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S'WO
L!B
*AHY
*»•!*
Selected Interest &
Exchange Rates
Weekly Series of Charts
February 6,1978
DIVISION OF
INTERNATIONAL FINANCE
Prepared by the
FINANCIAL MARKETS
SECTION
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551
Table of Contents
TABLES
SUBSCRIPTION RATES:
1. LATEST FIGURES PLOTTED
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.
2. DAILY CERTIFIED SPOT
EXCHANGE RATESH.10 RELEASE
CHARTS
1. SPOT EXCHANGE RATE INDEXES
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 INDEXES
CHART 1
SPOT EXCHANGE RATES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MAY 1970 PARI!FY=100
:ALE
0 PARITY= 100
120
100
FOREIGN CURRENCY
PRICE OF U.S. DOLLAR
CANADIAN DOLLAR
80
140
FRENCH FRANC
GERMAN MARK
120
100
240
200
SWISS FRANC
JAPANESE YEN
180
160
140
120
160
DUTCH GUILDER
BELGIAN FRANC
/
-
140
120
I
I I
I
I
I I | I I | 1 I | IM II . , 1 , , 1 , 7
I
100
110
U.K. POUND
—
il
A
90
ITALIAN LIRA
__
-
1
70
-
I ' l
1976
1978
1
1
1
1976
1
50
1978
CHART 2
3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR ( - )
AVERAGES FOR WEEK ENDING WEDNESDAY
PER CENT PER ANNUM
6
CANADIAN DOLLAR
I
I
~
I
PER CENT PER ANNUM
DUTCH GUILDER
U. K. POUND
6
12
-
-
18
SWISS FRANC
6
—
s
+
0
.
Uv
V
I
s
Z l v
*
r
T W ^ "
^
I I
I . l l l l l l h l
i
i
i
-
V
f A.
GERMAN MARK
-
r
—
1
1
I , l o l l , I I I
1
—
+
0
6
tAI
1 1
1
FRENCH FRANC
V
.
zu
K
-
JAPANESE YEN
-
J
r
12
-
1 1 1
i
i
1976
i
1
1978
1
1
1
1
1976
1
11111111111
1978
12
#
CHART 3
PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
U.S. DOLLARS PER FINE OUNCE
190
190
170
-
150
12.5 Kg BARS
AFTERNOON FIXING PRICE
I I I I I I I I I I I
1976
#
I I I I I I
1978
CHART 4
CALL MONEY RATES
WEEKLY SERIES
PER CENT PER ANNUM
PER CENT PER ANNUM
12
12
U.S. FEDERAL FUNDS
\jy
-
JAPAN
-
OVERNIGHT EURO-DOLLARS
-
0
16
16
FRANCE
12
12
1
k
V.
8
U.K. 2-DAY LOCAL AUTHORITY
-
-
I
I
I
I
I
I
i i i i i i i i i
I I | I
{
| I I | I I
12
0
12
CANADA
NETHERLANDS
8
-
-
4
-
-
0
4
I
I
I
IIIMIMIII
-
8
0
i i l n h i l i i
12
EURO-SWISS FRANC
GERMANY
EURO-DM
1976
1978
1976
1978
-
8
-
4
CHART 5
3-MONTH INTEREST RATES
WEEKLY SERIES
PER CENT PER ANNUM
PER CENT PER ANNUM
12
—
12
CANADIAN1 FINANCE CO. PAPER
-
kti, ,
L
EURO-DOLLAR
1U . S .
1
1
P
/V
-
CD'S
1 1 1 1 I 1 II 1 ! 1
1
V
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
PER CENT PER AW
NT PER ANNUM
10
3-MONTH
OVERNIGHT
6
Iiiliilii
2
10
6-MONTH
7-DAY
6
2
1-YEAR
10
1-MONTH
6
2
1976
1978
1976
1978
•
#
#
#
#
CHART
#
#
#
7
SELECTED EURO-DOLLAR AND U. S.MONEY MARKET RATES
AVERAGES FOR WEEK ENDING WEDNESDAY
PER CENT PER ANNUM
10
8
3-MONTH
FEDERAL FUNDS
EURO-DOLLAR
DASHED LINE
DEPOSITS
OVERNIGHT
EURO-DOLLAR
6
DEPOSITS
90-DAY CD*S
DASHED LINE
4
2
DIFFERENTIAL
DIFFERENTIAL
ADJUSTED
FOR
RESERVE
ADJUSTED
REQUIREMENTS
FOR
RESERVE
REQUIREMENTS
+
0
2
1976
FAVORS
BORROWING
IN U . S . IF
POSITIVE
1978
1976
1978
CHART
8
INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+). INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PER CENT PER ANNUJ
PER CENT PER ANNUM
10
EURO-DOLLAR DEPOSITS
INTERBANK
INTERBANK STERLING
COVERED FRANKFURT
COVERED LONDON
EURO-DOLLAR DEPOSITS
DASHED LINE
DIFFERENTIAL
DIFFERENTIAL
1
1 I
liiliiliilii
I I I I I t i l l I I I II I I I I
I IIIIIIII' I
2
r
10
CANADIAN FINANCE CO. PAPER,
10
-
8
-
6
-
4
EURO-DOLLAR DEPOSITS
COVERED
SWISS INTERBANK (SF) COVERED
U.S. COMMERCIAL PAPER
DASHED LINE
DASHED LINE
DIFFERENTIAL
DIFFERENTIAL
I
1976
-
1978
1976
I
liiliiliiliiliiliiliihi
1978
|
CHART
9
LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PER CENT PER ANNUM
PER CENT PER ANNUM
CANADA
UNITED STATES
r
-
V1
-
-
i ii
111111 11
JAPAN
INDUSTRIAL
SWITZERLAND
GERMANY
UNITED KINGDOM
FRANCE
NETHERLANDS
hill i
U. S.
CORPORATE
MONTHLY
U. S.
EURO-DOLLAR
I
X
x
—
CORPORATE
MONTHLY
-
BONDS
^
Aaa
EURO-DM
BONDS
1
1976
BONDS
1978
1976
1 i1 1 1 1 I1 I
JLLL
1978
CHART 10
INDUSTRIAL STOCK INDEXES
WEEKLY SERIES
RATIO
1969:
140
120
UNITED STATES
100
UNITED KINGDOM
80
60
320
280
JAPAN
240
200
160
140
120
CANADA
100
SWITZERLAND
80
H
60
ILL
140
120
FRANCE
GENERAL
INDEX
GERMANY
100
Y
-
—
80
60
I
1976
1978
I
I
I
I
1976
I
1978
#
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
CHART 2 .
1
1
1
1
1
1
1
1
1
1
83.90
149.14
173.16
159.85
81.18
9J.60
117.02
220.27
152.67
72.02
3-MONTH FORWARD EXCHANGE RATES
CANADIAN DOLLAR
U . K . POUND
GERMAN MARK
FRENCH FRANC
SWISS FRANC
DUTCH GUILDER
JAPANESE YEN
CHART 3 .
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
0.19
0.59
4.32
-5.57
6.47
2.57
4.13
FEB.
175.91
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-OM
JAPAN
FRANCE
NETHERLANDS
EURO-SWISS FRANC
CHART 5 .
FEB.
FEB.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
1
1
27
27
27
27
27
27
13
27
6 . .80
6 , .93
6 ..38
6 , .90
3 . .50
3 .. 2 3
4 . .75
8..88
4 .. 9 4
0..14
3-MONTH INTEREST RATES
U . S . CD'S ( 6 0 - 8 9 DAYS)
GERMAN INTERBANK LOAN
JAPANESE BANK LOANS L DISCOUNTS
EURO-DOLLAR DEPOSIT
CANADIAN FINANCE COMPANY PAPER
INTERBANK STERLING
SWISS INTERBANK LOAN
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
6.82
3.50
5.25
7.36
7.07
6.39
0.67
SERIES NAME
CHART 6 .
EURO-DOLLAR DEPOSIT RATES: LONDON
OVERNIGHT
7-DAY
1-MONTH
3-MONTH
6-MONTH
1-YEAR
CHART 7 .
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
6.93
6.89
7.05
7.36
7.69
7.63
SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES
OVERNIGHT EURO-DOLLAR DEPOSITS
U . S . FEDERAL FUNDS
DIFFERENTIAL A D J . FOR RESERVE REQUIREMENTS
3-MONTH EURO-DOLLAR DEPOSIT RATE
U . S . CD'S ( 6 0 - 8 9 DAYS)
DIFFERENTIAL A D J . FOR RESERVE REQUIREMENTS
CHART 8 .
LAST VALUE PLOTTED
DATE
VALUE
FEB.
FEB.
FEB.
FEB.
FEB.
FEB.
6.93
6.80
0.42
7.36
6.82
0.41
INTEREST ARBITRAGE, 3-MONTH FUNDS
EURO-DOLLAR DEPOSIT
INTERBANK STERLING (LONDON), COVERED
DIFFERENTIAL
FEB.
FEB.
FEB.
0.39
U . S . COMMERCIAL PAPER
CANADIAN FINANCE CO. PAPER, COVERED
DIFFERENTIAL
FEB.
FEB.
FEB.
6.76
7.26
—0.50
EURO-DOLLAR DEPOSIT
INTERBANK DM (FRANKFURT), COVERED
DIFFERENTIAL
FEB.
FEB.
FEB.
7.36
7.82
-0.45
EURO-DOLLAR DEPOSIT
SWISS INTERBANK, COVERED
DIFFERENTIAL
FEB.
FEB.
FEB.
7.36
7.14
7.36
6.98
0.22
SERIES NAME
#'
e
HART 9 .
LAST VALUE PLOTTED
DATE
VALUE
LONG TERM GOVERNMENT BOND YIELDS
UNITED STATES
GERMANY
JAPAN (MONTHLY)
SWITZERLAND
CANADA
FRANCE
NETHERLANDS
UNITED KINGDOM
JAN.
JAN.
DEC.
JAN.
JAN.
JAN.
JAN.
JAN.
27
27
20
27
13
13
20
7«,98
5 . ,45
6 . .27
3 . .67
9 . .06
10,,84
7.,20
9 . ,69
U . S . CORPORATE
AAA BONDS
EURO-DM BONDS
EURO-DOLLAR BONDS
CHART 1 0 .
DEC.
NOV.
NOV.
8.19
6.45
7.85
INDUSTRIAL STOCK INDEXES
UNITED STATES
JAPAN
CANADA
FRANCE
UNITED KINGDOM
SWITZERLAND
GERMANY
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
JAN.
27
13
13
13
27
20
20
91.44
247.08
85.52
82.02
113.75
76.09
100.74
F
'•
ft*!
E
D
E
R
A
L
R
E
S
E
R
V
E
s t a t i s t i c a l
r e l e a s e
.'
H. 10
FEBRUARY
FOREIGN EXCHANGE RATES
FOR THE MEEK ENDING
FEBRUARY
3,
7,
1976
1978
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
MONETARY
UNIT
JAN. 30
JAN. 3 1
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
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
113.7200
6.57500
3.04500
90.3300
17.3900
25.0000
21.1050
47.2500
12.3500
194.7500
0.11517
0.41360
42.3000
4.3975
44.1100
102.2000
19.4500
2.4850
115.0500
1.2393
6.2500
21.4675
50.3300
194.7500
113.8000
6.61000
3.05750
90.2700
17.5100
25.0850
21.0600
47.3500
12.3500
194.7500
0.11537
0.41390
42 . 3 0 0 0
4.3950
44.2300
102.3000
19.4900
2.4900
115.0500
1.2415
6.2500
21.5200
50.3000
194.7500
(RATE U . S . CENTS)
FEB.
1
113.6500
6.59750
3.05500
90.1900
17.4700
25.0500
20.9000
47.2700
12.4000
194.8100
0.11525
0.41390
42.3000
4.4000
44.1500
102.1500
19.4600
2.4950
115.0500
1.2400
6.2500
21.4500
50.3500
194.8100
FEB.
2
113.6500
6.59500
3.05650
90.1500
17.4300
25.0600
20.6500
47.3700
12.4000
194.9200
0.11515
0.41355
42.2900
4.4000
44.2600
102.2000
19.4400
2.4875
115.0500
1.2367
6.2500
21.4600
50.5400
194.9200
FEB.
3
113.6000
6.61750
3.05900
90.1800
17.4800
25.0700
20.3700
47.4300
12.4000
194.1000
0.11520
0.41350
42.3000
4.4000
44.2200
101.8500
19.4700
2.4525
115.0500
1.2347
6.2500
21.4900
50.8200
194.1000
@FedFRASER