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•eHnationaULFIw DIVISION OF inteHnationaULFInance ioard o f o o v i r n o m L "V3347 " I April 24, 1968 CARTA!: MARKET DEVELOPMENTS ABROAD I. II. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1968 DTVFUJRD I. Ten I Charts on Financial Markets Abroad Chart Chart 1 2 Chart 3 Chart Chart Chart Chart Chart 4 5 6 7 8 Chart 9 Chart 10 New York, London: Yields on U.S. Dollar Funds London: Yields for U.S. Dollar Investors on 3-Month Funds Interest Arbitrage: Frai kfurt/London, Zurich/London Interest Arbitrage: New York/Canada Interest Arbitrage: New York/London Short-Term Interest Rates Long-Term Bond Yields Spot Exchange Rates--Major Currencies . Against U.S. Dollar 3-Month Forward Exchange Rates Industrial Stock Indices Europe and British Commonwealth Section. NOT FOR PUBLICATION DECONTROLLED AFTER SIX MONTHS ^ 3-MONTH DOLLAR DEPOSIT RATES W«dne»doy ligurei •OSIT U.S. CERTIFICATE OF DEPOSIT EURO-DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT CALL EURO DOLLAR DEPOSIT RATE V S . U.S. FEDERAL FUNDS RATE CALL EURODOLLAR DEPOSITS FEDERAL F U N S •ar. Jie. Sept. lee. ear. 1815 am 1116 Sept. lee. Ear. v Jaa. 1117 Sept. lee. ear. fee. 1111 Sept. lee. 3 L O N D O N : YIELDS FOR U.S. DOLLAR INVESTORS O N 3 - M O N T H FUNDS EURO-DOLLAR Fridey figures DEPOSIT RATES 3 0 DAY 9 0 DAY 180 DAY CALL HIRE PURCHASE Friday figures AND LOCAL AUTHORITY 'DEPOSIT RATES (covered) Per cent per annum HIRE PURCHASE ISIT F A V l R HIRE P U R C H A S E FAVOR EURO RRILAR EttM MLLAR RtPRSIT LOCAL AUTHORITY DEPRSIT DIFFERENTIAL I f1 5 3 111! '°Nt?H LKAl MTHMtrr 1 I1Mi '*V 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 DIFFERENTIAL L ^ ! ! I f i ZURICH . DEPOSIT M | : — I | | ! ! I i i 1 EURO 1 I I I ! RATE | x fi . / A V O N EURO DOLLAR - IN TERMS OF SWISS FRANCS / \ E U R 0 DOLLAR 'A . 1 (COVERED) SWISS DEPOSIT RATE \ a J J i FAVOR FRANKFURT ; 1 DOLLAR : 's FT i U RATE VS. L O N D O N : 1 i K : FAVOR ZURICH DIFFERENTIAL FAVOR E U R O D O L L A R H PRICE OF G O L D IN LONDON € - . INTERST ARBITRAGE, UNITED STATES / C A N A D A Per Fridoy figures 3-MONTH TREASURY BILL cent Per annum RATES CAN. FIN. CO. PAPER UNITED STATES CANADA BILL RATE DIFFERENTIAL AND FORWARD CANADIAN 2 DOLLAR SPREAD IN FAVOR OF CANADA FORWARD RATE DISCOUNT 3-MONTH COVERED RATE DIFFERENTIALS (NET INCENTIVES) FAVOR C A N A D A TREASURY BILLS PRIME FINANCE PAPER FAvee «.s. FAflt C A N A t A 1965 1966 1967 1111 . INTEREST ARBITRAGE, N E W 3-MONTH YORK/LONDON TREASURY BILL RATES U.K. LOCAL AUTHORITY DEPOSITS LONDON NEW YORK RATE D I F F E R E N T I A L AND 3-MONTH FORWARD STERLING FORWARD RATE * W s X DISCOUNT ! RATE D I F F E R E N T I A L WITH FORWARD EXCHANGE COVER I N F A V M IF L f N I t N 1165 (NET INCENTIVE#] JLI 1H7 I IMt 1 SHORT-TERM I N 8 EURO DOLLAR LONDON t f" 7 run. 6 5 U.S. 4 +L T 3 2 9 8 JAPAN 7 6 CANADA I 5 U.S 4 GERMANY 1965 1964 1111 1117 3 menth treomry bill rolei ler all cevntriei e»ce»l Jopon A.erege rele en bank leans atti ducounti) Switzerland (3 memlb '•••) • *' Germeny Inlerbonk teen lete) 3-eienfk rele for US teller de»e>rtl in lemWen L O N G - T E R M BONO YIELDS SWITZERLAND °\ SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR ^ S W I S S FRANC 1.2 I R H r GERMAN M A R K — 4 U.K. S T E R L I N G B E L G I A N FRANC DUTCH GUILDER IC~ I T A L I A N LIRA JAPANESE Y E N - M J 19*5 s D • ' J 1916 S I • J 1117 $ I • J J 1SII $ 3 - M O N T H F O I W A I D KXCHANGK RATES AGAINST Fridoy figures U.S. DOLLARS — N E W YORK GERMAN MARK S W I S S FRANC \ J - POUND S T E R L I N G DISCOUNT D U T C H GUILDER i \ FRENCH FRANC 1 C A N A D I A N DOLLAR DISCtMNTAGAINST POUND STERLING — L O N D O N S I R M A N MARK S W I S S FRANC I I W U . S . DOLLAR 1965 1967 1966 1961 w 360 320 280 240 SWITZERLAND U.S. 200 GERMANY 160 U.K. 120 360 320 280 JAPAN 240 CANAIA I/-V 200 U.S. 111 120 1965 * • • 1911 Swiss lank Corporation industrial stock into* Japan index of 225 industrial end other stacks traded on the Tokyo exchange 1117 1911 April 24, 1968 tt.13 No. 347 H - f Latest Figures Plotted in H.13 Chart Series, 1968 (all figures per cent per annum) Upper Panels Chart 1 (Wednesday,; Euro-$ deposit (Wednesday, 5,.50 U.S. 5.70 April 17) Spread favor Canada +1,,22 Call Euro-$ deposit 5.58 Forward Canadian dollar -1..47 Federal Funds 5.70 Net incentive (Canada +) -0.,25 7.,00 Canadian Finance paper Chart 2 (Friday, Upper Panel - Euro-$ depoisits: Call 30-day 5.88 6.12 90- day 180- day 4.17 Euro-$ deposit (April 11) Lower Panel 6.06 Local-authority deposit (April 11) 3.79 Euro-$ deposit (April 11) 6.06 Chart 3 Upper panel (Period: April 7-15 Interbank Loan (mid-point) 3.59 Euro-$ deposits (average) 3.68 (April 23) Lower Panel (date March 15 ) Zurich 3-month deposit 2.75 Euro- $ rate (covered) (Apr. 23) 3.54 Price of gold (Friday, April 19 6. 97 U.S. 5. 50 U.K. local authority deposit 8.25 Chart 6 (Friday, April 19 Treasury bills; U.S. 5.50 U.K. 6.97 Canada 6.72 O ) Interbank loan rate (German) ( April 7-15 ) 3.59 Euro- $ deposit (London) 6. 31 Zurich 3-month deposit (Date: March ) *' 2.75 ) 7.45 Japan Composite rate 37.75 ) (Date: Feb. 23 ) +1. 47 Spread favor U.K. Hire-purchase p&per (April 11) II. Treasury bills: U.K. 6.31 6.50 Midtfle Panel I. Chart 5 April 19 • (Friday, April 19 ) ...) * 6,.72 Treasury bills; Canada 6.06 U.S. cartif. of deposit Lower Panels Chart 4 (Friday, April. 19 April 17) ) !3 H. 13 No. 347 II-b Chart 9 Chart 7 U.S. Gov't.(Wed., April 17 • (Friday, April 19 ) 5 .25 ) U. K. War Loan (Thurs., April 18) 7.21 Against U.S. dollars: German Fed. (Fri.,April 19 ) 6.60 Swiss francs +2.83 Dutch Glds. +1 .85 Swiss Confed. (Fri., April 5) 4,.53 German marks +2.70 Fr. Francs +1 .28 6,, 66 £ Sterling -3.83 Can. $ -1,.47 Canadian Gov't. (Wed. ,April 17> - Against pound sterling: Netherlands Gov't. ( Thurs. , April 11) 6.,49 Swiss francs +5.68 Ger. marks Euro-$ bonds (Fri., April 19) 7.,59 U.S. dollars +3.22 ) 7. 35 U.S. Corporate Aaa (March 29) 6. 11 U.S. Euro-bonds ( March 29 Chart 8 (Friday, April 19 ) §wiss francs +0*70 Dutch Glds. +0.02 +6..48 Chart 10 April 19 ) 214. 1 Japan (March 22 ) 237. 7 U.K. (Fri. , April 19) 259. 9 U.S. ( German marks +0.37 Can. $ +0. 09 Switzerland (Frl3 - April 19 ) 312. 8 U.K. £ Ster. +0.03 It. Lire +0. 01 Germany ( March 29 ) 244.0 Belgian francs+0.35 Jap. Yens -0. 65 Canada ( ) 192. 9 April 5 French francs +0.03 For descriptions and sources of data, dated March 27, 1958. Special Supplement No. 343-S
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