h13_19881114.pdf

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Selected Interest & Exchange Rates Weekly Series of Charts

November 14, 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 $24.00 per year or $.60 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $22.50 per year or $.55 each. Elsewhere, $30.00 per year or $.70 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

RATIO SCALE MARCH 1973=100

- FOREIGN CURRENCY PRICE OF U.S. DOLLAR

140 120

100 90 80 70

60 50

GERMAN MARK

v f l I I I I I I I I I I I I

CANADIAN DOLLAR

90 80 ~ UK. POUND 70 - / VX A ^ . . w -60 -

50 - JNT -

40 1 1 1 I I I 1 1 1 1 1 1 1 1 1 1 I

BELGIAN FRANC

1 1 1 1 1 1 1986 1988

50 - ITALIAN LIRA 45

' 40

- y v - 35

- - 30

- - 25

1 1 1 III,I||,||| I I I I I I I I I I I 20 T-l 220

JAPANESE Y E N / v 200 180 - 160

j - 140

- r - 120

- 100

i i i 1 1 1 III,,lulu I I I I I I I I I I I 80 180 - J - 160 __ DUTCH GUILDER 140

- 120

100 - w - 90

- 80 - 70

1 1 1 1 1 1 I I I I I I I I 11 I I I 11 I I I I 11 I 60 90

FRENCH FRANC j / - 80

^ 70 yv

- 60

- - 50

n i i 1 1 1 11111111111 11111111111 40 280 - y - 240

SWISS FRANC 200

- 180 - - 160 - v\/ - 140

- 120 1 1 1 1 1 1 11111111111 100

1986 1988 100


CHART 2

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

AVERAGES FOR WEEK ENDING WEDNESDAY

PERCENT PER ANNUM

CANADIAN DOLLAR

I I I I I I

PERCENT PER ANNUM

8 JAPANESE YEN

A r^V I I I I I I

U. K. POUND

Ur-I I I

\ / \ j

I I I

A..

GERMAN MARK

I I I I I I

SWISS FRANC -

i i i

4 12

DUTCH GUILDER

I I I i ill Mill 11

0 8

FRENCH FRANC

+ 0

4 4

12

1986 1988 1986 1986


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

CHART 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

.LARS PER FINE OUNCE U.S. DOLLARS PER FINE I

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 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

" PER ANNUM PERCENT PER At

U. S. FEDERAL FUNDS

I I I

FRANCE

I I I I I I

GERMANY

CANADA

UNITED KINGDOM SWITZERLAND

NETHERLANDS


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 Ah

U.S. CD'S

WEIGHTED AVERAGE FOREIGN RATE

I I I I I I I

U.K. INTERBANK STERLING

I I I I I I I I I

GERMAN INTERBANK RATE

JAPANESE GENSAKI RATE

CANADIAN FINANCE CO. PAPER

h < ; I I I

-

- FRENCH INTERBANK RATE -

I I I I I I

\ P*\

- NETHERLANDS INTERBANK RATE -

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

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 1966 1988


CHART 7

SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUSM, FAVORS BORROWING IN U. S.


PERCENT PER ANNUM

14

12

10 FEDERAL FUNDS DASHED LINE

OVERNIGHT EURO-DOLLAR DEPOSITS

2 I L 2

I I

DIFFERENTIAL

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

9

I I I I i i i f I 111111111111111111111 1986 1988

1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

PERCENT PER ANNUM

14

12

3-MONTH E U R O - D O L L A R DEPOSITS

90-DAY CD' S DASHED L INE

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 2

10

DEFERENTIAL -

I I I I I I

y A y ^

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

INTERBANK STERLING COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

I I I

CANADIAN FINANCE CO. PAPER, COVERED

U. S. COMMERCIAL PAPER DASHED LINE

PERCENT PER Ah

DIFFERENTIAL

I I I I I I n 11111111111

DIFFERENTIAL

_L_L

INTERBANK DM COVERED FRANKFURT


SWISS INTERBANK (SF) COVERED


DIFFERENTIAL

I I I I

DIFFERENTIAL

1986 1966 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

6

6 10

#

6

4

T2 10

6

6

4 16

13

11

9

7

5

3

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

ENT PER ANNUM PERCENT PER AL

UNITED STATES CANADA

i 1 1

\ v \

I I I

UNITED KINGDOM -

I I I V I I I

v/v V / V y JAPAN -

I I I I I I

SWITZERLAND GERMANY

U. S. CORPORATE MONTHLY

__ Aaa BONDS -

I I I I I I

-

FRANCE

1986 1988

NETHERLANDS MONTHLY

1986 1111 i d u U i l i - . i l u l u l l i

19M


CHART 10

INDUSTRIAL STOCK INDICES WEEKLY SERIES

RATIO SCALE 1969=100

500

400 UNITED STATES A

-

300 " I

200 -

100 I I I I I I n i l Mi l l II MlMl . lh ,

UNITED KINGDOM / A /

I I I I I I

-

650

550 - W \ A A

450 __ JAPAN / i f -

350 - JT Y -

250 -

150 i i i I I I l l l l l l l l l l l

500

400 CANADA \

-

300 V -

200 I I I I I I l l l l l l l l l l l l l l l l l l l l l l

RATIO SCALE 1969=100

500

400

300

200

FRANCE

SWITZERLAND /

/

I I I I I I

250

200

150

198* 1988 1986 1988


SERIES NAMJS LAST VALUE PLOTTED . . DATE VALUE

CHART 1. SPOT EXCHANGE BATES AND INDICES

WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK NOV. 9 56.24 JAPANESE YEN NOV. 9 0.80122 DUTCH GUILDER NOV. 9 49. 79 U.K. POUND NOV. 9 177.66 CANADIAN DOLLAR NOV. 9 81.32 FRENCH FRANC NOV. 9 16.46 SWISS FRANC NOV. 9 66.97 BELGIAN FRANC NOV. 9 2.67850 ITALIAN LIRA NOV. 9 0.07553 SWEDISH KRONA NOV. 9 16. 18

INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK NOV. 9 158.22 JAPANESE YEN NOV. 9 209.79 DUTCH GUILDER NOV. 9 142. 94 U.K. POUND NOV. 9 71.86 CANADIAN DOLLAR NOV. 9 81.05 FRENCH FRANC NOV. 9 74. 16 SWISS FRANC NOV. 9 215.46 BELGIAN FRANC NOV. 9 105. 55 ITALIAN LIRA NOV. 9 42. 90

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

U.S. DOLLAR NOV. 9 9 3. 38 GERMAN MARK NOV. 9 16 2. 32 JAPANESE YEN NOV. 9 215.84 DUTCH GUILDER NOV. 9 138.33 U.K. POUND NOV. 9 65. 43 CANADIAN DOLLAR NOV. 9 75.24 FRENCH FRANC NOV. 9 67.48 SWISS FRANC NOV. 9 208.40 BELGIAN FRANC NOV. 9 100.01 ITALIAN LIRA NOV. 9 37.95 SWEDISH KRONA NOV. 9 67.01

CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OH DISCOUNT CANADIAN DOLLAR NOV. 9 -2.09 U.K. POUND NOV. 9 -3.28 GERMAN MARK NOV. 9 3.77 FRENCH FRANC NOV. 9 0.60 SWISS FRANC NOV. 9 4.65 DUTCH GUILDER NOV. 9 3.33 JAPANESE YEN NOV. 9 4.33 ITALIAN LIRA NOV. 9 -2. 69


SERIES SAME LAST VALUE PLOTTED

DATE VALUE

CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE NOV. 9 420.83

CHART 4. CALL MONEY RATES U.S. FEDERAL FUNDS NOV. 9 8.31 OVERNIGHT EURODOLLAR DEPOSITS NOV. 9 8.24 U.K. NOV. 9 11.95 CANADA NOV. 9 10.22 GERMANY NOV. 9 4.72 JAPAN NOV. 9 3.80 FRANCE NOV. . 9 7.65 NETHERLANDS NOV. 9 5. 19 SWITZERLAND NOV. 9 1.63

CHART 5. 3-MONTH INTEREST RATES U.S. 90-DAY CD'S, SECONDARY MARKET NOV. 9 8. 50 GERMAN INTERBANK LOAN NOV. 9 4.93 JAPANESE GENSAKI RATE NOV. 9 4.27 CANADIAN FINANCE PAPER NOV. 9 10.77 INTERBANK STERLING NOV. 9 12. 10 SWISS INTERBANK LOAN NOV. 9 3.85 FRENCH INTERBANK RATE NOV. 9 7. 88 NETHERLANDS INTERBANK RATE NOV. 9 5.28 WEIGHTED AVERAGE FOREIGN INTEREST RATE NOV. 9 6.99

(G-10 COUNTRIES PLUS SWITZERLAND)

CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT NOV. 9 8.24 7-DAY NOV. 9 8.26 1-MONTH NOV. 9 8.34 3-MONTH NOV. 9 8.61 6-MONTH NOV. 9 8.60 1-YEAR NOV. 9 8. 73

CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURODOLLAR DEPOSITS NOV. 9 8. 24 U.S. FEDERAL FUNDS NOV. 9 8. 31 DIFFERENTIAL NOV. 9 -0. 07 3-MONTH EURO-DOLLAR DEPOSIT RATS NOV. 9 8. 61 U . S . 90-DAY CD'S, SECONDARY MARKET NOV. 9 8. 50 DIFFERENTIAL NOV. 9 0. 11


SERIES HAHE LAST VALUE PLOTTED

DATE FALUE

CHART 6. INTEREST ARBITRAGE, 3-MONTfl FUNDS EURO-DOLLAR DEPOSIT NOV. 9 8.61 INTERBANK STERLING (LONDON), COVERED NOV. 9 8. 72 DIFFERENTIAL NOV. 9 -0. 10 U.S. COMMERCIAL PAPER NOV. 9 8. id CANADIAN FINANCE PAPER, COVERED NOV. 9 8.62 DIFFERENTIAL NOV. 9 -0.24 EURO-DOLLAR DEPOSIT NOV. 9 8.61 INTERBANK DM (FRANKFURT), COVERED NOV. 9 8.75 DIFFERENTIAL NOV. 9 -0. 13 EURO-DOLLAR DEPOSIT NOV. 9 8.61 SWISS INTERBANK, COVERED NOV. 9 8.54 DIFFERENTIAL NOV. 9 0.07

CHART 9. LONG TEEM GOVERMENT BOND YIELDS UNITED STATES NOV. 4 8.72 GERMANY NOV. 4 5. 98 JAPAN NOV. 4 4. 28 SWITZERLAND OCT. 28 4. 15 CANADA NOVf 4 10.13 FRANCE OCT. 7 9.00 NETHERLANDS (MONTHLY) SEPT. 6.43 UNITED KINGDOM NOV. 4 8. 72 CORPORATE

AAA BONDS MAY 9.33

0. STOCK INDICES UNITED STATES NOV. 9 290. 69 UNITED KINGDOM NOV. 9 325.34 CANADA NOV. 9 323.11 GERMANY NOV. 9 228.00 SWIT4ERLA? NOV. 9 193. 66 NETHERLANDS NOV. 9 293.66 FRANCE NOV. 9 399. 68 JAPAN NOV. 9 575. 53


FEDERAL RESERVE statistical release

H.10(512)

FOREIGN EXCHANGE RATES FOR THE WEEK ENDING NOVEMBER 11, 1988

NOVEMBER 14, 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 NOV. 7 NOV. 8 NOV. 9 NOV. 10 NOV, 11 AUSTRALIA DOLLAR 83.12 83.00 84.24 84.35 AUSTRIA SCHILLING 12.540 12.602 12.403 12.368 BELGIUM FRANC 37.380 37.530 36.950 36.870 CANADA DOLLAR 1.2372 1.2352 1.2324 1.2258 CHINA,P.R. YUAN 3.7314 3.7314 3.7314 3.7314 DENMARK KRONE 6.8830 6.9000 6.8130 6.7950 FINLAND MARKKA 4.2190 4.2270 4.1840 4.1780 H FRANCE FRANC 6.0870 6.1070 6.0150 6.0090 GERMANY D. MARK 1.7840 1.7895 1.7610 1.7575 GREECE DRACHMA 147.100 147.200 145.400 145.200 0 HONG KONG DOIJLAR 7.8140 7.8140 7.8120 7.8100 INDIA RUPEE 14.9900 14.9800 14.9400 14.9600

"IRELAND POUND 149.80 149.45 151.65 151.80 L ITALY LIRA 1325.50 1329.75 1313.00 1311.00 JAPAN YEN 124.72 125.57 124.25 123.98 MALAYSIA RINGGIT 2.6860 2.6860 2.6830 2.6780 I NETHERLANDS GUILDER 2.0125 2.0185 1.9890 1.9830

*NEN ZEALAND DOLLAR 62.300 62.620 63.630 63.850 NORWAY KRONE 6.6500 6.6700 6.6000 6.6000 D PORTUGAL ESCUDO 147.950 148.400 146.350 146.200 SINGAPORE DOLLAR 1.9770 1.9770 1.9680 1.9690 SOUTH AFRICA RAND 2.4550 2.4520 2.4410 2.3975 A SOUTH KOREA WON 700.50 699.60 699.70 698.20 SPAIN PESETA 117.600 118.050 116.420 115.980 SRI LANKA RUPEE 32.992 32.992 32.992 32.992 Y SWEDEN KRONA 6.1900 6.1960 6.1330 6.1280 SWITZERLAND FRANC 1.4940 1.5017 1.4815 1.4770 TAIWAN DOLLAR 28.140 28.140 28.140 28.150 THAILAND BAHT 25.240 25.210 25.250 25.180

UNITED KINGDOM POUND 177.50 177.02 179.08 179.55

MEMO; SUNITED STATES DOLLAR 93.56 93.86 92.58 92.47 0.25 INDEX 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.

VALUE IS U.S. CENTS


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