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(5 1 6 / 5 1 7 ) Selected Interest &. Exchange Rates W eekly Series o f Charts January 14,1980 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 BOARD O F GOVERN ORS F E D E R A L R E S E R V E SYSTEM Washington, D .C . 20551 Table o f Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIG URES PLOTTED Weekly $ 1 5.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or 2. D A IL Y C E R T IF IE D SPOT EXCHANGE RATES-H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 2. 3-M ONTH FORW ARD EXCHANGE RATES 3. GOLD PR ICE -LONDON 4. C A LL M O NEY RATES 5. 3-M ONTH IN TER EST RATES 6. EURO D O LLA R DEPOSIT RATES 7. SELECTED EURO-DOLLAR A ND U.S. M O NEY M A RK ET RATES 8. IN TER EST A R B ITRA G E: 3-M ONTH FUNDS 9. LONG-TERM G O V ER N M EN T BOND Y IE L D S 10. IN D U S T R IA L STOCK INDICES 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, DiviĀ 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. CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 197 3=100 RATIO SCALE MARCH 1 9 7 3 = 1 0 0 120 100 80 60 160 140 - 120 - JAPANESE YEN 100 80 I I ..I .. I I I \ ii l n l n l ii - i i ln ln lii 160 160 140 140 120 120 100 100 1978 1980 1978 1980 CHART 2 3-M ONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT 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 600 600 550 550 500 500 450 450 400 400 350 350 300 300 250 250 200 200 150 150 100 100 1977 1978 1979 1980 CHART 4 CALL MONEY RATES WEEKLY SERIES 20 20 16 16 12 12 8 8 4 4 20 20 16 16 12 12 8 8 4 4 0 12 0 8 8 4 4 + 0 0 4 1978 1980 1978 1980 CHART 5 3-MONTH INTEREST RATES HfEEKLY SERIES PERCENT PER AN NT PER ANNUM 18 20 14 16 10 12 6 8 2 4 10 14 10 6 6 2 8 10 6 4 2 0 1978 1980 1978 1980 CHART 6 EURO-DOLLAR DEPOSIT RATES Lo n d o n AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER AN ENT P ER ANNUM 18 18 14 14 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 PERCENT PER ANNUM PERCENT PER ANNUM 2 1 +o i 1 2 1978 1 PE RC ENT ON D IF F E R E N T IA L SCALE 1980 = 2 PERCENT ON RATE SC A LE 1978 1980 CHART 8 INTEREST ARBITRAGE: 3-M ONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER AN NT PER ANNUM 20 20 16 16 EURO-DOLLAR DEPOSITS 12 12 8 INTERBANK STERLING 8 COVERED LONDON 4 4 111i ll IJ-Li.. 0 I l i l l l lllll 0 4 2 2 + 0 + 0 2 2 4 16 16 INTERBANK DM COVERED FRANKFURT 12 12 8 8 4 4 2 2 DIFFERENTIAL + 0 + 0 2 2 1978 1980 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PERCENT PER Al ENT PER ANNUM 13 12 UNITED sta tes 10 11 - 9 8 6 iO l. I I I lllllllllll lllllllllll 7 6 8 4 6 2 4 0 13 15 11 13 9 11 7 9 5 7 12 10 U. S. 10 CORPORATE m o nthly 8 Aaa BONDS 8 6 EURO-DOLLAR BONDS LI m u 6 1978 4 1980 1978 1980 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO 1969 = 140 120 UNITED STATES 100 80 RATIO SCALE 1969=100 400 100 360 90 320 80 280 70 240 60 200 50 140 140 120 120 100 100 80 80 160 140 120 100 80 1978 1980 1978 1980 LAST VALUE PLOTTED DATE VALUE SERIES NAME 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 JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. 9 9 9 9 9 9 9 9 9 58.4 4 0.42578 52.8 9 22 5.3 3 85 .52 24.91 63.54 3.59274 0.12475 JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. 9 9 9 9 9 9 9 9 9 164 .38 111.48 151.85 91.1 4 85.23 112.27 204.43 141.57 70.87 9 9 9 9 9 9 9 9 9 9 9 85.07 155.64 9 7.9 4 136.43 78.44 73.4 0 98.73 18 3.0 9 126.11 60.1 9 94 .1 6 9 9 9 9 9 9 9 9 0.57 -2.08 6 .2 6 0.6 4 8.75 2 .4 4 6 .2 7 -5 .6 0 (IC E S, 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 GHTED AVERAGE EXCHANGE VALUE INDICES, ( 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 I T A L I A N LIRA SWEDISH KRONA CHART MAR 1973 = 100 JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. . 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 JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 3 . GOLD PRICE IN LONDON, AFTERNOON F I X IN G U . S . DOLLARS PER FINE OUNCE JAN. 9 614.54 JAN. 9 JAN. 9 JAN. 4 DEC. 28 JAN. 4 JAN. 4 JAN. 4 JAN. 4 DEC. 14 4 JAN. 13..94 14..13 16..50 13..58 8..00 8.,10 8..13 11..81 18..25 1 . ,67 JAN. JAN. JAN. JAN. JAN. JAN. JAN. 9 9 9 9 9 9 9 13 .4 7 8.6 8 8.44 14.03 16 .8 9 5.5 0 11 .3 9 JAN. JAN. JAM. JAN. JAN. JAN. 9 9 9 9 9 9 14.1 3 14.16 14.59 14.56 14 .44 13.15 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 L DISCOUNTS CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN WEIGHTED AVERAGE FOREIGN INTEREST RATE ( G - l 0 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 JAN. JAN. JAN. 9 9 9 14.13 13.94 0.1 9 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . 90-DAY C D ' S , SECONDARY MARKET DIFF ERENTIAL JAN. JAN. JAN. 9 9 9 14.56 13.47 1.09 LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART CHART . INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL JAN. JAN. JAN. 9 9 9 14.56 14.72 -0 .1 6 U . S . COMMERCIAL PAPER CANADIAN FINANCE PAPER, DIFFERENTIAL JAN. JAN. JAN. 9 9 9 13.10 14.62 -1 .5 2 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL JAN. JAN. JAN. 9 9 9 14.56 15.08 -0 .5 1 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL JAN. JAN. JAN. 9 9 9 14.56 14.37 0.19 JAN. DEC. NOV. DEC. DEC. NOV. DEC. DEC. 4 28 10.52 7.9 2 8.7 6 4.10 11 .2 3 11 .76 9.25 12.09 COVERED . 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 14 28 9 14 28 0. DEC. DEC. NOV. 9 .6 3 6.6 3 10.07 INDUSTRIAL STOCK INDICES UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY JAN. 4 JAN. 4 DEC. 29 DEC. 21 JAN. 4 4 JAN. DEC. 21 111.21 304.28 113.8 i 144.00 96.9 5 76 .07 93.84