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(5 1 6 / 5 1 7 ) Selected Interest Exchange Rates W e e kly Series o f Charts February 11,1980 DIVISION O F IN T E R N A T IO N A L F IN A N C E Prepared by the F IN A N C IA L M A R K E T S S E C T IO N BO A R D O F GOVER N O R S F E D E R A L R E S E R V E SY S TEM Washington, D .C . 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATESH.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, Divi sion 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 INDICES 2. 3-MONTH FORWARD EXCHANGE RATES a GOLD PRICE-LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES a EURO DOLLAR DEPOSIT RATES 7. SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES a INTEREST ARBITRAGE: 3-MONTH FUNDS a LONG-TERM GOVERNMENT BOND YfELDS 10. INDUSTRIAL STOCK INDICES CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY R A T IO MARCH R A T IO SCALE MARCH 1973=100 : 1 9 7 5=100 120 120 100 100 80 80 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 60 60 180 120 160 140 100 120 80 100 240 160 140 200 120 160 100 80 120 160 160 140 140 120 120 100 100 100 100 80 iy 60 U.K. POUND I l l I I 1978 I — 80 - 60 V llllllllli llllllllli! 1980 CH ART 2 3-M ONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER PERCENT ANNUM PER ANNUM + 0 24 12 6 + 0 6 1978 1980 1978 1980 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U .S . c U .S . D O L L A R S P E R F IN E 1 L A R S P E R F IN E O U N C E 800 800 750 750 700 700 650 650 600 600 550 550 12.5 Kg BARS A F T E R N O O N F IX IN G P R IC E 500 500 450 450 400 400 350 350 300 300 250 250 200 200 150 150 100 100 1977 1978 1979 1980 CHART 4 CALL MONEY RATES WEEKLY SERIES PERCENT PER NT PER ANNUM 20 20 16 ie OVERNIGHT EURO-DOLLARS 12 12 8 8 U .S . FEDERAL FUNDS 4 4 l l i 20 20 16 16 12 12 8 8 4 4 0 12 0 8 8 A 4 + 0 0 ' l l ' 4 1978 1980 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERCEN T PER AN [NT PER ANNUM 18 20 14 16 10 12 6 8 2 4 10 14 10 6 6 10 2 8 6 4 2 0 1978 1980 1978 1980 CHART 6 EURO-DOLLAR DEPOSIT RATES L o ndo n AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER A^ ENT PER ANNUM 18 18 14 14 OVERNIGHT 10 10 6 6 18 18 14 14 10 10 6 6 18 18 14 14 10 10 6 6 1978 1980 1978 1980 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY PERC EN T PER ANNUM PERCENT PER ANNUM 18 14 10 - 6 +o i 1980 1978 1 PERCENT ON DIFFERENTIAL SCALE - 2 PERCENT ON RATE SCALE CHART 8 INTEREST ARBITRAGE: 3-M O NTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER NT PER ANNUM 20 20 16 16 12 12 8 8 4 4 0 4 0 2 2 + 0 + 0 2 2 4 16 16 INTERBANK DM COVERED FRANKFURT 12 12 8 8 4 2' 4 2 DIFFERENTIAL + 0 DFFER ENTIAL 2 I 1978 1980 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I I I 1978 I i l l iilu + 0 h i I ! I I I 11111 I 1980 2 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER ANNUM PERCENT PER 12 13 UNITED STATES JV 10 11 - 8 9 6 10 I I II I I I I I I I I II I I I I I II I 7 6 8 4 6 2 4 0 13 15 11 13 9 11 7 9 5 7 12 10 10 8 8 6 6 4 1978 1980 1978 1980 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES R A T IO 1969= 140 UNITED STATES 120 100 y W v 80 “ l ( ! I I I R A T IO lllllllllll lllllllllll SCALE 1969=100 400 100 360 90 JAPAN 320 80 280 70 240 60 200 50 140 140 120 120 100 100 80 80 160 160 140 140 120 120 100 100 80 80 1978 1980 1978 1980 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 ITALIAN LIRA FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 6 6 6 6 6 6 6 6 6 57.44 0.41657 51 .99 228.59 86.28 24.52 61.47 3.53510 0.12374 FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 6 6 6 6 6 6 6 6 6 161.58 1 0 9 . Q7 149.25 92.46 86.00 110.49 197.76 139.30 70.29 6 6 6 6 6 6 6 6 6 6 6 85.99 154.02 96.49 135.16 80.44 74.78 97.90 178.48 125.10 60.21 94.37 6 6 6 6 6 6 6 6 0.37 -3.22 5.72 1.57 8.69 2.91 5.72 -5 .9 9 INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G— 10 COUNTRIES PLUS SWITZERLAND) U . S . DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. FEB. 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 ITALIAN LIRA FEB. FEB. FE3. FEB. FEB. FEB. FEB. FEB. LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 3 . GOLD PRICE IN LONDON, AFTERNOON FIXING U . S . DOLLARS PER FINE OUNCE FEB. 6 678.05 6 FEB. 6 FEB. 1 FE3 . JAN. 25 FEB. 1 FEB. 1 1 FEB. 1 FEB. JAN. 18 1 FEB. 12..80 13..47 17..50 12..85 8..50 7..55 8..13 12..00 11..20 9..04 FEB. FEB. FEB. FEB. FEB. FEB. FEB. 6 6 6 6 6 6 6 13.41 8.83 8.50 13.89 17.71 5.47 11.54 FEB. FE3. FEB. FEB. FEB. FEB. 6 6 6 6 6 6 13.47 14.31 13.94 14.29 14.33 13.88 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 . 90-DAY C D ' S , SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE BANK LOANS C DISCOUNTS CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN WEIGHTED AVERAGE FOREIGN INTEREST RATE ( G-10 COUNTRIES PLUS SWITZERLAND) CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6 - MONTH 1-YEAR CHART 7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS FEB. FEB. FEB. 6 6 6 13.47 12.80 0.6 7 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . 90-DAY C D ' S , SECONDARY MARKET DIFFERENTIAL FEB. FEB. FEB. 6 6 6 14.29 13.41 0.8 8 SERIES NAME CHART 8 . LAST VALUE PLOTTED DATE VALUE INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL FEB. FEB. FEB. 6 6 6 14.29 14.35 -0 .0 6 U . S . COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL FEB. FEB. FEB. 6 6 6 13.07 14.27 -1.20 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL FEB. FEB. FEB. 6 6 6 14.29 14.67 -0 .3 9 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL FEB. FEB. FEB. 6 6 6 14.29 14.29 0.0 0 FEB. JAN. DEC. JAN. JAN. NOV. JAN. FEB. 1 25 11.19 8.1 3 8.6 4 4.3 2 11.85 11.76 9.4 2 11.06 CHART 9 . LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM U . CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS CHART 18 25 9 18 1 0. DEC. DEC. DEC. 9.63 6.6 3 10.13 INDUSTRIAL STOCK INDICES UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY FEB. JAN. DEC. JAN. JAN. JAN. JAN. 1 25 29 la 25 25 25 120.97 307.98 1 1 3 . 8L 144.90 106.81 76 .72 93.56
@FedFRASER