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SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE U.S. WEEKLY SERIES O F CHARTS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.13 August 8 , 1973 No. 622 TABLE OF CONTENTS PART I. EXCHANGE RATES AND GOLD PRICES Chart 1A,1B & lCSpot 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 - Call Money Rates Chart 6A and B - London: Euro-$ Deposit Rates Chart 7A and B - New York - London: Yields on U.S. Dollar Funds Chart 8A and B - London: Covered Yields on U.S. Dollar Funds Chart 9A and B - Interest Arbitrage: United States-United Kingdom Chart 10A and B - Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Chart 11 - Interest Arbitrage: United States-Canada Chart 12A and B - 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 30 SWISS FRANC GERMAN MARK I BELGIAN FRANC CANADIAN DOLLAR Per cent above or below parity against 1972 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in t h e New York m a r k e t as per cent above or below c e n t r a l rates p r i o r t o Smithsonian agreement. Chart I B SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages 30 20 FRENCH FRANC DUTCH GUILDER ITALIAN LIRA against U.S. U.K. POUND M S 1972 D M j S 1973* Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in t h e New York m a r k e t as per cent above or below c e n t r a l rates prior to S m i t h s o n i a n a g r e e m e n t . D SPOT EXCHANGE RATES^MAJOR CURRENCIES AGAINST U.S. DOLLAR WeeKly averages ' - Per cent 30 GERMANMARK SWISS FRANC 20 JAPANESE YEN RENCH FRANC f BELGIUM FRANC DUTCH GUILDER 10 CANADIAN DOLLAR Per cent above or below parity prior to float April 1970 ITALIAN LIRA irate, against .U.S. dollar U.K. POUND •JAN. FEB. MAR.- APR. MAY, JUNE "JULY AUG: 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates i n j h e New York m a r k e t as~per c e n t above or b e l o w ^ e n t r a l rates prior to Smithsonian agreement. Chart 2A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages 1 Per cent per a n n u m 1 1 1 1 1 1 1 1 1 1 1 I | ! 1 ! 1 1 | j M 1 ! | 1 l.| 1 1 | 1 1 1 1 | 1 1 | 1 1 | 1 1 PRB CANADIAN DOLLAR /V A k/ W U.K. POUND A DISCC)UNT - PREM IUM + GERMAN MARK V—< A k a/v V AJWL FT - DISCO UNT - I\ ~ PREM IUM + DUTCH GUILDER \ w / w V ^ i DISCOLINT 1 1 1 1 1 ! M 1 1 1 1 I ! J S 1970 D 1 I M II J S 1971 1 1 1 1 II D 1 I I Canadian Dollar Rate not s u p p o r t e d by Bank of Canada. See DESCRIPTION AND'SOURCES OF DATA, January 1, 1973, p p . 2 - 3 . M 1 1 1 1 1 1 1 1 1 J S 1972 D 1 1 1 1 1 1 1 1 1 1 1 M J S 1973 D 1 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages Per cent per a n n u m 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ! 1 1 1 1 1 1 1 II I M I II 1 1 | 1 1 | 1 1 | 1 1 PREMIUM + FRENCH FRANC - ^ V \ DISCOUNT — Z \ v / v \ 1 1 1 1 1 1 1 1 1 1 1 M J S D J / J S D 1 1 1 II M 1971 See DESCRIPTION AND SOURCES OF DATA, January 1,,1973, pp. 2-3. - DISCOUNT - •1 1 1 1 1 1 1 1 1 1 1 1970 — PREMIUM + SWISS FRANC 1 M / W J 1 1 1 1 1 1 S 1972 D 1 1 1 II M 1 1 1 1 1 1 J 1973 S D C h a r t 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Per Friday f i g u r e s cent per a n n u m GERMAN MARK U.S. DOLLAR DISCOUNT 1 I 1 I 1 1 I I I 1 I 1 1 II J 1970 S 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. I I I I 1 I II I I II I I Chart 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday figures Per cent per a n n u m PREMIUM SWISS FRANC FRENCH FRANC DISCOUNT - M J S D M 1970 See"DESCRIPTION AND SOURCI J S D 1971 OFIDATA, January'1™ 1 9 7 3 , p. 3. M J 1972 S D M J 1973 S D GOLD PRICE IN LONDON, 12.5 Kg BARS W e e k ' s average of a f t e r n o o n f i x i n g s M J S U.S. d o l l a r e q u i v a l e n t per f i n e o u n c e D 1971 M J 1972 See DESCRIPTION AND SOURCES of DATA, J a n u a r y 1, 1973, p. 4. S D M J 1973 S D w. C h a r t 5A CALL MONEY RATES DOLLAR FUNDS Weekly averages Per c e n t p e r a n n u m 14 OVERNIGHT EURO-DOLLAR DEPOSITS CALL EURO-DOLLAR DEPOSITS FEDERAL FUNDS | 1 EURO-IDOLLAR OVER FEDERiAL FUNDS DIFFERENTIAL w yv l I l ii i i ii UJ i 1i 1 1 I I 1 II ; 1 1 1 FAVOR EURODOLLAR l l j FAV II 1 II 1 1 1 1 1 1 AAM OR^I/EUERAL 1 1 1II M FUNDS 1 1 1 1 EURO-CURRENCIES Weekly averages Per c e n t p e r a n n u m EURO-DM EURO-SWISS FRANC I I I I I I I I I I 1 I I I I I I I I I I D M J 1972 * C h a n g e d f r o m GALL t o O V E R N I G H T E u r o d o l l a r d e p o s i t s , M a y 10, 1 9 7 1 . S p e D E S C R I P T I O N A N D SOURCES OF DATA, J a n u a r y 1, 1 9 7 3 , p p . 4 - 6 . S D M J 1973 S D Chart SB CALL MONEY RATES SELECTED FOREIGN A N D EEC C U R R E N C I E S Per c e n t per ai m u m Friday f i g u r e s 8 FRANCE 4 0 8 4 1 1 I I I I I I 1 I I 1 • 1 '•1 1 ,U 1 1 1 W 0 12 8 4 I i i I i i 1 I I 1 M I M I I i , i" nee, Day-to-day Money; N e t h e r l a n d s , Call M o n e y , w e e k l y average; Japan, U n c o n d i t i o n a l M o n e y ; l a d a , Day-to-day Loans, w e e k l y average; G e r m a n y , Call M o n e y ; U.K., 2-day Local A u t h o r i t y D e p o s i t s . ; DESCRIPTION AND SOURCESOMDATA, J a ~ n u a r y T l 9 7 X p p . T 6 . I I i 1 I 1 i I 1 0 O C h a r t 6A LONDON: EURO-DOLLAR DEPOSIT RATES Friday f i g u r e s Per c e n t per a n n u m 15 00 OVERNIGHT CALL 7-DAY 12 l-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 O v e r n i g h t E u r o - D o l l a r Deposits * * July 1 - c h a n g e d to 7-Day E u r o - D o l l a r See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6 . M J 1972 S D M J 1973 S D vl CALL MONEY RATES SELECTED FOREIGN A N D EEC C U R R E N C I E S Friday f i g u r e s Per c e n t p e r a n n u m 12 FRANCE I I I I, I I ii 1 i i 1 ii M J S 1 i i 1 i i 1 ivl D M J 1970 i I 1 i i 1 i i I i i I ii 1 i i . n S D D M 1971 J S 1972 France, Day-to day Money; N e t h e r l a n d s , Call M o n e y , w e e k l y average; Japan, U n c o n d i t i o n a l M o n e y ; Canada, Day-to-day Loans, w e e k l y average; G e r m a n y , Call Moneyj_U.K., 2-day L o c a l A u t h o r i t y D e p o s i t s . See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp: 4-6. I I i 1 I I I I I I M J S 1973 D i ' C h a r t 6A LONDON: EURO DOLLAR DEPOSIT RATES Friday f i g u r e s - Per c e n t per a n n u m 15 0 0 OVERNIGHT CALL 7-DAY 12 1-MONTH M J S D M 1970 J S D 1971 * May 1 2 / 7 1 - c h a n g e d to O v e r n i g h t E u r o - D o l l a r Deposits * * J u l y 1 - c h a n g e d to 7 - D a y E u r o - D o l l a r See DESCRIPTION AND SOURCES OF DATA, January 1, 1 9 7 3 , p. 6 . M J 1972 S ^ D M J 1973 S D Chart 6B LONDON: EURO DOLLAR DEPOSIT RATES Friday figures Per cent per a n n u m A 1v / v U V - 1 1 V 1 1 1 1 1 1 1 1 1 , , 1 , , 1 , , 1 , , 3-MONTH - - M I M I M I M \ 6-MONTH - J I / - 1 1 1 1 1 1 1 1 1 1 1 J F - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1970 1971 See DESCRIPTION AND SOURCES . . UATA, January 1, 1973, p. 6. l l 1 1 l 1 l l 1 I I 1i i 1 i i 1 i i 1 i i 1972 1973 NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3 - M O N T H DOLLAR DEPOSIT R A T E S - S E C O N D A R Y MARKET Wednesday f i g u r e s Per cent per EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT DIFFERENTIAL FAVOR EURO-DOLLAR — WV\M AL i A / V - Av • EURO-DOILLAR OVER U.S. CERTIFIC:ATE OF DEPOSIT M 1 M M 1 i J i S ! i i D 1970 M M M M J i S i D 1971 See DESCRIPTION AND SOURCESOF DATA, J a n u a r y 1, 1973, pp. 6-7. I i M 1 i i J 1 i S 1972 i 1 i D i i M i 1 i i 1 i J 1973 i S 1 i D i Chart 7B NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Per c e n t per a n n u m Wednesday f i g u r e s EURO-DOLLAR DEPOSIT ADJUSTED 1 A EURO DOLLAR DEPOSIT U S. CERTIFICATE OF DEPOSIT ADJUSTED w EURO DOLLAR OVER U S. CERTIFICATE OF DEPOSIT ADJUSTED' M J S D M 1970 J S D 1971 * A d j u s t e d f o r Reserve R e q u i r e m e n t * * A d j u s t e d f o r 10% M a r g i n a l Reserve R e q u i r e m e n t * * * A d j u s t e d f o r 2 0 % M a r g i n a l Reserve R e q u i r e m e n t See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 6-7. M J 1972 S D M J 1973 S D \ A \ \ Chart 8A LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE PURCHASE/STERLING CD's us EURO-DOLLAR RATES Per cent per a n n u m Friday f i g u r e s 12 EURO DOLLAR DEPOSIT HIRE PURCHASE COVERED STERLING CD COVERED „ FAVOR STERLING CD's DIFFERENTIAL \ iA a y k # A. \ N II FAVOR EURO-DOLLAR 1 ! 1 1 ! i ! 1 1 ' 1 1 1 1 1 1 1 1 1 1 I I I I 1 1 1 1 1 1 1 J 1970 1971 1972 Hire Purchase s u s p e n d e d A u g u s t 11, 1972 and S t e r l i n g C e r t i f i c a t e s of Deposit begin A u g u s t 1 1. 1972. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7 s I I 1 1 1 1 1 1 I I j 1973 1 I I s C h a r t 8B TP ' ^ LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Friday f i g u r e s Per c e n t per a n n u m EURO-DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT COVERED FAVOR LOCAL AUTHORITY DIFFERENTIAL FAVOR EURO DOLLAR M J S D 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 J 1972 S D M J 1973 S D Charts 9A INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r e s ' Per cent per a n n u m 3 - M O N T H TREASURY BILL RATES U.K. LOCAL AUTHORITY DEPOSITS UNCOVERED NEW YORK LONDON- NEW YORK M J S D 1970 M J S D 1971 * 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, 1973, pp. ,8-9 M s S 1972 1973 D Chart 9B INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r ' Per c e n t per a n n u m RATE DIFFERENTIAL A N D 3 - M O N T H FORWARD STERLING PREMIUM SPREAD IN FAVOR OF LONDON FORWARD RATE DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW YORK M J S D 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p p . 8 - 9 . J 1972 S D M J 1973 S D 3-MONTH FUNDS INTEREST ARBITRAGE: EURO DOLLAR-GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO-DOLLAR RATE W e d n e s d a y rates. Per 14.25 i I I I | j I | I I cent per a n n u m | I I I 12 GERMAN INTERBANK LOAN RATE EURO-DOLLAR COVERED FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO-DOLLAR I 1 I I I I I 1 I I M J S D I I I I I 1 II I M M D 1970 J S I I 1 I I I I I 1 I I M 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 9 - 1 0 . No q u o t a t i o n J 197Z S D I 1 I I I I II I I I 2 C h a r t 10B 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE Wednesday rates II Per c e n t per a n n u m | I I | I I | I II 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 12 SWISS DEPOSIT RATE EURODOLLAR COVERED FAVOR ZURICH DIFFERENTIAL FAVOR EURO DOLLAR I I I 1 I I 1 I I 1 I I 1 I I I 1 I 1 1 I 1 I 1970 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 9 1 0 . I 1 I 1 1 1 I I I I I I 1 1 1 1 1 f 'J.i'il ! I I 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Friday f i g u r e s Per cent per a n n u m M | 1 1 | M - B I L L RATES | 1 1 1 1 | II | 1 1 j'l! ii ( i i | i i | ii UNITED STATES TREASURY BILLS \ 1 M I | 1 1 | If , V CAN. FIN. CO. PAPER | M 1 J z * - - - v/ 1 CANADIAN TREASURY BILLS 1 1 BILL RATE DIFFERENTIA IL AND FORWARD CANADI/ iN DOLLAR PREMIUM FORWARD RATE / V : \J\A YA/VyV W \ V \ - A : GROSS SPREAD IN FAVOR OF C/INADA DISCOUNT 1 COVERED RATE DIFFERIENTIALS FAVOR CANADA \J . PRIME FINANCE PAPEF W Y VVVAVW'V%/ W A M V \J V - TREASURY 1BILLS FAVOR U.S. I I 1 I I 1 I I I I I M J S D 1970 ! 1 1 1 I 1 II M J 1 I I S II D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 10-11. M 1 II 1 1 1 I 1 1 J 1972 S D 1 1 1 1 1 1 1 1 1 1 1 M J S 1973 D C h a r t 12A SELECTED SHORT-TERM INTEREST RATES* > - w Il v K n 'R f x , w V • \ WJ ;/ Jy J i i ' GERMANY M r \r . V y u.s. 1 1 1 1 1 1 1 1 i 1i 1 i1i I i i I i i i i 1 i i 1 i i 1 i i1 ! I 1 1 1 M 1 I I1 i 1 I I 1 I I 1 I I I r i - - I l 1/ V i L v 1 ^ - r z t * A T V U.K. v y ! 1 ! 1 1 ! i ! 1 1 1 i i 1 M I I I 1 M - rv.' II 1 u.s. h i 1 M 1 I I i i L i J L i i I i i II I t i 1 I I 1 i t 1 i i n 1 I I 1 I I 1 I I i 1 i i 1 i i JAPAN MONTHLY i i ! ; i : : i.i i i 1 1 ! 1 1 1 i l 1970 1971 1 1 !.. M i I I ! 1 1 1 1 1 1972 i 1973 * 3 - m o n t h t r e a s u r y bill rates for all countries except Japan(Average rate on bank- loans and d i s c o u n t s ) and G e r m a n y i l n t e r b a n k Loan Rate) See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. l~l 12. 1974 -i-1 C h a r t 12B SELECTED SHORT-TERM INTEREST RATES Per c e n t per a n n u m - \ A „ X J ' SK i'Vj v, O-DOLLAR - LONDOr V / U 91 - L Z V I J . S . 1111111M1111 A - _ _ r 1 1 I I 1 1 1 1 I I 1 11 1 1 1 1 1 1 1 11 1 1 11111111111 A v'—1 v / V I N/^ I V v y ^ V A N 1 i V / i n - -4» LI - 1 1 1 1 I I ^ 1 1 1 - U.S^Y A \ 111111II1 A r r - 1_ i i 1 i i 1 i i 1 i i S j SWITZERLAND• r n 111111111 ! ' M i M 1 1 1 1 1 1 1 1 1 1 1 1 M 1 i M - U.S., V t y f * wV / CANADA 1 1 1 1 1 1 1 1 1 11,11 1 1 1 1 1 1I I11 1I I 1 I I 1 I I I I 1 1 1 1 1 1 1 1 11 11 1 1 1 1 1 1 1 1 1970 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 1 1 - 1 2 . 1973 1974 CFTart 13 LONG-TERM BOND YIELDS Weekly f i g u r e s i C Per cent per a n n u m u - NETHERLANDS U.S. SWITZERLAND I I 1 1 1 1 I I 1 1l i 11 I I 1 1 1 1 I1I 1 1 1 1 1 11 1 111 11 1 1 1 I I 1 1I I1 1 1 1 1 1 1 1 1 1 U.K. j \ X f Y GERMANY/^ J - CANADA. i 1 1 1 1 1 1 1 i1i I1I i i 1 i i 1 i i 1 1 1 I I 1 1 1 I 11 1 1 I 1 1 1 1 1 11 11 11 1 1 1 1 1 1 1 1 M o n t h l y figures U.S. CORPORATE: - D O L L A R EURO-BONIDS . / - z \ < AaaBONDS „ / DM EURO BONDS 1 I I 1 I I 1 I I 1 I IM 1 1 1 1 1 1 I 1M1 1970 1971 1 1 1 1 1 1 1 1 1 1972 1 1 1 I I 1 1 1 1 1 1 1973 I I 1 I I 1 I I 1974 1 I I A<\ Chart 14 INDUSTRIAL STOCK INDEXES Ratio scale, 1958=100 Ratio scale, 1958=100 320 UNITED STATES 240 160 1200 JAPAN 480 960 SWITZERLAND SWITZERLAND 640 240 UNITED KINGDOM JAPAN GERMANY 160 320 CANADA 160 1970 1971 1972 1973 I August 8, 1973 H. 13 No. 622 Country IV. SELECTED CENTRAL BANK DISCOUNT RATES Current Rate In Effect Since Previous Rate In Effect Since E.E.C.: Belgium France Germany August 2. 197! 6.0 Julv 5,. 197<t 9.5 August 2, 197: 8.5 Julv 5. 1973 7.0 June 1, 1973 6.0 May 3, 1973 4.0 Apr. 10, 1972 4.5 Oct. 14. 1972 6.0 Julv 18. 1973 5.0 June 28. 1973 11.50 July 27, 1973 9.00 Julv 20. 1973 4.5 Jan. 1, 1973 3.75 Sept. 15, 197: 6.75 August 7, 197: 6.25 6.0 Julv 2. 1973 5.5 Mav 30. 1973 7.0 July 1, 1973 6.5 June 8, 1973 Italy Netherlands **United Kingdom 6.5 Switzerland Canada Japan United States June 10. 1973 **Effective 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 1 9 7 3 LATEST FIGURES PLOTTED ON THE CHARTS Chart Panel 1A Upper Series Date Swiss franc Aug. 3 U.K. pound Lower i i » French franc Upper Lower 2A 26 Upper j 3A • 3B 4 +35.04 . Japanese yen I 1 Rate +24.80 " +16.62 Belgian franc „ Italian lire " Canadian dollar " German mark " Dutch guilder " German mark „ Swiss franc " U.K. pound " Dutch guilder " Canadian dollar " French franc " German mark July 27 U.S. dollar -3.73 " +25.87 . 1 j French franc j -3.12 +1.72 Gold price, U.S. dollar per ounce j Upper Overnight Euro-S deposits Federal Funds Middle +5^96 +4.79 Aug. 3 116.14 J „„ Au&. 1 10.,45 10.57 -0.12 Lower Differential ; 1 I 56 Upper ! ! Lower Euro-currencies. Euro DM " 7.50 Euro Swiss Fr. " 2.83 "7.50 Japan, Unconditional Money July 28 j 1 +5.08 +3.86 i 5A ^ +2.53 +2.38 7 n "+37.88 +25.73 +2.79 +5.97 " Swiss franc -0.04. +7.95 U.K., 2-day Local Author. Deps. July 28 Canada, Day-to-day Loans July 27 8.94 5.4a France, Day-to-Day Money Germany, Call Money July 28 Aug. 3 8.38 15.25 Netherlands. Call Money July 27 5*55 J H . 13 August 8, 1973 No. 622 IV-3 Chart Panel 6A Date Series Euro-$ Overnight Rate Aug. 3 Euro-$ 1-month Rate 6B Upper Euro-$ 3-month Deposits 11 V i 11.44 Aug. 1 U.S. Certificate of Deposits 7B Lower Differential Upper Euro-$ 3-month Deposits in 94 11.31 12.29 U.S. Certificate of Deposits (Adj.) 10.53 Differential: on Adj. Euro-$ Deposits +1-76 on Unadj. Euro-$ Deposits 8A Upper Euro-$ 3-month Deposits Sterling CD's 8B (covered) Lower Differential Upper Euro-$ 3-month Deposits Lower Differential Local Authority Deposits (covered) 9A U.S. Treasury Bill rate U.K. Treasury Bill rate Local Authority Deposit (uncovered) 9B Upper Lower 11.31 +1.06 Euro-$ 3-month Deposits (Adj.) Lower 10.75 11.69 Euro-$ 3-month Rate Euro-$ 6-month Rate 7A Rate Spread (+= favor London) +0.78 July 20 „ it July 13 July 20 Julv 20 10.94 7.80 -3.14 9.88c 10.94 7.11 -3.83 Aug. 3 M 8.18 10.63 July 27 10.38 Aug. 3 +2.45 3-month Forward Pound ii Net Incentive (+= favor London) „ -2.97 -0.52 H. 13 August 8, 1973 No. 622 Chart Panel Series 10A Upper Euro-J Deposits (covered) Rate Date 9.24 AUK. 1 German Interbank Loan rate Lower 10B Upper 14.25 Differential +5.01 Euro-* Deposits (covered) 5.31 Swiss Deposit rate 11 Lower Differential Upper Canadian Finance Paper 3.50 IF - -1.81 Aug. 3 7.50 U.S. Treasury Bill rate 8.18 Canadian Treasury Bill rate 5.66 U.S. Prime Finance paper (not plotted) Second 8.25 Bill rate differential -2.52 Forward Canadian dollar 12A Third Net incentive on bills Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate . +2.64 +0.12 +1.89 10.63 U.S. Treasury Bill rate 8.18 German Interbank Loan rate Lower Japanese Average rate Canadian Treasury Bill rate 14.25 May Aue. 3 U.S. Treasury Bill rate 12B 6.888 : 5.66 8.18 Euro-S Deposits II Swiss 3-month Deposit rate „ 11.44 3.50 U.S. Treasury Bill rate II 8.18 H.13 August 8, 1973 No. 622 IV- 5 Chart Panel 13 Upper Netherlands Canada *United States Switzerland Germany Middle United Kingdom U.S. Corp. Dollar Lower Euro "bond§eries U.S. Corp. DM Euro-bonds U.S. Corp. Aaa bonds 14 Switzerland Upper Germany United States United Kingdom Middle Canada Lower ** Japan Rate Date Series G . Series G July 27 7.80 July 25 7.73 July 27 7.35 July 13 5.35 July 23 9.98 Julv 27 11.09 April 8.02 - April 6.86 June 7.37 July 27 359.9 July 13 282.0 July 27 248.68 July 27 232.70 Julv 26 292.80 Julv 28 884.95 United States July 27 "New — 1 248.68 Average yield on selected 10 year constant maturity bonds due or callable in 10 years. * Beginning week ended September 5, 1970, the Japanese index plotted is that of all industrial and other stocks on me First Section of the Tokyo Stock Exchange.
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