The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
DIVISION OF I N T E R N A T I O N A L F I N A N C E BOARD OF OOVERNORS H. 13 No * 346 j April 17, 1968. f CAPITAL MARKET DEVELOPMENTS ABROAD ZIj 1958 j. l]j. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H. 13 Chart Series, 1968 LRESBE I. Ten Charts on Financial Markets Abroad Chart Chart Chart Chart Chart Chart Chart Chart Chart Chart New York, London: Yields on U.S. Dollar Funds London: Yields for U.S. Dollar Investors on 3-Month Funds 3 Interest Arbitrage: "Fraikfurt/London, Zurich/London Interest Arbitrage: New York/Canada Interest Arbitrage: New Yoirk/London Short-Term Interest Rates Long-Term Bond Yields 8 - Spot Exchange Rates--Major Currencies Against U.S. Dollar 9 3-Month Forward Exchange Rates • 10 Industrial Stock Indices 1 2 Europe and British Commonwealth Section. NOT FOR PUBLICATION DECONTROLLED AFTER SIX MONTHS H. 13 No. 346 April 17, 1968. -2- Chart 9 Chart 7 U.S. Gov't.(Wed., April 10 (Thurs., April 11 ) ) 5, 17 U.K. War Loan (Thurs. .April 11) 7. 21 Against U.S. dollars: German Fed. (Ehuis., April 11 ) 6. 61 Swiss francs + 2 . 8 2 Dutch Glds. +1.92 Swiss Confed. (Fri., April 5 ) 4. 53 German marks +2. 21 Fr. Francs 4-0. 79 Canadian Gov't. 6. 55 £ Sterling Can. $ -1.38 (Wed. , April 1Q -4.33 Against pound sterling: Netherlands Gov't. ) 6. 51 Swiss francs +6. 21 Euro- $ bonds Qhurs., April 1 1 ) 7. 59 U.S. dollars + 3 . 8 4 U.S. Euro-bonds (March 29 ) 7. 35 U. S. Corporate Aaa ( March 29 ) 6. 11 (Friday, April 5 Chart 8 (Thurs., April 11 ) Ger. marks 4-6.43 Chart 10 U. S. ( April 12 ) Japan ( March 22 ) 212.2 237.7 Swiss francs +0.81 Dutch Glds. -0 .04 U.K. German marks 40.40 Can. $ +0 .04 Switzerland U.K. £ Ster. 40.11 It. Lire 40 .03 Germany ( March 29 ) 244.0 -0 .61 Canada ( ) 192.9- Belgian francs-fO. 53 Jap. Yens (Thurs. , April ll) ^ (Thurs. April ll) April 5 French francs 40. 25 For descriptions and sources of data, dated March 2/, 1968. Special Supplement No. 343-S ' 252.2 308.0 NEW Y O R K - L O N D O N : YIELDS O N U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES EURO D O L L A R D E P O S I T U . S . C E R T I F I C A T E OF D E P O S I T I 3 EURO DOLLAR OVER U . S . C E R T I F I C A T E OF D E P O S I T CALL EURO-DOLLAR DEPOSIT RATE VS. U.S. FEDERAL FUNDS RATE CALL EURO-DOLLAR DEPOSITS FEbERAL FUNDS E U R O - D O L L A R OVER F E D E R A L F U N D S Mar. Jan. Sept. Dec. Mar. 1965 Jan. 1966 Sept. Dec. Mar. Jun. 1967 Sept. Dec. Mar. Jen. 1961 Sept. Dec. LONDON: EURO YIELDS DOLLAR FOR DEPOSIT U.S. DOLLAR INVESTORS O N 3 - M O N T H FUNDS RATES 30 DAY DAY 180 DAY CALL HIRE P U R C H A S E Friday figure* AND LOCAL AUTHORITY DEPOSIT RATES HIRE EURO-DOLLAR 4 (covered) Per cent per annum PURCHASE DEPOSIT DIFFERENTIAL FAVOR H I R E P U R C H A S E FAVOR E U R O D O L L A R EURO-DOLLAR LOCAL AUTHORITY DEPOSIT DIFFERENTIAL 1965 DEPOSIT] 3 1966 1967 "FAVOR LOCAL A U T H O R I T Y 1961 I INTEREST ARBITRAGE: FRANKFURT INTERBANK FRANKFURT/LONDON, LOAN RATE VS. ZURICH/LONDON LONDON EURO-DOLLAR RATE (COVERED) IN TERMS OF DM EURO-DOLLAR INTERBANK LOAN RATE FAVOR FRANKFURT DIFFERENTIAL ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE (COVERED) IN EURO SWISS TERMS OF SWISS FRANCS DOLLAR DEPOSIT RATE FAVOR ZURICH DIFFERENTIAL I FAVOR E U R O D O L L A R H PRICE OF GOLD IN LONDON 35.5 45.0 35.4 43.0 35.3 41.0 35.2 39.0 37.0 35.0 1965 * Market cloied March 15 April I. #68 1966 1967 1968 u Fridoy figures * 3-MONTH TREASURY BILL Per cent per onnum RATES CAN. F I N . CO i UNITED PAPER STATES CANADA BILL —1 1 1 RATE D I F F E R E N T I A L : r AND FORWARD CANADIAN SPREAD I N F A V O R OF C A N A D A FORWARD 3-MONTH 1 I COVERED ! , ! I RATE RATE 1 1 : ! | ! DIFFERENTIALS JNET INCENTIVES) ! I : 1 I 1* T R E A S U R Y BILLS | MIME 2 DOLLAR FINANCE FAVOR CANADA jnA PAPER FAVOR U > . FAVOR CANADA 1115 111! 1967 1968 1 INTEREST ARBITRAGE, 3-MONTH TREASURY NEW YOBK/LONDON BILL RATES U.K. LOCAL AUTHORITY DEPOSITS V RATE RATE DIFFERENTIAL DIFFERENTIAL AND 3-MONTH WITH FORWARD NEW YORK FORWARD EXCHANGE STERLING COVER (NET INCENTIVE) ' 5 IMS i n 1117 III % SHORT-TERM INTEREST RATES* EURO D O L L A R - L O N D O N t ^ 7U.K /US. yyM SWITZERLAND JAPAN CANADA / f 1964 1966 1965 Switzerlond (3 month depoiil role) and Germany "f" 3 month role for US deller depelitl in London Interbank toon Rote) | W' 1967 1968 A LONG-TERM BOND YIELDS —NETHERLANDS CANADA SWITZERLAND GERMANY U.K. E U R O D O L L A R BONDS 8 U.S. EURO-DOLLAR BONDS U.S. CORP. Aaa BONDS | j ; | .«: • ; ; ; ! j ; ! ; | 1964 : 1965 * * New series tor Germony iiorli 7 9 65 * * * New series For Switzerlond starts 3 3 67 * * * * New series for Netherlands starts 17 66 : i , : ' 1 : I ; ! 1966 : I ' ; : : ; ! : ! ; ! i I 1967 1 ! ! ! I I i I ! I I 1968 4 SPOT EXCHANGE BATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR SWISS FRANC 1.2 J GERMAN MARK I BELGIAN FRANC DUTCH GUILDER H FRENCH FRANC CANADIAN DOLLAR | I T A L I A N LIRA JAPANESE YEN M $ 0 M IMS * Devaluation" of the pound sterling from $2 80 to $2 40 J 1111 $ 0 M J 1117 S 0 M J 1MI S I 11 3 - M O N T H FORWARD EXCHANGE RATES A G A I N S T U.S. DOLLARS —NEW YORK PREMIUM* GERMAN MARK SWISS FRANC POUND STERLING DISCOUNT- DUTCH GUILDER FRENCH FRANC C A N A D I A N DOLLAR DISCOUNTAG A I N ST POUND STERLING — L O N D O N GERMAN MARK | "i « ' /U S W I S S FRANC j I w -w\x U.S. DOLLAR DISCIMNT1965 1966 1967 i 196# L Yv INDUSTRIAL STOCK INDICES )958100 360 320 280 240 SWITZERLAND 200 U.S. GERMANY 160 U.K. 120 360 320 280 JAPAN 240 CANADA 200 \! U.S. 100 120 1905 # • • Swiss lank Cerperolien industrial sleek index. iaport index ol 22 5 industrial end ether sloe 1900 1967 1968 H. 13 No. 346 April 17, 1968 II. Latest Figures Plotted in H.13 Chart Series, 1968 (all figures per cent per annum) * Chart 1 (Wednesday, Upper Panels Euro-$ deposit 5.94 U.S. cartif. of deposit Lower Panels Chart 4 (Thursday April u April 10 ) Treasury bills: Canada U.S. 5.70 (Wednesday, April 10 ) Call Euro-$ deposit , 5.47 Federal Funds 5. 66 . +1. 29 Forward Canadian dollar -1. 38 Net incentive -0. 09 (Canada +) 1. Chart 2 Treasury bills: U.K. 5.50 5.94 90-day 180-day 6.00 6.25 Middle Panel 6.97 5.37 U. S. Spread favor U..K. 3 . 74 Hire-purchase paper (April 5) Euro-$ deposit* +1. 60 U.K. local authority deposit qq 8.31 Chart 6 (Thursday April 11 (April 5) Lower Panel Treasury bil#s: U.S. 5. 37 3. 43 Local-authority'deposit U. K. (April 5) Euro-$ deposit 6 . 97 6. qq Canada (April 5) I. 00* Chart 5 (Thursday April H April 11 ) Upper Panel - Euro-$ deposits: Call 33-day 6,. 66 5,,37 Spread favor Canada Canadian Finance paper (Thursday Chart 3 Upper panel .(Period: Interbank Loan April 8-1 S ) Euro-$ deposits 6.66 Interbank loan rate (German) ( April 8-15 ) 3.59 Euro- $ deposit (London) 6. 00 3 . 59 (mid-point) (average) 3.70 Zurich 3-month deposit Lower Panel (date March 15 ) (Date: Zurich 3-month deposit March 15 . (Thursday April 11 y ) 2.75 ) 7.45** 2.75 Japan Composite rate Euro-$ rate (covered) (April 15) II. Price of gold (Date: Feb. 23 . 37.56 *March 29 April 5 7.25 7.00 **Jan. 26, 1968 ) 7.39 )
@FedFRASER