 0 . 41


FEDERAL RESERVE statistical release

H.10(512)

FOREIGN EXCHANGE RATES FOR THE WEEK ENDING JUNE 3 , 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 MAY 30 MAY 31 JUNE 1 JUNE 2 JUNE 3

AUSTRALIA DOLLAR 80 .21 81.09 80.24 80.65 AUSTRIA SCHILLING 12.163 12.145 12.350 12.148 BELGIUM FRANC 36.130 36.060 36.080 36.120 CANADA DOLLAR 1.2339 1.2325 1.2330 1.2310 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 6.5800 6.5725 6.5775 6.5830 FINLAND MARKKA H 4.0850 4.0900 4.1100 4.1180 FRANCE FRANC 5.8220 5.8280 5.8360 5.8370 GERMANY D. MARK 1.7290 1.7258 1.7248 1.7272 GREECE DRACHMA 0 137.450 137.550 138.200 137.850 HONG KONG DOLLAR 7.8140 7.8150 7.8150 7.8155 INDIA RUPEE 13.4700 13.5100 13.5900 13.5800

IRELAND POUND L 155.05 154.85 155.05 154.85 ITALY LIRA 1283.00 1289.00 1284.00 1284.00 JAPAN YEN 125.11 125.20 126.55 125.97 MALAYSIA RINGGIT I 2.5890 2.5880 2.5940 2.5845 NETHERLANDS GUILDER 1.9375 1.9350 1.9380 1.9400

*NEW ZEALAND DOLLAR 69.300 69.770 69.320 69.900 NORWAY KRONE D 6.2650 6.2800 6.3100 6.3110 PORTUGAL ESCUDO 140.600 140.850 141.300 141.250 SINGAPORE DOLLAR 2.0210 2.0210 2.0240 2.0220 SOUTH AFRICA RAND A 2.2400 2.2290 2.2600 2.2330 SOUTH KOREA WON 736.20 736.30 736.40 736.50 SPAIN PESETA 113.950 114.160 114.450 113.950 SRI LANKA RUPEE Y 31.012 31.025 31.042 31.042 SWEDEN KRONA ~ 5.9925 6.0100 6.0380 6.0385 SWITZERLAND FRANC 1.4438 1.4412 1.4370 1.4395 TAIWAN DOLLAR 28.670 28.670 28.670 28.670 THAILAND BAHT 25.210 25.220 25.230 25.230

UNITED KINGDOM POUND 183.82 182.35 179.95 179.40

MEMO: UNITED STATES DOLLAR 0.25 91.06 91.14 91.42 91.43

tINDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10 COUNTRIES. MARCH 1973 = 100. WEIGHTS 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.

JUNE 6 , 1988

*VALUE IS U.S. CENTS


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