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A u g u s t 2 2 , 1973
R e l e a s e No 624
H-13
Diy^ron of International Finance, Statistical & Data Management Unit
SELECTED INTEREST &
EXCHANGE RATES
FOR MAJOR COUNTRIES &
THE US.
W E E K L Y SERIES O F C H A R T S
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
H. 13
August 22, 1973
No. 624
TABLE OF CONTENTS
PART I. EXCHANGE RATES AND GOLD PRICES
Chart 1A, IB, 1C - Spot Exchange Rates, Major Currencies against U.S. Dollar
Chart 2A and B - 3-Month Forward Exchange Rates, Major Currencies against
U.S. Dollar
Chart 3A and B - 3-Month Forward Exchange Rates, Major Currencies against
U.K. Pound
Chart 4
- Gold Price in London
PART II. SHORT-TERM INTEREST RATES
Chart 5
Chart 6A and B Chart 7A and B Chart 8A and B Chart 9A and B Chart 10A and B Chart 11
Chart 12A and B -
Call Money Rates
London: Euro-$ Deposit Rates
New York - London: Yields on U.S. Dollar Funds
London: Covered Yields on U.S. Dollar Funds
Interest Arbitrage: United States-United Kingdom
Interest Arbitrage: U.S.-Germany and U.S.-Switzerland
Interest Arbitrage: United States-Canada
Selected Short-term Interest Rates
PART III. LONG-TERM INTEREST RATES AND STOCK INDICES
Chart 13
Chart 14
- Long-Term Bond Yields
- Industrial Stock Indices
PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND
LATEST FIGURES PLOTTED ON THE CHARTS
NOTE: This series is a continuation of the CAPITAL MARKETS DEVELOPMENTS ABROAD,
which was published under that title through December 31,1968.
The changes in the format and order of the charts are explained in the Supplement
to the series, which accompanied issue dated January 1, 1969.
All series and their sources are fully described in a Supplement dated January 1, 1972.
SPOT EXCHANGE RATES • MAJOR CURRENCIES AGAINST U.S. DOLLAR
Weekly averages
40
GERMAN f,
MARK
VI
BELGIAN FRANC
SWISS FRANC
20
JAPANESE
YEN
CANADIAN
DOLLAR
a6 a St
u .s
M
J
1972
s
D
M
J
S
1973
Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below central rates
prior to Smithsonian agreement
D
Chart I B
SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR
Weekly averages
;
|f\
11
?
FRENCH FRANC; /
-
DUTCH GUILDER
J \A ITALIAN LIRA
f
1
a
k_A-A
^
c
r
fu.K. POUND
1
1
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
j
1972
1973
Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below central rates
prior to Smithsonian agreement.
Chart 1C
SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR
Weekly averages
Per cent
SWISS FRANC
30
GERMAN MARK /;
SWISS FRANC /
20
JAPANESE YEN
FRENCH FRANC
j '
BELGIUM FRANC
DUTCH GUILDER
CANADIAN DOLLAR
Per cent above or below parity
prior to float April 1970
\ I T A L I A N LIRA
against
U.K. P O U N D
JAN.
FEB.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
1973
Weekly averages (week endjngjon Friday) of daily offered rates in the New York market as per cent above or below central rates
prior t o Smithsonian agreement.
V
Chart 2A
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR
Weekly averages
I I
1 i
i
j
Per cent per annum
1 i
I
;
• :
* ;
1
!
- r
:
:
1 1 |
;
1 1 |
I
1 |
I I
PREr,
C A N A D I A N DOLLAR
J
T V J ^ W x j
y
-
/V
y
Z
A
v
A
J^\
U.K. P O U N D
DISCC)UNT -
.
l\
PREM IUM +
GERMAN MARK
| I \
\
-
A -
DISCO UNT -
|
1
PREM IUM +
DUTCH GUILDER
1
V
\
~
I
DISCOlJNT I I
1 1 !
M
1 1 1 1 1 1
J
S
D
1 1 1 1 1 1 I I
M
1970
J
1 I I
1 I I
D
M
S
1971
Canadian Dollar Rate not supported by Bank of Canada.
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3.
1 I I
J
1 I I
S
1972
1 1 1 1 I I
D
M
1 1 I
J
1 1 1 1 1 1
S
1973
D
1
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR
Weekly averages
Per cent per annum
1 1 1 1 1 I
1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1
I I
1 1 1 1 1 1 1 1 1 1 1
|
I I
|
1 1 |
1 1
PREMIUM +
FRENCH FRANC
-
V
\
DISCOUNT -
—
W
/
—
PREMIUM +
SWISS FRANC
-
r
N
DISCOUNT -
1 1 1 1 1 1 1 1 1 1 1
M
J
S
D
1 1 1 1 1 1 1 1 1 1 1
M
1970
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3.
1 1 1 1 1 1 1 1 1 1 1
M
J
S
1972
i
i
1 i
i
I
i
J
1973
i
I
S
i
i
%
Chart 3A
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND
Per cent per annum
Friday figures
16
GERMAN MARK
U.S. DOLLAR
I
DISCOUNT
I
I
I
M
I
I
I
J
I
I
S
I
I
I
D
I
I
M
1970
I
I
I
I
I
J
I
S
I
I
I
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 3.
I
M
I
I
J
I
I
I
S
1972
I
I
I
D
I
I
I
M
I
I
I
J
I
I
S
1973
I
I
I
D
I
I
1
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND
Friday figures
Per cent per annum
PREMIUM +
SWISS FRANC
FRENCH FRANC
DISCOUNT -
M
J
S
D
1970
M
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATAfjanuary 1, 1973, p. 3.
M
J
1972
S
D
J
1973
S
D
•v>
Chart 4
GOLD PRICE IN LONDON, 12.5 Kg BARS
Week's average of afternoon fixings
M
J
S
1971
U.S. dollar equivalent per fine ounce
D
M
J
1972
See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4.
S
D
M
J
1
I
1973
S
D
Chart 5A
CALL MONEY RATES
DOLLAR FUNDS
Per cent per annum
Weekly averages
14
OVERNIGHT EURO-DOLLAR DEPOSITS
CALL EURO-DOLLAR DEPOSITS
FEDERAL FUNDS
DIFFERENTIAL
FAVOR
EURO-DOLLAR
EURO-DOLLAR OVER
FEDERAL FUNDS
\zwv
FAVOR'HEDERAL FUNDS
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
I
i
i
F i
i
I
i
i
EURO-CURRENCIES
Weekly averages
Per cent per
EURO-DM
EURO-SWISS FRANC
I
I
1 I
I
1 1 1 I
I
i
1 I
I
Changed from CALL to OVERNIGHT Euro dollar deposits, May 10, 1971.
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 4-6.
1 I
I
1 I
I
1 I
I
I
I
I .1 1 I
I
I
I
I
I
Chart 5B
CALL MONEY RATES
SELECTED FOREIGN AND EEC CURRENCIES
Friday figures
Per cent per annum
y
\n
n p y r
FRANCE, f
1 1 1 1 1 1 1 1 1
J '
V
1/
If
f
II
w
, NETHERLAIND
i i 1 1 1 1 1 1 1 1 1 1 1S i 1 i i 1 i n
i i
i i ri
i 1 i i 1 i i
JAPAN
CANADA
U.K.
GERMANY
M
J
D
1970
M
J
1971
S
D
M
J
S
D
1972
France, Day-to-day Money; Netherlands, Call Money, weekly average; Japan, Unconditional Money;
Canada, Day-to-day Loans, weekly average; Germany, Call Money; U.K., 2-day Local Authority Deposits.
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 4 6.
M
J
1973
S
D
Chart 6A
LONDON: EURO DOLLAR DEPOSIT RATES
Friday figures
Per cent per annum
15 0 0
OVERNIGHT
CALL
7-DAY
12
1-MONTH
M
J
S
D
M
1970
J
S
D
1971
* M a y 1 2 / 7 1 - c h a n g e d to Overnight Euro-Dollar Deposits
* * July 1 - c h a n g e d to 7-Day Euro-Dollar
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6.
M
J
1972
S
D
M
J
1973
S
D
v\A
Chart 68
LONDON: EURO DOLLAR DEPOSIT RATES
Friday figures
12
10
8
3-MONTH
6
4
2
12
10
8
6-MONTH
6
4
2
1970
1971
1972
1973
Chart 7A
NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS
3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET
figures
Per cent per
12
10
8
EURO-DOLLAR DEPOSIT
6
4
U.S. CERTIFICATE OF DEPOSIT
2
DIFFERENTIAL
FAVOR EURO DOLLAR
4
+
0
EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT
2
M
J
S
D
1970
M
J
S
D
1971
DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 6-7
M
J
1972
S
D
M
J
1973
S
D
Chart 7B
NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS
3 - M O N T H DOLLAR DEPOSIT R A T E S - P R i M A R Y MARKET
Wednesday figures
? f [ cent per annum
EURO D O L L A R DEPOSIT
EURO DOLLAR DEPOSIT
U.S. C E R T I F I C A T E OF D E P O S I T
w
EURO DOLLAR OVER
—
U.S. C E R T I F I C A T E OF D E P O S I T
ADJUSTED1
M
J
S
D
1970
M
J
S
D
1971
* Adjusted for Reserve Requirement
* * Adjusted for 10% Marginal Reserve Requirement
* * * A d j u s t e d for 20% Marginal Reserve Requirement
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 6-7.
M
J
1972
S
D
M
J
1973
S
D
LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS
HIRE P U R C H A S E / S T E R L I N G C D ' s vs EURO-DOLLAR RATES
Friday figures
Per cent per annum
12
EURO-DOLLAR DEPOSIT
HIRE PURCHASE
COVERED
STERLING CD's
COVERED
__
FAVOR STERLING CD's
DIFFERENTIAL
\
A y
1
iA A.
\
H A j ^
H
1
-
FAVOR EURO-DOLLAR
1 1 1 1 1 1 I I
M
J
1 I I
S
I I
D
1970
1 1 1 1 1 1 1 1 1
M
J
S
D
1971
1 1 1 1 1 1 I I
M
J1972
* 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, 1973, pp. 7
1 I I
1 1 1 1 1 1 I I
J
1973
1 1 1
S
\«
Chart 8B
LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS
L O C A L A U T H O R I T Y A N D EURO D O L L A R RATES
Friday figures
Per cent per annum
12
EURO-DOLLAR DEPOSIT
LOCAL A U T H O R I T Y
DEPOSIT
COVERED
1
I
!_ DIFFERENTIAL
|
.A
v
i
A
/
FAVOR LOCAL AUTHORITY
-
'vv\ z/x/A/
h
:
\
-
FAVOR EURO-DOLLAR
ii
M
h
1m
i
J
1ii
S
D
i i
M
i 111 11 i i
i
J
1970
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8.
i i
M
ii1 11111
i
J
S
1972
D
II 1 II 1 1 1 1 1 1
M
J
S
1973
D
INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES
Per cent per annum
Friday figures
3 - M O N T H 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
I
* Plotted for comparison purposes
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 8 - 9
I
I
I
I
I
I
1 I
I
1 I
I
I
0
f
Chart 9B
INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES
Friday figures
Per cent per annum
RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING
PREMIUM
SPREAD IN FAVOR OF LONDON
FORWARD RATE
DISCOUNT
RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER
FAVOR LONDON
FAVOR NEW YORK
J
S
D
M
1970
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp.8-9.
M
J
1972
S
D
M
J
1973
S
D
Chart 10 A
3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK
F R A N K F U R T I N T E R B A N K LOAN RATE VS
Wedn- d?
L O N D O N E U R O - D O L L A R RATE
H 50
Per ;ent per
GERMAN INTERBANK
LOAN RATE
EURODOLLAR
FAVOR FRANKFURT
DIFFERENTIAL
FAVOR EURO DOLLAR
M
J
S
D
1970
M
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9-10.
— ——
No quotation
S
1972
D
M
J
1973
S
D
3-MONTH FUNDS INTEREST ARBITRAGE: EURO DOLLAR - SWISS FRANC
ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE
Wednesday rates
I I | I I | I I | I I I I I | I I | II
Per cent per annum
| I I I I I | I I | I I | I I I I I | I I | I I | I I I 12
SWISS DEPOSIT RATE
X
EURODOLLAR
COVERED
DIFFERENTIAL
FAVOR ZURICH
FAVOR EURO DOLLAR
1 I I I I I I I I I I I I I 1 I I 1 I I 1 I I I I I I I I 1 I I I I I I I I I I I I Hi»l
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9-10.
I I
8
Chart 11
3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES
Friday figures
Per cent per annum
1! | 1 1 | 1 1 | 1 1
BILL RATES
1 1 | 1 1 | II
| 1 1
II
1 1 | 1 1 | 1 1 | 1 1
| 1 1 | 1 1 | 1 1
h
j j
UNITED STATES
TREASURY BILLS
~
T
CAN. FIN. CO. PAPER
A
M
/
y
-
TREASURY BILLS
1
1
1
•
PREMIUM
BILL RATE DIFFERENTIA tL AND FORWARD CANADIAiN DOLLAR
FORWARD RATE
;
•
f
/
p
i
V A ^
W
|
M
\
GROSS SPREAD IN FAVOR OF C/ INADA
w
\
;
DISCOUNT
1
COVERED RATE DIFFER!iNTIALS
FAVOR CANADA
A PRIME FINANCE PAPEF
;
-V
W r \
I / V V
TREASURY EJILLS
\ j
FAVOR U.S.
I I 1 II
M
1 I l 1 l l
,/J
S
II
D
1 1 1 1 II
M
1970
J
1 1 1
S
II
D
1971
See DESCRIPTION "AND SOURCES OF DATA, January 1, 1973, pp. 1(mY.
1 1 1 1 1 1 1 1 1
M
J
1972
S
D
1 1 1 1 1 1 II
M
J
1973
1 1 1
S
D
10
Chart 12A
SELECTED SHORT-TERM INTEREST RAT'S*
Per cent per a n n u m
i
i
-r
1
I
1
/ <
f
1 \
1 r
j
k - i
V
1
\
/
/
rx,w"\
I
v
v\
1
14
|
f
/
/
1
1
GERMANY
-
k
vy
- i i 1 i i 1 i i 1 i i1
1 1 1 1 1 M
u.s.
11
1 1 i
: M ' !
I 1 i i 1 i i 1 i i 1 i ii i 1 i i 1 i i i i i
12
j
K
-
-
i
\\
/
r
1
i
L v v
-rfl
-
rV"'
|
v A i
r J
.. A
(
yy
u.k.
/
\ /*
11
w
i 1 i i 1 i i I i 111
i
I I 111111
u.s.
1 1 1 I I i I I ( I 1 M 1 I I 1 M 1 I I i 1i 1 i i 1 i i 1 I I
JAPAN
MONTHLY
I I 1 i i 1 i i 1 i i 1 1 1 1 1 1 1 1 1 11 1L 1 1 1 I I 1 MI I 1 I I 1 1 1 1 11 11 1 1 1 1 1 1 1 1 1
1970
1971
1972
1973
1974
3-month treasury bill rates for all countries except Japan(Average rate on bank loans and discounts)
and Germany(lnterbank Loan Rate)
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12.
%
Chart 12B
SELECTED SHORT-TERM INTEREST RATES
Per cent per annum
i
i
fl
Y ' v ,
i'Vj
A.
I V /
V V
\
V
\
r
/
P\
/
^
/ V ^ u . s .
Lzx
k
i
i
'
V
i
I
/
i
\ _ —,
I
i—'
i-
u
u
L'V
I' i i 1 M 1 i i
{
* \ A
V '
M
f
1 III i 1 M 1 I I 1 I i i i ! M 1 i > 1 i i i i I i i 1 i i 1 i i
I I 1 1 1 1 1 1 1 111 11 1 1 1 I I
\ - A
v'—i
/-x/A
A t
i
i
V
0 DOLLAR - LONDOf
^—•
| SWITZERLAND
1 1 1 1 1 1 1 1 1 r1 n 1 1 1 1 1 1 1 1 1
I I f 1 1 1 1 1 1 1 11 1 I I 1 I I 1 I I
\\
v
>
U.S.
V\
V \
f
/
U v
A
vA
% -
-
CANADA
1 1 1 1 1 1 1 11 1 1 1 1 1 I I ! 1 111 1 I I 1 I I 1 I I
i i 1 i i 1 i iii !1 iiii 1 i i 1 1ii
1970
1971
1972
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12.
1973
1974
Chart 13
LONG-TERM BOND YIELDS
Weekly figures
*
Per cent per annum
NETHERLANDS
-
w
^
y v
v
-
yjs
u.s.
SWITZERLAND
II
1 !
1
h
ti
: i
1 1 1 ! 1 1 i i 1 1 1
II
1 1 1 i l .1 1 I I
/K
%
v - '
I 1 i 1 1 I;
M
Monthly figures
: i
II
1 i i 1 i i 1 i i
-
U.K.
G E R M A N Y ^
\r
f
1 1 1 1 i 1 1 1 1 1 1
/
V
! i ! ! 1 1:
X
CANADA
'
; 1 i I 1 I i i
1
, 1 i i I ii
i i ! i
i 1i
i 1 i i
i i 1 i i 1 i i 1 i i
!
I U.S. CORPORATE:
i
DOLLAR EURO-BOI>JOS
"
A
x
-
r
L / - - \
v
AaaBONDS
DM EURO-BONDS
11 1 11 1 1 1 I 11 11 11 1II 1 ! 1 !ii 1i i1 i 1 m 1 iI I i1
1970
1971
1972
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 1215.
i
i 1 i i 1 i i
1973
i i 1 i i 1 i i 1 i i 1
1974
Chart 14
INDUSTRIAL STOCK INDEXES
Ratio scale, 1958=100
Ratio scale, 1958=100
320
UNITED STATES
-
/Vv
1 1 1 I N V I
1 1 1 1
i
i
1 i
i
1 i
v
i
1 i
W
1 1 1 1 1 1 I I
i
1 I I
V/
240
\
1 1 1 1 1 1 I I
1 1 1
1200
^ JAPAN
480
SWITZERLAND
y
A
v
-
V
960
5WITZERLAND
V
640
320
240
UNITED KINGIDOM
f
480
^
GERMANY
160
320
( y *
1
CANADA
GERMANY
^ Z ^ C A N A D A
240
V A ^
X
/
/
~
V
'
V
'
-
I I
1 1 1 1 1 1 1 1 I
1 1 L 1 1 L 1 1 L 1 1
1971
I I
1 1 1 I
1 1 1 1 1
1972
I I
1 M
1 1 1 1 I I
1973
August
22, 1973
H. 13
No. 624
Country
IV. SELECTED CENTRAL BANK DISCOUNT RATES
Current Rate
In Effect Since
Previous Rate
In Effect Since
E.E.C.:
Belgium
France .
Germany
Italy
Netherlands
**United
Kingdom
Switzerland
Canada
Japan
United States
6.5
August 2. 197:
6.0
Julv
8.5
July 5. 1973 .
5,
1Q73
9.5
August 2, 197:
7.0
June 1, 1973
6.0
May 3, 1973
4.0
Apr. 10, 1972
4.5
Oct. 14, 1972
6.5
August 7. 1973
6.0
July 18, 1973
11.50
4.5
July 27, 1973
9.00
Julv 20. 1973
Jan. 1, 1973
3.75
Sept. 15, 197::
6.75
August 7, 197;
6.25
6.0
July 2. 1973
5.5
May 30. 1973
7.5
August 14,1973
7.0
July 1, 1973
June 10. 1973
**Effactive October 13, 1972, the Bank of England replaced its traditional
Bank Rate with a fluctuating "minimum lending rate" based on average
Treasury bill tender rate.
IV-2
H.13
0 ^
August 22, 1973
No. 624
LATEST FIGURES PLOTTED ON-THE CHARTS
Chart
Panel
1A
Upper
Series
Date
Swiss franc
Aug. 17
U.K. pound
-5.37
+19.03
Japanese yen
+16.02
Upper
Belgian franc
Italian lire
+19.64
Lower
Canadian dollar
+0.58
+7.59
German mark
+31.25
+20.51
Dutch guilder
2A
German mark
+3.38
Swiss franc
+5.53
-5.04
U.K. pound
2B
+27.73
French franc
Lower
IB
Rate
Upper
Dutch guilder
Canadian dollar
+1.21
+2.92
French franc
+2.42
1
3A
German mark
3B
U.S. dollar
Swiss franc
French franc
A u g . 17
Aug. 17
+6.04
+3.98
Gold price, U.S. dollar per ounce
Aug. 17
99.70
Upper
Overnight Euro-S deposits
Aug. 15
Middle
,
Federal Funds
Differential
Lower
'
Euro-currencies;
4
5A
;
Upper
5B
+8.21
Aug. 17
+3.93
Aug. 10 & 17 + 3 . 9 6
"
"
Euro DM
Euro Swiss Fr.
Japan, Unconditional Money
U.K., 2-day Local Author. Deps.
Canada, Day-to-day Loans
Lower
1
10.23
„ 10.39
-0.16
A u g . 15
4.83
2.33
Aug. 1 1
Aug. 10
7.50
13.00
France, Day-to-Day Money
Aug. 17
5.75
9.38
Germany, Call Money
Aug. 17
Aug. 10
13.75
7.10
Netherlands. Call Money
"
^ 0
H.13
A u g u s t 2 2 , 1973
N o . 624
IV - 3
Chart
Date
Series
Panel
6A
Euro-S Overnight Rate
A u g . 17
Euro-S 1-month Rate
6B
Upper
Euro-S 3-month Deposits
Lower
Differential
11.22
11
A u g . 15
U.S. Certificate of Deposits
7B
Upper
10.88
Euro-S 3-month Deposits
10.94
11.89
U.S. Certificate of Deposits (Adj.)
Lower
Differential: on Adj. Euro-S Deposits
Upper
Euro-$ 3-month Deposits
11.00
+0.89
on Unadj. Euro-S Deposits
-0.06
J u l y 27
S t e r l i n g CD's ( c o v e r e d )
8B
Lower
Differential
Upper
Euro-S 3-month Deposits
7.38
,
11.44
6.13
Differential
-5.31
U.S. Treasury Bill rate
9A
A u g . 17
8.47
A u g . 10
12.75
A u g . 17
+2.31
U.K. Treasury Bill rate
10.78
Local Authority Deposit (uncovered)
9B
Upper
Spread (+= favor London)
3-month Forward Pound
Lower
-4.55
Net Incentive (+= favor London)
11.44
-4.06
Local Authority Deposits (covered)
Lower
10.94
+0.06
Euro-S 3-month Deposits (Adj.)
8A
10.63
11.37
Euro-$ 3-month Rate
Euro-S 6-month Rate
7A
Rate
1
„
-2.24
H.13
J*"
August 22, 1973
No. 624
Chart
Panel
Series
10A
Upper
Euro-$ Deposits (covered)
Date
A u g . 15
German Interbank Loan rate
10B
Lower
Differential
Upper
Euro-$ Deposits (covered)
11
Differential
Upper
Canadian Finance Paper
+6.65
6.05
3.50
-2.55
Aug. 17
U.S. Treasury Bill rate
Second
12A
7.85
14.50
Swiss Deposit rate
Lower
. Rate
8.00
8.47
Canadian Treasury Bill rate
5.82
U.S. Prime Finance paper
(not plotted)
8.75
Bill rate differential
-2.65
Forward Canadian dollar
+2.69
Third
Net incentive on bills
+0.04
Bottom
Net incentive on Finance Paper
Upper
U.K. Treasury Bill rate
+1.94
10.78
U.S. Treasury Bill rate
8.47
German1 Interbank Loan rate
Lower
Japanese Average rate
Canadian Treasury Bill rate
U.S. Treasury Bill rate
12B
Euro-S Deposits
Swiss 3-month Deposit rate
14.50
June
7.023
Aue. 17
5.82
8.47
11.22
3.50
U.S. Treasury Bill rate
8.47
"2/2-
IV- 5
Chart
Panel
Series
13
Upper
Netherlands
Aug. 10
Canada
^United States
Switzerland
Germany
Middle
United Kingdom
U.S. Corp. DM Euro-bonds
U.S. Corp. Aaa bonds
Switzerland
Upper
Germany
United States
Canada
Lower
7.41
J u l y 13
5.35
Aug. 7
10.04
Aug. 10
11 .T7
8.55
,,
July
on
7.26
7.45
Aug. 10
359.1
Aug. 3:
270.6
Aug. 17
234.94
Aug. 10
996.10
241.11
** Japan
United States
yield
7.80
Aug. 17
United Kingdom
Middle
* $gWyearsVerage
Series G
8.49
..
U.S. Corp. Dollar Euro-bonds
Series G
Lower
14
Rate
Date
RAR.QO
Aug. 17
234.94
selected 10 year constant maturity bonds due or callable in
** Beginning week ended September 5, 1970, the Japanese index plotted is that of all industrial and other stocks
on the First Section of the Tokyo Stock Exchange.
@FedFRASER