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Selected Interest & Exchange Rates Weekly Series of Charts JANUARY 24,1977 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 (DASHED LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MAY 1970 PARITY=100 CANADIAN DOLLAR 100 90 80 RATIO SCALE MAY 1970 PARITY=100 FOREIGNjCURRENCY PRICE OF: U.S. DOLLAR ^ X-z"-N 140 JAPANESE YEN FRENCH FRANC — 120 120 - - w y — Vs 100 I z — I I - z 100 | | | Illllllllll 200 180 SWISS FRANC — — "0 GERMAN MARK — - - - A \ J — 140 120 I ! I I 160 J\s~ — 140 A r 120 100 \ / i I I DUTCH GUILDER xv A - — I I , — BELGIAN FRANC J r - ^ x —' r ^ V— *Z" — 100 I \ I I I I I nlnliiln - 100 \ U.K. POUND ITALIAN LIRA Ii\ \\ 80 ' 60 — i 1975 1977 I I I I 1975 - I 1977 Chart 2 3-MONTH FOAWARD EXCHANGE RATES PR EMI UM (+), OR DISCOUNT ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PER NT PER ANNUM 6 . AA + CANADIAN DOLLAR 0 6 - I I I I I I PER CENT PER ANNUM + 0 SWISS FRANC U.K. POUND 6 12 18 6 DUTCH GUILDER GERMAN MARK + 0 6 6 + 0 JAPANESE YEN 2 per cent on scale equals 1 per cent on all others FRENCH FRANC 6 12 1975 1977 1975 1977 Chart 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 200 12.5 Kg BARS Afternoon fixing price - 180 160 - 140 - 120 100 80 1975 1977 Chart 4 CALL MONEY RATES W E E K L Y SERIES PER CENT PER ANNUM PER CENT PER ANNUM 16 16 JAPAN U.S. FEDERAL FUNDS 12 - OVERNIGHT EURO-DOLLARS l 16 l l l l l - I I I l - - — - f y I U.K. 2 - DAY LOCAL AUTHORITY J 12 8 mili / 1 1 1 1 1 1 1 1 | 1 1 | 11 | 1 M 1 i l l I I I 111 — - k. — 1 1 1 — CANADA 0 rl FRANCE - w 8 4 — - 4 12 d 11 - # - NETHERLANDS - 1 1 1 1 1 1 llhlllllll llhlllllll GERMANY EURO-SWISS FRANC II EURO-DM IIllllllI II 1975 1977 1975 1977 Chart 5 3-MONTH INTEREST RATES WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM C A N A D I A N FINANCE CO. PAPER UNITED STATES CD s U.K. INTERBANK STERLING GERMAN INTERBANK RATE 14 - A . - J - I r JAPAN 10 Monthly I SWISS DEPOSIT RATE \ - EURO- -DOLLAR I I I I I I I 1975 I T i h i liTlT^T, I 1 I I 1 I I 1 I I 1977 1975 1977 Chart 6 EURO-DOLLAR DEPOSIT RATES L o n d o n AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM - 3-MONTH OVERNIGHT - :A - Vv " i l l „ I I I 111111111,7 6-MONTH 7-DAY IIlllllll11 1-YEAR 1-MONTH 1975 1977 1975 1977 • • • • • • • Chart 7 SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER PER CENT PER ANNUM 12 OVERNIGHT Euro-dollar deposits 3-MONTH Euro-dollar deposits 8 FEDERAL FUNDS 90-DAY CD's 4 DIFFERENTIAL Adjusted for reserve requirements DIFFERENTIAL Adjusted for reserve requirements + 0 — \r vv* v 1975 http://fraser.stlouisfed.org/ Favors Borrowing Federal Reserve Bank of St. Louis in U.S. if Positive 1977 1975 1977 Chart 8 INTEREST ARBITRAGE: 3-MONTH FUNDS AVERAGES FOR WEEK ENDING WEDNESDAY DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS PER NT PER ANNUM 15 PER CENT PER M INTERBANK DM Covered Frankfurt EURO-DOLLAR DEPOSITS 10 15 10 INTERBANK STERLING Covered London 5 5 EURO-DOLLAR DEPOSITS i'1't iv*,/! i + 0 5 f\ AV DIFFERENTIAL U I I \J ' lz/- 0 - VV^ 1 ' DIFFERENTIAL 5 I 1 m11ilii11ill111ill11n ill111 ill111 i l l 1 1 1 ' i l l i 15 15 CANADIAN FINANCE CO. PAPER. COVERED SWISS DEPOSITS (SF) COVERED 10 5 10 U.S. COMMERCIAL PAPER 5 EURO-DOLLAR DEPOSITS + 0 + 0 -w\/V, DIFFERENTIAL DIFFERENTIAL 5 11 l l l l i l l III ill Nil 1975 1977 I I I llllllllllll 1975 5 ill iilnl 1977 Chart 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER :ENT PER ANNUM 9 PER CENT PER / CANADA UNITED STATES 10 7 8 5 6 J_L 12 9 JAPAN Industrial 10 - \ / SWITZERLAND - 8 7 5 GERMANY - I 6 I I I I I 3 13 19 11 17 FRANCE UNITED KINGDOM 9 15 7 13 NETHERLANDS 5 11 12 12 U.S. CORPORATE Monthly U.S. CORPORATE Monthly 10 10 Euro-dollar bonds Aaa bonds 8 8 Euro-Dm bonds 6 6 1975 1977 1975 1977 Chart 10 INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO 1969: SCALE 00 180 140 UNITED STATES 100 RATIO SCALE 1969=100 80 60 UNITED KINGDOM 360 280 JAPAN 200 160 120 180 140 SWITZERLAND CANADA 100 80 60 180 140 Z FRANCE General Index GERMANY 100 80 I I I III III I I 60 1975 1977 1975 1977 SERIES ChART 1. SPLT EXCHANGC LAST VALUE PLOTTE DATE VALUE NAME KATES U . S . D O L L A R , WEIGHTED AVERAGE J A P A N E S E YEN GERMAN MA FA DUTCH G U I L D E R U . K . PDUNu C A N A D I A N UOLLAK FRENCH FRANC S W I S S FRANC B E L G I A N FRANC I T A L I A N LIRA CHART 2. 3 - M U N T H FORWARD EXCHANGE 3. UOLU P R I C E U.S. CHART 4. DOLLAR CALL MONEY IN PER 5. 90.50 123.53 152.52 143.98 11.41 107.13 111.45 175.11 135.39 70.96 JAN. JAN. JAN. JAN. JAN. JAN. JAN. 19 19 19 19 19 19 19 -2.92 -9.05 0.57 -6.73 3.97 —1 . 0 0 -0.53 JAN. 19 132.14 JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. DEC. JAN. 19 19 14 14 14 14 14 14 31 14 4.65 4 . SO 14.75 8.25 4.50 4.63 7.00 9.88 6.20 0.47 JAN. JAN. NOV. JAN. JAN. JAN. JAN. 19 19 4.75 4.78 8.19 5.25 8.25 14.06 4.00 LONDON FINE OUNCE RATES U . S . F E O E k A L FUNDS UVEKNIGHT EURO-DOLLAR OfcPOSITS U . K . 2 - D A Y LOCAL AUTHORITY D E P O S I T S CANADA GERMANY EURO-DM JAPAN FRANCE NETHERLANDS E U R O - S W I S S FRANC CHART 19 19 19 19 19 19 19 19 19 19 RATES C A N A D I A N DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC S W I S S FRANC DUTCH G U I L D E R J A P A N E S E YEN CHART JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. JAN. 3-MONTH I N T E R E S T RATES U . S . C D ' S ( 6 0 - 8 9 DAYS) GERMAN I N T E R B A N K LOAN J A P A N E S E COMPOSITE LOAN EURO-DOLLAR DEPOSIT C A N A D I A N F I N A N C E COMPANY PAPER INTERBANK STERLING SWISS DEPOSIT 19 19 19 19 # LAST VALUE PLOTTfc DATE VALUE SERIES NAME CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 0-MONTH 1-YEAR 19 19 19 19 19 19 4.80 4.7C 4.96 5.25 5.68 5.96 J A N . 19 J A N . 19 J A N . 19 J A N . 19 J A N . 19 J A N . 19 4.80 4.65 0.35 5.15 4.75 0.42 EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL JAN. JAN. JAN. 19 19 19 5.25 5.01 0.24 U . S . COMMERCIAL PAPER CANADIAN FINANCE CO. PAPER, COVERED DIFFERENTIAL JAN. JAN. JAN. 19 19 19 4.75 5.33 —0.58 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL JAN. JAN. JAN. 19 19 19 5.25 5.35 -0.10 EURO-DOLLAR DEPOSIT SWISS DEPOSIT ( S F ) , COVERED DIFFERENTIAL JAN. JAN. JAN. 19 19 19 5.25 7.97 -2.72 CHART 7 . SELECTED EURO-DOLLAR AND U . S . JAN. JAN. JAN. JAN. JAN. JAN. 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 . FOR 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 6 . INTEREST ARBITRAGE, 3-MONTH FUNDS SERIES NAME CHART 9 . LAST VALUE PLOTTED DATE VALUE LONG TLRM GOVERNMENT BOND Y I E L D S JAN. 1 * JAN. 7 DEC. DEC. 3 1 JAN. 14 DtC. 31 DEC. 3 1 7 JAN. UNITED S T A T t S GERMANY JAPAN (MONTHLY) SWITZERLAND CANAO A FRANCE NETHERLANDS UNITED KINGDOM 7.24 7.00 6.73 4.42 6.51 10.72 7.43 13.40 CORPORATE DEC. NOV. NOV. AAA bUNDS EURO-DM BLNDS EURO-DOLLAR BONDS 0. I N D U S T R I A L STOCK UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY 7.98 6.93 7.76 INDEXES JAN. 14 DEC. 2 4 DEC. 2 4 DEC. 3 1 JAN. 7 7 JAN. JAN. 7 107.98 247.67 91.13 91.79 87.02 72.54 93.46 FEDERAL RESERVE s t a t i s t i c a l JANUARY 2 4 , FOREIGN EXCHANGE RATES FOR THE WEEK ENDING JANUARY 2 1 , r e l e a s e 1977 1977 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 IRA1rE U . S . CENTS JAN. 19 MONETARY UNIT JAN. 17 J A N . 18 DOLLAR SCHILLING FRANC DOLLAR KRONE MARKKA FRANC D . MARK RUPEE POUND LIRA YEN DOLLAR PESO GUILDER DOLLAR KRONE ESCUDO RAND PESATA RUPEE KRONA FRANC POUND 108.2500 5.87000 2.71200 98.8600 16.9200 26.2300 20.0700 41.7400 11.2500 171.3800 0.11330 0.34280 39.7300 4.9900 39.7900 94.5500 18.8600 3.1100 114.7500 1.4567 11.4000 23.6300 40.1200 171.3800 108.2800 5.87000 2.70650 98.6300 16.7800 26.2500 20.0600 41.5400 11.2500 171.5500 0.11330 0.34340 39.7100 4.9800 39.7000 94.6300 18.7800 3.1100 114.7500 1.4573 11.4000 23.5500 39.8800 171.5500 108.2200 5.84000 2.70000 98.8600 16.8200 26.1800 20.0700 41.5000 11.2500 171.8500 0.11330 0.34530 39.6700 4.9800 39.6500 94.6600 18.7800 3.1000 115.0000 1.4556 11.4000 23.5200 39.8800 171.8500 JAN. 20 JAN. 2 1 108.4900 5.85000 2.70700 99.1200 16.8600 26.2100 20.0700 41.6000 11.2500 171.6500 0.11340 0.34450 39.8000 4.9700 39.7000 94.8100 18.7800 3.1100 115.0000 1.4551 11.4000 23.5400 39.9300 171.6500 108.6500 5.86000 2.71100 98.9400 16.8900 26.2400 20.1000 41.6100 11.3000 171.6200 0.11330 0.34430 39.8400 4.1700 39.7400 95.1000 18.8300 3.1100 115.0000 1.4552 11.4500 23.5600 39.9200 171.6200
@FedFRASER