The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
LOitfmi-
^
^
JUL so ws
1973
f13
R e l e a s e No. 619
ipnaI Finance. Statistical & Data Management Unit
SELECTED INTEREST &
EXCHANGE RATES
FOR MAJOR COUNTRIES &
THE US.
W E E K L Y SERIES O F C H A R T S
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
H . 13
J u l y 1 8 , 1973
N o , 619
TABLE OF CONTENTS
PART I. EXCHANGE RATES AND GOLD PRICES
Chart 1A
- Spot Exchange Rates, Major Currencies against U.S. Dollar
Chart 2A and B - 3-Month Forward Exchange Rates, Major Currencies against
U.S. Dollar
Chart 3A and B - 3-Month Forward Exchange Rates, Major Currencies against
U.K. Pound
Chart 4
- Gold Price in London
PART II. SHORT-TERM INTEREST RATES
Chart 5
- Call Money Rates
Chart 6A and B - London: Euro-$ Deposit Rates
Chart 7A and B - New York - London: Yields on U.S. Dollar Funds
Chart 8A and B - London: Covered Yields on U.S. Dollar Funds
Chart 9A and B - Interest Arbitrage: United States-United Kingdom
Chart l O A a n d B - Interest Arbitrage: U.S.-Germany and U.S.-Switzerland
Chart 11
- Interest Arbitrage: United States-Canada
Chart 12A and B - Selected Short-term Interest Rates
PART III. LONG-TERM INTEREST RATES AND STOCK INDICES
Chart 13
Chart 14
- Long-Term Bond Yields
- Industrial Stock Indices
PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND
LATEST FIGURES PLOTTED ON THE CHARTS
NOTE: This series is a continuation of the CAPITAL MARKETS DEVELOPMENTS ABROAD,
which was published under that title through December 31,1968.
The changes in the format and order of the charts are explained in the Supplement
to the series, which accompanied issue dated January 1,1969.
All series and their sources are fully described in a Supplement dated January 1, 1972.
SUPPLEMENTARY
CHART
U
July 16, 1973
SELECTED EXCHANGE RATES FROM JANUARY, 1973
Meekly averages (week ending on Wednesday) of daily offered rates in the New York market
as percent above or below Smithsonian central rates.
above average market
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR
Weekly averages
Per cent per an
I I I I I ' '
PREMIUM
4
+
0
U.K. POUND
4
DISCOUNT
8
PREMIUM
GERMAN MARK
4
+
0
4
DISCOUNT
PREMIUM
DUTCH GUILDER
4
+
0
DISCOUNT I
D
1970
M
J
I
I
S
I
1971
1973
Canadian Dollar Rate not supported by Bank of Canada,
s DESCRIPTION AND SOURCES OF DATA, January
4
I
D
1, 1973, pp. 2 3.
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR
Weekly averages
1 1 j 1 M
'
i
j
i 1
1 1
|
!
1
|
,
!
i
Per cent per annum
1
M
! II
| i i j 1 1
1 1 | 1 1 | 1 1 | 1 1
PREMIUM +
FRENCH FRANC
-
X^
R - xV Y/
^
\
/v-v
/
X
r|
DISCOUNT PREMIUM +
SWISS FRANC
rv^
w / v \
DISCOUNT -
111
M
i i i i i i i i
J
S
D
1 i 1 ! , i II
1 1 1 1 1 1 1 1 1 1 1
M
1970
J
S
D
M
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3.
J
1972
! 1' M
S
D
i i i i i i i i i M
M
J
S
1973
D
Chart 3A
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND
Friday figures
Per cent per annum
PREMIUM
GERMAN MARK
U.S. DOLLAR
DISCOUNT -
S
D
1970
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA. January 1. 1973, p. 3
M
J
1972
S
D
M
J
1973
S
D
1
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND
Friday figures
Per cent per annum
SWISS FRANC
FRENCH FRANC
1970
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p.'3.
1972
1973
*
GOLD PRICE IN LONDON, 12.5 Kg BARS
Week's average of afternoon fixings
U S. dollar equivalent per fine ounce
.22 0 0 —
8 0
i i I i i I i i I i i I i i I i i I i i I i i I i i 4 i i I i i I i i I i i I i i I i i I i i
M
J
S
D
M
1970
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January I , 1973, p. 4.
M
J
S
1972
D
M
J
S
1973
D
°\ .
Chart 5A
CALL MONEY RATES
DOLLAR FUNDS
Weekly averages
15 0 5
Per cent per annum
14
OVERNIGHT EURO-DOLLAR DEPOSITS
CALL EURO-DOLLAR DEPOSITS
FEDERAL FUNDS
DIFFERENTIAL
EURO-DOLLAR OVER
FEDERAL FUNDS
EURO DOLLAR
lA2
EURO-CURRENCIES
Weekly averages
Per cent per ai
EURO-DM
EURO-SWISS FRANC
s
1970
1971
* Changed from CALL ToOVIPMGH] E u r o :!o 11 - depovt- May 10. 19/1
See DESCRIPTION AND SOURCES OF DATA
January 1. 1973 pp 4 6
1972
D
1973
\0
Chart 5B
CALL MONEY RATES
SELECTED FOREIGN AND EEC CURRENCIES
Friday figures
Per cent per annum
12
FRANCE
NETHERLANDS
I I I II 1 I 1 1 I
I I
i I i i ri
i I i i I i i I
n-^JAPAN^^
CANADA
1 1 1 1 1 1 II
1 1 1
I I I
II
1 II
1 1 1
II
i
i
1 II
I
i
1 II
i
I
1 1 1
1 I.M
i
France, Day-to-day Money, Netherlands, Call Money, weekly average; Japan, Unconditional Money;
Canada, Day-to-day Loans, weekly average; Germany, Call Money; U.K., 2 day Local Authority Deposits.
DESCRIPTION AND SOURCES OF DATA, January
Digitized forSeeFRASER
1, 1973, pp. 4-6.
1 1 ) 1 II
I i i I i i I
o
\l
LONDON: EURODOLLAR DEPOSIT RATES
Friday figures
Per cent per annum
12
OVERNIGHT
7-DAY
12
\
H
10
-VL
u - VI V ill
/
V \J\jM
1
1-MONTH
*
-
1
1 i
m
1 1 i
1 1 1 1 1
j
s
d
i
i
i
m
1970
i
i
i
j
i
i
i
s
i
i
d
1971
* May 1 2 / 7 1 — c h a n g e d to Overnight Euro-Dollar Deposits
* * J u l y 1 - c h a n g e d to 7-Day Euro-Dollar
DESCRIPTION AND SOURCES OF DATA, January
Digitized forbeeFRASER
1. 1973, p. 6.
111111111111
m
j
s
1972
d
m
1
1 1
1 1 1 1 1 1 1 1
j
1973
s
d
r
Chart 6B
LONDON: EURO DOLLAR DEPOSIT RATES
Friday figures •
Per cent per annum
-
-
\ J\
V\
3-MONTH
-
-
1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1
i i 1 i i 1 i I 1 I I
I l 1 l l 1 l 1 1 l l
-
\
v v
6-MONTH
f
-
-
-
-
i i 1 i i 1 ii
1970
1 i i
II
1 1 1 1 1 1 1 1 1
1971
?e DESCRIPTION AND SOURCu . OF DATA, January 1, 1973, p. 6.
i i 1 i i 1 i i 1 i i
1972
I l 1 I l 1 l l 1 II
1973
%
-J
Chart 7A
NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS
3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET
Per cent per annum
Wednesday figures
EURO DOLLAR DEPOSIT
U.S. CERTIFICATE OF DEPOSIT
FAVOR EURO-DOLLAR
DIFFERENTIAL
~
-
A
Wv\X
EURO-DO LLAR OVER U.S. CERTIFIC:ATE OF DEPOSIT
1 1 1 1 ! i 1 1 1 1 1
M
J
5
D
1970
M
J
S
D
1971
See DESCRIPTION AND SOURCESOF DATA, January 1. 1973. pp. 6
i i 1 i i 1 i i 1 i i
M
J
1972
! 1 1 1 1
D
1 1 1 1 1
M
1973
w
NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS
3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET
Wednesday figures
Per cent per annum
12
EURO-DOLLAR DEPOSIT
ADJUSTED
EURO-DOLLAR DEPOSIT
U.S. CERTIFICATE OF DEPOSIT
ADJUSTED*
EURO-DOLLAR OVER
U.S. CERTIFICATE OF DEPOSIT
ADJUSTED*
* Adjusted for Reserve Requirement
* * Adjusted for 10% Marginal Reserve Requirement
* * * Adjusted for 20% Marginal Reserve Requirement
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 6-7.
Chart 8A
LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS
HIRE PURCHASE/STERLING CD's vs EURO-DOLLAR RATES
Friday figures
Per cent per annum
12
EURO-DOLLAR DEPOSIT
8
HIRE PURCHASE
4
COVERED
STERLING CD's
COVERED
0
\
A
FAVOR STERLING CD's
!
DIFFERENTIAL
+
.A A
0
y
\
K
|
4
FAVOR EURO DOLLAR
1
1 1 1 ;
M
l i - i
J
1 ;
S
1
i l
D
1970
M
M
!
J
I
1 1 1
1 !
1
S
D
M
1971
1 1 1 !
1 M
J
S
1972
* H i r e Purchase suspended August 11, 1972 and Sterling Certificates of Deposit
begin August 11, 1972.
See DESCRIPTION AND SOURCES OF DATA, January 1. 1973, pp 7-8
1
1 M
D
M
1 1 I I '
J
1 I I
S
1973
1 I I
8
Chart 8B
LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS
LOCAL AUTHORITY AND EURO DOLLAR RATES
Friday figures
Per cent per annum
12
EURO-DOLLAR DEPOSIT
LOCAL AUTHORITY
DEPOSIT
COVERED
FAVOR LOCAL AUTHORITY
.
DIFFERENTIAL
IA A
Ay
"V^
-
FAVOR EURO-DOLLAR
i
i
M
i
M
i
M
J
i
S
M
D
1 M
M
1970
!
i
i
1 i
J
i
1 M
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7 8.
I I 1 I I 1 1 I 1 I I
I I
M
M
J
S
1972
D
1 1 1 1 1 1 1 1 1
J
1973
S
D
INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES
Friday figures
Per cent per annum
3 - M O N T H TREASURY BILL RATES
14
U.K. LOCAL AUTHORITY DEPOSITS
UNCOVERED
NEW YORK
LONDON.
NEW YORK
s
1970
1971
* Plotted tor comparison purposes
See DESCRIPTION AND SOURCES OF DATA. January 1. 1973. pp 8 - 9
1972
s
1973
D
\
Chart 9B
'
INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATFS
Friday figures
^
IVr • .-ut pi-r .mmim
RATE DIFFERENTIAL AND 3 - M O N T H FORWARD STERLING
PRLMIUM
SPREAD IN FAVOR OF LONDON
FORWARD RATE
DISCOUNl
RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER
FAVOR LONDON
FAVOR,NEW YORK
s
1970
1971
See DESCRIPTION AND SOURCES OF DATA, January I , 1973, pp.8-9.
1972
1973
Chart 10A
3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK
F R A N K F U R T I N T E R B A N K L O A N RATE VS. L O N D O N E U R O - D O L L A R RATE
Wednesday rates
14 2 5
Per cent per annum
GERMAN INTERBANK
LOAN RATE
EURO-DOLLAR
FAVOR FRANKFURT
DIFFERENTIAL
FAVOR EURO-DOLLAR
S
D
1970
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp 9-10.
No q u o t a t i o n
1972
D
M
J
1973
S
D
Chart 10B
3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC
Z U R I C H DEPOSIT RATE VS. L O N D O N EURO-DOLLAR RATE
Wednesday rates
I
I
I
I
I
I
I
I
I
H
U
U
I
Per cent per annum
I
|
I
I
|
I
I
|
I
I
I
I
I
I
I
I
|
I
I
|
I
I
SWISS DEPOSIT RATE
EURODOLLAR
COVERED
T
FAVOR ZURICH
DEFERENTIAL
FAVOR EURO DOLLAR
1 I
1 i
I
I
I
1970
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9 1 0 .
1 I
I
1 1 I
I
I
I
I
I
I
1
I
I
1 I
I
I
I
I
8
J
3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES
1 1 | 1 1 | M
1 1 1 1 1 1 1 1 1 II
- . B I L L RATES
II
[ 1 1
| I I
| 1 1 | 1 1
UNITED STATES
TREASUIRY BILLS
CAN. FIN. CO. PAPER
-
1 1 | 1 1 | I I
| 1 1
TREASURYB ILLS
1
1
1
BILL RATE DIFFERENTIAiL AND FORWARD CANADA iN DOLLAR
PREMIUM
/ v
FORWARD RATE
h i \r
Vu
\ j \ A
V \
-
A
:
^
:
/A/Vy/
GROSS SPREAD IN FAVOR OF CfiINADA
DISCOUNT
1
COVERED RATE DIFFER!iNTIALS
ty\A
JW V \ /
w
/
FAVOR CANADA
VC
, PRIME FINANCE PAPEF
Wfwj
V
TREASURY IBILLS
\y
FAVOR U.S.
i i 1 i i 1 ii
M
J
II
1 i i
S
D
1 i i 1 i i 1 M
M
1970
J3
S
II
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp 10-11.
1 11
M
1 1 1 1 II
J
1972
S
U
D
1 1 1 1 II
M
J
1973
1 II
S
D
z
SELECTED SHORT-TERM INTEREST RATES*
Per cent per a n n u m
-
J — ~ v ^ ,
"
L
V
V
vi
vv
1
i
rXAW \
J
\
i
t
\
/
rr
/
L/
1
GERMANY '
v/t
J
-
V y u.s.
1 1 1 ! I
I
M
i 1 1 1 I
1 M
1 II
1 1 !
I
M
M
i M
1 ii
111
1 ii
1 ii
1 i i
.. 1 . 1 1 1 1 I 1 1 1 1 1
-
-
t
i
/
Y\
1
1
i 74,
U.K.
—
/
/
'
;y
-
yZ'
J
u.s.
i i
: I ! j i ! 1 1 !
!
1 1 1 1 1 i 1 1 M
1 i i
i I ! ! 1 1 u
!
i
!
I I
J
I 1
I
1 i
II
If 1
i i
! M
! M
1
II
JAPAN
MONTHLY
•! 1 i i
1970
1971
1972
1 ! ! 1 1 1 1
1973
* 3 m o n t h t r e a s u r y bill rates for all countries except Japan(Average rate on bank loans and discounts)
and G e r m a n y f l n t e r b a n k Loan Rate)
See DESCRIPTION AND SOURCES OF DATA. January 1. 1973, pp 1 1 1 2
h
1974
i h
i
Chart 12B
SELECTED SHORT-TERM INTEREST RATES
Per cent per
V\„
L V N IT
Va
,v
n
0
DOLLAR - LONDOI
1 1 1 1 I I
1
\-
M
1 1 1 1 1 1 1 1 1
V \/
V
v—1 f u
l l
M
-
/
1 I I
M
1 1 1 1 1 1 1 1 1
111
M
1 1 1 1 1 1 1
-
U.Su/Z
v
/
i
i
'i>—
i
i
/u
- " - J
1
1 1 1 1 1 1 I 1 1 1 1
1 I I 1 M
*Sa
i
1
L'V
r,/
r\ rA
« i
L/*Vu.S.
1 1 1 I I
-
;
j SWITZERLAND
iTl 1 1 1 1 1 1 11 1 1M 11 111 1 1 1
1 1 1 1 1 1 1 1 1
u . s ^
¥\
\\ //J WA >
1 1 1 1 1 1 1 1 1 1 1
J
Ns
-
r
/
CANADA
i
i
1 i i
1 i i 1 i i
1 11
I I
1970
1 1 1 1 I I
1971
I I
1 1 1 1 1 1 1 1 1
1972
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12.
i
i 1 M
1 M
1973
1 i i
i
i 1 i i 1 i i 1 i i
1974
y
i
LONG-TERM BOND YIELDS
Weekly f i g u r e s
Per cent per annum
-
NETHERLANDS
U.S.
SWITZERLAND
1 1 1 i 1 1 i 1 1 M
I. 1
1 1 1 1 1 1
1 1 1 i 1 1 j J J 1 1 „ 1 1 I 1 1 1 1 1 1 1 1
1 1 1
1 1 1 I I
1 1 1 1 1 1
-
U.K.
\r
Z'V
1 1 I 1 1 1 I ! 1 1 1
1 1 1 I I
GERMANYZ^
x
Y
i 1 1 M
1 1 1 1 1 L
v „ .
CANADA
IM
I I I I
1 1 1 1 1 1 1 1 1 1 1
1 ! 1 1 1 1 I I
1 1 1
M o n t h l y figures
U.S. CORPORATE:
DOLLAR EURO-BON DS
-
AaaBONDS
v
1
DM EURO BONDS
i
1 1 1 ] ! I ! M
: i 1 11
i • M
1970
; - i :
1971
;
i i i : i :
1972
See DESCRIPTION AND SOURCES OF DATA. January 1, 1973, pp. 12 15.
1 i i
1 1 1 M
i 1!
1973
1 1 1
1 1 1 1 1 1 1 1 1 1 1
1974
y4
INDUSTRIAL STOCK INDEXES
Ratio scale, 1958 = 100
Ratio scale, 1 9 5 8 = 1 0 0
320
UNITED STATES
L
V
1 1 1 1 1 1 II
1 II
I I
I
I I
I
I I
I
I I
I I
I
I I
I
240
I I
I
I I
I
1200
960
SWITZERLAND
SWITZERLAND
640
320
240
480
UNITED KINGDOM
320
160
CANADA
240
i I I I i I-' 1 1 M
1970
1972
I ! i
1 I I I I I II
1973
I I I
160
J u l y 1 8 , 1973
H. 13
No. 619
Country
IV. SELECTED CENTRAL BANK DISCOUNT RATES
Current Rate
In Effect Since
Previous Rate
In Effect Since
E.E.C.:
Belgium
France
6.0
July 5 ,
1973
5.5
M a v I P , 1973
8.5
July 5 , 1973
7.5
Nov. 3 0 . 197:
Germany
7.0
June 1 , 1973
6.0
Mav 3 .
Italy
4.0
1973
Apr. 10, 1971!
4.5
Oct.
Netherlands
6.0
July 1 8 , 197'
5.0
June 2 8 , 1973
**United
Kingdom
7.50
June 2 2 , 197:
7.75
May 1 8 ,
Switzerland
4.5
14.
197:
19 73
Jan. 1 , 1973
3.75
Sept. 15.1972
Canada
6.25
June 1 0 , 1 9 7 3
5.75
May 1 4 . 1973
Japan
6.0
July 2 , 1973
5.5
Mav 30 r
1973
7.0
July 1 ,
6.5
June 8 .
1973
United States
1973
^ E f f e c t i v e October 13, 1972, the Bank of England replaced its traditional
Bank Rate with a fluctuating "minimum lending rate" based on average
Treasury bill tender rate. January 19, 1973 ... 8.75
H
- 1 3 18, 1973
^
July
No. 619
IV
IV22
'
LATEST FIGURES PLOTTED ON THE CHARTS
Chart
Panel
1A
Upper
Swiss franc
Lower
U.K. pound
French franc
Series
Date
Rate
July 13
+34.70
...
254.77
+24.99
+16.20
A c t u a l Rate
"
1
1
„
Japanese yen
IB
Upper
Belgian franc
Italian lire
Lower
Canadian dollar
German mark
11
A c t u a l Rate
"
July 6
July 13
Dutch guilder
2A
2B
German mark
Swiss franc
Upper
"
+33.49
-0.450
100.15
+35.42
+26.75c
+23 56
+3.29
+5.20
U.K. pound
"
-2.74
Dutch guilder
M
Canadian dollar
"
+1.83
+1.75
French franc
"
+0.81
3A
German mark
...
+5.94
"
3B
U.S. dollar
Swiss franc
French franc a
+1.86
+4.50
+2.61
4
Gold price, U.S. dollar per ounce
5A
Upper
"
Overnight Euro-S deposits
Federal Funds
Middle
Differential
Lower
Euro-currencies:
Upper
Japan, Unconditional Money
U.K., 2-day Local Author. Deps.
Canada, Day-to-day Loans
Lower
July 11
"
"
Euro DM
Euro Swiss Fr.
5B
„
France, Day-to-Day Money
9.33
9.52
-0.19
July 13
8.07
4.35
July 6
7.25
6.94
"
Germany, Call Money
July 6
July 13
Netherlands. Call Money
July 6
122.0
5.34
9.00
12.25
5.38
H. 13
July 18, 19t3
No. 619
IV- 3
Chart
Panel
6A
Series
Euro-$ Overnight Rate
6B
Rate
Date
July 13
Euro-$ 1-month Rate
„
Euro-$ 3-month Rate
..
Euro-$ 6-month Rate
7A
Upper
Euro-$ 3-month Deposits
July 1 1
Lower
Differential
II
Upper
Euro-$ 3-month Deposits
II
9.50
U.S. Certificate of Deposits (Adj.)
"
9.20
Lower
Differential: on Adj. Euro-$ Deposits
"
+0.52
11
+0.30
Upper
Euro-S 3-month Deposits
June 29
9.06
•»
6.26
Sterling C D ' s {covered)
Lower
Differential
Upper
Euro-S 3-month Deposits
"
Local Authority Deposits (covered)
..
6.32
Differential
..
-2.74
July 13
7.59
Lower
U.S. Treasury Bill rate
9A
U.K. Treasury Bill rate
Local Authority Deposit (uncovered)
9B
+0.17
9.7?
on Unadj. Euro-$ Deposits
8B
9.50
9.33
Euro-$ 3-month Deposits (Adj.)
8A
9.75
-9.88
U.S. Certificate of Deposits
-7B
9.25
10.06
Upper
Spread (+= favor London)
3-month Forward Pound
Lower
-2.80
9.06
"
6.85
July 6
7.91
July 13
July 6
July 13
-0.74
-2.36c
-2.22
Net Incentive (+= favor London)
"
-2.96
l!\
H . 13
J u l y 18,
N o . 619
IV-4
Chart
Panel
Series
10A
Upper
Euro-$ Deposits (covered)
Rate
Date
July 11
German Interbank Loan rate
10B
II
Lower
Differential
„
Upper
Euro-J Deposits (covered)
„
Swiss Deposit rate
Lower
11
Upper
ii
July 13
„
U.S. Treasury Bill rate
Canadian Treasury Bill rate
„
Bill rate differential
Forward Canadian dollar
12A
-2.41
7.50
7.59
8.13
„
-2.12
•i .
+1.68
Third
Net incentive on bills
„
Bottom
Net incentive on Finance Paper
"
+1.05
6.85
Upper
Lower
-0.44
U.K. Treasury Bill rate
"
U.S. Treasury Bill rate
"
7.59
German Interbank Loan rate
"
14.25
Japanese Average rate
Canadian Treasury Bill rate
U.S. Treasury Bill rate
12B
4.91
5.47
U.S. Prime Finance paper
(not plotted)
Second
+7.41
?.sn
Differential
Canadian Finance Paper
6.84
14.25
Euro-$ Deposits
Swiss 3-month Deposit rate
U.S. Treasury Bill rate
May
•Tuly 13
6.888
5.47
7.59
9.75
2.50
7.59
1973
H.13
July 18,
No. 619
' ^ O
IV- 5
Chart
Panel
Series
13
Upper
Netherlands
July 6
Canada
n
„
*United States
Switzerland
June 29
Germany
Middle
Julv 6
„
United Kingdom
U.S. Corp. Dollar Euro-bonds
Lower
U.S. Corp. DM Euro-bonds
U.S. Corp. Aaa bonds
14
Switzerland
Upper
Germany
United States
Middle
^
* * Japan
7.89
7.80
7.01
5.36
9.94
10.57
Series G
April
8.02
Series G
April
6.86
Mav
7.29
Julv 6
380.5
June 27
287.2
Julv 13
236.96
July 5
?7?_ 56
July 9
855.78
United Kingdom
Canada
Lower
Rate
Date
265.15
United States
Julv 13
236.96
* New -- Average yield on selected 10 year constant maturity bonds due or callable in
10 years.
** Beginning week ended September 5, 1970, the Japanese index plotted is that of all industrial and other stocks
on the First Section of the Tokyo Stock Exchange.
@FedFRASER