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MARCH 21,1977 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 t o 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 2. D A I L Y C E R T I F I E D SPOT EXCHANGE RATES-H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDEXES 2. 3-MONTH FORWARD EXCHANGE RATES 3. GOLD P R I C E - L O N D O N 4. C A L L MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO D O L L A R DEPOSIT RATES 7. SELECTED EURO D O L L A R A N D U.S. MONEY M A R K E T RATES 8. INTEREST A R B I T R A G E : 3-MONTH FUNDS 9. LONG-TERM G O V E R N M E N T BOND Y I E L D S 10. I N D U S T R I A L STOCK INDEXES collectible at par in U.S. Currency. Chart 1 SPOT EXCHANGE RATES D O L L A R PRICES OF F O R E I G N CURRENCIES A N D W E I G H T E D A V E R A G E V A L U E S ( D A S H E D LINE) A V E R A G E S FOR W E E K E N D I N G W E D N E S D A Y RATIO SCALE MAY 1 9 7 0 PARITY=10G RATIO SCALE MAY 1 9 7 0 PARITY=100 I 120 CANADIAN DOLLAR — 100 FOREIGN CURRENCY PRICE OF U.S. D O L L A R 50 / - N / ' 80 I ! 111 i l l 1111 I I I I I I I I I I ! i..... FRENCH F R A N C JAPANESE YEN 200 SWiSS F R A N C iao / \ A GERMAN M A R K JI V X, 160 y V x y 140 120 160 140 Ax „ — A / X DUTCH G U I L D E R x -—' T BELGIAN FRAN \ r — ' 120 111 100 100 I I I 100 100 - J j U.K. POUND ^ \ ITALIAN LIRA \ 1 1 80 \ V ^ — - - — 1 1975 1977 1 1 1 1 1975 1 i i i i i i n i i i ul u h i l i i 1977 60 Chart 2 3-MONTH FORWARD EXCHANGE RATES P R E M I U M (+), OR D I S C O U N T ( - ) A V E R A G E S FOR WEEK E N D I N G W E D N E S D A Y PER ENT PER ANNUM 6 CANADIAN DOLLAR + 0 - 6 ' j , I I I Illllllllll PER CENT PER ANNUM + 0 DUTCH GUILDER U.K. POUND 6 12 — 6 12 Illlllllll 18 __ GERMAN MARK SWISS FRANC - + 0 Illllllllll 6 12 6 + JAPANESE YEN 2 per cent on scale equals 1 per cent on all others FRENCH FRANC 0 6 12 12 24 ill 1975 1977 1975 IIIIIIMIII 1977 Chart 3 PRICE OF GOLD IN LONDON A V E R A G E S FOR WEEK ENDING W E D N E S D A Y U.S. D O L L A R S 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. F E D E R A L FUNDS OVERNIGHT EURO-DOLLARS I I I I I I I I I I I 111 I I I I I U.K. 2 - D A Y L O C A L A U T H O R I T Y FRANCE CANADA NL i m R L A N D S l_L_ GERMANY I IJHO SWISS I R A N I I I IJRO D M 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. RARER U N I T E D STATES CD's UlLLlU U.K. INTERBANK STERLING G E R M A N I N T E R B A N K RATE SWISS DEPOSIT R A T E JAPAN Monthly EURO-DOLLAR 1975 1977 1975 1977 1 Chart 6 EURO-DOLLAR DEPOSIT RATES L o n d o n A V E R A G E S FOR WEEK ENDING W E D N E S D A Y PER CENT PER ANNUM PER CENT PER ANNUM I 3-MONTH OVERNIGHT 12 rv- 11 6-MONTH 7-DAY - 12 V w Vv VI i I I I I I I I II 1--MONTH 1-YEAR 12 A y V - vA A I 1975 1977 I 1975 i 1111 i 111! 11 1977 12 Chart 7 SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES A V E R A G E S FOR WEEK ENDING W E D N E S D A Y PER PER CENT PER ANNUM CENT PER 12 OVERNIGHT Euro-dollar deposits 3-MONTH Euro-dollar deposits F E D E R A L FUNDS 9 0 - D A Y CD's DIFFERENTIAL DIFFERENTIAL Adjusted for reserve requirements Adjusted for reserve requirements r J I V'VA'v i , »!!'„ I I I I I 1975 Favors Borrowing in U.S. if Positive I 1 1 1 1 1 I ' i 111 11 i I i 111 11 i i 1977 1111111111111111111111 1975 1977 ANNUM Chart 8 INTEREST ARBITRAGE: 3-MONTH FUNDS A V E R A G E S FOR WEEK E N D I N G W E D N E S D A Y D I F F E R E N T I A L : PLUS(+), I N D I C A T E S F A V O R D O L L A R ASSETS PER CENT PER ANNUM PER CENT PER ANNUM E U R O — D O L L A R DEPOSITS ,y I I I N T E R B A N K DM Covered Frankfurt I N T E R B A N K STERLING Covered London 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 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 W E E K L Y SERIES PER PER CENT PER AN ENT PER ANNUM CANADA 9 U N I T E D STATES 7 5 12 JAPAN Industrial 10 , SWITZERLAND - - 8 GERMANY V I 6 I I - i i i n l i i l n 13 - - 11 FRANCE UNITED KINGDOM - 9 . /U v - : 7 NETHERLANDS I 5 ! I 12 U.S. C O R P O R A T E Monthly U.S. C O R P O R A T E Monthly 10 Euro-dollar bonds t Aaa bonds 8 Euro-Dm bonds II 6 1975 1977 1975 1977 C h a r t 10 INDUSTRIAL STOCK INDEXES W E E K L Y SERIES RATIO SCALE 1969=100 180 140 U N I T E D STATES 100 RATIO SCALE 1969=100 80 140 60 — 360 UNITED KINGDOM — 100 - 280 - /"V ~ JAPAN 200 - 60 — V 160 - 40 I 120 I I n h i l n l i i i i l i i h i h i 35 180 — — 140 - - 120 100 100 80 - - A v 80 SWITZERLAND CANADA ZX SZ- 60 V l l l l l l l l l l l 60 J L i i I i I I 180 180 140 80 140 - • 100 40 X FRANCE General Index 100 \ V\ 80 60 GERMANY j i h i l i i 1975 111 I I I i I i i i 1977 1975 1977 60 LAST VALUE PLOTTED DATE VALUE S E R I E S NAME CHART 1. SPOT EXCHANGE RATES U . S . D O L L A R , WEIGHTED AVERAGE JAPANESE YEN GERMAN MARK DUTCH G U I L D E R U . K . POUND C A N A D I A N DOLLAR FRENCH FRANC SWISS FRANC B E L G I A N FRANC I T A L I A N LIRA CHART 2 . GOLD P R I C E U.S. 4. DOLLAR IN 90.60 127.79 152.34 144.91 71.59 102.47 111.31 170.98 135.95 70.46 MARCH MARCH MARCH MARCH MARCH MARCH MARCH 16 16 16 16 16 16 16 -2.73 —6.60 0.5 5 -5.95 2.11 —C . 6 8 -1.71 PER LONDON FINE OUNCE MARCH 16 146.61 CALL MONEY RATES U . S . FEDERAL FUNDS OVERNIGHT EURO-DOLLAR D E P O S I T S U . K . 2 - D A Y LOCAL AUTHORITY D E P O S I T S CANADA GERMANY EURO-DM JAPAN FRANCE NETHERLANDS EURO-SWISS FRANC CHART 5 . 16 16 16 16 16 16 lb 16 16 16 3-MONTH FORWARD EXCHANGE RATES CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YFN 3. MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 3-MONTH INTEREST MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH lc 16 11 11 11 11 11 11 4 11 4.62 4 . 7d 10.88 7.7 5 4.40 4.45 7.00 4.BS 5.53 3.31 MARCH MARCH JAN. MA RCH MARCH MARCH MARCH H It 4.75 4.7 0 e.i7 r .10 7.7 5 lC.toC 3.7 = RATES U . S . C D ' S ( 6 0 - 8 S DAYS ) GERMAN I N T E R B A N K LOAN JAPANESE COMPOSITE LOAN EURO-DOLLAR D E P O S I T CANADIAN F I N A N C E COMPANY INTERBANK S T E R L I N G SWISS DEPOSIT PAPER It lc 16 It L A S T VALUE PLOTTED DATE VALUE S E R I E S NAME CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR MARCH MARCH MARCH MARCH MARCH MARCH 16 16 16 16 16 16 4.78 4.76 4.84 5.10 b .49 6.03 16 16 16 16 16 16 4.76 4.62 0.36 5.10 4.75 C .26 MARCH 16 MARCH 16 MARCH 16 5.10 4.00 U . S . COMMERCIAL PAPER CANADIAN F I N A N C E CO. PAPER, COVERED DIFFERENTIAL MARCH 16 MARCH 16 MARCH 16 4.73 5.02 -0.27 EURO-DOLLAR D E P O S I T INTERBANK DM ( F R A N K F U R T ) , 01FFERENTIAL MARCH 1 6 MARCH 16 MARCH 16 5.10 5.25 -0.15 MARCH 16 MARCH 16 MARCH 1 6 5.10 5.86 -0.76 CHART 7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES OVERNIGHT EURO-DOLLAR D E P O S I T S U . S . FEDERAL FUNDS D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS 3 - M O N T H EURO-D'JLLAR D E P O S I T 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 EURO-DOLLAR DEPOSIT INTERBANK S T E R L I N G ( L O N D O N ) , DIFFERENTIAL COVERED COVERED EURO-DOLLAR D E P O S I T SWISS D E P O S I T ( S F ) , COVERED DIFFERENTIAL MARCH MARCH MARCH MARCH MARCH MARCH 1.10 S E R I E S NAME CHART 9 . LAST VALUE PLOTTED DATE VALUE LONG TERM GOVERNMENT BOND Y I E L D S MARCH MARCH FEB. FEB. MARCH MARCH MARCH FEB. U N I T E D STATES GERMANY JAPAN ( M O N T H L Y ) SWITZERLAND CANADA FRANCE NETHERLANDS U N I T E D KINGDOM 11 11 25 11 4 4 25 7.49 6.92 6.50 3.97 c .70 10.50 7.52 12.95 CORPORATE CHART 1C. INDUSTRIAL U N I T E D STATES JAPAN CANADA FRANCE U N I T E D KINGDOM SWITZERLAND GERMANY STOCK 7.96 7.05 7.64 JAN. JAN. JAN , AAA BONDS FURO-DM BONDS EURO-DOLLAR BONDS INDEXES MARCH MARCH FEB. FEB. MARCH MARCH MARCH 11 4 25 25 11 11 a 1C4.57 252.03 94.4b 87.36 97.71 71.06 90.10 F E D E R A L R E S E R V E s t a t i s t i c a l r e l e a s e TViu**H . 10 MARCH FOREIGN EXCHANGE RATES FLR THE WEEK MARCH ENDING 18, l h , 1977 1977 T h e Board of Governors of the F e d e r a l Reserve System is a d v i s e d that the F e d e r a l Reserve Bank of New York has c e r t i f i e d for customs purposes the f o l l o w i n g noon b u y i n g rate in New York C i t y for c a b l e t r a n s f e r s payable in f o r e i g n c u r r e n c i e s : MONETARY 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 UNIT 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 15 IRA1re u . s . CENTS] MAR. 1 6 MAR. 14 MAR. 109.6500 5.88000 2.71750 95.1000 17.0300 26.2300 20.0400 41.7800 11.3000 171.9200 0.11250 0.35560 40.1300 4.3700 40.0100 95.6500 19.0200 2.5800 115.0000 1.4529 13.7000 23.7100 39.1300 171.9200 109.7800 5.87000 2.72100 94.7600 17.0200 26.2500 20.0500 41.7700 11.3000 171.9000 0.11260 0.35520 40.1300 4.3800 40.0200 95.5000 19.0200 2.5700 115.0000 1.4540 13.7000 23.6700 39.0900 171.9000 109*7000 5.87000 2.72500 95.0800 17.0300 26.2500 20.0500 41.7900 11.3DC0 171.9300 0.11270 0.35480 40.1100 4.4200 40.0400 95.6000 19.0200 2.5600 115.0000 1.4535 13.7000 23.7100 39.1000 171.9300 MAR. 17 109.7600 5.88000 2.72550 95.1200 17.0500 26.2800 20.0700 41.8400 11.3000 171.8900 0.11270 0.35500 40.1200 4.4000 40.0400 95.6000 19.0300 2.5800 115.0000 1.4543 13.7000 23.7200 39.1900 171.8900 MAR. 18 109.8700 b.69000 2.72500 94.6500 17.0600 26.2400 20.0700 41.6400 11.3300 171.6800 0.11270 0.35610 40.1100 4.4000 40.0400 95.6000 19.0300 2.5800 115.0000 1.4540 13.7000 23.7200 39.2400 171.6800
@FedFRASER