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Ur '»ARY Selected Interest & Exchange Rates Weekly Series of Charts AUGUST 8, 1977 ' DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES-H.10 RELEASE Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or 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, Division 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. 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 8. INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDEXES CHART 1 SPOT EXCHANGE RATES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (DASHED LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MAY 1970 PARITY=100 RATIO SCALE MAY 1970 PARITY= 100 120 CANADIAN DOLLAR 100 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 90 - ;o N - x , . . / - 100 ' J_L I I l l l l l I I 11 II II II II J i l l 140 r \ JAPANESE YEN 140 FRENCH FRANC 120 LW \—y / 80 I IIlllllI II — 120 — 100 \ ^ - — 100 illiiliilii iiliiliiIii I I I I I llllllllllI I 111llllllI I 200 — SWISS FRANC — — : GERMAN MARK - j \A y v x Z / ^/'\^vv-' 180 160 z 140 ~ I IIlllll III 160 140 / Ayx — v 100 100 . DUTCH GUILDER — —n— / r ^ i 120 I i I — I 11E111111 i i iili i hili i BELGIAN FRANC ^ V I I I 120 I I I l i 1111II111 I I illllllllI Cr U.K. P O U N D 80 r i - I I I I I I I I I I I I I I I I ill — *** X ITALIAN V-- 60 1975 1977 80 \ 1 - i i i I I 1975 I 100 LIRA \\ I I IlllllI III 100 i i l i i h i l i > „ I 60 i i i l i i h i l i 1977 i CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM — A.A I I CANADIAN DOLLAR I I I I PER CENT PER ANNUM U. K. POUND DUTCH GUILDER /\J - - 12 18 6 ! I I I I I 12 SWISS FRANC GERMAN MARK 0 6 6 6 12 JAPANESE YEN + 0 2 PER CENT ON SCALE EQUALS 1 PER CENT ON A L L OTHER FRENCH FRANC 6 12 I I I I ill I I 1975 1977 1975 1977 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE 200 200 180 - 160 - - 180 12.5 Kg BARS 160 AFTERNOON FIXING PRICE 140 - 140 120 - 120 100 100 - 80 1975 1977 CHART 4 CALL MONEY RATES WEEKLY SERIES PER CENT PER ANNL PER CENT PER ANNUM 1 16 U.S. FEDERAL FUNDS 12 Vvv JAPAN - I OVERNIGHT EURO-DOLLARS - I I I I I I 16 - fin U.K. 2-DAY LOCAL AUTHORITY 1- j 12 V — 1 FRANCE 4 1 1 1 11 i 1111 uIiiIiiIm m 11 12 NETHERLANDS CANADA 1i 1 1 1 1 1 I I llVtlI I I I 1 - EURO-DM EURO-SWISS FRANC GERMANY 1975 1977 1975 1977 1; CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM CANADIAN FINANCE CO. PAPER UNITED STATES CD s U.K. INTERBANK STERLING GERMAN INTERBANK RATE I I I I ill I EURO-DOLLAR SWISS INTERBANK RATE JAPAN MONTHLY 1975 1977 1975 1977 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM 12 8 PER CENT PER ANNUM -k A 4 " l I I OVERNIGHT 3-MONTH - I 12 VaV / X / I I I llllllllll, I,,1.7 1 12 12 7-DAY 6-MONTH 8 4 12 1-MONTH 1-YEAR 12 8 - 4 1975 1977 1975 1977 8 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENTNER ANNUM 12 OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EU RO -D O LLA R DEPOSITS FEDERAL FUNDS DASHED LINE 90-DAY CD'S DASHED LINE DIFFERENTIAL ADJUSTED FOR RESERVE REQUIREMENTS DIFFERENTIAL ADJUSTED FOR RESERVE REQUIREMENTS + 0 I IIIIIIII 1975 FAVORS BORROWING IN U. S. IF POSITIVE I IIIIIIIIII 1977 J 1975 I 1111 1111111111111 111111 1977 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM EURO-DOLLAR DEPOSITS 12 INTERBANK STERLING INTERBANK DM COVERED LONDON COVERED FRANKFURT 6 EURO-DOLLAR DEPOSITS DASHED LINE + 0 DIFFERENTIAL DIFFERENTIAL CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS 12 6 U.S. COMMERCIAL PAPER SWISS INTERBANK (SF) COVERED DASHED LINE + 0 DASHED LINE DIFFERENTIAL — —^vvA DIFFERENTIAL 1975 1977 1975 1977. CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER ENT PER ANNUM PER CENT PER M 9 CANADA UNITED STATES 10 7 8 5 6 11 8 JAPAN INDUSTRIAL SWITZERLAND 9 6 GERMANY 7 4 5 2 13 18 11 16 UNITED KINGDOM FRANCE 9 14 7 12 NETHERLANDS 5 10 12 U.S. CORPORATE 11 MONTHLY U. S. CORPORATE MONTHLY EURO-DOLLAR BONDS 10 9 Aaa BONDS 8 7 EURO-DM BONDS 6 5 1975 1977 1975 1977 CHART 10 INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO 1969= CALE )0 180 - 140 UNITED STATES 100 ^ V V > A — RATIO SCALE 1969=100 80 60 i i i i i i i u l i H i l l ii l l l l l l l l l l l UNITED KINGDOM 360 280 JAPAN 200 160 120 180 140 SWITZERLAND CANADA 100 80 60 180 140 — 140 FRANCE GENERAL INDEX GERMANY 100 100 80 60 v I I I - 80 I I L I I L I I L N 1975 60 1977 1975 1977 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 I T A L I A N LIRA CHART 2 . CHART 4 . AUG. AUG. AUG. AUG. AUG. AUG. AUG. 3 3 3 3 3 3 3 -1.32 —2 . l b 2.2b -5.85 3.44 3.23 0.06 AUG. 3 144.89 AUG. 3 3 AUG. AUG. 5 AUG. 5 AUG. 5 AUG. 5 AUG. 5 AUG. 5 JULY 15 AUG. 5 5.60 5.77 7.00 7.30 3.75 3.69 5.75 8.63 0.60 1.00 AUG. AUG. JUNE AUG. AUG. AUG. AUG. 5.65 4.06 7.60 6.11 7.35 7.54 2.70 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 CHART 5 . 88 . 7 2 135 . 1 4 159 . 8 3 148 . 3 1 72 . 3 9 10G . 9 6 114 . 0 6 161. 6 4 141 . 4 3 70 . 8 9 GOLD PRICE I N LONDON U . S . DOLLAR PER FINE OUNCE # 3 3 3 3 3 3 3 3 3 3 3-MONTH FORWARD EXCHANGE RATES CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN CHART 3 . AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. AUG. 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 INTERBANK LOAN 3 3 3 3 3 3 # LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY I—MONTH 3-MONTH 6-MONTH 1-YEAR AUG. AUG. AUG. AUG. AUG. A UG # 3 3 3 3 3 3 5.77 5.76 5.8% 6.1: 6.29 6.53 AUG. AUG. AUG. AUG. AUG. AUG. 3 3 3 3 3 3 5.77 5.80 0.21 6 . 11 b.65 0.35 AUG. A UG . AUG. 3 3 3 6.11 5.36 0.75 U . S . COMMERCIAL PAPER CANADIAN FINANCE CO. PAPER, COVERED DIFFERENTIAL AUG. AUG. AUG. 3 3 3 5.49 6.03 -0.54 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT)» COVERED DIFFERENTIAL AUG. AUG. AUG. 3 3 3 6.11 6.32 -0.21 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL AUG. AUG. AUG. 3 3 3 6.11 6.14 -0.02 CHART 7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS DIFFERENTIAL A D J . FOR RESERVE REQUIREMENTS 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . C D ' S ( 6 0 - 8 9 DAYS) DIFFERENTIAL A D J . FOR RESERVE REQUIREMENTS CHART 8 . INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON) , DIFFERENTIAL COVERED e # SERIES NAME CHART 9 . LAST VALUE PLOTTED DATE VALUE LONG TERM GOVERNMENT BOND YIELDS UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM AUG. JULY MAY AUG. AUG. JULY JULY JULY 5 29 5 5 29 15 29 7.43 5.8b 7.43 4.20 &.71 10.65 7.09 12.26 U . S . CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS C^ART 1 0 . JULY JUNE JUNE 7.94 6.7b 7.64 INDUSTRIAL STOCK I N D t X E b UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY AUG. JULY JULY JULY AUG. JULY JULY 5 22 22 22 5 29 29 1 0 1 . ,22 247.57 9 4 . .77 6 0 . ,10 112, . 0 1 7 4 .. 2 2 9 5 . .05 F E D E R A L H "'° R E S E R V E statistical release <UG ST FOREIGN EXCHANGE RATES FOR THE WEEK ENDING AUGUST 5, l " " 7 1977 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 foreign currencies: COUNTRY^ MONETARY UNIT AUG. AUSTRALIA AUSTRIA BELGIUM CANADA DENMARK FINLAND FRANCE GERMANY INDIA IRELAND ITALY JAPAN MALAYSIA MEXICO NETHERLANDS NEW ZEALAND NORWAY PORTUGAL SOUTH AFRICA SPAIN 5 R I LANKA SWEDEN SWITZERLAND UNITED KINGDOM DOLLAR SCHILLING FRANC DOLLAR KRONE MARKKA FRANC D. MARK RUPEE POUND LIRA YEN DOLLAR PESO GUILDER DOLLAR KRONE ESCUDO RAND PESATA RUPEE KRONA FRANC POUND 112.0000 6.11000 2.61600 93.3900 16.7100 24.8400 20.4700 43.4800 11.4500 173.7500 0.11340 0.37435 40.7000 4.3663 40.8000 97.1000 18.9900 2.5900 114.8000 1.1639 13.7000 22.8500 41.4950 173.7500 I AUG. 2 (RA IE U . S . CENTS AUG. 3 112.1200 6.14000 2.62700 93.1400 16.7150 24.8400 20.6000 43.6400 11.4500 173.7700 0.11342 0.37520 40.6800 4.3663 40.9900 97.2500 19.0200 2.5900 114.9500 1.1793 13.7000 22.8750 41.6500 173.7700 110.4300 6.15000 2.82750 93.0700 16.7200 24.8600 20.5650 43.6000 11.4500 173.8500 0.11345 0.37655 40.7500 4.3663 41.1200 97.0000 19.0300 2.5950 114.9500 1.1812 13*7000 22.8900 41.6150 173.8500 AUG. 4 110.5500 6.14630 2.82400 93.1650 16.6300 24.8600 20.5700 43.4900 11.4500 173.9400 0.11340 0.37660 40.7500 4.3686 41.0050 96.2500 18.9400 2.5950 114.9500 1.1809 13.7000 22.8200 41.5100 173.9400 AUG. 5 110.4500 6.12750 2.63100 93.2900 16.6600 24.8200 20.5500 43.6150 11.4700 173.8700 0.11342 0.37615 40.7400 4.3663 41.1500 96.7500 16.980C 2.5900 114.9500 1.1804 13.7300 22.6550 41.6900 173.6700