The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
/V-/5
SELECTED INTEREST &
EXCHANGE RATES
FOR MAJOR COUNTRIES &
THE US.
I M L C f l F C M V a m
M e T I .
E K O I W E M T B W 6 0 L » m C E $
A'1- * ' ' *
/
4 M U « < I
- w a * m , m m f i i n r l w I # l i w U S . M W
v O M t t a t l
- H W > f i w ^ f i i i f c u n
MM,Mwlir finairlK I B * I *
I X M t a r
v O h a r t l A aad B
- M W #
v O M 4
- t o U M c c i a U M t a a
•
X
fmaad E n t a y % W , #
#
Cl—iflw « # W
M
P A R T II. S M O I T - T E I M N f f i E K S T RATES
/ C M S
- C t f l M y M i
v t h a r t M a * B
- I n i l ,
X
- M m Y m k - M k
M
U
^
I
E m » 4 B « h M B M m
v C M U a O
- U * e
v O M M a ^ l
- M M M t A M t a t K
X M I M a r i l - U M M i t a i e
AhmtU
<
w
PACT m .
m
»
-Wamal « * * * , .
<
tt**a^X
I M b r f t a *
C « i m W V U * e e # X M l a r M
B- f i o r * * « • *
W W A W W W K h # #
US ti«w md US UUtrntrnt
M * i < T M n m m
>•• iiinii* * + i t
L O W - T E W I B T E 1 E S T B A T E S AMD STOCK H M C C S
K W J 3
iaUf
/ f l M H
- M M U l U t U b t
P A R T I V . S E L E C T E D C a r T B A L BAWC D f S C t t W T R A T E S A M )
LATEST n O M C S P L O T T E D OH W E CHARTS
MOTE:
T h i s M r i t t fc a i
a M 4 a w (
M
tlinrfl i *
M
« * r
Tfce d w « a c Im B * f M M t
flat
# e CAPITAL RARBETS D E W ! OPRTBTS I R R O M ,
Mie « • • * » O r a t o r * , M M .
« f c r rf B k d H f e a w o v W a a * l a A c S t w t o a a *
t»«»«aiW», iilli* irri>piili<1niiF M i i
AH
fthts mi M
r
a—rtf a * M ,
l i n n y 1, M M .
a,mr#i< i a a T W i a W
<ati< J a — r 1,
Iffi.
SPOT EXCMAUM RATES - H U M
c a w M U K y *
/
A&AMST US DOLLAft
\
f l Q
w
f
i
i
!
M
!
i
1
J
OT2
* Pound floated June 23, 1972
i
i
1
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i
1
1
1
1
1
1
1
1
I
!
1
i
ft
C l w l 18
MmtJ us. mnum
SPOT EXCMMKE BATE - M A J M
A#
mmm&m
/
1 aMMmum
i
i
1
i
v
F
i
1
i
i
1
i
i
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1
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1
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1
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wn
i
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m
,
I
-
24#
i i ! i i 1 i i ! i i
M
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S
0
WFO
I 1! 11I ! 1111
M
J
S
O
1171
V
1 11 1 111 1i 1 1
W
J
S
O
I
1#72
1 11 111 1 1 1 M
I
J
S
O
WW
EXCHHilCC RATES
rases
us
11. 1971 - Dec 17, 1971
JAPAN
MAY
JUNE
JULY
AUG.
SEPT.
1971
* Financial franc
OCT.
MOV.
DEC.
O w t 10
SPOT EXCNAME KATES - MAJOR
I
/
I
I
I
I
I
I
A ^ i
I
I
I
I
AGAINST UJ. DOULAft
11. W l - Dec 17 1971
I
I
I
I
I
SEPT
1971
e
For d a n * the vertical scale « IimMi that wad #a IC
I
I
I
I
OCT
0«r 17 5 7*
I
I
I
I
I
I
I
I
I
I
I 5
A ,
3-MONTH FORWARD EXCHANGE - MAJOR I
US. M U M
Weekly averages
I W \
I
W
J
S
1969
D
W
J
S
mo
* Canadian Dollar Rate not supported by Bank of C
•"* No quotation
I
I
D
I
1 1 I
I
I i
I
I
J
I
I
I
S
mn
1 1 1 I
D
I
i
I I
l
1 I
J
I
1 I
S
I 1 I
D
I H
#
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES ACA1TT US. OOtLAR
Weekly * * * * * *
1 I
I
1
ffffl
I
M
I
I
I
I
M
I
I I
I
I I
I
I ! I
I I
1
I
*
• i
I
J
i
i
I
I
s
0
* Devaluation o* the French Irene from 4.94 to 5 55 tix SI.00
* * Mo quotation
I
I I 1 I
I J I )
1 *
34flOHTH FORiMO EXCHANGE - MAJOR CURRENCIES AGAINST UJC POUND
Friday figures
Per cent per annum
16
i
PR ElHUM •
-
I
1
12
!
-
I
1
fl
j
GERMAN MARK
f
\
W i LJ
hi
1
-
| VS. DOLLAR
-
DISCOiWT I I
1 1 i
M
1 1 1 1 1 1
J
1 1 1 1 1 1 1 1 1 1 1 1 I I
D
1970
M
J
1971
S
D
!
M
I I
1 i
J
1972
1 1 !
!
1 1 1 i
0
M
1 1 1 I t
j
1973
1 1 1
-S
0
Chart 38
3-MONTH FOeWAM) EXCHANGE - MAJOR CUMEMCIES ACAMCT OJL FOUNO
P R t l iiUM
•
-
-
i
-
-
SWISS A M I
c
-
1
A UP
VF«E»CM
{
n u n c
--
j
DISCOIWT -
i i i i i i
1
1
i
1 1 i i , l 1 i 1 1 II
1*70
1S71
1 ! 1 1 1 i 1 1 I 1 1 1
1*72
J 1 1 1 1 ,1 1 1 1 J 1
W l
GOLD FMCE M LONDON. 123 Kg BASS
Week's * * * * * * * of afternoon 1uu*gs
-
-
-
-
-
/
j
-
i
i
e
! i
i
I
j
i
S
i
i
i
j .
D
we
i
e
i
i
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i
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1 i
s
i»ri
i
1 i
o
i
n
i
i
j
1 i
f
i
i
i
O
im
i
1 i
'
i
H
M
1
'
i J J J . 1 J - H
*
w*
'
1
CALL HONEY RATES
DOLLAR FUNDS
Weekly averages
Per cent per annum
I
1
\EWKMMULAROIEPOCHS
CALL 1DVEflMMGMT
li
1
i
J
1 16
L
12
I
: f W
£7
FEDERAL FUNDS
1
v
-
I
IlJUi
^%/\a^A^M.
EURO-CURRENCIES
Weekly averages
Per cent per annum
12
May 10. 1971 - Changed to Overnight Euro $ Deposits.
Chert 56
CALL HOMEY BATES
Sa£CTEDfOftEflGHMIOeECCUIW£NCIES
***** % " *
;V
Fe< cent per pnwint
Vrx.
-
mm*
K
r '
v
^
j
p
^
r
j
j
A / -
r
V
L I
1
i
i 1 i i
1 i i
1 i i
11
1 1 1 1 I I
1 1 1
i
1
If
v J U i s v m u f l i
i 1 i i i i i 1 i i
i J T i
i T T n
i i
S
0
u x
M
J
s
0
1969
M
J
1970
s
D
M
J
S
D
1971
France. Day-to-day Money; Netherlands, CaW Money, weekly average Japan. Unconditional Money;
Canada. Day-to-day Loans, weekly average;Germany. Call Money;U.K.. 2-day Local Authority Deposits
M
J
1972
LONDON: EURO DOLLAR DEPOSIT RATES
Friday figures
*May 12/71-changed to Overnight Euro Dollar Deposits
*"* July 1 —changed to 7-Day Euro-Dollar
\ t a
owtse
LONDON: EURO-DOLLAR DEPOSIT RATES
Friday fjfuias
V
J
1
I n W R M m
i M f s w r n i
1 I I 1 1 1 1 1 1 I I
U
i
mm
S
1 1 1 1 1 1 I I
D
M
J
S
1970
1 1 1
i
O
M
i l i i I i i 1 i i
J
S
mi
O
1 1 1 1 1 1 I I
H
i
S
im
f
1 1 1
t
HEW YORK-LOUDON: YIELDS ON US. DOLLAR FimOS
3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET
Wednesday figures
Pe< cent per annum
I
-
a y
•JnX
f j
EURO-DOLLAR DEPOSIT
A
i/V v
-
V Y \
US. CIiStTFICATE OF DEPOSIT
!
I
I
I
-
I 1 ! 1 1
i
i
1 i
i
! i
i
1 i
i
1
1 1 1 1 1 1 1 1 1 1 1
DIFFERENTIAL
-
V
i
i 1 i i
1 i
i
1 i
i
FAVOR EURO DOLLAR
j A,
• Aam
r Vv w v \ X U A / V
-
Et IRO-DOLLAR OVER U.S. QERTIFICATE OF DEPOSIT
l I 1 l I 1 I I 1 I l
M
J
S
D
l I 1 I I 1 I I 1 I I
M
1969
J
S
1970
D
I l 1 1 I 1 II
M
J
S
1971
1 1 1
O
i I 1 i i 1 i i 1 i ;
J
s
1972
Owt 78
HEW Y O m U M D m COST OF U-S. OOLUUK FUWOS
3 w * t m DOLLAR DEPOSIT RATES—PRIMARY MARKET
ADJUSTED
U J . CERTIFICATE OF
•?
n
/
1
-
Ml'
V
j
l
l
i i 1 i
m
v
i .
j
s
o
\
V v W j VAA
EURO-OOtlAR 01#ER
V
\ J \
f \
US. CERTFICAT1EOF DEPOSIT W V W
1
ADJUSTED
V
ADJUSTED
II
m
1SH
1 1 1 1 1 1 1 II
j
s
d
1S70
•Adjusted for Heserve Bumnnnt
* * Adjusted for 10% HirpMl Beserwe Aeqwrewewt
•••Adjusted for 20% Mar##*# Reserve Reqwrement
V
\
rt
J
V
N
v
v
'
—1—L—J j . j i i 1 1 1 L - _ j _ i . L i . . i _ L j . i J _ i J .
«
j
s
d
«
j
d
1971
1372
LONDON: COVERED YELDS ON U A DOLLAR FUNDS
hire purchase and euro-dollar rates
fnday figures
EURO-DOLLAR DEPOSIT
1
FAVOR STERLING CD's
m
-
/I
-
I-
1 DIFFER!ENTIAL
1 1 1 ! !
M
l I i
J
1
!
S
i i
l I
D
1969
*
I
I
I I
J
i
I I
S
1970
Hire Purchase temporarily suspended as of August 11.
* * Sterling Certificates of Deposit started as of August 11
i i 1 i i 1 i i 1 i i
I l
D
M
J
1971
0
i i fM *
M
i
J
1972
S
Chart 88
LOUDON: COVERED YIELDS ON U-S. DOLLAR FUNDS
LOCAL AUTHORITY AND EURO-DOLLAR RATES
Friday figures
12
r v V
/
-
-
fto-oouaft
deposit
-
/!
l o c a l autmomty
deposit
covtitu)
-
i i l i i l i i l i i
m
1 i 11 i i 1 i i
ih i
1 i i 1 i i 1 ii
i i
1 i i 1 1 1 1 1 1
fav0« local autmohmr
a
r^:
A y
-
J y
4
1
1
-
/I
[
if
d i f f e r le n t i a l
I
1
I
i
i
i i i
mo4om*~
favcwe
1 1 1 1 1 1 1 1 1 1 1
1969
1970
i i 1 i i 1 i i
1971
i i i
1 1 1 i i
1 i i
1972
1 1 1
INTEREST ARBITRAGE: UNITED STATES AND UNITED KINGDOM
Friday figures
Per cent per emium
3-month treasury b i l l rates
UJC. LOCA
UNCOVERED
M
J
1969
S
D
* Molted for comparison purposes
M
J
1970
s
AUTHORITY DEPOSITS
D
M
J
1971
s
D
M
J
1972
S
D
Chart 90
INTEREST ARBITRAGE: UNITED STATES AND UNITED KINGDOM
frii>r%«Hi
Per cent per annum
RATE DIFFERENTIAL
STERLING
3-MONTH FORWARD
or
fAVOft LOMOOM
FAVOR NEW YORK
M
J
S
0
M
ISH
J
1S70
s
D
M
J
1971
s
D
M
J
lf72
S
0
4
3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - GERMAN MARK
FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO-OOLUW RATE
Wednesday rates
Fer cm
IN TERMS O f DM
LOAN RATE
FAVOR FRANKFURT
differential
WVy
No Quotation
Owl M i
34NMmi HMOS MTEKST M f T M C L
B M O - M U J U I - SWSS F M M C
DEPOSIT RATE VS. LONDON E U K M M U M MTE
r
l
I
j y w
M
f
v
A/
V
JJL
St
i l l
e w w u .
1
IfcnL
/
i m f f i f t
i i 1 i i 1 i i 1 i i
i i 1 i i 1 i - i . l .1 i , 1 1 1 1 i - i J 1 1 i i
A
MFFEKNTMI
y
IrXP
A
n
i
AJ?
L j r
i r l JLJ.J-1 i . 1 . 1 j ,
/vH nv(\ y
r l ,
r
w
f 1 1 11 1 I I 1J 1
1 1,1 J 1 1 U J
ISSI
U7»
MNtflNNtUM
I i , -J -J i l J . J .1 l l 1 1 - 1 - L J L l l . i J U L l - L J L
t#71
W 1
Chart 11
3-MONTH INTEREST ARBITRAGE: UNITED STATES - CANADA
Friday figures
Par caat pari
so
- b i l l rates
I. FIN. CO.
#
UNITED STATES
4
2
b i l l r a t e d i f f e r e n t i a l a n d f o r w a r d canadian d o l l a r
RATE
2
+
0
SPREAD M FAVOR OF
DISCOUNT
2
covered rate d i f f e r e n t i a l s
2
•
0
2
FAVOR CANADA
2
PRIME FINANCE PAPER
•
0
FAVOR US.
J
1969
S
D
M
J
1970
s
D
M
J
1971
S
D
M
J
1972
S
0
XT
Chart 12A
SELECTED SHORT-TERM INTEREST RATES'
Per cent per annum
GERMANY
UJL
JAP/
1968
1970
* 3-month treasury bill rates for all countries except Japan (Average rate on bank loans and discounts)
and Germany(lnterbank Loan Rate)
1972
Chart 128
SELECTED SHORT-TERM INTEREST RATES*
1*72
• 1 mom* trwury Mi rate for U-S-. y «i>nrt»<-3 w H i
• • Iwowtti mW for U S dolter deceits m London
i*n* rate
LONG-TERM BOND YIELDS
Weekly figures
Per cent per annum
10
V
.
-
NETHERUINDS
r
J.
US.
US.
M ; I i1 1 1 : ! 'il
!
yi
SWITZERLAND
"
i i 1 i i 1 i i 1i i i,1 i i 1 i i 11i i111 1 1 I 1 1 i 1
"
1IX.
iERMAWY
! : 1 i 1 I I I 1 I I ! I ! 1 1 1 1 1 11
1 1111
1 11 1 1 1 1 1
W\J\
i i 1 i i 1 i i 1 i i1 1 1 I I 1 1 1 1 1 1
U.S. CORP. DOLLAR EURO-BONDS
Monthly figures
U S. CORP. DM EURO-BONDS
i i I i i I i i I i i
1968
1969
1970
1971
1972
* New series for Switzerland starts 8 2-68, U S Corp Dollar Euro-Bonds and U S Corp. DM Euro-Bonds starts 12 70
* * New Average yield of all German PA Bonds begins 1 7-69
* * * New series F starts 12 7]
CHART 14
INDUSTRIAL STOCK INDEXES
U W T E O STATES
1 1 1 1 1 1 1 1 1 1 1
1 1 1 I MYL
l 1 1 .1
- A v A
-i- J i
^
i i I I 1 1 M
r
\
1 I I
1
1 1
I I
e Z
V h
N / / X w
^
-
I.I 1 1 I 1 1 1 1 1 1
/
240
a
1 1 1 1 M
1 I I
M
1 1 1 1 1 1
1 I I
i i i i i l i i l i i
W
W
/
j
1
J
1
N
1 I I
/
V
MWTEO K M 0 0 0 N
. I I
z
/
1
y
200
V
240
/
CANADA
I 1 1 1 1 1 1 1. j . l j . i j
1 1 1 1 1 1 I I
1000
1070
1 1 1
X J
1 1 1 1 1 1 1 1 1 1 1
1 1 I 1 1.1 J . l i i X .
1071
index of 225 industrial « i other stocks traded on Tokyo exchange
n index of all industrial am other stocks traded on the first section of the Tokyo Sleet Cxchae##
1072
December 6 , 1962
H. 13
No 5 8 7
Country
IV. SELECTED CENTRAL BANK DISCOUNT RATES
Current Rate
In Effect Since
Previous Rate
4.5
November 22, *72,
4.0
7.50
November 30, 1972
In Effect Since
EEC.:
Belgium
France
6.50
M a r c h 2 , 197
Nov. 2 .
1972
Germany
4.50
Italy
k.O
A p r i l 10, 1975
t.5
Oct. Ik,
1972
4.0
November 3k 1972
3.0
Sept. 8,
1972
3.75
S e p t . 15, 196S
3.0
J u l y 10, 1967
7.75
D e c . 1 , 1972
7.50
October 2 ( 1 9
Netherlands
Switzerland
United Kingdom
M
H
,i
4.00
I N
ti
II
Canada
k.
75
Oct. 25, 1971
5.25
Feb.
Japan
U.25
June 2k, 1972
U.75
April 29, 1971
United States
U.50
Dec. 13, 1971
M5
Nov.
2U, 1971
11, 1971
• • E f f e c t i v e October 13, 1972, t h e Bank of Engl and replaced i t s traditional
Bank Rate with a f l u c t u a t i n g "minimum l e n d i n g r a t e " based on average Treasuryb i l l tender r a t e .
Decembei t . 1972 . . . . 7,75
IV-2
LATEST FIGURES PLOTTED ON THE CHARTS
Chart
Panel
1A
Upper
Lower
Rate
Date
Series
Swiss franc
Dec.
U.K. pound
"
French franc
"
1
•1-255
42.281
Japanese yen
16
Upper
Belgian franc
+1.734
-0.521
100.76
Italian lire
Lower
Canadian d o l l y
Actual l a t e
German m a *
2B
Swiss franc
"
U.K. pound
"
"
-1.45
Japanese yen
F,A.
•or.
German mark
U.S. dollar
24
-
+2.94
+1.45
French franc
4
5A
Upper
Gold price, U.S. dollar per ounce
Dec.
1
63.76
Overnight Euro-S deposits
•or.
29
4.76
Federal Funds
"
Middle
Differential
"
Lower
Euro-currencies:
Euro DM
lev.
5,03
-0.27
24
Euro Swiss Fr.
56
Upper
Canada, Day-to-day Loans
•or.
France, Day-to-Oay Money
Dec, 1
Germany, Call Money
Netherlands. Call Money
4.20
2.90
4.25
Japan, Unconditional Money
U.K., 2-day Local Author. Deps.
Lower
+3.99
+2.46
"
Swiss franc
38
-2.95
+1.17
40.22
M
French franc
3A
40.90
Dutch guilder
Canadian dollar
Lower
40.542
M
German mark
Upper
40.869
M
Dutch guilder
2A
+1.710
235.10
22
"
•or.
24
7.62
3.70
6.88
7.88
2.78
IV-3
Chart
Panel
Euro-) 7 - D a y B a t e
6A
£uro-S 1-eonlh # W e
6B
tate
Dak
Series
Eiw>-$ 3-swnlh Rate
Dec* 1
5.12
„
6-06
6,31
Euro-$ (Hoonth Rate
7A
Upper
Euro-S 3 wonth Deposits
U.S. Certificate of Deposits
78
Upper
Eufo-S 3-eonth Deposits
d
Eiifo-S 3 month Deposits (A^j.)
«
Differential: on Adj. Eum-S Deposits
Euto-S 3-month Deposits
;5 f ^ r H n p
C e r t i f i c a t e s o f Deposit
+0 7*
5-94
7.42
••
5.47
„
„
•or-
„
4-1 r o s
44.47
17
5.81
5.32
Lower
Differential
ti
Upper
Euro-$ 3-month Deposits
«
Local Authority Deposits (covered)
##
5,20
Differential
ft
-0,61
Lower
U.S. Treasuiy Bill rate
9A
-0.49
5.81
Dec. 1
U.K. Treasuiy Bill rate
Local Authority Deposit (uncovered)
96
5.94
5-18
M
on Unadj. Euro-} Deposits
Upper
29
H
Differential
Lower
86
•or,
Lower
U.S. Cc. Jficate of Deposits (A4i.)
8A
6.25
Upper
Spread (+= favor London)
3-<nonth Forward Pound
Lower
Net Incentive (+= favor London)
4.82
7,05
lor.
24
Dec.
1
M
8.06
•2.23
-2.93
-0.70
%*v
IV-4
M s
Btfs
Chart
AMI
MA
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IV-5
Chart
Panel
Series
13
Upper
Netherlands
Rate
Dale
Canada
United Stales
*ov.
24
7.05
•or.
22
6.61
lmr.
29
5.25
Switzerland
Middle
G e
* "
y
s->o
Nov. 7
Hov. 1 5
United K i n g * *
U.S. Corp. Dollar E m o - b o q j s ^ ^
Lower
U S. Corp. Aaa bonds
14
Switzerland
Upper
•
Germany
United Stales
Middle
•or.
y
8.37
24
October
„
* * Japan
United States
8.39
7.89
6.85
7.21
Dec.
1
492.6
23
291.8
Dec. 1
8.4
9.65
•or.
United Kingdom
Canada
Lower
Bov, 23
-
264.24
285.70
•or.
23
273.86
•or.
25
799.22
Dec.
1
264.24
* New - Average yield of A L L German Public Authorities bonds made as Of banking key days.
Beginning week ended September 5,1970, the Japanese index plotted is that e l all iadartrial and olher stocks
on the First Section of the Tokyo Stock Exchange.
@FedFRASER