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(516/517) Selected Interest Exchange Rates W e e k ly Series o f Charts March 31 ,19 80 DIVISION O F IN T E R N A T IO N A L F IN A N C E Prepared by the F IN A N C IA L M A R K E T S S E C T IO N BO A R D O F GO VER N O R S F E D E R A L R E S E R V E SYSTEM Washington, D .C . 20551 Table o f 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 2. D A IL Y C E R T IF IE D SPOT EXCHANGE RATES-H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 2. 3-M ONTH FORW ARD EXCHANGE RATES 3. GOLD P R IC E -LO N D O N 4. C A LL M O NEY RATES 5. 3-M ONTH INTER EST RATES a EURO D O LLAR DEPOSIT RATES 7. SELECTED EURO D O LLA R A N D U.S. M O NEY M A R K E T RATES a INTEREST A R B ITR A G E : 3-M ONTH FUNDS 9. LONG-TERM G O V E R N M E N T BOND Y IE L D S 10. IN D U S T R IA L STOCK INDICES 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, Divi sion 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. CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 19 73=100 RATIO ICALE MARCH 1973=100 120 120 100 100 80 60 80 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 1_! 60 180 120 160 140 100 120 80 100 160 240 140 200 120 160 100 120 80 160 160 140 140 120 120 100 100 100 100 80 80 60 60 1978 1980 1978 1980 CHART 2 3-M ONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM + 0 24 12 6 + 0 6 1978 1980 1978 1960 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U .S . D O L L A R S P E R F IN E i U.S. D . L A R S P E R F IN E O U N C E 800 800 750 750 700 700 650 650 600 600 550 550 12.5 Kg BARS A F T E R N O O N F IX IN G P R IC E 500 500 450 450 400 400 350 350 300 300 250 250 200 200 150 150 i i l i i l ii 100 1977 1978 1979 1980 l i i 100 CHART 4 CALL MONEY RATES WEEKLY SERIES 20 20 16 16 12 12 8 8 4 4 16 20 12 16 8 12 8 4 0 12 4 0 12 8 4 8 + 0 4 4 0 1978 1980 1978 1980 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES 20 20 16 16 U .S . CD’ S 12 12 8 8 WEIGHTED AVERAGE FOREIGN RATE 4 i i 111 M i i i i i i i m i m I mi mi mi i i 4 10 14 CANADIAN FINANCE CO. PAPER 6 10 6 I l L - L i..L i 2 12 16 8 12 LOANS AND DISCOUNTS JAPANESE BANK 8 4 4 0 1978 1980 CHART 6 EURO-DOLLAR DEPOSIT RATES Lo n do n AVERAGES FOR WEEK ENDING WEDNESDAY PERC EN T PER Af ENT P ER ANNUM 20 20 16 16 12 12 8 8 4 4 20 20 16 16 7-D AY 12 12 8 8 4 4 20 20 16 16 12 12 8 8 4 4 1978 1980 1978 1980 CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY PER C EN T PER ANNUM PERCENT PER ANNUM +oi 1978 1 P E R C E N T ON D IF F E R E N T IA L S C A L E = 2 PERC ENT ON RATE S C A L E 1900 1978 1980 CHART 8 INTEREST ARBITRAGE: 3-M ONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY P E R C E N T P E R Ah NT PER ANNUM 20 20 16 16 EURO-DOLLAR DEPOSITS 12 12 8 8 INTERBANK STERLING C O V ER ED LO NDO N 4 4 0 l l l l l l 0 l 2 4 DIFFERENTIAL 2 + 0 + 0 2 2 4 20 20 16 16 12 12 8 8 4 4 2 2 DIFFERENTIAL DIFFERENTIAL + 0 2 + 0 111 i i 11 1978 2 1980 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE 1978 1980 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES 14 15 12 13 10 11 8 9 6 7 10 6 8 4 6 2 4 0 14 15 12 13 10 11 8 9 6 7 13 10 11 8 9 6 7 4 1978 1980 1978 1980 CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES R A T IO 1969= 140 120 100 80 R A T IO SCALE 1969=100 400 100 360 90 JAPAN 320 80 280 70 240 60 200 50 140 140 CANADA D IS C O N T IN U E D S E R IE S 120 120 100 100 80 80 L L 1 li 160 160 FRANCE G ENERA L INDEX 140 140 120 120 100 100 80 80 1978 1980 1978 1980 LAST VALUE PLOTTED DATE VALUE SERIES NAHE CHART 1. SPOT EXCHANGE RATES AN D INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 26 26 26 26 26 26 26 26 26 53.05 0.40163 48.45 218.75 84.32 22.84 56.04 3.28869 0.11403 MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH 26 26 26 26 26 26 26 26 26 149.23 105.16 139.08 88.48 84.04 102.91 180.30 129.59 64.78 26 26 26 26 26 26 26 26 26 26 26 91.46 148.40 97.79 132.00 80.84 76.86 95.47 170.58 122.00 58.10 93.74 26 26 26 26 26 26 26 26 3.87 0.82 7.95 4.82 12.51 8.25 3.84 -0.62 INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA W EIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 100 (G-10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH CHART 2. 3-MONTH FORWARD EXCHAN G E RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUT C H GUILDER JAPANESE YEN ITALIAN LIRA MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LONDON, AFTE R N O O N FIXING U.S. DOLLARS PER FINE OUN C E MARCH 26 539.80 CHA RT 4. CALL MONEY RATES U.S. FEDERAL FUNDS O V E R N I G H T EURO-DOLLAR DEPOSITS U.K. 2 - D A Y LOCAL AUTHORITY DEPOSITS CANADA GERMANY EURO-DM JAPAN FRANCE NETHERLANDS EURO-SWISS FRANC MARCH MARCH MARCH MAR C H MARCH MARCH MARCH MARCH FEB. MARCH 26 26 21 21 21 21 21 21 29 21 17.78 14.56 17.25 11.98 8.55 7.54 12.06 13.13 10.65 2.32 MARCH MARCH MARCH MARCH MARCH MARCH MARCH 26 26 26 26 26 26 26 17.63 9.68 13.31 14.72 17.91 6.50 13.01 MARCH MARCH MARCH MARCH MARCH MARCH 26 26 26 26 26 26 14.56 15.67 17.90 18.99 18.90 17.45 OVERNIGHT E U R O -DOLLAR DEPOSITS U.S. FEDE R A L FUNDS DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS MARCH 26 MARCH 26 MARCH 26 14.56 17.78 -3.22 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. 90-DAY CD'S, SECONDARY MARKET DIFFERENTIAL MARCH 26 MARCH 26 MARCH 26 18.99 17.63 1.36 CHART 5. 3-MO N T H I N T E R E S T RATES U.S. 90-DAY CD'S, SECONDARY MARKET GERMAN INT E R B A N K LOAN J APANESE BANK LOANS & DISCOUNTS C A N A D I A N FINANCE PAPER I NTERBANK STERLING SWISS INTERBANK LOAN WEIGHTED AVERAGE FOREIGN INTER E S T RATE (G-10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO - D O L L A R DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7. SELECTED E U R O -DOLLAR AND U.S. MONEY MARKET RATES SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 8. INT E R E S T ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INT E R B A N K STERLING (LONDON) , COVERED DIFFERENTIAL MARCH 26 MAR C H 26 MARCH 26 18.99 18.77 0.22 U.S. COMM E R C I A L PAPER CANADIAN FINANCE PAPER, COVERED DIFFERENTIAL MARCH 26 MARCH 26 MARCH 26 16.81 18.73 - 1.92 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL MARCH 26 MARCH 26 MARCH 26 18.99 17.82 1.17 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL MARCH 26 MARCH 26 MARCH 26 18.99 19.21 -0.22 MARCH MARCH FEB. MARCH MARCH FEB. FEB. MARCH 12.54 9.36 9.33 5.03 13.16 12.49 11.18 12.38 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM 21 14 14 21 8 29 21 . CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS FEB. DEC. JAN. 12.38 6.63 10.35 CHART 10. INDUSTRIAL STOCK INDICES UNITED STATES JAPAN CANADA FRA NCE UNITED KINGDOM SWITZERLAND GERMANY MARCH MARCH DEC. MARCH MARCH MARCH MARCH 21 21 29 7 21 21 14 109.17 299.18 113.81 149.70 102.91 71.21 95.45
@FedFRASER