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5 - V V O Selected Interest & Exchange Rates Weekly Series of Charts December 4, 1978 DIVISION OF INTERNATIONAL FINANCE Prepared by the F I N A N C I A L MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES-H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 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 INDICES SUBSCRIPTION RATES: - 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. CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1 9 7 3 = 1 0 0 RATIO SCALE MARCH 1 9 7 3 = 1 0 0 120 100 — y I FOREIGN CURRENCY PRICE OF U.S. DOLLAR - 80 CANADIAN DOLLAR — " I I I I I I 11111111111 I IIIIIIIII I 160 n FRENCH FRANC 140 GERMAN MARK - - 120 - I 100 1 1 1 I I I I MIIIIIIIH iihiliili™ 150 — 130 - 110 — JAPANESE YEN fj—v\~ vV/ SWISS FRANC - 90 - " I l i l I I I 150 DUTCH GUILDER — 130 — 110 - BELGIAN FRANC AC- - I 90 I I I 110 110 U.K. POUND 90 A 70 50 90 — _ * ITALIAN LIRA 70 V i i i m 1976 i i 1978 i 1976 i i i i 50 1978 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 6 CANADIAN DOLLAR ITALIAN LIRA 24 I' I I Tlllllllllll ll I u l Mi: DUTCH GUILDER U. K. POUND L_Li 12 — — — JV / I I SWISS FRANC f GERMAN MARK — I I 11 i i 1111111 FRENCH FRANC JAPANESE YEN V 1976 1978 - w -V 1976 1978 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE 240 220 220 200 200 180 180 12.5 Kg BARS AFTERNOON FIXING PRICE 160 160 140 140 120 120 100 1975 1976 1977 1978 CHART 4 CALL MOtiEY RATES WEEKLY SERIES PER PER CENT PER AN IT PER ANNUM 12 U.S. FEDERAL FUNDS JAPAN 8 4 - - Yn OVERNIGHT EURO-DOLLARS 0 i i i I I I 16 FRANCE 12 8 U.K. 2-DAY LOCAL AUTHORITY 4 0 I I I 12 CANADA NETHERLANDS 8 4 0 12 8 EURO-SWISS FRANC GERMANY 4 + 0 EURO-DM 4 1976 1978 1976 1978 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES CENT PER ANNUM PER CENT PER ANNUM CANADIAN FINANCE CO. PAPER WEIGHTED AVERAGE FOREIGN RATE JAPANESE BANK LOANS AND DISCOUNTS U.K. INTERBANK STERLING SWISS INTERBANK RATE GERMAN INTERBANK RATE 1976 1978 1976 1978 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 10 OVERNIGHT 3-MONTH 10 6-MONTH 7-DAY J - - 1-YEAR 10 1-MONTH 1976 1978 - 1976 1978 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PFFR ANNUM 10 8 FEDERAL FUNDS DASHED 3-MONTH EURO-DOLLAR LINE DEPOSITS OVERNIGHT EURO-DOLLAR 6 DEPOSITS 90-DAY C D ' S DASHED LINE 4 2 DIFFERENTIAL ADJUSTED FOR RESERVE DIFFERENTIAL REQUIREMENTS ADJUSTED FOR RESERVE REQUIREMENTS + 0 2 1976 FAVORS BORROWING IN U . S . IF 1978 POSITIVE y 1976 1978 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUSC+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 12 EURO-DOLLAR DEPOSITS INTERBANK DM 8 COVERED FRANKFURT EURO-DOLLAR DEPOSITS 4 + 0 DASHED LINE INTERBANK STERLING COVERED LONDON 8 DIFFERENTIAL DIFFERENTIAL 14 14 12 SWISS INTERBANK (SF) COVERED DASHED 10 CANADIAN FINANCE CO. PAPER, COVERED U.S. COMMERCIAL PAPER 8 LINE EURO-DOLLAR DEPOSITS DASHED LINE 6 4 + 0 v-.n 2 DIFFERENTIAL 1976 DIFFERENTIAL 1978 1976 1976 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER ANNUM PER CENT PER CANADA UNITED STATES 10 8 6 8 JAPAN INDUSTRIAL SWITZERLAND 6 4 GERMANY ill i i 2 18 UNITED KINGDOM 16 FRANCE 14 12 NETHERLANDS 10 U. S. CORPORATE 8 MONTHLY U. S . EURO-DOLLAR CORPORATE MONTHLY 9 BONDS Aaa BONDS 7 EURO-DM BONDS 5 1976 1978 1976 CHART 10 - INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO S C A L E RATIO S C A L E 1969=100 1969=100 140 200 120 - 100 - UNITED STATES - [ /A/ \j— UNITED KINGDOM 80 - 60 MlMlxhl JAPAN CANADA SWITZERLAND 140 120 - A / FRANCE GENERAL INDEX r GERMANY 100 80 60 f — V - I I I 120 ~ I I 1976 100 - - - I 80 60" 1978 1976 1978 SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 1 . SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING RATES ( U . S . CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC I T A L I A N LIRA NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 29 29 29 29 29 29 29 29 29 51..93 0.,50969 47..90 194..55 85..00 22..64 57.. 7 1 3.,27714 0..11752 NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 29 29 29 29 29 29 29 29 29 146..09 133..45 137..50 78..69 84..72 102..03 185..66 129,,14 66..76 29 29 29 29 29 29 29 29 29 29 90..02 142. .54 125..92 128..67 70,.06 76.,50 93..26 173..57 119..96 59..21 29 29 29 29 29 29 29 29 0.,89 - 2 . ,05 8..47 2,,68 12.,51 2,.07 11.,46 - 5 , .08 INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC I T A L I A N LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 U . S . DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. CHART 2 . 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN I T A L I A N LIRA NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3 . GOLD PRICE IN LONDON U . S . DOLLARS PER FINE OUNCE CHART 4 . NOV. 29 199.07 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 NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 29 29 24 17 24 24 24 24 17 24 9.86 9.81 11.75 9.44 3.50 2.50 4.00 6.63 7.50 0.03 NOV. NOV. NOV. NOV. NOV. NOV. NOV. 29 29 29 29 29 29 29 10.25 3.81 4.88 10.46 NOV. NOV. NOV. NOV. NOV. NOV. 29 29 29 29 29 29 9.81 9.89 10.94 29 29 29 29 29 29 9.81 9.86 -0.05 11.66 10.25 0.52 CHART 5 . 3-MONTH INTEREST RATES U . S . 90-DAY CD'S GERMAN INTERBANK LOAN JAPANESE BANK LOANS & DISCOUNTS CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN WEIGHTED AVERAGE FOREIGN INTEREST RATE CHART 6 . 0.19 6.16 EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7 . 12.16 11.66 11.93 11.74 SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS •' 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . 90-DAY CD'S DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS NOV. NOV. NOV. NOV. NOV. NOV. SERIES NAME CHART 8 . # # # LAST VALUE PLOTTED DATE VALUE INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL NOV. 29 NOV. 29 NOV. 29 11.66 10.11 1.55 U . S . COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL NOV. 29 NOV. 29 NOV. 29 10.15 11.35 -1.21 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL NOV. 29 NOV. 29 NOV. 29 11.66 12.28 —0 . 6 2 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL NOV. 29 NOV. 29 NOV. 29 11.66 12.70 -1.04 NOV. NOV. OCT. NOV. NOV. NOV. NOV. NOV. 8.,78 6 , ,24 6 .,06 3., 0 4 9 . ,55 9,,98 7.,76 12..03 CHART 9 . LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM 24 17 17 17 17 17 17 U . S . CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS * CHART 1 0 . 8.89 6.65 8.18 INDUSTRIAL STOCK INDICES UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY S OCT. SEPT. SEPT. NOV. NOV. NOV. NOV. NOV. NOV. NOV. 24 10 3 3 24 24 17 98.,93 2 9 2 . ,07 106. ,81 124..28 114. .32 71.. 3 1 105,.22 Q» GOV*. . F E D E R A L H. 10 R E S E R V E statistical release DECEMBER FOREIGN EXCHANGE RATES FOR THE WEEK ENDING DECEMBER 5, 1978 it 1978 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has c e r t i f i e d for customs purposes the f o l l o w i n g noon buying rate in New York City for cable transfers payable in foreign currencies. f 01JNT RY AUSTRALIA AUSTRIA BELGIUM CANADA DENMARK FINLAND FRANCE GERMANY INDIA IRELAND ITALY JAPAN MALAYSIA MEXICO NETHERLANDS NEW ZEALAND NORWAY PORTUGAL SOUTH AFRICA SPAIN SRI LANKA SWEDEN SWITZERLAND UNITED KINGDOM MONETARY UNIT DOLLAR SCHILLING FRANC DOLLAR KRONE MARKKA FRANC D. MARK RUPEE POUND LIRA YEN DOLLAR PESO GUILDER DOLLAR KRONE ESCUDO RAND PESETA RUPEE KRONA FRANC POUND I NOV. 27 1 M NOV. 28 F U.S. CENTS) NOV. 29 113.4500 7.06464 3.29381 84.8000 18.6933 24.6063 22.5989 51.9481 12.0000 194.3500 0.11744 0.51020 45.1300 4.3879 47.8012 104.2500 19.4742 2.1209 115.1500 1.3974 6.7000 22.5784 57.6037 194.3500 113. 5000 7. 0 7 2 1 4 3. 29381 85. 1100 18.7371 24. 6002 22.6655 51. 9238 12. 0 0 0 0 194. 7800 0 .. 11737 0 ..50826 45.. 1700 4..3879 47..9157 104.. 4000 19..4932 . 1254 2. 115.. 1500 I ..3951 6 ..7000 2 2 ..5887 57 .6037 194 7800 113. 5500 7..10985 3..22061 85..2000 .7882 18. 24..6245 . 7169 22. 52..0427 12 .0000 195 . 1200 0 .11754 0 .50761 4 5 .2500 4 .3898 47 .9962 104 .5500 19 .5656 2 .1308 115 .1500 1 .4000 6 .7000 22 .5251 58 .0720 195 . 1200 NOV. 30 DEC. 113. 4500 7. 09849 3. 28407 85. 3400 6898 24. 6518 22.5989 51. 8645 12.0 0 0 0 194. 4000 0 . 11761 0 . 50226 45. 2900 4. 3869 4 7 . 8698 104. 6 0 0 0 19. 5389 2.1277 115. 1500 1 . 3953 7000 4997 57. 6369 194. 4000 112. 7000 18. 6. 22. 7. 05467 3. 2 6 2 6 4 85. 5600 18. 5529 24. 5519 22.5098 51. 7063 2300 193..7700 0 ..11713 0 ..49579 45..0500 4 ..3879 4 7 ..5737 104..0000 19 .3798 2 .1186 115 .0000 1 .3935 6 .4000 22 .4341 57 .6203 193 .7700 12.