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Selected Interest &
Exchange Rates
Weekly Series of Charts
APRIL 28,1975
Prepared by the
FINANCIAL MARKETS
SECTION
DIVISION OF
INTERNATIONAL FINANCE
/ /BOARD OF GOVERNORS
' [ F E D E R A L RESERVE SYSTEM
Washington, D C. 20551
7-
Table of Contents
CHARTS
1. SPOT EXCHANGE RATE INDEXES
2. 3-MONTH FORWARD EXCHANGE RATES
3. GOLD PRICE- 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
a INTEREST ARBITRAGE: 3-MONTH FUNDS
9. LONG-TERM GOVERNMENT BOND YIELDS
10. INDUSTRIAL STOCK INDEXES
TABLES
°
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES-H.10 RELEASE
-2.
Chart 1
SPOT EXCHANGE RATES
INDEXES OF DOLLAR PRICES OF FOREIGN CURRENCIES
AVERAGES FOR WEEK ENDING WEDNESDAY
100
• FOREIGN CURRENCY
" PRICE OF U.S. DOLLAR
Weighted average
120
CANADIAN DOLLAR
90
100
80
J
I I
I I
M
I
JAPANESE YEN
140
r
140
RENCH FRANC
L
120
100
I
I
_I_L
I
i
\r^
-
120
100
i
i
11111111111 i i i i i i i i i n
1 1 1
200
200
-
-
180
180
GERMAN MARK
SWISS FRANC
160
J
160
-
140
140
120
120
-
n
100
i
h
i
l
100
r 180
-
DUTCH GUILDER
140
y
r V
120
-
100
I
I I
I
I
I I
lllllllllll
I
I
I
I
120
MIMIMIM
I
T
100
I
I
I
I
I
V
I
1973
I
-
160
140
120
111,111111" 100
120
ITALIAN LIRA
U.K. POUND
80
/A
BELGIAN FRANC
Q
\
100
MIMIMIM
80
1875
Chart 2
3-MONTH FORWARD EXCHANGE RATES
V
PREMIUM (+), OR DISCOUNT ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
•NT PER ANNUM
i
CANADIAN DOLLAR
1
E
PCT CENT H * ANNUM
18
E
U.K. POUND
SWISS FRANC
2
0
12
12
GERMAN MARK
DUTCH GUILDER
8
S
6
6
FRENCH FRANC
1
JAPANESE YEN
2 per cent on scale equals
1 per cent on all others
0
6
12
1873
1875
Chart 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
US. DOLLARS PER FINE OUNCE
210
12.5 Kg BARS
Afternoon fixing price
180
150
120
80
60
1973
1975
Chart 4
CALL MONEY RATES
\ o
WEEKLY SERIES
NT PER ANNUM
PER CENT PER Al
OVERNIGHT
EURO-DOLLARS
1i
15
JAPAN I
1C
-
i
c
U.S. FEDERAL FUNDS
I
I
I
I
I I I
Ll,
I
I
I
I
I
-
10
-
5
I
0
20
2C
U.K. 2 - D A Y LOCAL AUTHORITY
15
-
-
FRANCE
15
10
10
5
5
I
0
I I
I
I I
Illllllllll
0
15
15
10
-
NETHERLANDS
-
10
CANADA
5
5
I
0
Illllllllll
0
20
20
EURO-SWISS FRANC
15
10
15
10
GERMANY
5
0
5
5
' V
EURO-DM
0.
5
Chart 5
3-MONTH INTEREST RATES
WEEKLY SERIES
CANADIAN FINANCE CO. PAPER
12
UNITED STATES CD's
8
4
U.K. INTERBANK STERLING
GERMAN INTERBANK RATE
16
12
8
4
16
12
EURO-DOLLAR
12
SWISS DEPOSIT RATE
8
JAPAN
Monthly
4
1973
1975
1973
1975
X7f
Chart 6
EURO-DOLLAR DEPOSIT RATES London
AVERAGES FOR WEEK ENDING WEDNESDAY
16
OVERNIGHT
3-MONTH
12
8
4
16
16
7-DAY
6-MONTH
12
8
4
16
16
1-MONTH
1-YEAR
12
8
4
1873
1975
1973
1975
Chart 7
SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
AVERAGES FOR WEEK ENDING WEDNESDAY
PER CENT PER ANNUM
3-MONTH
Euro-dollar deposits
FEDERAL FUNDS
10
OVERNIGHT
Euro-dollar deposits
60-89 DAY CD'S
5
0
DIFFERENTIAL
Adjusted for reserve requirements
DIFFERENTIAL
Adjusted for reserve requirements
11
1973
Favors Borrowing in U.S. if Positive
1875
1973
1975
Chart 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
AVERAGES FOR WEEK ENDING WEDNESDAY
DIFFERENTIAL: PLUS M , INDICATES FAVOR DOLLAR ASSETS
PER ANNUM
PER CENT PER
20
- 20
15
INTERBANK DM,
Covered Frankfurt
EURO-DOLLAR DEPOSITS
15
INTERBANK STERUNG
Covered London
^
,
10
10
5
0
5
EURO-DOLLAR DEPOSITS
{
0
DIFFERENTIAL
DIFFERENTIAL
5
5
10
10
15 - C A N A D I A N FINANCE CO. PAPER, COVERED
15 .
EURO-DOLLAR DEPOSITS
10
10
5
U.S. COMMERCIAL PAPER
5
SWISS DEPOSITS (SF)
COVERED '
2
0
DIFFERENTIAL
DIFFERENTIAL
5
1973
1
1975
5
1973
1975
Chart 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PER
9
UNITED STATES
CANADA
7
5
12
SWITZERLAND
GERMANY
10
/ JAPAN
Industrial
8
11111111111
8
14
18
UNITED KINGDOM
12
.FRANCE
10
8
NETHERLANDS
6
4
12
U.S. CORPORATE
_ Monthly
U.S. CORPORATE
Monthly
Euro-Dm bonds
10
Aaa bonds
Euro-dollar bonds
8
8
1973
1975
1973
1975
Chart 10
INDUSTRIAL STOCK INDEXES
WEEKLY SERIES
1969=100
180
UNITED STATES
100
60
45
320
140
UNITED KINGDOM
JAPAN
240
100
160
80
35
180
180
CANADA
SWITZERLAND
100
100
60
60
45
45
180
180
FRANCE .
General index
GERMANY
100
100
60
45
1873
1975
1873
1875
9
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 1 . SPOT EXCHANGE RATES
U . S . DOLLAR, WEIGHTED AVERAGE
JAPANESE YEN
GERMAN MARK
DUTCH GUILDER
U . K . POUND
CANADIAN DOLLAR
FRENCH FRANC
SWISS FRANC
BELGIAN FRANC
ITALIAN LIRA
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
23
23
23
23
23
23
23
23
23
23
79.76
123.13
153.76
149.17
98.59
106.46
132.59
170.56
142.04
98.25
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
23
23
23
23
23
23
23
0.03
-4.94
2.23
-3.47
2.45
1.04
APRIL 2 3
167.37
CHART 2 . 3-MONTH FORWARD EXCHANGE RATES
CANADIAN DOLLAR
U . K . POUND
GERMAN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
1.02
CHART 3 . GOLD PRICE I N LONDON
U . S . DOLLAR PER FINE OUNCE
CHART 4 . CALL MONEY RATES
U . S . FEDERAL FUNDS
OVERNIGHT EURO-DOLLAR DEPOSITS
U . K . 2-DAY LOCAL AUTHORITY DEPOSITS
CANADA
GERMANY
EURO-DM
JAPAN
FRANCE
NETHERLANDS
EURO-SWISS FRANC
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
23
23
18
11
18
18
18
18
11
18
5.54
5.36
9.00
6.75
5.20
4.50
11.50
8.25
APRIL
APRIL
FEB.
APRIL
APRIL
APRIL
APRIL
23
23
28
23
23
23
23
5.88
4.80
9.39
6.79
6.68
1.25
CHART 5 . 3-MONTH INTEREST RATES
U . S . CD'S ( 6 0 - 8 9 DAYS)
GERMAN INTERBANK LOAN
JAPANESE COMPOSITE LOAN
EURO-DOLLAR DEPOSIT
CANADIAN FINANCE COMPANY PAPER
INTERBANK STERLING
SWISS DEPOSIT
FRASER
Digitized for
6.88
9.29
6.50
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 6 . EURODOLLAR DEPOSIT RATES: LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
23
23
23
23
23
23
5,36
5.52
5.91
6.79
7.78
8.33
23
23
23
23
23
23
5.36
5.54
0.04
6.79
5.88
0.81
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
APRIL 2 3
APRIL 2 3
APRIL 23
6.79
4.34
2.44
U . S . COMMERCIAL PAPER
CANADIAN FINANCE CO. PAPER, COVERED
DIFFERENTIAL
APRIL 23
APRIL 2 3
APRIL 23
6.13
6.91
-0.78
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFURT), COVERED
DIFFERENTIAL
APRIL 23
APRIL 23
APRIL 2 3
6.79
7.03
-0.24
EURO-DOLLAR DEPOSIT
SWISS DEPOSIT ( S F ) , COVERED
DIFFERENTIAL
APRIL 23
APRIL 23
APRIL 2 3
6.79
8.95
CHART 7 , SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES
OVERNIGHT EURO-DOLLAR DEPOSITS
U . S . FEDERAL FUNDS
DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS
3-MONTH EURO-DOLLAR DEPOSIT RATE
U . S . CD'S ( 6 0 - 8 9 DAYS)
DIFFERENTIAL A D J . FOR RESERVE REQUIREMENTS
CHART 8 .
APRIL
APRIL
APRIL
APRIL
APRIL
APRIL
INTEREST ARBITRAGE, 3-MONTH FUNDS
-2.16
$
SERIES NAME
LAST VALUE PLOTTED
DATE
VALUE
CHART 9 , LONG TERM GOVERNMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN (MONTHLY)
SWITZERLAND
CANADA
FRANCE
NETHERLANDS
UNITED KINGDOM
APRIL
APRIL
MAR.
MAR.
APRIL
APRIL
APRIL
APRIL
18
18
28
21
11
11
11
11
8.19
8.56
9.94
6.79
8.64
10.18
8.33
14.24
MAR. 2 8
MAR. 2 8
MAR. 2 8
8.67
8.50
8.55
U . S . CORPORATE
AAA BONDS
EURO-DM BONDS
EURO-DOLLAR BONDS
CHART 1 0 .
INDUSTRIAL STOCK INDEXES
UNITED STATES
JAPAN
CANADA
FRANCE
UNITED KINGDOM
SWITZERLAND
GERMANY
APRIL
MAR.
APRIL
APRIL
APRIL
APRIL
APRIL
18
28
4
4
11
11
18
90.79
207.88
96.43
101.97
70.39
64.81
92.79
FEDERAL
RESERVE
APRIL 2 5 ,
H.IO
1975
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
APRIL 2 5 ,
1975
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 rate in New York City for cable transfers payable in foreignicurrencies:
COUNTRY
AUSTRALIA
AUSTRIA
BELGIUM
CANADA
DENMARK
FINLAND
FRANCE
GERMANY
INDIA
IRELAND
ITALY
JAPAN
MALAYSIA
MEXICO
NETHERLANDS
NEW ZEALAND
NORWAY
PORTUGAL
SOUTH AFRICA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
UNITED KINGDOM
MONETARY
UNIT
APR. 21
APR. 22
IRATE U . S . CENTS)
APR. 23
DOLLAR
SCHILLING
FRANC
DOLLAR
KRONE
MARKKA
FRANC
D . MARK
RUPEE
POUND
LIRA
YEN
DOLLAR
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
RAND
PESETA
RUPEE
KRONA
FRANC
POUND
134.2000
5.91000
2.83500
98.5500
18.0200
28.0300
23.8000
41.8800
12.6500
236.2400
0.15740
0.34150
43.6700
8.0000
41.0800
132.7000
19.9500
4.0500
146.7500
1.7725
15.4000
25.1000
38.9100
236.2400
133.9000
5.91000
2.84000
98.6200
18.1000
28.0500
23.8800
41.9800
12.6500
235.4500
0.15740
0.34150
43.6100
8.0000
41.1200
132.3000
19.9700
4.0600
146.7500
1.7725
15.4000
25.1000
39.0100
235.4500
133.9500
5.95000
2.86000
98.3900
18.1100
28.0800
24.0500
42.2800
12.6500
236.9000
0.15620
0.34160
43.6600
8.0000
41.4900
132.1500
20.0100
4.0600
146.7500
1.7765
15.4000
25.2700
3 9 . 2 500
236.9000
APR. 2 4
APR. 25
134.3000
5.96000
2.85550
98.5000
18.1000
28.1600
24.0700
42.1900
12.6500
235.9500
0.15830
0.34150
43.6600
8.0000
41.3700
132.7500
20.0100
4.0700
146.7500
1.7800
15.4000
25.2400
39.2200
235.9500
133.7500
5.92000
2.83600
98.3300
18.0500
28.0800
23.9600
41.9500
12.6500
235.2000
0.15820
0.34050
43.7200
8.0000
41.1700
132.7500
19.8800
4.0500
146.7500
1.7765
15.4000
25.1000
38 . 9 3 0 0
235.2000
@FedFRASER