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Selected Interest & Exchange Rates Weekly Series of Charts MARCH 14, 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 RATIO SCALE MAY 1970 PARITY=100 CANADIAN DOLLAR FOREIGf 1J CURRENCY PRICE OF: U.S. D O L L A R z - 1 1 X / I II I I I h i l l i FRENCH F R A N C JAPANESE YEN SWISS F R A N C GERMAN M A R K DUTCH GUILDER BELGIAN FRANC 120 100 100 100 - \ U.K. POUND I T A L I A N LIRA \ \\ 80 - — b — — 1 1975 1977 1 1 1 1 1975 1 I l l l l l l l l l l 1977 60 Chart 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+), OR DISCOUNT ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM 6 AA CANADIAN DOLLAR i r I I I I I *\/x'—" f I I l l l l l t l l l l PER CENT PER ANNUM — DUTCH GUILDER U.K. POUND :/VA A a \ , " 12 - 18 I I I I I I SWISS FRANC GERMAN MARK — j. - I I I I I I 6 12 JAPANESE N FN 2 pet cpm on svalr equals 1 Pn ri'iii on ii!I 01 hp> ^ FRENCH FRANC - - H 0 12 24 1975 1977 1975 197 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 WEEKLY SERIES PER NT PER ANNUM PER CENT PER ANNUM 16 16 JAPAN U.S. F E D E R A L FUNDS 12 12 8 4 OVERNIGHT E U R O - D O L L A R S I I I I I I 16 U.K. 2 - DAY LOCAL A U T H O R I T Y 12 FRANCE 8 4 12 CANADA NETHERLANDS 8 4 0 20 16 GERMANY 12 8 EURO-SWISS FRANC 4 EURO-+ 0 4 1975 1977 1975 1977 Chart 5 3-MONTH INTEREST RATES WEEKLY SERIES PER C A N A D I A N FINANCE CO. PAPER 8 U N I T E D STATES CD's 4 14 U.K. INTERBANK STERLING 10 G E R M A N I N T E R B A N K RATE 6 2 14 SWISS DEPOSIT R A T E JAPAN 10 Monthly 6 EURO-DOLLAR 1975 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 12 - - W//X%Z\<AvI I I lllllllllll I I|II|II]II nliiNMii 6-MONTH 7-DAY 12 - V A Vv " i l l 11111111111 11111111111 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 ANNUM PER CENT PER ANNUM 12 12 OVERNIGHT Euro-dollar deposits 3-MONTH Euro-dollar deposits F E D E R A L FUNDS 90-DAY CD's DIFFERENTIAL DIFFERENTIAL Adjusted for reserve requirements r - i n 1 'f Adjusted for reserve requirements r •/ K V * 1 Vw,w' / V v ' V V \ ^ ' . > / V v \ \ A V i ' ii j \,> V' — w »v V — 111 j 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1975 1977 11111111111111111111111 1975 1977 Chart 8 INTEREST ARBITRAGE: 3-MONTH FUNDS AVERAGES FOR WEEK ENDING WEDNESDAY DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS PER CENT PER ANNUM PER CENT PER ANNUM E U R O - D O L L A R DEPOSITS u | \ I N T E R B A N K DM Covered Frankfurt I N T E R B A N K STERLING Covered London I Z E U R O - D O L L A R DEPOSITS DIFFERENTIAL DIFFERENTIAL C A N A D I A N F I N A N C E CO. PAPER, COVERED E U R O - D O L L A R DEPOSITS V U.S. C O M M E R C I A L PAPER DIFFERENTIAL DIFFERENTIAL 1975 1977 1975 1977 Chart 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER PER CENT PER / :ENT PER ANNUM CANADA 9 10 U N I T E D STATES 7 8 5 6 12 9 JAPAN Industrial 10 SWITZERLAND 7 8 5 GERMANY 6 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 " A Aaa bonds — Euro-dollar bonds r 8 8 Euro-Dm bonds ~ i 6 1975 1977 ^—/ 11 6 1975 1977 Chart 10 INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO SCALE 1969=100 180 140 — - — UNITED STATES 100 - ~ 80 \ f m1 60 RATIO SCALE 1969=100 - i i i i n i l ill ill I 360 UNITED KINGDOM 280 - — — JAPAN - 200 - 160 — - I 120 I I I I I 11111111111 180 140 - - - CANADA 100 - 80 — A - - i 60 SWITZERLAND i i I I I I I I I I I I I I II 180 140 — FRANCE General Index GERMANY 100 - 80 - 60 1 - \^JJ 1 | - | I 1975 , , Mil I 1977 I I I III! I I 1975 1977 SERIES NAME 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 . GOLD PRICE U.S. CHART 4 . DOLLAR PER FINE OUNCE 90.48 127.68 152.98 145.10 71.51 103.22 111.45 171.23 136.29 70.61 MARCH MARCH MARCH MARCH MARCH MARCH MARCH 9 9 9 9 9 9 9 -2.80 -7.72 0.56 -5.90 2.37 —0 . 8 0 -1.34 MARCH 9 146.91 MARCH 9 MARCH 9 MARCH 4 MARCH 4 MARCH 4 MARCH 4 4 MARCH MARCH 4 FEB. IS MARCH 4 4.63 4.76 11.75 7.80 4.40 4.54 7.00 9.50 5.69 1.95 9 9 4.75 4.72 8.17 5.09 7.75 10.99 3.75 CALL MONEY RATES 3-MONTH INTEREST RATES U . S . C D ' S ( 6 0 - 8 9 DAYS) GERMAN INTERBANK LOAN JAPANESE COMPOSITE LOAN EURO-DOLLAR DEPOSIT CANADIAN FINANCE COMPANY PAPER INTERBANK STERLING SWISS DEPOSIT 9 9 9 9 9 9 9 9 9 9 I N LONDON 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 . MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 3-MONTH FORWARD EXCHANGE RATES CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN CHART 3 . LAST VALUE PLOTTED DATE VALUE MARCH MARCH JAN. MARCH MARCH MARCH MARCH 9 9 9 9 LAST VALUE PLOTTED DATE VALUE SERIES NAME CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR 9 9 9 9 9 9 4.76 4.75 4.78 5.09 5.51 6.01 MARCH MARCH MARCH MARCH MARCH MARCH 9 9 9 9 9 9 4.76 4.63 0.33 5.09 4.75 0.25 MARCH MARCH MARCH 9 9 9 5.09 3.27 1.62 U . S . COMMERCIAL PAPER CANADIAN FINANCE CO. PAPER, COVERED DIFFERENTIAL MARCH MARCH MARCH 9 9 9 4.75 4.95 -0.2C EURO-DOLLAR DEPOSIT INTERBANK DM ( F R A N K F U R T ) , DIFFERENTIAL MARCH MARCH MARCH 9 9 9 5.09 5.28 -0.19 MARCH MARCH MARCH 9 S 9 5.09 6.12 -1.03 CHART 7 . MARCH MARCH MARCH MARCH MARCH MARCH 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 . 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 8 . INTEREST A R B I T R A G E , 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING ( L O N D O N ) , DIFFERENTIAL COVERED EURO-DOLLAR DEPOSIT SWISS DEPOSIT ( S F ) , COVERED DIFFERENTIAL COVERED SERIES NAME CHART 9 . LONG TERM GOVERNMENT BONO Y I E L D S UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM U.S. MARCH MARCH FEB. FEB. MARCH FEB. FEB. FEB. 4 4 25 4 11 16 25 7,. 4 6 7 .. 0 1 8 ,. 5 0 3 ,. 9 7 6 .. 6 8 1 0 .. 5 1 7 ,. 6 6 1 2 ,. 9 5 CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS CHART 1 0 . LAST VALUE PLOTTE DATE VALUE INDUSTRIAL UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY JAN. JAN. JAN. 7.96 7.05 7.64 STOCK INDEXES MARCH FEB. FEB. FEB. FEB. FEB. MARCH 4 25 18 11 25 25 4 1 0 4 ,. 5 0 2 5 2 ,. 2 1 9 4 .. 3 0 8 9 .. 8 7 9 7 .. 8 3 7 1 .. 1 9 9 0 , .10 FEDERAL RESERVE statistical release :<4i tut*. H.10 MARCH 1 5 , FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MARCH 1 1 , 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 fo-llowing noon buying rate in New York City for cable transfers payable i,m fioreigun cwremci-es: COUNTRY MONETARY UNIT MAR. 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 PESATA RUPEE KRONA FRANC POUND 109.7500 5.88000 2.72630 95.4300 17.0400 26.3200 20.0500 41.8000 11.3000 171.7100 0.11290 0.35470 40.1700 4.4000 40.0800 95.5500 19.0500 2.5800 115.0000 1.4503 11.4500 23.7100 39.2000 171.7100 7 MAR. 8 CRATE U . S . 109.8000 5.87000 2.72630 95.5400 16.9800 26.3300 20.0700 41.7600 11.3000 171.7100 0.11300 0.35450 40.1700 4.3800 40.0600 95.6500 19.0200 2.5700 115.0000 1.4501 11.4500 23.7000 39.1100 171.7500 MAR. CFNTS 9 109.6800 5.87000 2.72000 95.3900 16 . 9 8 0 0 26 . 2 6 0 0 20.0600 41.6900 11.3000 171.8100 0 .11300 0.35420 40.1100 4.3600 40 . 0 0 0 0 95 . 6 0 0 0 18 . 9 7 0 0 2.5700 115.0000 1.4516 11.4500 23 . 6 500 39.0300 171 .8100 > MAR. 10 109.7000 5.87000 2.71700 94.2500 16.9900 26.2*00 20.0200 41.7300 11.3000 171.5600 0.11300 0.35460 40.1200 4.3800 40.0500 95.6000 18.9600 2.5800 115.0000 1.4518 11.4500 23.6500 39.0900 171.5800 MAR. 11 109.6800 5.88000 2.71450 94.7200 17.0000 26.2300 20.0400 41.7200 11.3000 171.8000 0.11290 0.35460 40.0500 4.3800 40.0300 95.5500 19.0000 2 . 5800 115.0000 1.4516 11.4500 23.6600 39.0900 171.8000
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