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(516/517) Selected Interest Exchange Rates W e e kly Series o f Charts April 7,198 0 DIVISION O F IN T E R N A T IO N A L F IN A N C E Prepared by the F IN A N C IA L M A R K E T S S E C T IO N BO A R D O F GOVER N O R S F E D E R A L R E S E R V E SYSTEM Washington, D .C . 20551 Table o f Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or 2. D A IL Y C E R T IF IE D SPOT EXCHANGE RATES-H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 2. 3-M ONTH FORW ARD EXCHANGE RATES 3. GOLD PRICE--LONDON 4. C A LL M O NEY RATES 5. 3-M ONTH INTEREST RATES 6. EURO DOLLAR DEPOSIT RATES 7. SELECTED EURO D O LLAR AND U.S. M O NEY M A R K ET RATES 8. INTEREST A R B ITRA G E: 3-M ONTH FUNDS 9. LONG-TERM G O V ER N M EN T BOND Y IE L D S 10. IN D U S T R IA L STOCK INDICES more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Divi sion of Administrative 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. CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO I MARCH 197i 1=100 RATIO CALE MARCH 197 3= 100 120 120 100 100 80 80 FOREIGN CURRENCY PRICE OF US. DOLLAR !_ ! 60 60 180 120 160 140 100 120 100 L -L -L 80 M 240 160 140 200 120 160 100 80 120 160 160 140 140 120 120 100 100 100 100 80 80 60 60 1978 1980 1978 1980 CHART 2 3-M ONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY 12 6 + 0 6 1978 1980 1978 1980 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U .S . D U .S . D O L L A R S P E R F IN E L L A R S P E R F IN E O U N C E 800 800 750 750 700 700 650 650 600 600 550 550 12.5 Kg BARS A F T E R N O O N F IX IN G P R IC E 500 500 450 450 400 400 350 350 300 300 250 250 200 200 150 150 100 i i I i i I i i l l l 1977 1978 1979 i i I I i I I 1980 100 CHART 4 CALL MONEY RATES WEEKLY SERIES 20 20 16 16 12 12 8 8 4 4 16 20 12 16 12 8 8 4 0 12 4 0 12 8 4 8 + 0 4 0 4 1078 1980 1978 1980 CHART 5 3-M ONTH INTEREST RATES WEEKLY SERIES 20 20 16 16 U. S. CD’ S 12 12 8 8 4 4 18 14 14 10 10 6 6 2 12 16 8 12 LOANS AND DISCOUNTS JAPANESE BANK 8 4 4 0 1978 1980 1978 1980 CHART 6 EURO-DOLLAR DEPOSIT RATES L o ndo n AVERAGES FOR WEEK ENDING WEDNESDAY 20 20 16 16 OVERNIGHT 12 12 8 8 4 4 20 20 16 16 12 12 8 8 4 4 20 20 16 16 12 12 8 8 4 4 1978 1980 1978 1980 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DFFERENTIAL: PLUS(+), FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM IO + P ER CENT PER ANNUM 1978 I PERCENT ON DIFFERENTIAL SCALE a 2 PERCENT ON RATE SCALE 1 980 CHART 8 INTEREST ARBITRAGE: 3-M O NTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY P E R C E N T P E R AN r PER ANNUM 20 20 J 16 16 V EURO-DOLLAR DEPOSITS _ J 12 12 ij /r I 8 8 A N J INTERBANK STERLING V\ / C O V E R E D L O N D O N _ 4 4 4 0 2 2 ♦ 0 + 0 2 0 .1..... l I I lllllllllll 2 20 20 16 16 12 12 8 8 4 4 2 2 4 DIFFERENTIAL DIFFERENTIAL ♦ 0 ♦ 0 2 1 1 1 1 1 u 1 978 1980 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 2 _ 1978 1980 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Al ENT P E R A N N U M 14 15 12 13 10 11 • 9 6 10 7 6 8 4 6 2 4 0 14 15 12 13 10 11 8 9 6 7 13 U. S. CORPORATE 10 MO NTHLY 11 8 9 6 7 4 1978 1960 1978 1980 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES R A T IO 1969= 140 120 100 80 R A T IO _ L J_ i SCALE 1969=100 400 100 360 90 320 80 280 70 240 60 200 50 140 120 100 80 160 140 120 100 80 1978 1980 1978 1980 LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 1. SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL 2 2 2 2 2 2 2 2 2 51.45 0.39647 47.02 216.17 83.99 22.30 54.16 3.20487 0.11118 APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL 2 2 2 2 2 2 2 2 2 144.73 103.81 134.99 87.43 83.71 100.49 174.24 126.29 63.16 2 2 2 2 2 2 2 2 2 2 2 93.44 145.97 98.21 130.17 81.23 77.95 94.72 167.57 120.85 57.58 93.58 2 2 2 2 2 2 2 2 3.39 1.25 9.58 5.45 12.52 8.27 3.73 0.46 INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, (G-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA MAR 1973 = 100 APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE APRIL 2 495*95 APRIL 2 APRIL 2 4 APRIL 4 APRIL APRIL 4 MARCH 28 4 APRIL 4 APRIL FEB. 29 MARCH 28 19.39 17.59 17.38 15.90 9.20 8.18 12.19 12.25 10.65 1.70 APRIL APRIL APRIL APRIL APRIL APRIL APRIL 2 2 2 2 2 2 2 17.97 9.83 13.50 16.10 18.55 7.15 13.26 APRIL APRIL APRIL APRIL APRIL APRIL 2 2 2 2 2 2 17.59 18.30 19.04 19.60 19.39 17.69 CHART 4. CALL MONEY RATES U.S. FEDERAL FUNDS O VERNIGHT EURO-DOLLAR DEPOSITS U.K. 2-DAY LOCAL AUTHORITY DEPOSITS CANADA GERMANY EURO-DM JAPAN FRANCE NETHERLANDS EURO-SWISS FRANC CHART 5. 3-MONTH INTE R E S T RATES U.S. 90-DAY CD* S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE BANK LOANS & DISCOUNTS CAN A D I A N FINANCE PAPER I N TERBANK STERLING SWISS INTERBANK LOAN W EIGHTED AVERAGE FOREIGN INTEREST RATE (G-10 COUNTRIES PLUS SWITZERLAND) CHART 6. E U R O -DOLLAR DEPOSIT RATES: LONDON O V E R NIGHT 7-DAY 1-MONTH 3-HONTH 6 - MONTH 1-YEAR CHARI SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS APRIL APRIL APRIL 2 2 2 17.59 19.39 -1.80 3-HONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL APRIL APRIL APRIL 2 2 2 19.60 17.97 1.63 SERIES NAME CHART 8. I NTEREST ARBITRAGE, LAST VALUE PLOTTED DATE VALUE 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL APRIL APRIL APRIL 2 2 2 19.60 19.86 -0.26 U.S. COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL APRIL APRIL APRIL 2 2 2 17.22 19.63 -2.41 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL APRIL APRIL APRIL 2 2 2 19.60 19.65 -0.05 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL APRIL APRIL APRIL 2 2 2 19.60 19.89 -0.29 APRIL MARCH FEB. MARCH APRIL FEB. FEB. MARCH 4 21 12.62 9.77 9.33 5.09 13.20 12.49 11.18 12.30 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM 21 4 8 29 28 . CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS 12.96 6.63 10.35 MARCH DEC. JAN. CHART 10. INDUSTRIAL STOCK INDICES UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY MARCH MARCH DEC. MARCH MARCH MARCH MARCH 28 21 29 14 21 21 14 102.84 299.18 113.81 143.40 102.91 71.21 95.45
@FedFRASER