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SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. WEEKLY SERIES OF CHARTS S O W OF o o v e w o * OF THE FEDERAL A e W V E S W e i TABLE OF CONTENTS PARTI. EXCHANGE RATES AM) GOLD PRICES Chart 1A and B - Spot Exchange Rales, Major Currencies against U.S. Ddtor Chart 2A and B - VNanii Forvwd Exchange Rales, Ifafcr Curacies agWnst U.S. Dollar Chart 3A and 8 - 3 * * * Forward Exchange Rales, N#or Curacies ag^mst U-HPawd Chart 4 - GoM Price in London PART II. SHORT-TERN NITEREST RATES Chart 5 - Call Naney Rales Chart 6A and B - N a d i r &w-S Deposit Rales Chart TAandB - New Y«A - LeNNe: Y i e M s m U ^ . O » N y F W k Chart I A and 8 Lnadan: Coueaad Yields on U X OoN* F w d i Chart *A and 8 - Meaest ANrifcage: W W SWe* W W riagdin Chart IRA aad B-WWest Wlhpgf U A f w n and Mj^Wtzortand ChartU - M m r t A A M n g e : UnHodSWe^Cooada Chart 12A and 8-Selected Short-tern Interest Rales PART III. LONG-TERN NITEREST RATES AND STOCK NRNCES Chart 13 Chart 14 - Long-Tooi Read Yields - IndMrtrial Stock W e e s PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND LATEST FIGURES PLOTTED ON THE CHARTS NOTE: This series *s a m t i m U m flf Ihe CAPITAL MARKETS DEVELOPNENTS ANNOAD, which mas p i t l l i h i d wdmr * a t NNe DmcWer a , 1%# Thedwnges W#*#om#ando«dor^lhedhartsame ex#ainod in&eS##lomont le * e series, oMd, rr i n p u i U Irmr drtod January 1, M H . All series aad #eir sources are hilly dercrlhad ia a Suppleawot dated January 1, 1972. SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST US. DOLLAR Weekly averages GERMAN MARK iU.K. P O U N D ^ SWISS FRANC DUTCH GUILDER FRENCH FRANC JAPANESE YEN JAPANESE YEN F R E N C H FRANC (DUTCH GUILDER M J S D 1972 * Pound f l o a t e d June 23. 1972 * * Swiss Franc f l o a t e d J a n u a r y 23. 1973 J 1973 See separate c h a r t * * * Japanese Yen f l o a t e d F e b r u a r y 13. 1973 * * * * Based on new C e n t r a l Rate M S D Chart 1 8 SPOT EXCNAWGE RATE - MAJOR CURRENCIES AGAINST US. DOLLAR Weekly averages BELGIAN FRANC ITALIAN LWA B E L G I A N FRANC ITAUAN M S D M 0 S 1972 1973 Rat Ratio scale U S . e m s '° sca,e u s <*n,s •! IOO UK. FOUND 260 2*0 S S M 1970 * * * Italian Lira floated February 13, 1973 * * * * Based on new Central Rate 1971 S D 1972 S D 1973 D Chert 1C SPOT EXCHANGE RATES - MAJOR CURfMCCJ ACAMST US. M U M wth US _ 1 _ 1 1S71 *f«nanaai tram t Betaw e»f I I a m * 10 SFOT f l f M l i f f M I E S - MAJOtt C U M f l l f J f S H a y 1 1 . 1 W 7 1 - Dec JULY 1971 OCT j t n * f e r Ci*r<y t h e M r t t c a l s e a l e «s # a n M e AGAINST U S 17 weed « 1C WW D O O M Chart 2A 3-MONTH FORWARD EXCHANGE - MAJOR CURREWCES AGAINST US. DOLLAR WeeKiy averages Per cent pet a n n u m CANADIAN DOLLAR r U.K POUND L'SCOUNT v ' V - HRhMiUWI - GERMAN MARK DISCOUNT - KRIMIUM DUTCH GUILDER V 1971 1972 If S 1973 D V 3-MONTH FORWARD EXCHANGE - MAJOR CURREWCES AGAINST US. DOLLAR Weekly average^ FRENCH FRANC b D 1970 1971 1972 1973 Friday t i g u t « s VS. DOLLAR DISCOUNT W J S D 1970 W J s 1*71 See DtSCRWTION AMD SOURCES Of DATA. January 1 1973, p i D 1*72 1*73 Chart 36 3-MOrrN FORWARD EXCNAWGE - MAJOR CURRENCIES AGAINST UJC. POUND Pe* c e n ' p e ' a ^ n u r r Friday I 16 12 J 1970 1971 See DESCRIPTION AWD SOURCES Of DATA J a n u a f * J 197- 1972 p - S D W J 1973 b C trf a t l e t o o o r luuctgs s w w D e « s See DfcSCfltPT 1 0 * A * D SOURCES Of DATA. January 1, 1973. p 4 S D 1»71 W 2 t> w S J M » 0 C t W l 5A V RATES CALL DOLLAR FUNDS OVERNIGHT EURO-DOLLAR CALL tlwD-UDLLAR DEPOSITS FEDERAL FUNDS EURO-DOLLAR OVER FEDERAL FUNDS EURO—CURRLNCILS EURO-SWISS FRANC 1970 1971 Changed t r o m CALL 1c OVIRNIGHT l u i u dollar deposits Way 10 See DLSCRIPTION AND SOURCES Of DATA, January 1 19^3. pp 4 6 1972 19/1 0 CALL MMIEV M I E S SELECTED fOREIGH MID EEC CURRENCIES ff«u* %w*s Franee Day-to-day Money Netherlands Call Money, weekly average, Japan. Unconditional M o n e y . Canada. Day to day Loans, weekly average. Germany. Call Money, U K . 2 day Local Authority Deposits See DESCRIPTION AMD SOURCES O f DATA. January 1. 1973 pp 4-6 P * t cent per *<inu<r 12 Chart 6A LONDON: EURO DOLLAR DEPOSIT RATES P * f cent per a n n u m Friday figures 10 12 4 : : : H A J s D 1970 M j S - 1971 * * July 1—changed to 7-Day Euro-Dollar See DESCRIPTION AND SOURCES 0? DATA j s - _ 2 - . ! J 1972 * May 12 , ' 7 1 - c h a n g e d to Overnight Euro Dollar Deposits V : •. S : D H : . . i J S 1973 D 2 V? Ctettt UMMNMk B i a O W U I DEPOSIT RATES ff«4*V f ^ i K C S **n< |A< &n**um 2 ! 1 \ V v A v'Vv / V 1 1 1 1 ! 1 1 1 i 1 I i i 1970 1 J i 1 i i 1 i J i 1971 See DESCRIPTION AND SOURCES OF DATA. January 1. 1973, p 6 / r 6 4 K W T M . i J j / 11 J 1972 v - 1 1 1 ^ V i ' i i i 1 i i 1 1973 i i 1 i i Per cent per a n n u m — 12 EURO-DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT DIFFERENTIAL FAVOR EURO-DOLLAR EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT : V J S D W 1970 J S W 1971 See DESCRIPTION AND S 0 U R i l S C ' : DA1A jg- _ = L - S 1972 ^ < D M J 1973 S D 2 NEW YORK-LONDON: COST OF U-S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Per cent per annum Wednesday figures 12 EUlW-DOLLAR DEPOSIT ADJUSTED - 10 EURO DOLLAR DEPOSIT US. CERTIFICATE Of DEPOSIT ADJUSTED * EURO-DOLLAR OVER U S CERTIFICATE OF DEPOSIT ADJUSTED* M 1970 1971 * Adjusted lor Reserve Requirement * * Adjusted lor 10% Marginal Reserve Requirement * * * Adiusted tor 20% M a r g i n a l Reserve Requirement See DESCRIPTION AND SOURCES Of DATA January 1 : 9 , \ - J 1972 pj: E 7 S D M J 1973 S D Chart 8A LONDON: COVERED YIELDS ON U-S- DOLLAR* FUNDS HIRE PURCHASE/STERLING CD's vs EURODOLLAR RATES Friday figures Per cent per a n n u m 12 !—HIRE PURCHASE COVERED 1 L DIFFERENTIAL : i JA, FAVOR STERLING CD's ix IA V \ AIA : V 1 i FAVOR EURO DOLLAR i ' J • . • 1971 1972 * H i r e Purchase suspended August 11. 1972 and Sterling Certificates of Deposit begin August 11. 1972 See DESCRIPTION AND SOURCES OF DATA January 1. 19;.'. pp 1 t I M S 1970 : 1 i 1 1 1 i 1 1 i J 1973 S 1 1 LOUDON: COVERED YIELDS ON US. DOLLAR FUNDS LOCAL AUTHORITY AMD EURODOLLAR RATES Friday figures Per cent per FAVOR LOCAL AUTHORITY DIFFERENTIAL FAVOR EURO DOLLAR s M 0 M 1970 J S D 1971 * See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1. 1973. pp 7 8 M S 1972 0 M J 1973 S 0 r Chart 9A INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r e s 3-MONTH Per cent per annum TREASURY BILL RATES U.K. LOCAL A U T H O R I T Y D E P O S I T S UNCOVERED NEW YORK LONDON, NEW YORK S 1971 1972 * P l o t t e d for c o m p a r i s o n purposes See DESCRIPTION AND SOURCES OF DATA. J a n u a r y 1. 1 973 5 D D 1970 pp 8 9 1973 D INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r e s Per cent pet a n n u m RATE D I F F E R E N T I A L A N D 3 - M O N T H FORWARD S T E R L I N G PREMIUM S P R E A D I N FAVOR O F L O N D O N FORWARD RATE DISCOUNT RATE DIFFERENTIAL W I T H FORWARD EXCHANGE COVER FAVOR L O N D O N FAVOR NEW YORK D D 1970 See DESCRIPTION AND SOURCES Of DATA 1971 Januar> i 1972 197: K P c - 5 S 1973 >" 3-MONTH FUNDS INTEREST ARBITRAGE: EURO DOLLAR-GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS LONDON EURO-DOLLAR RATE >*r» an~um Wednesday rales COVERED FAVOR F R A N K F U R T DIFFERENTIAL FAVOR EURO DOLLAR 1—: M J S D 1970 W J S 1971 See DESCRIPTION AND SOURCES OF DATA. January 1 1973 pp 9 10 — No quotation ; , i D 1972 1973 S i i 1 2 fp 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE Wednesday rates u • i 1 1 - I < ' • M ' ; : : I I 1| M ; 11 : : Percent per | M 1M I I flh V I A\l Z SI ItSS DEPOSIT RATE X V A K EUBO-OOLLASt V j T COVERED / a I V U II j ! j FAVOR ZURICH DIFFERENTIAL FAVOR EURO DOLLAR I i I 1970 1971 See DESCRIPTION AND SOURCES OF DATA, January 1. 1973, pp 9 10 3-MONTH INTEREST ARBITRAGE: UNITED STATES - CANADA Friday figures 1 1 I 1 1 ] I I 1 1 1 - BILL RATES I- 1 | 1 1 | 1 1 ] 1 I \ . V 11 | I 1 ] 1 I | I ! Per cent per* | I I ] 1 ! ) 1 1 , I A/ \ - si 3 i * 5 - II UWTEO STATES TREASURY MLLS \ v m w n i u i U ASW'v' / w \ \ — — BILL RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR RATE 6W>SS SPREAD W FAVOR OF COVERED RATE DIFFERENTIALS FAVO* U.S. FINANCE PAPER FAVOR U S W J S D 1969 M J S D See DESCRIPTION AND SOURCES OF DATA, January 1. 1973. pp W 197C J S 1971 10 11 D M J S 1972 O A Chart 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per a n n u m 10 UJC.; T # JAPAM MS. 1970 1968 * 3 m o n t r treasury bili rates lor ai; countries except JapamAverage rate o r b a n * loans a n d discounts) anc G e r m a n y i i n t e r b a n * Loan Rate scr U l ' c . H P l i O h AND ^ ' U k C l S Q: D : - jdnu»r» : :: 1972 Chart 1 2 8 SELECTED SHORT-TERM INTEREST RATES* UJ. # 3 moM* tfeasury txii r a t e for U S . Switzerland - 3 month deposit fate S^nonth rate fof U S dollar deposits mi L o n d o n See DESCRIPTION AND SOURCES OF DATA. January 1 1973. Dp 1 1 1 2 Chart 13 LONG-TERM BOND VELDS Weekly figures rer cent per an SWITZERLAND UJC. // CANADA Monthly figures U S. CORPORATE: A ' ./"ZX| v . /\ .. V DOLLAR EURO-BONDS BONDS i ! DM £ UNO-BONDS j A m j 1 1 i 1 1 1 1 1 i : I :I J i 1 1 i i 1970 1971 1 1972 I i 1 i ! 1 ! 1 i , j ! i h : See DESCRIPTION AND SOURCES Of DATA. January 1. 1973. pp 12 15 ! i i ; 1 i M ; 1973 i in 1974 CHART 14 INDUSTRIAL STOCK WOEXES UWTEO STATES 4*0 UMtTED KMGD<m UO 240 1969 1970 1971 * Japan index of 225 industrial and other stocks t r a d e d on Tokyo exchange * * Japan mdex of all industrial and other stocks traded on the first section of the Tokyo Stock Exchange See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp 15 16 1972 A p r i l 2 5 , 1973 H. 13 No. 607 Country IV. SELECTED CENTRAL BANK DISCOUNT RATES Current Rate In Effect Since Previous Rate In Effect Since E.E.C.: Belgium France Germany 5.0 Dec. 2 1 , 1972 4.5 Nov. 2 2 , 1972 7.50 Nov. 30, 1972 6.50 Nov. 2 , 1972 5.00 Jan, 1 2 , 1973 4.5 Nov. 30, 1972 Italy 4.0 April 10, 1972 4.5 Oct. 14, 1972 Netherlands 4.0 Nov. 3 , 1972 3.0 Sept. 8, 1972 8. 75 Jan. 19, 1973 9.0 Dec. 2 2 , 1972 4.50 Jan. 1 , 1973 3.75 Sept. 1 5 , 1972 **United Kingdom Switzerland Canada United Stales ^.25 A p r i l 9 , 1973 4.75 O c t . 2 5 , 1971 5.00 A p r i l 2 , 1973 4.25 June 2 4 , 1972 4 . 50 Dec. 1 3 , 1971 5.00 Jan. 1 5 , 1973 **Effective October 1 3 , 1972, the Bank of England replaced Ita traditional Bank Bate with a fluctuating "minimum lending rate" baaed on average Treasury bill tender rate. January 19, 1 9 7 3 . . . 8 . 7 5 IV-2 L A T E S TF G IU R E SP L O T T E DO H T H EC H A R T S C h a r t P a n e l S e r e is 1 A U p p e r S w s is franc* U.K. p o u n d * F r e n c h franc* J a p a n e s e yerf L o w e r U p p e r IB L o w e r 2 A U p p e r 2 8 | L o w e r 3A 4 5 A M d id e l L o w e r 5 6 G e m ra nm a r k S w s is franc U.K. p o u n d D u t c h gud li er C a n a d a in dolar F r e n c h franc 1 J a p a n e s ey e n G o d l price, U . S . dolar p e ro u n c e U p p e r U p p e r L o w e r A p r i l 20 •• " " Be g la i n franc* Italian lire * C a n a d a in dolar* G e m ra n mark* D u t c h guilde* G e m ra nm a r k U . S . dolar S w s is franc F r e n c h franc 5 8 D a e t O v e r n g ih tE u r o S depos t is F e d e r a l F u n d s Differential Euro-currenc e i s: E u r oD M E u r oS w s is Fr. J a p a n , Uncond t o i nal M o n e y U.K., 2 d a y Local Author. D e p s . C a n a d a , D a y t o d a yL o a n s F r a n c e , D a y t o D a yM o n e y G e r m a n y , Cal M o n e y Nether a l nds. Cal M o n e y 30.9010 248.3500 21.9590 .376600 « 2.4891 •« .169820 99.9460 " " •« „ " M « " „ M " « „ 35.3000 33.8740 +3.97 44.61 -2.02 45.66 +1.66 40.51 M A 45.8* 41.73 44.33 42.16 90.32 A p r i l 18 6.89 " 7.23 -O.S* M A p r i l 20 M 5.38 3.50 A p r i l 13 5.625 " 9.000 4.40 •• A p r i l 20 p r\. 13 20 1 A p r i l 10 I t l e a k l y s i e r a * * o f d a l l y c e r t i f i e d noon r a t e s by d i e F e d e r a l h u m * e r l o A . Iheee r a t e s a r e n o t p l o t t e d . R a e t 7.25 olio leak o f 1 IV-3 C h a r t P a n e l Ser e is D a t e April 13 April 20 April 13 April 20 April 13 7.50 Holiday 7.75 Holiday 7.88 Euro-) 6-month R a t e Aorll 20 Hofllay E u r o )3 m o n t h Depos t is April 18 6 A Euro-) Overn g i ht R a e l S B E u r o )3 m o n t h R a t e Euro-* 1 m o n t h R a t e 7 A U p p e r Api~fl 7f) U.S. Certificate of Depos t is L o w e r 7 B U p p e r Differential ii E u r o )3 m o n t h Depos t is „ 0.78 Euro-) 3 m o n t h Depos t is (Adj.) it 10,00 " +2.89 „ Differential: o n Adj. E u r o $ Depos t is o n Unad . j Euro-) Depos t is 8 A U p p e r Euro-) 3 m o n t h Depos t is „ April 6 Sterling C D s ' (covered) 8 6 Differential " U p p e r Euro-) 3 m o n t h Depos t is II Local Authority Depos t is (covered) H Differential ii U.S. T r e a s u r y Bill rate 9 A U.K. T r e a s u r y Bill rate Local Authority Depos t i ( u n c o v e r e d ) 9 6 U p p e r S p r e a d ( + = favor L o n d o n ) 3 m o n t h F o r w a r d P o u n d L o w e r N e t Incentive (+- favor L o n d o n ) 800 7.11 +0-80 8.19 6.98 L o w e r L o w e r 8.00 7.22 U.S. Certificate of Depos t is (Adj.) L o w e r R a t e -1.21 8.19 7.01 April 13 April 20 April 13 April 20 -1.18 6.12 Holiday 7.35 Holiday April 13 April 13 April 20 April 13 April 20 April 13 10.250 1.23 Holiday -2.15 Holiday -0.92 April 20 1 Holiday % IV- 4 Chart Panel Series 10A Uflper Euro-S Deposits (covered) German Interbank Loan rate 10B Lower Differential Upper Euro* Deposits (covered) Lower U Upper Swiss Deposit rate Differential A p r i l 11 40.68 Canadian Finance Paper April Awtl April ApWI April Amrll April 13 20 13 9A 13 20 13 April April April April April April April 20 13 20 13 20 13 20 Bill rate differential Famard Canadfrn dollar Tlwd Met incentive on bills Bon- Met incentive on Finance Paper Upper U.K. Treasury Bill rate U.S. Treasury Bill rate German Interbank Loan rate VA? April IB ApWl 18 April 13 April 20 5.75 6.12 4.63 6.75 Bolldnr -i M BolUar H J* BalUar *0.01 4 0. M r A p r i l 13 7.3$ A p r i l 13 6.12 KAI April 20 April 20 MmrA 23 8-75 F#imi«rv 6-707 4,63 U.S. Treasury Bill rate A p r i l 13 6.12 Euio-S Deposits A p r i l 13 Japanese Average rate Canadian Treasury Bill rate 128 8.75 +10.88 3.32 U.S. Prime Finance paper (not plotted) Lower March 2 1 A 60 21 11 1ft 11 Canadian Treasury Bill rate 12A ti A p W l 18 March April ApWI April US. Treasury Bill rate Secand Rate Date Swiss 3 month Deposit rate U.S. Treasury Bill rate ApHl 20 April 20 A p r i l 20 A p r i l 13 A p r i l 20 7.88 HfflfdiT 4-00P 6.12 tolider IV - 5 C h a r t P a n e l S e r e is 13 U p p e r N e t h e r a ln d s April 1 3 6.92 C a n a d a April 11 7.33 * Un t ied S t a t e s Sw t izer a l nd G e m ra n y M d id e l Un t ied K n ig d o m U p p e r M d id e l L o w e r April 20 6.64 5-30 Anril 1 3 8.77 April 1 3 January U . S .C o r p . D M E u r o b o n d s Rate April 6 U . S . C o r p . Doa l r Euro-bondsQ L o w e r 1 4 D a t e SerlM GM 10.OS 7.66 7.12 U . S . C o r p . A a ab o n d s March Sw t izer a l nd April 1 3 309.7 G e m ra n y April 1 2 324.4 7.29 Un t ied S t a t e s April 1 3 255*38 Un t ied K n ig d o m April 2 0 260.18 C a n a d a April 1 2 289.21 April 7 917,44 April 1 3 255.38 ** J a p a n Un t ied S t a t e s •Average yield on selected bonds due or callable I* 10 years or more. n d othe ** B e g n in n ig w e e ke n d e dS e p e tm b e r 5,1970, the J a p a n e s en id e x plotted is that of *11 industrial a o n the First Sect o i n of the T o k y oS o tc k E x c h a n g e .
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