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SELECTED INTEREST &
EXCHANGE RATES
FOR MAJOR COUNTRIES &
THE US.
WEEKLY SERES OF CHARTS
K M D Of GOtfEflNOB OF THE FEDEftAL K O V C SOTE*
TABLE OF CONTENTS
PART I. EXCHANGE RATES AND GOLD PRICES
Chart 1A and B - Spot Exchange Rales, N*or Currencies igainrt US. Ooilar
Chart 2A and B - 3 North Forward Exchange Rates, Na>or Currencies against
U.S. Ooilar
Chart 3A and B - 3 Nonth Forward Exchange Rates, Itajor Currencies against
U.K. Pound
Chart 4
- Gold Price in London
PART 11. SHORT-TERN INTEREST RATES
-Call
Chart 5
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: Cowered Yields on U.S. Dollar Funds
Chart 9A and B Interest ArtAnge: United States-United Kin^ow
Chart 10A and B - Interest Arbitrage: U Gem any and U.SSwitzerland
Chart 11
- Interest AAitrage: United StNfff Canada
Chart 12A and B - Selected Shoit-tenn Merest Rates
PART III. LONG-TERN INTEREST RATES AND STOCK INDICES
Chart 13
Chart 14
- Long-Tern Bond Yields
- Industrial Stock Indices
PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND
LATEST FIGURES PLOTTED ON THE CHARTS
NOTE: This series is a conUmiatkm of the CAPITAL NARKETS DEVELOPNENTS ABROAD,
whidi was published under that title tf*ou0i Decanter 31,1%6.
The changer in theformatand order of the charts are mrplaimod in Ihe Supple—nt
to the series, «*«h arrompanied issue M o d January 1 , 1 W .
All series and their sources are hilly described in a SMRptaMeat dated January 1,1972.
r u
Chart 1A
SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST VS. DOLLAR
1
1
Weekly averages
J
GERMAN MARK
/
kX
1
1
1
1
V
1Y
SWISS FRANC
lr
i
i
!
i
i
1
i
i
1
i
i
i
i
1
i
i
I
i
i
1
i
i
*T
DUTCH GUILDER
FRENCH FRANC
Central
rate
T T
JAPANESE YEN
1
1972
* Pound floated June 23, 1972
1973
I
I
1
Chart 18
SWT EXCHMICC RATE - M A M * ClMtfUCCI I 6 M I S T M
OOUM
Weekly ave«#es
«
#W * m t
J
s
0
»
1972
J
S
9
1973
t. us.
!. U S cents
95
240
1970
m
1971
1972
1973
SPOT EXCHANGE HATES - MAJOR CURRENCIES AGAINST OS.
May 11. W 1 -
Dec 17. 1971
Mom
-
w
j-
—
y
f
f
JAMH
1
1 1 1 1 1 '1
MAY
1 1 1 1 1 1 1 1 1 1 1
JUNE
AUG
M
SEPT
1971
1
f
OCT
Mavp
1 1 1 1 1 1 1 1 1 1 1
MOV.
Chart 10
SFOT FVfHiliCf BATES - MAM# CUigECIES MUWST US. DOilA»
M y I I . 1 1 7 1 - Dec 17 1971
JUNE
OCT
JULY
1171
•far clarity the aartical scale « taatfe #a( aaai «a 1C
HC
3-MONTH FORWARD EXCHANGE - MAJOR CURMENCES AGAINST US. DOLLAR
Weekly averages
PREMIUM
DfSCOUHT-
DUTCM
DISCOUNT-
s
S
1969
1970
* Canadian Dollar Rate not supported by Bank of Canada
* * Nc quotation
D
M
S
1971
D
M
J
1972
S
D
t f c
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.S. DOUAR
OA#
Weekly averages
SUNSS FRANC
FRENCH FRANC
DISCOUNT-
1970
S
D
1969
* Devaiuat.or of the F.ench Iraoc f r o m 4 94 to 5 55 for * 1 00
* * No quotation
1971
1972
AAf M f l l i j n
7
Chart 3A
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST UX. POUND
Friday figures
* * cent per a n n u m
i
PREMIUM +
-
j
I8
1
-
Cr
1
:
1
I
1
\ l
1
-
US. DOLUm
-
i
DISCOUNT 1 i
W
J
S
D
1970
W
i
I
!
1 !
J
1 1
S
1971
1 1 1 !
O
W
i
!
•
i
!
1 ;
J
1972
1 :
S
1 i
D
i
I
M
i
i
!
i
J
1973
i
1 i
S
i
V
Chart 36
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST UJL POUND
Friday t^iwes
f.
fMSCOUMT -
WV
GOLD PMCE m UmtKM. 125 Kg BAJtS
Week's average of a ft ef noon fixings
US dalier
per *ee ooace
SO
50
40
W
W
JJ
SS
D D
1070
W
M
j
JS
1071
sD
0W
J
M
SJ
1072
DS
e
D
-
f
J
Vm
$
0
CHART 5A
CALL MONEY RATES
DOLLAR FUNDS
Weekly averages
j
16
g
EURO-DOLLAR DEPOSITS
CALL OVEWUGHT
12
FEDERAL FUNDS
EURO DOLLAR OVER FEDERAL FUNDS
EUROCURRENCIES
Per cent per annum
Weekly averages
EURO SWISS FRANC
M
J
S
D
1969
* May 10
197 1 -
M
J
S
1970
Changed tc Overnight Euro $ Deposits
D
M
J
S
1971
D
W
J
1972
iiy * * * * * * Japan, Uncoo4rt*onal Money.
II
. 2day Local Authority Deposits
LONDON: EURO DOLLAR DEPOSIT RATES
Friday figures
j
M
j
'
S
L
W
1969
*V.c,
;.
i-cnangfec'
J
S
1970
O v t - ' - i g h t Euro Dollar Deposits
* * . „ » . -changed tc L -i. t uro Dollar
D
#
J
S
1971
D
W
J
S
1972
D
owtte
UWXWfc E M 0 4 0 U M DEPOSIT RATES
ffldsy
Aftf C M t p i f AMfeftMR
1
I
1
1
f
jf
j
,
,
.
! II ! 1! i M ! II
\^l
1 1! 11! ! ! 111
ieee
l m
i
1 1 11 1111111
t#n
II 1 II
111111
mm
l r*
Ctoft 7A
NEW YORK LONDON: YIELDS ON US. DOLLAR FUNDS
3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET
Wednesday figures
Per cent per annum
US. CERTIFICATE OF DEPOSIT
DIFFERENTIAL
FAVOR EURO-DOLLAR
j
-—;
—i
\
t
|
V
v
'
V
^
v
EURO-DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT
\
r
1 ! !
M
1 1
!
1 I 1 ! 1 ! M
J
S
D
1969
M
.
l I 1 1 I ! : ! 1 1 1 1 ; ! 1 i ! 1
J
1970
S
D
M
J
S
1971
1 1
D
I
1 1 i 1 1 1 M
M
J
S
1972
: 11
D
Ctwt 78
• e e YomujomDom: c o s t o f u s . o o u a »
3-WOWTH DOLLAR DEPOSIT RATES-PRIMARY MARKET
Wednesday figures
Pe< cent per annum
EUKMMLLAft DEPOSIT
ADJUSTED
EURO-DOLLAR DEPOSIT
US. CERTIFICATE Of DEPOSIT
I
ADJUSTED*
1 I 1 1 I 1 I I I I I 1 I I I I i I I I '
, i i , t
• Mfl
i
* *
r
!
/
/
/
r
Vy
U
v
i
i 1 I i 1 I I 1 I l
M
, A
J
S
D
-
!
W
EUaO-OOLLAH OM
U-S. CERTIFICATE
I
I I I I I 1 I I I I I
ADJUSTED*
1SH
1S70
*Ad|wsted tor Reserve tUowr—ewt
* * Admned for 10% M»r#—I Seseme IHiiiiranwf
***Adjuste<J for 20%
Heeerwe #e#wirem*#
\
A
V\fv^
A
^ W V \ / V ^
'
1 1 1 1 1 1 11 1 1 1
«
J
S
D
V
i 11 11 1 1 1 1 1 1 I I 1 I 1 1 l i 1 II
*
J
S
D
W
J
o
1971
1972
r
%
Chart 8A
LONDON: COVERED YIELDS ON US. DOLLAR FUNDS
HIRE PURCHASE AND EURO DOLLAR RATES
Friday figures
!
EURO DOLLAR DEPOSIT
rf
r j r
r
-
nme p u r c h a s e
COVERED
stbuwg a r t
1 '
:
i
I
1 1 1 !
i
!
h
i
!
!
!
I I
1 I I
1 1 1
1
1 I
1 1 !
I I
i
M
m
1 ii
1 ii
1 ii
FAVOR STERLING CD's
—
FAVOR EURO DOLLAR
DIFFERENTIAL
1970
* Hire Purchase temporarily suspended as of August 11
* * Sterling Certificates of Deposit started as of August 11
9
Chart 86
L O N D O N : C O V E R E D YIELDS O N U f DOLLAR F U N D S
LOCAL AUTHORITY AND EURO-DOLLAR RATES
Ffday figures
!
h-
\
r
!
/k'V
r
12
Ell I O - 0 O U M K T O t t T
f/\^
-
i
n
|
\
J
i
!
V
T V
7 W
7
1
LOCAL ATFTMOWTY
DEPOSIT
^ COWERED
:
-
r
||
^
!
I
i i ;
:
i i 1 M
1 M
1 1 1 1 1 1 1 1 J 1 _ U .j 1 1 1 i i L i - i J J _ L _ i i I i i I i i I i i
FAVOR LOCAL AUTHORITY
+
0
FAVOR EURODOLUW
DIFFERENTIAL
: J. L L L U
I
U
1
1 I
I
I I 1 I 1 I 1 I I I I 1 I I I I I I I I I I I
Chart 9A
INTEREST ARBITRAGE: UNITED STATES AND UNITED KINGDOM
Friday figures
Per cent per annum
3-MONTH TREASURY BILL RATES
U.K. LOCAL AUTHORITY DEPOSITS
UNCOVERED
I
LONDON
NEW YORK
S
s
D
1969
* Plotted f c comparison purposes
1970
s
D
1971
D
M
S
1972
D
Cteftse
INTEREST ARBITRAGE; UNITED STATES AND UNITED KINGDOM
Friday figures
Per cent per annum
RATE DIFFERENTIAL AND 3-MONTH FORWARD
STERLING
I
PREMIUM,
M FAVOR OF
RATE
FAVOR LONDON
DIFFERENTIAL
FAVOR NEW YORK
M
J
s
0
lfM
m
J
1970
s
0
m
J
1971
s
0
«
J
1972
s
o
4
Chart IDA
3-MONTH FUNDS INTEREST ARBITRAGE: EURO DOLLAR - GERMAN MARK
FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO DOLLAR RATE
weonesoay rates
Per ceirt per arm um
m TERMS Of DM
RATE
EURO-DOLLAR
COVERED
i
1-..
DIFFERENTIAL
FAVOR FRANKFURT
FAVOR EURO DOLLAR
1_J
D
1969
No quotation
J
1970
D
M
S
1971
D
M
J
1972
S
0
V?*
M K W I H FUNDS WTBEST AMfTRAGE: EUW-OOLLA* - SWISS FMMC
ZURICH DEPOSIT RATE VS. LONDON EUR040UAR RATE
M TERMS Of SWISS FRANCS
—
Mo euotetiee
\r
3-MONTH INTEREST ARBITRAGE: UNITED STATES - CANADA
Friday figures
r i ii
H I II | I ! 1 I 1
BILL RATES
i | i i|
i i
I i | II
| II
| I I I
I | I I | i I | I I
CAM. MM CO. PAPER
UNITED STATES
TREASURY BILLS
TREASURY BILLS
BILL RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR
FORWARD RATE
GROSS SPREAD IN FAVOR OF CANADA
COVERED RATE DIFFERENTIALS
TREASURY BIOS
FAVOt u s
FINANCE PAPER
.1 1 1 I J _ L u Ll—L
I I 1 I I I I I 1 M
10
SELECTED SHORT-TERM INTEREST RATES*
fler CWt per MMHMI
1968
#
1970
3-month treasury bill rates for all countries except Japan(Avera«e rate on bank loans and discounts)
and GermanyOnterbank Loan Hate)
1972
CLWT 12#
SELECTED SHORT-TERM INTEREST HATES'
VS.
1970
• I —wtti treasury bill rate for U S , Swit»erf*id-3-«*ontti deposit rate.
• • 1 wewtti rate for U.S. dollar deposits m Louden
1#72
0 5 * >
^
Chart 13
X _ _
LONG-TERM BOND YIELDS
Weekly figures
Per cent per annum
-
USDS
j u A
^
Z N
«
US.
US
s w i t z e r lAND"
Kv
>,
"
1
M
I
M
I
I
I
I
M
I I 1 I I 1 I I 1 I I
1 1 1 1 1 { 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1
1IJL
iCKHANY
I I 1 1 1 J 1 1 1I I1! 1 ! 1 1 1 1 1 i 1i 111 i 11 i 11 i
w\J\
1 1 1 1 1 1 1 1 1 11 11 1 1 1 1 1 I 1 1
DOLLAR EURO-BONDS
Monthly figures
>. DM EURO-BONDS
1968
1969
1970
1971
1S72
* N e * series for Switzerland starts 8 2 68, U S Corp Dollar Euro-Bonds and U.S. Corp. DM Euro-floods starts 12-70.
* * New Average yield of all German P A Bonds begins 1 7-69
CHART 14
INDUSTRIAL STOCK INDEXES
280
UNITED STATES
200
1
480
SWITZERLAND
, ^ y
360
UNITED KINGDOM
240
160
JAPAN
360
GERMANY
240
160
1969
#
1970
1971
Japan index of 225 industrial and other stocks traded on Tokyo exchange.
* * Japan index of all industrial and other stocks traded on the first section of the Tokyo Stock Exchange
1872
December 2 7 , 1972
H 13
Wo. 590
Country
IV. SELECTED CENTRAL BANK DISCOUNT RATES
Current Rate
In Effect Since
Previous Rate
In Effect Since
E.E.C.:
Belgium
5.0
France
7.50
Dec. 21, 1972
JOT. 3 0 , 1972
4.5
Nov. 2 2 , 1972
6.50
•or.
2 , 1972
"
"
Genuity
4.50
"
Italy
4.0
A p r i l 10, 1972
4.5
O c t . 14, 1972
November 3 , *72
3.0
S e p t . 8 , 1972
Netherlands
4.0
"
"
4.00
"
Switzerland
3.75
S e p t . 15, 1972
3.0
J u l y 10, 1972
United Kingdom
8.0
Dec. 8 , 1972
7.75
Dec. 1 , 1972
Canada
4.75
O c t . 25, 1971
5.25
Feb. 24, 1971
Japan
4.25
June 24, 1972
4.75
A p r i l 2 9 , 1971
United States
4.50
Dec. 13, 1971
4.75
Nov. 11, 1971
* * E f f e c t i v e October 13, 1972, the Bank o f England r e p l a c e d i t s t r a d i t i o n a l
Bank Rate w i t h a f l u c t u a t i n g " m i n i * m l e n d i n g r a t e " based on average T r e a s u r y
b i l l tender r a t e .
December 8 , 1972 . . . . 8 . 0
IV-2
LATEST FIGURES PLOTTED ON THE CHARTS
Chart
Panel
1A
Upper
Lower
IB
Upper
Lower
Rate
Series
Date
Swiss franc
Dec, 22
U.K. pound
"
French franc
"
Japanese yen
"
40,053
4-2,287
Belgian franc
«•
Italian lire
"
Canadian dollar
"
100,54
40,652
"
40,391
4-1,489
-0,152
German mark
Dutch guilder
26
4-2,07
German mark
2A
Upper
Lower
Swiss franc
"
40,63
U.K. pound
"
Dutch guilder
"
-3,52
4-1,43
Canadian dollar
"
40,42
French franc
-2,05
Japanese yen
H,A.
German mark
3A
!
38
Dec.
U.S. dollar
Swiss franc
15
"
French franc
4
5A
Upper
j
Gold price, U.S. dollar per ounce
Dec.
Overnight Euro-S deposits
Dec. 20
Middle
Differential
Lower
Euro-currencies:
22
15
3.08
2.67
Dec.
15
4.625
France, Day-to-Day Money
Dec.
Dec.
13
15
7.88
3.78
7.00
Germany, Call Money
Dec. 22
6,31
Netherlands. Call Money
Dec. 8
2.48
Japan, Unconditional Money
U.K., 2-day Local Author. Deps.
Canada, Day-to-day Loans
Lower
5,02
Dec.
Euro Swiss Fr.
/
64,67
5.35
-0.33
"
Euro DM
Upper
44,93
4-3,15
4-3,10
4-1,37
Federal Funds
5B
+1.916
234.60
"
IV-3
Chart
Panel
Euro-S 7Day Rate
6A
68
7A
Upper
Rate
Date
Series
Dec. 22
9.75
Euro-S 1-month Rate
««
6.19
Euro-S 3-month Rate
"
6.12
Euro-S 6-month Rate
H
Euro-S 3-month Deposits
IW.
6.31
TO
SQi
U.S. Certificate of Deposits
76
5.48
Lower
Differential
H
40.46
Upper
Euro-S 3-month Deposits
M
5.94
Euro-S 3-month Deposits (Adj.)
„
U.S. Certificate of Deposits (AdjJ
H
5.68
H
+1.74
Lower
Differential: on Adj. Euro-S Deposits
on Uoadj. Euro-S Deposits
8A
Upper
7.42
H
Euro-S 3-month Deposits
6.16
Bee. 8
Hire Purchase Deposits (covered)
8B
Lower
Differential
Upper
Euro-S 3-month Deposits
5.43
*,
6.16
Local Authority Deposits (covered)
Lower
It
5-5«
„
Differential
U.S. Treasury 8itl rate
9A
- a T%
-0.S7
5.69
Dec, 22
U.K. Treasuty BUI rate
8.32
Local Authority Deposit (uncovered)
96
Upper
Spread (+= favor London)
3-month Forward Pound
Lower
Net Incentive U - favor London)
Dec. 15
8.56
Dec. 22
+3.23
St
-3.58
i
'
-0.35
|
p ( 3
IV-4
Chart
Panel
Series
10A
Upper
Euio-S Deposits (coveted)
Date
Rate
Dec. 20
3.87
Gem an Interbank Loan rate
108
Lower
Differential
Upper
Euro-$ Deposits (covered)
8.75
44.88
5.31
Swiss Deposit rate
11
Lower
Differential
Upper
Canadian Finance Paper
4.00
•1.31
Dec. 22
5.13
U.S. Treasury Bill rate
5.09
Canadian Treasury Bill rale
3.53
U.S. Prime Finance paper
(not plotted)
Second
i
5.38
Bill rate differential
-1-56
Forward Canadian dollar
12A
Third "
Net incentive on bills
Bottom
Net incentive on Finance Paper
Upper
U.K. Treasury Bill rate
+0-42
-1-14
40.17
8.32
U.S. Treasuiy Bill rate
Gem an Interbank Loan rate
Lower
5.09
Dec. 20
Japanese Average rate
*
Canadian Treasury Bill rate
Euro-* Deposits
Swiss 3-*xtth Deposit rate
U.S. Treasury Bill rate
775
3.53
U.S. Treasury Bill rate
12B
8.75
5-09
Dec. 22
6.12
4 . OOp
5.09
'
W-5
Chart
Panel
Series
13
Upper
Netoerfjods
Cauda
United Stiles
Switsertand
G w any
Middle
United K m # * ,
Lower
^
Upper
Dec, 8
5,45
* w r . 24
8.50
fW
i*>
4 6?
F
October
7.89
f
H
6,85
Moweber
7.12
Switzerland
UnttedSUfces
United Kingdom
Canada
Lower
7.26
6,67
5,36
5,47
U.S. Corp. M l
* Genmany
Middle
Dec, 8
Dec, 13
Dec, 13
Dec, 20
U.S. Cofp. Dollar E u w 4 e n d ^ ^ ^
U.S. Coip. Aaa bonds
14
Rale
Dale
Japan
UnitedStates
ds
Dec. 15
435,9
Dec, 11
292,6
Dec. 15
268,79
•«
288,00
Dec. 14
283,62
Dec. 16
835.70
Dec. 15
268.79
* New - Average yield of ALL German Public Authorities bonds made as of banking key days.
** 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