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Selected Interest & Exchange Rates Weekly Series of Charts July 24,1978 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 RATES-H.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 a 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 PARITY=100 RATIO SCALE MAY 1970 PARITY=100 120 I ' FOREIGN CURRENCY PRICE MCE OF U.S. DOLLAR CANADIAN DOLLAR — 100 - VJ •0 " I I I I I I FRENCH FRANC GERMAN MARK SWISS FRANC JAPANESE YEN 160 - — DUTCH GUILDER / V - l BELGIAN FRANC i I I I 140 1111,, I I - 120 l l h l l l l l M 100 110 — 90 UX. FOUND X. vyi A 'X/ 1 A - ITALIAN LIRA - 70 \ A ^ A 1 - 111 i i t 1976 1 197# 1 I 1 1 1976 I lllllllillL ..Intnl.. 1978 SO CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM 6 CANADIAN DOLLAR - I I I I I I PER CENT PER ANNUM — - DUTCH 6WLDER U. K. POUND - k f 12 - 18 I I I I I I SWISS FRANC t/vA M I I I GERMAN MARK f -4 I I |,, I , , I — f ^ I I - I I I , , | Ilhllllhl — 1/ K Z A f : FRENCH FRANC /J ^ - JAPANESE YEN - J - 12 - I I I I I 1976 I I 11111111111 1976 I I I I 1070 I 1976 12 CHART 3 PRICE OF GOLD IN LONDON AVERA8ES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE 200 200 ieo 180 160 160 12.5 Kg BARS AFTERNOON FIXING PRICE 140 140 120 120 100 100 1976 1978 CHART 4 CALL MONEY RATES WEEKLY SERES m CENT WW ANNUM PER CENT PER ANNUM U.S. FEDERAL FUNDS OVERNWHT EURO-DOLLARS FRANCE U.K. 2-DAY LOCAL AUTHORITY CANADA NETHERLANDS EURO-SWISS FRANC EURO-DM 1976 1976 1976 1976 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM 12 12 — CANADIAN FINANCE CO. PAPER EURO-DOLLAR U.S. CD S V. JAPANESE BANK LOANS AND DISCOUNTS U.K. INTERBANK STERLING 10 SWISS INTERBANK RATE - GERMAN INTERBANK RATE ' I 1976 1978 I J I I i i 1976 1 v : i 1978 CHART 6 EURO-DOLLAR DEPOSIT RATES LONOON AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 10 OVERNIGHT 3-MONTH I I I II I I I I I 10 j 6-MONTH l\A 7-DAY - i i i 111 1-YEAR i 1976 1978 i i I I 1976 I 10 i i l n l i i l i i i l l n l 11 i n 1978 * • CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 3-MONTH L FUNDS D LINE EURO-DOLLAR DEPOSITS OVERNIGHT EURO-DOLLAR DEPOSITS 90-DAY CD'S DASHED LINE DIFFERENTIAL ADJUSTED FOR RESERVE REQUIREMENTS DIFFERENTIAL ADJUSTED FOR RESERVE REQUIREMENTS A ^ V A v v / \ A / I i iil l ill1111li1111iiiii i i 1976 FAVORS BORROWING IN U. S. F POSITIVE 1978 I I i i I< i 1 i i I i i I 1976 i i 1 »i I n 1 i i 1 2 1978 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUSW, INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PER PER ANNUM PER CENT PER 10 EURO-DOLLAR DEPOSITS 8 INTERBANK DM INTERBANK STERLING COVERED FRANKFURT COVERED LONDON 6 EURO-DOLLAR DEPOSITS 4 DASHED LINE 2 DIFFERENTIAL 0 DIFFERENTIAL 2 10 CANADIAN FINANCE CO. PAPER. COVERED - 8 EURO-DOLLAR DEPOSITS \ A H 6 4 U.S. COMMERCIAL PAPER __ SWISS INTERBANK (SF) COVERED DASHED LINE DASHED LINE : - 2 DIFFERENTIAL - DIFFERENTIAL 0 V v v 2 11! i i l i i l i i l i i l 1111 1976 1976 1 1 1 w ^ v / w 1 1 1976 1 / i l l ii h i l i i lllllJllln 1976 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM UNITED STATES '-JVX, I I I I I ^ - AJ - - ~ 11 I n h i l i i I 10 CANADA I I I I I I iiiiiiiiiii INDUSTRIAL SWITZERLAND 2 GERMANY 18 — i UNITED 1<INQDOM 16 FRANCE - —I / Vv 14 i 12 NETHERLANDS 10 11 U. 3. CORPORATE I I I MONTHLY U. S. CORPORATE MONTHLY EURO-DOLLAR BONDS Aaa BONDS E'JRO-DM BONDS M l 1976 ' 1978 1976 1978 1 CHART 10 INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 140 200' - 120 - UNITED STATES 100 "" VII A, / 120 - I 60 I I I I I I,, — 280 - 100 - so , , 1111,111, — 320 JAPAN 240 ' - 60 - 200 160 UNITED KINGDOM 80 160 — "ill I I I 40 MIMIUI,, 140 120 - 100 — CANADA 100 I \ Jy \ x 60 - VV I I I I 111 60 SWITZERLAND - I I I I I A. I — 60 140 - 120 - A r \ FRANCE GENERAL INDEX 100 r A GERMANY 100 60 60 •0 50 140 120 - 60 I I I I I 1976 I LJ 1976 I I l 1976 l - - 11 I 11 I 111 11 111 I 11 11M I60 II 1976 4 LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 1 . SPOT EXCHANGE RATES WEEKLY AVERAGES, NOON BUYING RATES ( U . S . 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 CENTS) JULY JULY JULY JULY JULY JULY JULY JULY JULY 19 19 19 19 19 19 19 19 19 4 8 . ,49 0 ., 4 9 3 5 3 4 4 .. 9 3 188. . 5 0 8 8 . .94 2 2 .. 4 1 5 4 .. 8 9 3.. 0 7 5 5 0 0.11786 JULY JULY JULY JULY JULY JULY JULY JULY JULY 19 19 19 19 19 19 19 19 19 177. , 4 6 1 7 7 . .67 162. .66 7 8 . .54 9 6 .. 1 6 124..46 2 4 0 .. 0 4 153.. 7 7 73.67 19 19 19 19 19 19 19 19 19 19 81.75 161.95 157.61 141.60 63.51 80.69 107.16 208.50 133.53 19 19 19 19 19 19 19 0.15 -2.61 5.14 -1.19 6.91 3.44 5.73 I N D I C E S , MAY 1 9 7 0 P A R I T I E S = 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 WEIGHTED AVERAGE EXCHANGE VALUE I N D I C E S , MAY 1 9 7 0 = 1 0 0 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 FRANC CHART 2 . JULY JULY JULY JULY JULY JULY JULY JULY JULY JULY 60.12 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN JULY JULY JULY JULY JULY JULY JULY SERIES NAME CHART 3 . GOLD PRICE I N LONDON U.S. CHART 4 . DOLLARS PER FINE OUNCE 7.94 7.96 9.88 8.41 3.50 3.41 4 . 63 7.50 4.29 JULY JULY JULY JULY JULY JULY JULY JULY JUNE JULY 19 19 14 7 14 14 14 14 16 14 JULY JULY JULY JULY JULY JULY JULY 19 19 19 19 19 19 19 JULY JULY JULY JULY JULY JULY 19 19 19 19 19 19 7.96 7.93 19 19 19 19 19 19 7.96 7.94 0.35 8.58 8.00 0.44 1.88 8.00 3.76 4.75 8.58 8.24 10.04 1.80 EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6—MONTH 1-YEAR CHART 7 . 185.67 3-MONTH INTEREST RATES U . S . 90-DAY CD'S GERMAN INTERBANK LOAN JAPANESE BANK LOANS & DISCOUNTS EURO-DOLLAR DEPOSIT CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN CHART 6 . JULY 19 CALL MONEY RATES U . S . FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U . K . 2 - D A Y LOCAL AUTHORITY DEPOSITS CANADA GERMANY EURO-DM JAPAN FRANCE NETHERLANDS EURO-SWISS FRANC CHART 5 . LAST VALUE PLOTTED DATE VALUE 8.16 8.58 9.08 9.19 SELECTED EURO-DOLLAR AND U . S . 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 . 90-DAY CD'S D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS JULY JULY JULY JULY JULY JULY SERIES NAME CHART 8 . LAST VALUE PLOTTED VALUE DATE INTEREST A R B I T R A G E , 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING ( L O N D O N ) , COVERED DIFFERENTIAL JULY 19 JULY 19 JULY 1 9 6.5b 7.43 1.15 U . S . COMMERCIAL PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL JULY 19 JULY 19 JULY 19 7.88 8.39 -0.51 EURO-DOLLAR DEPOSIT INTERBANK DM ( F R A N K F U R T ) , COVERED DIFFERENTIAL JULY 19 JULY 1 9 JULY 19 8.58 8.90 -0.32 EURO-DOLLAR DEPOSIT SWISS I N T E R B A N K , COVERED DIFFERENTIAL JULY 19 JULY 19 JULY 19 8.58 8.71 - 0 . 14 14 7 8.68 5.68 6.06 3.39 9.23 10.37 6.92 11.50 CHART 9 . LONG TERM GOVERMENT BOND Y I E L D S UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM U.S. 7 7 23 16 14 CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS CHART 1 0 . JULY JULY JUNE JULY JULY JUNE JUNE JULY 8.76 6.63 7.94 JUNE MAY MAY I N D U S T R I A L STOCK I N D I C E S UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY JULY JUNE JUNE JUNE JULY JULY JULY 14 30 30 16 7 7 7 99.27 274.69 93.56 107.47 108.53 72.87 100.74 # # # F E D E R A L H.10 # # R E S E R V E # # statistical release JULY 2 5 , FOREIGN EXCHANGE RATES FUR THE WEEK ENDING JULY 2 1 , 1978 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 AUSTRALIA AUSTRIA BELGIUM CANADA DENMARK FINLAND FRANCE GERMANY INDIA IRELAND ITALY JAPAN MALAYSIA MEXICO NETHERLANDS NEW ZEALAND NORWAY PORTUGAL SOUTH AFRICA SPAIN S R I LANKA SWEDEN SWITZERLAND UNITED KINGDOM (RATE U . S . CENTS) JULY 19 MONETARY UNIT JULY 17 JULY DOLLAR SCHILLING FRANC DOLLAR KRONE MARKKA FRANC D . MARK RUPEE POUND LIRA YEN DOLLAR PESO GUILDER DULLAR KRONE ESCUDO RAND PtSETA RUPEE KRONA FRANC POUND 114.4500 6.73000 3.06560 69.0300 17.7300 23.7350 22.3150 48.3000 12.3000 167.9500 0.11765 0.49070 42.2600 4.3750 44.8000 103.4000 18.4300 2.1900 115.0000 1.2897 6.4100 21.8900 54.4800 187.9500 114.5500 6.71250 3.06890 68.8600 17.7450 23.7500 22.3750 48.3800 12.3000 168.3500 0.11780 0.49370 42.2600 4.3750 44.8200 103.4500 18.4250 2.1850 115.0000 1.2690 6.4100 21.9275 54.6700 168.3500 18 114.5500 6.73000 3.07500 68.9600 17.6150 23.7575 22.4500 48.5550 12.3000 189.5000 0.11810 0.49620 42.2650 4.3750 44.9600 103.5500 * 18.4700 2.1900 115.0000 1.2697 6.4100 21.9700 55.1250 189.5000 JULY 2 0 JULY 2 1 114.5500 6.73250 3.08170 66.9900 17.8400 23.7700 22.5050 48.5900 12.3000 190.3500 0.11815 0.49610 42.2500 4.3775 45.0700 103.7000 18.4750 2.1900 115.0000 1.2875 6.4100 21.9850 55.4500 190.3500 114.6500 6.76000 3.09000 88.9O00 17.8600 23.8250 22.5650 48.6900 12.3000 191.1000 0.11825 0.49765 42.2400 4.3750 45.0650 104.1000 16.5500 2.1950 115.0000 1.2903 6.4100 22.0100 55.7700 191.1000
@FedFRASER