(516/517

)

Selected Interest & Exchange Rates
Weekly Series of Charts

March 6,1995
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

SUBSCRIPTION RATES: Weekly $30.00 per year or $.70 each in the United States, its possessions, Canada, and Mexico. Elsewhere. $35.00 per year or $.80 each. Address requests to Publications Services Division of Support 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.

LATEST FIGURES PLOTTED DAILY CERTIFIED SPOT EXCHANGE RATES H.10 RELEASE

2

CHARTS 1. SPOT EXCHANGE RATE INDICES
2.

3-MONTH FORWARD EXCHANGE RATES

3. GOLD D R!CE —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 8. INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDICES

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

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

115 100

FOREIGN CURRENCY PRICE OF U.S. DOLLAR

150 BELGIAN FRANC 140 130 120

85

110 100

70 270 250 230 210 190 170 80 70 60

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90 300 280 260 240 220 200

•JAPANESE YEN SWISS FRANC

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180 85 75 65

CANADIAN DOLLAR U.K. POUND

50 200 180 160 140

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55 215 195 175 155

DUTCH GUILDER

GERMAN MARK

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135 55

FRENCH FRANC

TAL AN L RA 45

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CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

2 U.K. POUND

PERCENT PER ANNUM

2

CANADIAN DOLLAR

JAPANESE YEN

SWISS FRANC

DUTCH GUILDER

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1 ITALIAN LIRA

FRENCH FRANC

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• 1992 1994

1993

1995

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

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE OUNCE 420

U.S. DOLLARS PER FINE OUNCE 420

12.5 Kg BARS AFTERNOON FIXING PRICE

I

400 —

400

380 - -

380

360

360

340

340

320

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

CHART 4

CALL MONEY RATES
WEEKLY SERIES
[CENT PER ANNUM PERCENT PER ANI

6

5 U.S. FEDERAL FUNDS 4

SWITZERLAND

3

JAPAN

2 10

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8 NETHERLANDS 6 GERMANY 4

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14 12

FRANCE

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CANADA

8 6 4 2 UNITED KINGDOM

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

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
)ENT PER ANNUM 10 PERCENT PER ANI

8

WEIGHTED AVERAGE FOREIGN RATE

6

4

U.S. CD'S

2
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NETHERLANDS INTERBANK RATE 10 U.K. INTERBANK STERLING

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5 JAPANESE CD RATE

FRENCH INTERBANK RATE

3

1 10

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8
SWISS INTERBANK

GERMAN INTERBANK RATE

6
4

2

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1995

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

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM PERCENT PER ANNUM

8

8

OVERNIGHT

3-MONTH

7-DAY

6-MONTH

1-MONTH

1-YEAR

1993
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1995

1993

1995

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 PERCENT PER ANNUM 7

7

OVERNIGHT EURO-DOLLAR DEPOSIT

3-MONTH EURO-DOLLAR DEPOSITS

90-DAY CD'S FEDERAL FUNDS
DASHED LINE DASHED LINE

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DIFFERENTIAL

DIFFERENTIAL

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

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM PERCENT PER ANNUM

7 CANADIAN FINANCE CO. PAPER, COVERED

7

6

INTERBANK STERLING
COVERED LONDON

U.S. COMMERCIAL PAPER , , . v EURODOLLAR DEPOSITS DASHED LINE
DASHED

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DIFFERENTIAL

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6 —

INTERBANK DM
COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

EURO-DOLLAR DEPOSITS
J.\ DASHED LINE

EURO-DOLLAR DEPOSITS
^ DASHED LINE

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DIFFERENTIAL

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

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
RCENT PER ANNUM PERCENT PER ANNl

9 UNITED STATES 8 UNITED KINGDOM

11
10

9 7 8 6 7 I CANADA 9 I I I I FRANCE 9 8 8 7 7 I I I I 1 1 I I I » I 1 I I I 6 I I I I < I ' I I ' ' I I I ' 5 6 6
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JAPAN 7

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GERMANY 8

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

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SCALE 1986=100 RATIO SCALE 1986=100

220 UNITED STATES 200 UNITED KINGDOM

200 180

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160

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140

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GERMANY

CANADA

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160

FRANCE
170 —

NETHERLANDS

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

l-Feb-95 Chart 1. Spot Exchange Rates and Indices

8-Feb-95

15-Feb-95 22-Feb-95 l-Mar-95

Noon buying rates (U.S. cents, weekly averages) Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound Indices, March 1973 base rates = 100 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound 126 .03 70, .49 85, .74 185. .56 35. .81 264 . .54 168 . .91 251. .76 64 . ,19 125 .22 71 .21 85 .11 184 .03 35 .58 263 , .44 167, .52 248. .69 63 . .23 125 .96 71 .11 85 .63 185 .15 35, .60 265. .26 168. .54 250. .62 63 . .10 128 .98 71 .02 87 .27 189 , .84 35, .59 268. .99 172 . .75 256. .61 63 . .92 131 .30 71 .45 87 .66 192, .28 34 . .82 270 . .49 174 . .94 259 . .13 64 . .17 3.1984 70.728 19.027 65.965 0.06239 1.01035 58.837 78.256 158.70 3.1779 71.446 18.887 65.419 0.06199 1.00614 58.355 77.302 156.33 3.1966 71.349 19.002 65.819 0.06201 1.01309 58.708 77.902 156.01 3.2731 71.255 19.367 67.483 0.06199 1.02733 60.177 79.762 158.04 3.3320 71.685 19.453 68.354 0.06066 1.03306 60.938 80.546 158.67

Weighted average exchange value indices, Mar. 1973=100 Belgian franc Canadian dollar French franc German mark Italian lira Japanese yen Netherlands guilder Swedish krona Swiss franc U.K. pound U.S. dollar Chart 2. 3-Month Forwa 114 .48 61 .37 75 .07 185 .12 29 .29 264 .75 156 .84 52 .38 232 .45 54 .69 87 .69 114 .29 62 .37 74 .86 184 .37 29 .24 264 .97 156 .28 52 .64 230 .70 54 .08 88 .24 114 .61 62 .07 75 .10 185 .00 29 .15 266 .06 156 .75 52 .83 231 .77 53 , .77 87 , .88 115 .98 61 .15 75 .65 187 .79 28 .76 266 .51 158 .82 52 .73 234 , .45 53 , .80 86. .50 117 .62 61 .25 75 .64 189 .67 27 .95 266 .83 160 .20 52 .68 235, .73 53 . .76 86. .00

Exchange Rates, Premium or Discount -1. .70 0. .49 l. .22 -2 .46 . . 3 .95 1 .15 . 2. 27 -0.41 -1. .57 . 0 .55 1. . 19 -2 .36 . 3 .95 . 1. , 14 2. 32 -0.48 375.03 -1 .63 . 0. .54 1. .21 -2 .41 . 3. .94 1. .16 2. 35 -0.47 -1 .94 . 0 .34 . 1. .13 -2 . .82 3. 96 1. 10 2. 33 -0.50 -1. .65 0. .01 1. . 12 -3 . .63 3. 99 1. 06 2. 43 -0.48

Italian lira Japanese yen Netherlands guilder Swiss franc U.K. pound Chart 3.

German mark

Canadian dollar French franc

Gold Price in London, Afternoon Fixing 377.36 376.02 378.41 376.99

U.S. dollars per fine ounce Chart 4. Call Money Rates

U.S. federal funds Overnight Euro-dollar deposits Canada France Germany Japan Netherlands Switzerland United Kingdom

5.63 5.58 7.21 5.25 5.20 2 .18 4 .86 3.63 4.38

5.95 5.90 7.61 5.25 4.86 2 .17 4.85 3.20 6.20

5.93 5.96 7.60 5.25 4.86 2 . 16 4. 90 3. 35 6. 08

5.94 5.93 7.93 5,25 4.81 2.15 4.93 3.31 5.75

5.88 5 .95 8.03 5.60 5.05 2 .16 4.86 3.50 5.38

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

1-Feb-95 Chart 5. 3-Month Interest Rates 6. 22 8. 24 5. 65 5. 00 27 2. 04 5. 3. 85 6. 63 29 5.

8-Feb-95

15-Feb-95 22-Feb-95 l-Mar-95

U.S. 90-day CD's, secondary market Canadian finance paper French interbank rate German interbank rate Japanese CD rate Netherlands interbank rate Swiss interbank rate U.K. interbank sterling Weighted average foreign interest rate (G-10 Countries) Chart 6. Overnight 7-day 1-month 3-month 6-month 1-year Chart 7. Euro-Dollar Deposit Rates

6. 18 8. 05 61 5. 5. 00 28 2. 02 5. 81 3. 6. 71 5. 27

6. 17 8. 02 5. 60 5. 00 2. 29 01 5. 79 3. 6. 69 26 5.

6. 14 8. 38 69 5. 5. 00 2. 26 02 5. 74 3. 6. 69 ,31 5.

6. 11 05 8. 6. 01 5. 00 2. 26 5. 07 71 3. 6. 63 5. 38

58 5. 85 5. 5. .98 6. ,20 6 .59 . 7 .20 «

5. 90 94 5. 01 6. 6. 18 6. 50 7. 09

,96 5. ,83 5. ,99 5. ,15 6. 6. ,46 7 .08 .

5 .93 . .94 5. 6. .00 .13 6. 6. .39 6. .91

5. ,95 .94 5. 5 .97 . .11 6. 6. .30 6. .68

Selected Euro-dollar & U.S. Money Market Rates 5 .58 . 5 .63 . -0 .05 . .20 6. .22 6. -0 .02 . 5. 90 5. 95 -0 . , 05 6. 18 ,18 6. ,01 -0. 5 .96 . 5 .93 . 0 .03 . .15 6. .17 6. -0 .02 . 5. .93 5 .94 . -0 .01 . .13 6. . 14 6. .01 -0. 5 .95 . 5 .88 . 0 .07 . .11 6. .11 6. 0 .00 .

U.S. federal funds

Overnight Euro-dollar deposits Differential

3-month Euro-dollar deposit U.S. 90-day CD's, secondary market Differential 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 Euro-dollar deposit Swiss interbank, covered Differential Chart 9.

.20 6, 6 .21 -0 .01 6 .24 6, .50 -0 .26 , 6 .20 , .23 6, -0 .03 6 .20 6 .14 0 .06

.18 6. 6. .22 ,05 -0 . 6, . 17 6 ,44 . -0 .27 . .18 6. 6 .21 . -0 .03 . . 6 .18 .16 6. 0 .02 .

.15 6. .22 6, -0 .07 , . 16 6, .36 6, -0 .20 , 6 .15 , 6 .23 -0 .08 6 .15 6 .16 -0 .01

6 .13 6 .18 -0 .06 6 . 14 6 .40 -0 .27 6 .13 6 .15 -0 .02 6 .13 6 .09 0 .03

6 . 11 6 .14 , -0 .02 , 6 .12 6 .37 -0 .25 6 . 11 6 .13 -0 .02 6 .11 6 .17 -0 .05

Long Term Government Bellwether Bond Yields 10-year maturity, where available 9 .30 8 .12 7 .44 4 .60 5 .29 7 .61 8 .64 7 .67 9 .02 . .02 8. 7 .41 , 4 .60 . 5 .26 . 7 .57 . 8 .53 , 7 .55 . 8 .97 7 .98 7 .41 4 .57 5 .25 7 .56 8 .59 7 .55 8 .92 8 .04 7 .43 4 .50 5 .28 7 .55 8 .67 7 .40 8 .67 7 .99 7 .35 4 .38 5 .26 7 .50 8 .58 7 .27

Canada France Germany Japan Switzerland Netherlands United Kingdom United States Chart 10. Stock Indices (Wednesday figures)

Canada 137 .47 137 .33 133 .93 136 .77 France 144 .47 140 .71 141 .89 143 .87 Germany 116 .40 119 .05 116 .92 114 .58 Japan 107 .66 105 .61 105 .99 110 .71 Netherlands 151 .33 151 . 17 149 .92 150 .14 Switzerland 220 .59 219 .29 214 .21 218 .31 United Kingdom 181 .37 181 .09 178 .54 177 . 3 9 United States 193 .37 192 .36 193 .48 188 . 13 Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General spliced at 22dec93, FAZ Aktien, Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 .09 140 .88 118 .09 100 .39 148 .95 219 .94 179 .41 193 .90 to SBF250

FEDERAL RESERVE statistical release
H.10(512) March 6, 1995

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING MARCH 3, 1995

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: MONETARY UNIT DOLLAR SCHILLING FRANC DOLLAR YUAN KRONE ECU MARKKA FRANC D. MARK DRACHMA DOLLAR RUPEE POUND LIRA YEN RINGGIT PESO GUILDER DOLLAR KRONE ESCUDO DOLLAR RAND WON PESETA RUPEE KRONA FRANC DOLLAR BAHT POUND (CURRENCY UNITS PER 1 DOLLAR) Feb. 28 Mar. 1 Mar. 2 0.7380 10.254 29.340 1.3937 8.4511 5.7945 1.2754 4.5065 5.1295 1.4567 232.27 7.7316 31.425 1.5780 1667.50 96.60 2.5532 5.9700 1.6341 0.6335 6.4500 151.15 1.4491 3.5995 789.10 127.720 49.830 7.3345 1.2332 26.360 24.950 1.5840 0.7348 10.310 30.180 1.3965 8.4508 5.8220 1.2722 4.5065 5.1440 1.4647 233.34 7.7317 31.415 1.5785 1645.25 96.75 2.5526 5.9600 1.6428 0.6333 6.4725 151.79 1.4495 3.5990 789.10 127.900 49.820 7.3150 1.2405 26.380 24.950 1.5843 0.7370 10.267 30.060 1.4040 8.4599 5.7980 1.2757 4.4800 5.1275 1.4585 232.49 7.7320 31.485 1.5810 1658.00 95.81 2.5518 5.9700 1.6360 0.6345 6.4550 151.44 1.4470 3.5975 791.00 128.810 49.870 7.3400 1.2370 26.370 24.920 1.5910

COUNTRY ^AUSTRALIA AUSTRIA BELGIUM CANADA CHINA,P.R. DENMARK *EURO COMMUNITY FINLAND FRANCE GERMANY GREECE HONG KONG INDIA ^IRELAND ITALY JAPAN MALAYSIA MEXICO NETHERLANDS *NEW ZEALAND NORWAY PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND *UNITED KINGDOM MEMO: ^UNITED STATES

Feb. 27 0.7395 10.253 30.040 1.3965 8.4516 5.7965 1.2756 4.5490 5.1300 1.4567 232.42 7.7315 31.395 1.5825 1674.25 96.75 2.5540 6.0600 1.6343 0.6358 6.4655 151.25 1.4507 3.6000 790.20 128.670 49.830 7.3615 1.2358 26.340 24.950 1.5835

Mar. 3 0.7381 10.103 29.590 1.4015 8.4594 5.7065 1.2931 4.4210 5.0570 1.4353 229.72 7.7327 31.365 1.6100 1668.25 94.40 2.5503 6.0600 1.6099 0.6383 6.3575 149.18 1.4468 3.5680 792.60 126.910 49.720 7.2960 1.2160 26.340 24.860 1.6210

DOLLAR

86.03

85.81

86.07

85.86

84.82

*VALUE IS U.S. DOLLARS **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. THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 482-1986. FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.

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