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TFK-TTJET f M/3 \. H*Y 1 6 , 1 9 7 3 LO. 6 1 0 f>-vI$ILKI of inteffiationa' F'r-ance. Statistics^ SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. WEEKLY SERIES O F CHARTS TABLE OF COMTGMTS PART I. EXCHANGE RATES AMD GOLD PRICES v Chart 1A and B - Spot Exchange Rates, Major Currencies against U.S. Dollar / t h a r t 2A and 8 - 3-Month Forward Exchange Rates, Major Currencies against U.S. Dollar y ' C h a r t 3A and B - 3-Month Forward Exchange Rates, Major Currencies against U.K. Pound v Chart 4 - Gold Price in London PART II. SHORT-TERM INTEREST RATES v Chart 5 - Call Money Rates v Chart 6A and B - London: Euro-S Deposit Rates vChart 7A and B - Mew York - London: Yields on U.S. Dollar Funds v<hart 8A and B - London: Covered Yields on U.S. Dollar Funds • C h a r t 9A and B - Interest Arbitrage United States-United Kingdom v Chart IDA and B - Interest Atbitrage U.S.-Germany and U.S.-Switzerland ZChart I I - Interest Arbitrage United States-Canada •Chart 12 A and B - Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AMD 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 tc the series, which accompanied issue dated January 1,1969. All series and their sources are fully described in a Supplement dated January 1, 1972. SPOT EKCHWGE RATES MAJOR DUTCH n * X.. 7 / k J i iTfWWC N G — JOPMCSf w III 1 VEM fotrra 1S72 * Pound floated June 23, 1972 w Swiss Franc floated January 23. 1973 See separate chart l * * J a p a n e s e Yen floated February 13. 1973 * * * * Based on new Central Rate 1*73 M C f w t 16 SPOT exounmcc RATE 1972 1*73 -atio scale U S cents Ratio s t a l e U S cents 100 UM. POUND Italian Lira floated February 13, 1973 ** Based on ne» Central Rate W Ctiart 2A 3-HOirrH FORWARD EXCHANGE - MAJOR CURREMCES AGAINST U5 DOLLAR *iy awetages Fef cent per annum DISCOUNT DISCOUNT - DUTCH emmet IMSCUUN 197© 1971 Lanaowr DdI«T fiat* not supporiec Dv Ban* o* Lanatia aet DESCRIPTION AND SOURCLS 0£ DAU januatv 1 1973. pp 2 3- 1S72 1973 MKWTM FOMUMO FXCHAMGF - IIAJOft CUMIIKifl ICdifgT U J DOLL** Weekly aiw*ges f • * cent pe< *nr..fT PREMIUM DISCOUMT DISCOUNT M j S D 1970 # J S D 1971 See DtSC*lPT!0*i MID SOURCtS Of DATA. January 1 1973. pp 2 3. 1972 1973 34KMTH FORWARD EXCHANGE - IIA10R DISCOUNT 1970 •». :* 'ON **N[ v T ^ l)$" UA I ~ jd": u« 4 3-MOUTH fOMIMM) EXCHMWE - MAJOR CUMHHOO OftMIIIT US. FOUMO fnoay ligures 1970 F«r cent per 1971 1972 1*73 »AAVM Ctwi c s awf»ge of atlefftoon flings y L: itn . Cc W tOn ~t». oUUX'-l L- Uf UAU j S C MM W J S » » i 1 9 / - j «. s P CW J J m 0 CALL HOMEY RATES DOLLAR fUWDS F-e- -en1 CALL EURODOLLAR DEPOSITS FJ*R' OVtWMGHT EURO-DOLUW DEPOSVS 10 f 8 « i A l FUMDS EUR04XM-UW OVER FEDERAL fUWDS EURO DOLLAF FAVOR FEDERAL FUNDS EURO-CURRENCIES fe' cent per annum * 4 # *. i , EURO-SWISS fRAMC 1972 Itigec •• " -Al . OKlkMuf : W 1973 drii'U' \ SELECTED FOTTETI* AMD EEC CUTTEMCIES f«*Nr femes ! J r r l 1 M 1 L y A ! ! 1 ! ^ ? J II 1 1 Hv^v n CMt per J ii " l l f ! ! I I 1 I 1 1 1 I i 1 i 1 i i 1 M i 1 i M 1 1 l H 1 i ! i V l f<*oce, Oey4o-d»y Money. Melbertiwds. Ceil Meeey. weekly »»e<a#e j##n. UoaxWionel Money , Cwteda. OeytoxUy Uuw*. weekly Ceweey. Cell Money. U> , 2xUy Local Authority Deposits See DESCklPTKW AMD XMWCtS Of OAM Jeouery 1. 1973. pp 4-6 ! ! i ! 1 II LONDON: EURO DOLLAR DEPOSIT RATES Per cent per a n n u m 12 H 10 OVERNIGHT 2 12 10 R 1971 1970 • E f L u-: UC !£>• [>*LiL-i,in 1972 W J 1973 s D V* Owtte umoom tMMOLum oe*om**T& ff«d»y fler Cfrt ser mm vm it IM T S t * ULSCRlPlltA AMD SOUkLt u 0< D* A Janwar* J 1973. p 6 vm • e w VOHK-LONDON VELDS ON US- DOLLAR fUNK i-#0N1<- DOuuAf D t f o s r RMES-StCONDAfiv MAS*£1 **Cr*i,U6> ligul*': Dlfft«tNTiAL FAVOR EURO-DOLLAR 1970 S e e D L S C R l M ION AND S O U R C E S O f DATA j a n ^ r v f-e- -wtrn* j>e' ar,T ui ] . 1 9 7 3 . pp 6 / I t ;/ CtortJB = CQSJ OF V * DOUA* 3WWTW DOLUW DEPOSIT MARKET ACJtfSIED U S C B E f l R C M E OF 0 6 F 0 * T ADJUSTED* M J mo S D « * Adiusled tef Bmmm 8aqnir—i—t * * Adjusted for 1M teente J tsri S D keevwewwtt " * A d | « s l e d ler 20% «Uis«n»l a e s e r o e a e o t w e m e f l t See DESCRIPTION AMD SOURCES Of DATA January 1.1973. pp 6 7 W J wit S D * J wn S O LONDON: COVERED YIELDS ON US. DOLLAR" FUNDS HIRE PURCHASE STERLING CD's vs EURO DOLLAR RATES Fr c a . figures Per cent per annum 12 EURO DOLLAR DEPOSIT HIRE PURCHASE COVERED STEKUMG CD's COVERED FAVOR STEftUttG CD s DIFFERENTIAL J JLI1 V " i i FAVOR EURO DOLLAR i i 1 M II 1970 1971 1972 anc Stirling Certificates ol Deposit 1 II J 1973 1 1 ; S \1 LONDON COVERED YIELDS ON US. DOLLA* FUNDS LOCAL AUTHORITY AMD EURO DOLLAR RATES Friday tifu'es Fe< c*n< pe# *#wimti EUHO-OOLUMt DEPOSIT AUTHORITY ~T — FAVOII LOCAL AUTHO«ITV DIFFERENTIAL s D M s m D 1*71 bee D ' S JRIPTIOIM AND SOURCES Of DAU January 1 1973 pp 7 8 M J 1*72 s 0 # J W S $ © INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES M O N T H TREASURY B I L L RATE? U JC LOCAL A t r m o n T Y DEPOSITS UMCOVtRLC ,ec l u ' tson p u r p u ^ S v R l P l l O N AND SOURCiS O- UA1: j a m change N T B B T mmiBMlL UNITED ICMGOOfl AMD MUTED STATFS Friday lifcures P«f cent pe< annum RATE DIFFERENTIAL AMD 3-MONTH FORWARD STERLING OlSCOUilT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LOUDON fAVOfi NEW toe* J w* s D w J wi s See DESCRIPTION AM) SOURCES Of DATA. January 1. 1973, £> * J W2 s D vm s f> 3-MONTH FUNDS INTEREST ARBITRAGE EUR0-D0LUW-6EMWH MARK • f R A N K F U R T I N T E R B A N K LOAN RATE VS L O N D O N EURO-DOLLAR RATE V..:- - P «f C€n1 P€f armurr EURO-DOLLAR DIFFERENTIAL FAVOR EURO DOLLAR i 1970 1971 1972 1973 Chart 108 34WOTM FUE0S WTBEST MMTMCE^ EUR04XNLLAR - SWISS HTAMC Z U R I C H D E P O S I T RATE VS L O N D O N CURO-DOLLAR RATE Wednesday fates Per cent pef annum FAVOR ZURICH DIFFERENTIAL FAVOR EURO DOLLAR S 1970 I S D D 1971 See DESCRIPTION AND SOURCES OF DATA. January 1, 1973. pp 9 10 1 I S 1972 D J 1973 S D Chart 11 34S0WTH W T O E S T A J t * r J M £ £ CAMADA - UWTEO STATES BILL RATES MHIEPfTAlB I. CO. 4 I BILL RATE DIFFERENTIAL AMD FORWARD CANADIAN DOLLAR 3 COVERED RATE DIFFERENTIALS L 197* v'N -M D 1971 -( b 0» U*U Janu^f > 1 197j pp 1011 w S 1*72 D M J 1972 s 0 Chart 12A SBCCIEDSNOKMBW H O t t f M I B " Per cent per w n w n UJL 1968 1970 * 3 - m o n t h t r e a s u r y bill f a t e s lof all cotMrtrtes e x c e p t j a p a n (Average r a t e on b a n k l o a n s a n d d i s c o u n t s ) a n d GermanjrtHttertoaek Loan R a l e ) See DESCRIPTION AND SOURCES Of DATA, J a n u a r y 1 1973 pp 11 12 1972 oA Owt 126 SELECTED SMOffT TCMf WTBEST 8ATES* Fer cwtper ISiS 1970 * | —Hi tMaswry W f»te for US* SwUeriwO-3-mooth deposit rate | « m M vale for U S doner deposits m Um4o» See DESCRIPTIOII MID SOURCES Of DATA. January 1. 1973. pp 11 12 1972 LONG-TERM BOND YIELDS Week;, t.guret Per cent per a n n u m NETHERLANDS US SWITZERLAND 11 U.K. GERMANY/V- CANADA 11 U.S. CORPORATE: Aaa BONDS EURO-BONDS 1970 1971 1972 1973 1974 INDUSTRIAL STOCK INDEXES 6. 1 9 5 8 = 1 0 0 Ratio scale, 1 9 5 8 = 1 0 0 ~ $20 UNITED STATES 240 160 1200 460 320 240 UNITED JAPAN 320 160 240 160 1970 May 1 6 , 1973 H 13 No. 6 1 0 Country IV. SELECTED CENTRAL BANK DISCOUNT RATES Current Rate In Effect Since Previous Rate In Effect Since 5.0 Dec. 21, 1973 6.50 Nov. 2 , E.E.C.: Belgium France Germany 5.5 7.50 6.00 May 1 0 , 1 9 7 3 Nov. 3 0 , 1972 Mav 3 . 1 9 7 3 Italy 4.0 A p r i l 10, Netherlands 4.0 8.50 '"'•United Kingdom Switzerland Canada Japan United States 5.0 1972 J a n . 1 2 . 1973 4.5 Oct. Nov. 3 , 1972 3.0 Sept. March 1 , 1973 8.75 Jan. 4.50 Jan. 3.75 Sept. 5.25 A p r i l 9 , 1973 4.75 O c t . 25, 1971 5.00 A p r i l 2 , 1973 4.25 J u n e 2 4 , 1972 5.75 A p r i l 2 3 , 1973 5.50 F e b . 2 6 , 1973 r r 1972 1, 1973 14, 1972 8, 1972 1 9 , 1973 15, 1972 - ' Ef f e e t i v e October 1 3 , 1972 , t h e Bank of England r e p l a c e d i t s t r a d i t i o n a l Bank Rate w i t h a f l u c t u c t i n g "minimum l e n d i n g r a t e " based on a v e r a g e Treasury b i l l tender r a t e . January 1 9 , 1 9 7 3 . . . 8 . 7 5 IV-Z ^ LATEST FIGURES PLOTTED OH THE CHARTS Chart Panel Series 1A Uflper Swiss franc* U.K. pound* French franc* Japanese y e n * Lower 16 Uflper 2A 28 Upper 3A German mark U.S. dollar Swiss franc French franc 36 4 Gold price, U.S. dollar per ounce Upper Middle Lower " " •• " German mark Swiss franc U.K. pound Dutch guilder Canadian dollar French franc Japanese yen Lower 5A It •* Belgian franc* Kalian I k e * Canadian del l a * German mark* Dutch guilder Lower i j r I Overnight Euro-S deposits Federal Funds Differential Euro-currencies Euro DM Euro Swiss Fr. Japan, Unconditional Money U.K., 2-day Local Author. Deps. Canada, Day-to-day Loans France, Day-to-Day Money Germany, Call Money Netherlands Call Money Hale Dale H " " " " „ " " 30,8420 250,2110 21,9600 ,376860 2,4881 ,1*9060 99,7720 35,1910 33,8970 +5,47 +5,12 -2,03 +4,35 +1,45 40,83 Ml +7.59 +1,63 +4,83 +2,32 |f 93,19 Key 9 7,07 7,60 -0,53 M " May 11 .75 1,66 April 28 5,92 58 Upper 1 1 May 4 9,69 j May 2 J,Q0. May 11 Lower j 7,62 May 11 4,25 H^rl 4,09 "Weekly average of d a i l y c e r t i f i e d noon r a t e s by the Federal Beaerw Bank of Mew York, Theme r a t e s a r e not p l o t t e d . | IV - 3 Panel 6A Euro ) Overnight Rate 66 Rate Date Series May 11 Euro-S 1-month Rate ii Euro-$ 3-month Rate " „ Euro-S 6-month Rate 7A Upper Euro-S 3-month Deposits Mar 9 U.S. Certificate of Deposits 78 Lower Differential Upper Euro-S 3-month Deposits May 2 Mar 9 U.S. Certificate of Deposits (Adj.) Sterling CD's (covered) 86 Differential Upper Euro-S 3-month Deposits Local Authority Deposits (covered) Lower Differential U.S. Treasury Bill rate 9A U.K. Treasury Bill rate 96 Upper „ 3-month Forward Pound Lower 27 27 27 -I-1 77 i:i4 8.25 7.28 7.22 -0.91 -0.97 27 27 27 7.28 7.28 -0.91 -1.03 May 11 6.04 May 4 Spread (+= favor London) 8.00 10.00 10.68 p f? •1 Local Authority Deposit (uncovered) 44.93 +3.37 April May4 April May 4 April Mar 4 April Mar 4 April May 4 April May 4 Euro-S 3-month Deposits Lower 8.38 00 00 Upper 8.625 M*y 0 Differential: on Adj. Euro-S Deposits on Unadj. Euro-S Deposits 8A 8.312 8.375 7.45 .. Euro-S 3-month Deposits (Adj.) Lower 7.625 bis Chart 7.26 9.50 May 11 +1.22 .. -1.80 Net Incentive (+- favor London) i " -0.58 < y ) IV 4 Chart Panel Series 10A Upper £uro-$ Deposits (covered) Rate Date March 21 German Interbank Loan rate 106 Lower Differential Upper Euro-S Deposits (covered) Swiss Deposit rate Lower 11 Upper Differential Canadian Finance Paper -2.13 8.75 10.88 May Mar May M^r 2 9 2 Q Mar 11 3-M 3.40r 3-50 +0.16r +0.2* 5.88 U.S. Treasury Bill rate Canadian Treasury Bill rate 4.86 U.S. Prime Finance paper (not plotted) 12A 6.75 Bill rate differential ii -1.18 Forward Canadian dollar 1. +1.30 Third Net incentive on bills II 40.12 Bottom Net incentive on Finance Paper .1 <4.43 Upper U.K. Treasury Bill rate ii 7.26 U.S. Treasury Bill rate .. 6.04 German Interbank Loan rate " Second Lower Japanese Average rate Canadian Treasury Bill rate February 6.707 W#y 11 6*6 U.S. Treasury Bill rate 128 Euro-S Deposits Swiss 3-month Deposit rate MA. 6.04 my 4 May 11 8,38 J.50F 3.50 Mar 11 6.W " U.S. Treasury Bill rate IV-5 Chart 13 Panel Series Upper Date Netherlands 6.38r 6.81 Canada «ay 4 7.44 •United States Germany Urvted Kingdom Lower U.S. Corp. Dollar E u r o - b o n d s ^ r f ^ Q U.S. Corp. DM Euro-bonds Q U.S. Corp. Aaa bonds 14 Switzerland Upper Germany United States United Kingdom Middle Canada Lower ** Japan United States 6.75 " Switzerland Middle Rale A p r i l 26 Hay 4 S e r l e 8 April 20 5.35 Hay 7 9.08 Her 4 10.15 March 7.99 March 6.89 March 7.29 *"y 4 387.1 May 9 A p r i l 27 May 4 324.0 248.52r 247.40 May 4 258.89 May 279.88 3 Mar 5 A p r i l 27 «ay 4 857.82 248.52r 247.40 *Average yield on selected 10 year constant maturity bonds due or callable In 10 years or more. ** 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