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DEC
OF
13
m
J
Selected Interest &
Exchange Rates
Weekly Series of Charts
DECEMBER 8,1975
DIVISION OF
INTERNATIONAL FINANCE
Prepared by the
FINANCIAL MARKETS
SECTION
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 20551
V
Table of Contents
CHARTS
TABLES
1. SPOT EXCHANGE RATE INDEXES
1. LATEST FIGURES PLOTTED
2. 3-MONTH FORWARD EXCHANGE RATES
2. DAILY CERTIFIED SPOT
EXCHANGE RATESH.10 RELEASE
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
a INTEREST ARBITRAGE: 3-MONTH FUNDS
9. LONG-TERM GOVERNMENT BOND YIELDS
10. INDUSTRIAL STOCK INDEXES
y
1
Chart 1
SPOT EXCHANGE RATES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (DASHED LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
SCALE
MAY
100
90
120
CANADIAN DOLLAR
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
100
80
80
JAPANESE YEN
140
140
FRENCH FRANC
120
120
100
100
200
200
-
180
180
160
SWISS FRANC
GERMAN MARK
-
A
J1
v
160
_
j V x y ,
140
140
r
120
i /
-sJfj
—
/
~
120
|
100
II1111II111
100
-
160
160
DUTCH GUILDER
-
BELGIAN FRANC
140
140
120
• — '
100
I I
I
I
I
I I
1
I I
r
I I
I I
120
V
/ \ / ' \
100
I l l i n i u m
120
ITALIAN LIRA
U.K. POUND
120
v—
> ~ - v —
100
100
-
80
80
I
I
I
MIMIMIM iihilnm
1
1
1
1
1
1973
1
1975
Chart 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+), OR DISCOUNT { - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PER CENT
6
CANADIAN DOLLAR
0
6
6
U.K. POUND
SWISS FRANC
0
G
12
12
12
GERMAN MARK
DUTCH GUILDER
6
0
6
6
FRENCH FRANC
JAPANESE YEN
2 per cent on scale equals
1 per cent on all others
0
6
12
1973
1975
1973
1975
z
y
Chart 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
US. DOLLARS PER FINE OUNCE
„
12.5 Kg BARS
Afternoon fixing price
180
150
120
60
1973
1975
Chart 4
CALL MONEY RATES
WEEKLY SERIES
PER CENT
15 I "
OVERNIGHT
EURO-DOLLARS
JAPAN
10
5
J.S. FEDERAL FUNDS
0
20
20
U.K. 2 - D A Y LOCAL AUTHORITY
FRANCE
15
15
10
NETHERLANDS
CANADA
5
0
20
20
EURO-SWISS FRANC
15
10
GERMANY
5
0
EURO-DM
5
1973
1975
1973
1975
Chart 5
3-MONTH INTEREST RATES
WEEKLY SERIES
CANADIAN FINANCE CO. PAPER
12
UNITED STATES CD's
8
4
16
GERMAN INTERBANK RATE™"
U.K. INTERBANK
STERLING
12
8
4
14
EURO-DOLLAR
SWISS DEPOSIT RATE
10
./JAPAN
Monthly
6
1973
1975
1973
1975
Chart 6
EURO-DOLLAR DEPOSIT RATES London
AVERAGES FOR WEEK ENDING WEDNESDAY
16
OVERNIGHT
3-MONTH
12
8
16
7-DAY
6-MONTH
16
1-MONTH
1-YEAR
1973
1975
1973
1975
Chart 7
SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
AVERAGES FOR WEEK ENDING WEDNESDAY
FEDERAL FUNDS
3-MONTH
Euro-dollar deposits
10
OVERNIGHT
Euro-dollar deposits
60-89 DAY CD'S
5
0
DIFFERENTIAL
Adjusted for rei erve requirements
DIFFERENTIAL
Adjusted for reserve requirements
1973
Favors Borrowing in U.S. if Positive
1975
1973
1975
Chart 8
INTEREST ARBITRAGE: 3-MONTH FUNDS
AVERAGES FOR WEEK ENDING WEDNESDAY
DIFFERENTIAL: PLUS (+), INDICATES FAVOR DOLLAR ASSETS
PER
PER ANNUM
PER CENT PER
20
20
15
INTERBANK DM,
Covered Frankfurt
EURO-DOLLAR DEPOSITS
15
INTERBANK STERLING
Covered London
^
10
10
EURO-DOLLAR DEPOSITS
5
0
5
0
DIFFERENTIAL
DIFFERENTIAL
5
5
10
10
15
EURO-DOLLAR DEPOSITS
- CANADIAN FINANCE CO. PAPER, COVERED
15
10
5
10
U.S. COMMERCIAL PAPER
5
SWISS DEPOSITS (SF)
COVERED 1
0
0
I
DIFFERENTIAL
v
DIFFERENTIAL
5
5
1
1973
1975
1973
1975
Chart 9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
ANNUM
PER CENT PER A
ENT PE9 ANNUM
10
UNITED STATES
CANADA j /
^
8
I
A \
I
I
I
I
I
Illllllllll
6
9
SWITZERLAND
GERMANY
7
/ JAPAN
Industrial
f
5
I
I
I
I
I
I
I
llllllllllll
3
18
UNITED KINGDOM jr
W:
16
-
FRANCE
14
12
NETHERLANDS
-
10
v n
U.S. CORPORATE
Monthly
I
I
I
I
I
8
12
U.S. CORPORATE
— Monthly
__
-
Euro-Dm bonds
J
Aaa bonds
Euro-dollar b o n d s y - /
\
j
10
J
\
/**"
L .
/x 8
I
I
I
I
I
i
n
I
i
i
i
i i l i i l i i l n
6
Chart 10
INDUSTRIAL STOCK INDEXES
WEEKLY SERIES
RATIO SCALE
1969=100
UNITED STATES
100
60
320
UNITED KINGDOM
JAPAN
240
100
60
35
180
180
CANADA
SWITZERLAND
100
100
60
45
180
180
FRANCE
General index
GERMANY
100
100
60
45
45
1973
1975
1973
1975
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
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
3
3
3
3
3
3
3
3
3
3
86.54
118.32
139,80
134.88
84.22
106.82
124.79
164.14
126.79
91.48
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
DEC.
3
3
3
3
3
3
3
-3.09
-4.71
2.87
-0.72
3.10
1.46
-1.31
DEC.
3
138.76
DEC.
DEC.
NOV.
OCT.
NOV.
NOV.
DEC.
NOV.
NOV.
NOV.
3
3
28
17
28
28
5
28
21
28
5.25
5.09
11.50
7.88
3.00
3.13
8.00
6.50
1.88
3.94
DEC.
DEC.
OCT.
DEC.
DEC.
DEC.
DEC.
3
3
5.81
4.10
8.83
6.93
9.60
11.35
5.50
CHART 2 . 3-MONTH FORWARD EXCHANGE RATES
CANADIAN DOLLAR
U . K . POUND
GERMAN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
CHART 3 , GOLD PRICE I N LONDON
U . S . DOLLAR PER FINE OUNCE
CHART 4 . 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 . 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 DEPOSIT
3
3
3
3
S CRIES
LAST VALUE PLOTTED
DATE
VALUE
NAME
CHART 6 » EURO-DOLLAR DEPOSIT RATES: LONDON
3
3
3
3
3
3
5.09
5.39
6.39
6.93
7.61
8.01
DEC.
DEC.
DEC.
DEC.
DEC,
DEC.
3
3
3
3
3
3
5.09
5.25
0.05
6.93
5.61
1.04
EURO-DOLLAR DEPOSIT
INTERBANK STERLING ( L O N D O N ) , COVERED
DIFFERENTIAL
DEC.
DEC.
DEC.
3
3
3
6.93
6.64
0.29
U . S . COMMERCIAL PAPER
CANADIAN FINANCE CC. PAPER, COVERED
DIFFERENTIAL
DEC.
DEC.
DEC.
3
3
3
5.bl
6.51
-0.70
EURO-DOLLAR DEPOSIT
INTERBANK DM ( F R A N K F U R T ) , COVERED
DIFFERENTIAL
DEC.
DEC.
DEC.
3
3
3
6.93
6.97
-0.05
EURO-DOLLAR DEPOSIT
SWISS DEPOSIT ( S F ) , COVERED
DIFFERENTIAL
DEC.
DEC.
DEC.
3
3
3
6.93
b .60
-1.68
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
DEC,
DEC.
DEC*
DEC.
DEC.
DEC.
CHART 7e SELECTED EURO-DOLLAR AND U . S .
MONEY MARKET RATES
OVERNIGHT EURO-DOLLAR DEPOSITS
U . S . FEDERAL FUNDS
D I F F E R E N T I A L A D J . F O R RESERVE REQUIREMENTS
3-MONTH EURO-DOLLAR DEPOSIT RATE
U . S . C D ' S ( 6 0 - 8 9 DAYS)
D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS
CHART 8 c
INTEREST ARBITRAGE,
3-MONTH FUNDS
\~>
SERIES NAME
LAST VALUE PLOTTED
VALUE
DATE
CHART 9 O LONG TERM GOVERNMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN (MONTHLY)
SWITZERLAND
CANADA
FRANCE
NETHERLANDS
UNITED KINGDOM
DEC.
NOV.
OCT.
NOV.
OCT.
NOV.
NOV.
NOV.
5
2B
21
17
14
28
28
8.15
8.39
9.50
6.00
9.52
9.94
7.67
14.70
U.SE CORPORATE
AAA BONDS
EURO-DM EONDS
EURO-DOLLAR BONDS
CHART 1 0 .
OCT.
OCT.
OCT,
8.86
8.10
8.80
INDUSTRIAL STOCK INDEXES
UNITED STATES
JAPAN
CANADA
FRANCE
UNITED KINGDOM
SWITZERLAND
GERMANY
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
NOV.
28
21
7
14
21
28
21
94.75
208.85
91.99
103.95
89.71
68.63
92.91
/ # # ,
FEDERAL
RESERVE
statistical
releos?
H.IO
DECEMBER
5,
1975
FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING
DECEMBER
5,
1975
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
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
DEC.
DOLLAR
SCHILLING
FRANC
DOLLAR
KRONE
MARKKA
FRANC
De MARK
RUPEE
POUND
LIRA
YEN
DOLLAR
PESO
GUILDER
DOLLAR
KRONE
ESCUDO
RAND
PESATA
RUPEE
KRONA
FRANC
POUND
125.6000
5.37000
2.53650
98.9000
16.3800
25.7000
22.4700
36.2500
11.0000
202.1000
0.14650
0.32850
38.6700
8.0000
37.2600
103.9500
18.0300
3.6800
114.6500
1.6755
13.3500
22.6900
37.5000
202.1000
1
DEC.
2
(RATE U . S . CENTS)
DEC.
3
125.4500
5.40000
2.53800
98.6400
16 . 3800
25.7700
22.4900
38.2100
11.0000
202.0000
0.14640
0.32850
38.6700
8.0000
37.3100
103.8500
18.0600
3.7000
114.6500
1.6780
13.3500
22.7100
37.5900
202.0000
125.4500
5.42000
2.53800
98.7500
16.3700
25.8100
22.4800
38.2400
11.0000
202.4000
0.14660
0.32780
38.6800
8.0000
37.3100
103.8000
18.0500
3.7000
114.6500
1.6810
13.3500
22.6900
37.6900
202.4000
DEC.
4
125.5100
5.42000
2.53800
98.6400
16.3400
25.8100
22.4700
38.2600
11.0000
202.9000
0.14660
0 . 3 2 790
38.6900
8.0000
37.8400
103.9100
18.0500
3.7100
114.6500
1.6805
13.3500
22.6900
37.84C0
202.9000
DEC.
5
125.5800
5.41000
2.53050
98.9000
16.3200
25.8200
22.4400
38.1400
11.2000
202.3500
0.14640
0.32*00
38.7000
8.0000
37.1700
103.9600
18.0100
3.7100
114.7500
1.6800
13.0500
22.6600
37.8900
202.3500
@FedFRASER