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BOARD OF « f c <«NOM August 16, 1967. H. 13 No. 312 I. II. I. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1967 Ten Charts on Financial Markets Abroad Chart Chart Chart Chart Chart Chart Chart Chart Chart Chart 1 - New York, London, Montreal: Yields for U.S. Dollar Investors on 3-month Funds 2 - London: Yields for U.S. Dollar Investors on 3-month Funds 3 - Interest Arbitrage: Frankfurt/London, Zurich/London 4 - Interest Arbitrage: New York/Canada 5 - Interest Arbitrage: New York/London 6 - Short-term Interest Rates 7 - Long-term Bond Yields 8 - Spot Exchange R a t e s — M a j o r Currencies Against U.S. Dollar 9 - 3-month Forward Exchange Rates 10 - Industrial Stock Indices Europe and British Commonwealth Section. OFFICIAL USE ONLY (Decontrolled after six months) NEW YORK, LONDON, YIELDS FOR U . S . DOLLAR MONTREAL: DOLLAR DEPOSIT INVESTORS O N RATES: NEW 3-MONTH FUNDS YORK-LONDON EURO-DOLLAR DEPOSIT U . S . C E R T I F I C A T E OF D E P O S I T EURO-DOLLAR OVER U . S . C E R T I F I C A T E OF D E P O S I T FINANCE CO. PAPER RATES (covered) : QUOTED IN NEW YORK U.K. HIRE P U R C H A S E CANADIAN FINANCE COMPANY U.S. FINANCE COMPANY 1. Mar. Jun. 1965 Sept. Dec. \ L Mar. , J L . un. 1966 Sept. Dec. Mar. 1967 Jun. LONDON: YIELDS EURO-DOLLAR FOR U.S. DEPOSIT DOLLAR INVESTORS ON 3-MONTH FUNDS RATES 30 180 DAY DAY DAY CALL HIRt PURCHASE AND LOCAL AUTHORITY HIRE DEPOSIT RATES (covered PURCHASE EURO-DOLLAR DEPOSIT FAVOR HIRE PURCHASE EURO-DOLLAR EURO-DOLLAR DEPOSIT LOCAL AUTHORITY D I F F E R E N T I A L Z v z-X DEPOSIT FAVOR . v ' 1965 LOCAL AUTHORITY ZV-i ^ ^ ^ ^ ^ ^ A V O R 1966 1967 EURO-DOLLAR I INTEREST ARBITRAGE: FRANKFURT FRANKFURT/LONDON, INTERBANK LOAN RATE VS. ZURICH/LONDON LONDON EURO-DOLLAR INTERBANK LOAN RATE (COVERED) RATE EURO-DOLLAR D I F F E R E N T I A L FAVOR ' / \ y — FAVOR ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE DEPOSIT OF TERMS EURO-DOLLAR SWISS EURO-DOLLAR (COVERED) IN \ FRANKFURT / SWISS FRANCS V RATE \ v D I F F E R E N T I A L i n —" I ' FAVOR ZURICH i PRICE OF G O L D IN LONDON ! u s dollar . q „ . . 0 i . n . • • : 1965 , • : : 1 : : : T : 1966 1 P,r ; ; : i 1967 i,ne o»nt, 35.3 , , 35.0 INTEREST ARBITRAGE, 3-MONTH TREASURY UNITED BILL STATES/CANADA RATES CAN. FIN. CO. P A P E R UNITED STATES BILL RATE DIFFERENTIAL AND FORWARD CANADIAN PREMIUM DOLLAR S P R E A D IN F A V O R O F C A N A D A FORWARD RATE 3-MONTH COVERED RATE DIFFERENTIALS (NET FAVOR C A N A D A INCENTIVES) PRIME FINANCE PAPER TREASURY BILLS J s 1964 s 1965 0 M J 1966 S 0 M J 1967 s D INTEREST 3-MONTH ARBITRAGE, TREASURY NEW BILL Y O R K / L O N D O N RATES U.K. LOCAL AUTHORITY DEPOSITS RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING S P R E A D IN F A V O R O F L O N D O N PREMIUM DISCOUNT FORWARD RATE RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER (NET INCENTIVE) SHORT-TERM INTEREST RATES < EURO DOLLAR - LONDON + ' SWITZERLAND 1963 1964 i Germany (inferbonk Loan Rote, 1965 1966 1967 3 LONG-TERM BOND YIELDS Weekly figure* Per cent per annum NETHERLANDS CANADA SWITZERLAND GERMANY EURO-DOLLAR BONDS 1963 * ** * 1964 1965 Average of yields for four foreign government dollar bonds quoted in London New series for Germany starts 7 9 65 New series for Switzerland starts 3 3 67 1966 1967 SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR SWISS FRANC GERMAN MARK U.K. STERLING I I FR E N C H F R A N I C BE LGIAN FRAh rvx YA i i ' • DU I T C H G U I L D E :R CANADIAN DOLLAR ITALIAN LIRA J A P A N E S E YEN 1965 K/ I i/ / 3 - M O N T H F O R W A R D E X C H A N G E RATES A G A I N S T U . S . D O L L A R S — N E W YORK Friday figurei Per cent per PREMIUM SWISS FRANC GERMAN MARK POUND STERLING DISCOUNT- PREMIUM* FRENCH FRANC DUTCH GUILDER CANADIAN DOLLAR DISCOUNT - A G A I N S T P O U N D STERLING — L O N D O N PREMIUM* S W I S S FRANC ' ; a f \ J \\\ ,\ GERM AN MARK K U.S. DOLLAR U ^ - - y-r ; \ w DISCOUNTM J S D 1965 M J S 1966 D M J S 1967 D INDUSTRIAL STOCK INDICES SWITZERLAND* JAPAN CANADA 1964 1965 1967 H. 13 No.312 II. Latest Figures Plotted in H. 13 Chart Series, 1967 (all figures per cent per annum) Chart 1 Chart 5 (Friday, Aug. 11 Euro-$ deposit 5..12 U.S. certif. of deposit 4..98 Lower Panel Treasury bills: August 11 ) (Friday, August 16, 1967 4.. 75 4. 68 Finance co. paper: U.S. Canada Hire-purchase paper, U.K. ) 5.21 4.13 U.K. U.S. Spread favor U.K. +1.08 Forward pound - .65 Net incentive (U.K. +) + .43 5. 04 Chart 6 (Friday, August 1 1 ) Chart 2 (Friday, Aug. 11 ) 4.13 Euro-$ deposits: Call 30-day 4.62 5.00 5 .12 5 .62 90-day 180-day Hire-purchase paper (July 28) 5.75 Local-authority deposit (July 28) 5 .59 Upper Panel Chart 3 (Period: August 15 ) Interbank loan rate (German)(Aug. 7) 3.68 Euro-$ deposit 5,,12 (London) Zurich 3-month deposit (Date: July 15 Japan composite rate (Date: May 26 Interbank loan (mid-point)(Aug. 7) 3.,68 Lower Panel (Date: Price of gold (Friday, July 28 4. 00 3 5 . 196 ) Chart 4 (Friday, Aug. 11 Treasury bills: ) Canada U.S. Spread favor Canada + .10 Forward Canadian $ - ,75 Net incentive (Canada +) - .65 Canadian finance paper U.S. Gov't. (Wed. , ) July 15 Zurich 3-month deposit 4. 23 4. 13 5.50 ) 4..00 ) 7«.30 Chart 7 5. 16 Euro-$ deposit (average) 5.21 4 .23 U.K. Canada U.K. War Loan (Thurs., German Fed. (Fri. , ) 4. 91 Aug. 1 0 ) 6 . 88 Aug. 9 Aug. 11 ) 6 . 78 Swiss Confed. (Fri. , July 28 ) (Fri., Aug. 4) Canadian Gov't. (Wed., Aug. 2 ) 4. b7r 4. 65 5. 92 Netherlands Gov't, perpetual 3% (Friday, Aug. 4 ) 5. 65 Euro- $ bonds (Fri., Aug. 11 ) 6 . 33 For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966.
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