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SELECTED INTEREST &
EXCHANGE RATES
FOR MAJOR COUNTRIES &
THE US.
TABLE OF CONTENTS
PART I. EXCHAWE HATES AW) eOLOMdCES
Chart 1A and 8 - SM f i r t i > Rates, Mator Cwvecies niiart U.S. Mtar
Chart 2A and 6 - M M Ferwafd riirhmp Rates, Itoior Caneacies a##W
US. Dollar
Chart 3A and 8 - Mka* rpnaard rrrhiair Rates, Major Cowerl«t a#alo«t
IIXM
Chart 4
- Geld Price io Laadtaa
PART II SMORTTERMINTEREST RATES
Chart 5
-(MlnrMi
Chart«A Ml 8 - I n U i i O o o * D o # r W R * r
Chart 7A Ml 8 -Htm*mk-Lmtm: YitUtm U.S. Oatfar Am*
Chart RAaad8 - l i r t u C«midViet*«a US.Oellarfee*
Chart 4A aid 8 - Idtir* I RMray W W SWii MaiW ri|di»
Chart ISA and 8 - Maaest AAMofr: US. f t mil, amd U-S^oofrtaod
Chart U
-M»iulAMi*i«f. m i W % H r f n r t
Chartl2AMlB-5(t«rh1g»rtl— INiifMRMfr
fwrrui. LOM^TBNI MITEREST RATES AMD STOCK MMCES
Chart 13
Chart M
- l * e - T « e W Views
-kMWSkdhte
PART IK SELECTS) C8RTRAL BAR* MSCOURT RATES AM)
LATEST HOMES PLOTTED <* HIE CHARTS
MOTE: This sencs is ata
, # «hr CAPITAL MMKETS OEWELOPMGRTS AMMIWW,
All senes aed thear sources a* Mty described in l Swwtemaot 4 * d I—fy 1,1IB.
Ctoan 1*
SFOT €*CMW6E SUITES -
wn
* f-uuwc i i o a i e c J w w 23
flUUOR
S
D
1972
* " Swiss f i * n - tioatec January 2 3 1973 See separate chart
Japanese >-er 1<oa«rC fetoriiaty 13 1973
* * G a & e c on new Central R a l e
Digitized for* *FRASER
HfHlfT
mn
OOUMT
s
D
SPOT FXCHMg
SATE - MAM*
CMKMCCG
I f i i t f T IIJ. M U M
us
s
»
1*72
0
w
J
s
p
Hft
!. U S
M
* * * Italian Li<a floated Febtuafy 13. 1973
* * * * fed s e c or r,e* Central Rate
34KMT*I FORWARD EXCHANGE - MAJOR CURREMCES AGAMIST U 3 DOLLAR
Weekly averages
Per cent per annum
PREMIUM
DISCOUNT -
PREMIUM
DISCOUNT -
DUTCH
s
D
1970
S
D
1*71
* Canadian DoUar Rate net snwertad Ayfiao*of Canada
See DESCRIPTION AMD SOURCES OF DATA, January 2. 1973. p p 2-3.
S
1*72
D
S
1*73
D
Chart 2 8
3-MOETH
EXCHANGE - MAJOR CUSWEMCES ACAWST US. OOUAE
Pet cent pe< a n n u m
7 !
i
? !
1 M
]
I ! '
I 1 |
1 1 i
i
!
1 '
!
i
1 i
|'
,
'
i
!
1
j
;
!
PREMIUM • j
HEUCH FftAMC
1
-
1
v
\z
X
>
DISCOUNT PREMIUM •
$WS$ HUWC
vxAA.
r
v
x
j
XT
/ "
DISCOUNT -
1 1 i 1 i 1 1 1 i II 1 1 1 1 1 1 1 1 1 1,11 1 1 1 1 1 1 1 1 1i1i ! i i 1 i i 1 i i
M
J
S
D
1*7*
K
J
S
D
1*71
See DESCfttfTKM AND SOURCES Of DATA. Jwuiary 1. 1973. pp 2 3.
W
J
S
1*72
D
W
J
S
1*73
D
Chart 3*
3-EOWTTI FORWARD EXCHANGE - MAJOR
Friday l«gur*s
US. DOLLAR
DISCOUNT
tf
J
S
D
1970
W
J
S
D
1971
bee DESCRIPTION AMI SOURCES Of DATA. January 1 1973. p 5
1972
1973
%
3-MOMTM N M V M D EXCWWCT - MAXW FWKWFCT AGAINST UJC POUND
ffHtoy ftgmes
Per CMt par «mi
PREMIUM •
i
'
-
.
1
OMKfMfl
-
-
r /V \
f
\A
'HKMCM HMMC
-
-
W
J
S
D
1970
W
tHsooiWT , , , ' : . j ; M II : : . 1 1 1 i I 1 I M l i i J J ,
J S O M J S O M J S O
1071
1072
107*
See DESCRIPTION AND SOURCES Of DATA J a n u a r y I, 1973, p 3
CtWl <
s a * e f « 8 * C attefoooti iuungs
s
D
1970
«#
J
s
0
1S71
See DESCRIPTION AMD SOURCES Of DAT*. January 1. 1973. p 4
«
J
1#72
s
0
J
Mff
$
0
CtortS*
CALL HOMEY RATES
DOLLAR f UIIPS
Per cent per a n n u m
14
CALL tUKMXN-UUR DEPOSITS
DIFFERENTIA
E U R M O L U * OVESt
EURO DOLLAR
FAVOR
EURO-CURRENCIES
* C h a n g e s IfOtn
FUNDS
I
Pef oeirt per annum
10 1971
CALL to OVERNIGHT Lvro-doliaf deposits May
bee DESCRIPTION AND SOURCES OF DATA January 1. 1975. pc 4-6
FEDERAL
u
CML HOMEY SATES
stifcrec route* AW etc OHMEMCIES
frii* Itenes
- • •
-
Par cent I W a w u w
' •
I
-
V ,
/ w *
nnnr
#K
1 •Id
M Kj A/)
1 i i i i 1 1 ! 1 II 11 i i I : , i i
, !
!
1! i : 1 11
1 1 !Vi
1
; i , : 1 in
'
!
J—v
,
y
Urt'1
I
. 11
I
jTj
1
J1
|1
J
S
D
ttH
I
kjl/^\
JMT
A
J
ttW
FfjMKtt. Day «m Amy M»««r iMwMli, Ceil i > M | ,
'
/' I 1
S
, i ; m : i i 1 ii
D
H
J
S
D
1
I
K
1S72
swafciy average, J w w i . Uecoodibooel M o e e y .
Der-io-flsy L o w s , MM** MMAM. Comanjr. Call Money. U > , 2-day Local M b o r i t y Deposits
See DESCRiPTiON AMD *SOUf)CESjOf DATA, January 1. 1973, pp 4-6
CMM4*.
1 1 1
-
V| v
i : i i i i
K
(
111 11 I 1I 1
J
S
mi
O
Chart 6A
LONDON EURO DOLLAR DEPOSIT RATES
cent
CALL
12
r
E
1970
1S71
* WUk 12 : -cnangec to OvetTMgtrt Luro Dolta' Deposits
** jim ; —ctwteec tc " Dav £»m: >-I>ot*ar
UK ANI bOUR^L
' S 0 DA"~i januaik 1 1 t t~
s
1972
D
s
1079
\1>
Chart 6 8
LONDON: EURO-OOLDW DEPOSIT RATES
Friday f i g u r e s
12
-
V
\A
-
!
K
v\
L
I
/
V
V
n
* * a m #
-
-
1 1 1 1 1 1 II
i i 1 i i 1 j i I i i
1 1 1
i i 1 i i I j i 1 i i
J J 1 i J J 1 ll-LJ .
II
-
-
MMWTM
I
~~
i
ti
-
•
. : .
1970
:
' ' i .iijjij—l.
1971
i J 1 I i I i J—l i i
i i I J J J J J J I 1
1972
1973
S e t r DfcSCRIPT (Otvi AMD S O U R L i : O f DAT* J a n u a r y 1 1973. p €
CTMR. U
VTRNTUSMOOM VELDS TM UA DOLUW FIWDS
3-WOWW DOLLAR DEPOSIT RATES-SECONDARY MARKET
Per cent pe- annurr
Oeontsoav figutes
-1 J2
D<ffE«£WTiAL
FAVOR tURO-DOLUW
Mv
*
J
S
D
*
JS70
J
S
1*71
D
«
J
f DLSURPmUN AND SOURCESOF DATA A
.NWAR , 1 I97: pp 6 7
S
1*72
D
*
J
S
1*73
D
MM VOM-UMUM:
COST Of US- DOLLAM FUNDS
3 - M O N T H DOLLAR D E P O S I T R A T E S — P R I M A R Y M A R K E T
M X i n s d o %w«es
cent per annum
12
* Adjusted for
**Adi«t*l«d tor 1 M
OtMrw «eau«emwit
* * * Adjusted lor 20%
« « * * g#QMK#m*nt
See DESCRIPTION AWD SOURCES OF DATA, January 1. 1973. pp 6 7
(.nan 8A
LONDON: COVERED YIELDS ON U.S DOLLAR" FUNDS
H I R E P U R C H A S E / S T E R L I N G C D ' s v s E U R O DOLLAR R A T E S
Friday figures
Per cent per annum
12
E U R O DOLLAR DEPOSIT
COVERED
I i i 1 i i i i i ! i ;
_
i i 1 i i I i i I i i
FAVOR STERLING CD's
DIFFERENTIAL
'"vyw V
FAVOR EURO DOLLAR
i
D
1970
M
J
S
1971
D
W
J
S
1972
Purchase suspenoec August 1 1 1972 and Sterling Certificates of Deposit
uegi'- AuguS* 1 1 9 7 2
*• I*" *'('t*
- t . of
i - - n udf v i - 9 •
b
D
1 1 1 1 1 1 1 1 1 1
W
J
S
1973
o
\1
Chart 8 6
LOUDON: COVERED YIELDS ON UF DOUAN FUNDS
LOCAL AUTHORITY AMD EURO-DOLLAR RATES
fftday figures
^
t
U
EIMO-MMLiAe DEPOSIT
;
A U
LOCAL AllITNOMTV
SEFWT
COVMEO
1 1 1 1 1 1 1 1 1 1 I
1 1 i 1 1 1 I 1 1 1 1l l 1 l l 1 i i 1 i i
Ayk#
-
1111111111 j.
FAMOB LOCAL AUTMQtfV
DIFFERENTIAL
IA A
V V *
aAvAI V
HWIfliaMMlU*
I 1 1 1 1 1 1 I I 1 1
M
J S
1970
O
1 1 1 11 1 1I I 1 J. i i I M
M
J S
1971
D
See DESCRIPTION AMD SOURCES Of DATA, January 1. 1973. pp 7 ^
M
J
1 II 1 1 1
S
1972
D
1 1 1 1 1 1 II 1 1 1
M
J
S
1973
D
• n a e s r w e m w e t UNITED KINGDOM < w UNITED STATES
• IrtKH llfcul*:
iscV I*" <|!
2 -WDNl^ TtfiASU** BlU
UN/OVL-RLI
1970
1S71
1972
* P i o t t o c ID' L t f m p a n s o r p u r p o s e :
s e e D L S C f i t P l ION AND SOURCES Of D A U , j a n u a T x :
197:-. p t fc-9
2973
VA
.ctwise
• W G R W I I M F
I L I A KMCAOM MO I M I I B TRUIH
$#w*es
RATE D * f f B R E * 7 W L
Pe< cent pe< »«wu«r
3 - M O U T H FORWARD STERLHKG
S
D
D
*
s
J0»
JM
aw ofscmrum mt> somas of WIA. j*uwy 1.1^73
s
W2
0
«
J
WS
£
0
3-MONTH FUNDS INTEREST ARBITRAGE: EURODOLLAR
FRAHWfWT INTERBANK LOAN RATE VS LONDON EURO DOLLAR RATE
fceonesaa.x
Tale
EURO-DOLLAR
COVERED
FAVOR FRANKFURT
DIFFERENTIAL
FAVOR EURO DOLLAR
11 1 1 1 1 I1
1970
1971
See DESCRIPTION ANL SOURCES OF DATA J a n u a r y 1 1975 p p 9 10
1972
1973
qA
Chart 106
3-MOUTH FUMM MfTEKfT MWTMCE: E U W X O U M - SWW HTATTC
ZURICH DEPOSIT RATE VS LONDON EURO-DOLLAR RATE
Wedoetday f a t e s
H
J M
] I ! 1 ! '
Fe< ce<i< pe< a n n u m
! M M ; M IM
i M ' M M ! M
M
| H
| H
| ' '
wwwretii
J
riT
f m o i o i i * *
COVERED a
J
If
r
lZIL-
fAVO* ZWKX
OifftRtHTIAL
I \ \
1 1 1 1 1 1 1 1 i 1 1
l l 1 l I 1 I l 1 l l
1970
1*71
/
FAVOR EURO-DOLLAR
II 1 1 1 1 1 1 1 1 1 i i 1 i i 1 i i I i i
See DESCRIPTION AND SOURCES Of DATA. January 1. 1973, pp. 9 10
( \
J*72
1*73
3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES
Fnday t.gures
Pe<
cent pe< a n n u m
BILL RATES
UWTED STATES
TREASURY a m i
CAN. FW. CO. PAPER
4
BILL RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR
DISCOUNT
COVERED RATE DIFFERENTIALS
f AVOfi CAMAOA
/V
1S70
t
[
1971
be* DtSL'RiPl iON A M SOURCES Of DA"A j a n u a r t 1 1 9 7 ; pj. 1G I I
1972
c
w
1S73
s
D
_jad fiMMilMdfeMkkMaflii)
See DESCRIPTION * * D SOURCES Of DATA. January 1 1973. pp 11 12
S B £ C I T T fMOir i B M M T U B T *ATES
1SS#
IffO
*
li—run' WWW US, WWWW-3
gmtn* tmU
++ Pmm *m ** us. 4*m 4mmm m tm*m
See DeSCRIPTlOW WD SOUkCtS Of DATA Jwwaty 1 1973, pp 11 12
1S72
LONG-TERM BOND YIELDS
-i.gui^:
Per cent pet annum
U.S
11
11
1971
1972
1973
1974
INDUSTRIAL STOCK WOEXES
Ratio scale 1 9 5 8 = 1 0 0
i. 1 9 5 8 = 1 0 0
~ 320
MUTED STATES
240
160
1200
320
240
320
Kay 23
* 13
1973
IV. SELECTED CENTRAL BAIMC D5C0UMT RATES
•to. 611
J
Country
Current Rate
in Effect Smce
Previous Rale
in Effect S « c e
5.0
S e c . 2 1 , 1973
6 . 50
Now. 2 , 1972
E.E.C.:
fleigitsn
France
tiemany
5.5
7.50
6.00
May 1 0 , 1 9 7 3
Nov. 3 0 , 1972
Mar 3 . 1 9 7 3
5.0
J a n . 1 2 . 1973
Italy
4.0
A p r i l 1 0 , 1972
4.5
O c t . 1 4 , 1972
Itetoerlands
4.0
Nov. 3 , 1972
3.0
S e p t . 8 , 1972
**United
Kingdom
8,50
March 1 , 1 9 7 3
8.75
J a n . 1 9 . 1973
Switzerland
4.50
Jan.
3.75
Sept.
5.25
A p r i l 9 , 1973
4.75
O c t . 2 5 , 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
Canada
Japan
United States
1 , 1973
1 5 , 1972
**Effectivc October 1 3 , 1 9 7 2 , the 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 Bate with a fluctuating "minimum lending rate" b a s e d on a v e r a g e
Treasury bill tender rate. January 1 9 , 1 9 7 3 - - . 8 . 7 5
LATEST FIGURES PLOTTED OK THE CHARTS
!
Chart
Panel
Series
Date
*
Upper
Swiss franc*
U K. pound*
Fcendi franc*
Japanese yen *
Mar 16
M
Rale
1
j
Lower
IB
Upper
Belgian franc *
Italian lfc#r
Canadian dollar*
Gemaanaadc*
Dutchguilde*
Lower
German mark
Swiss franc
U .K . pound
Dutch guilder
Canadian dollar
French franc
Japanese yen
2A
26
Upper
Lower
German mark
U.S. dollar
Swiss franc
French franc
3A
38
4
5A
Gold price, U .S. dollar per ounce
Upper
|
Middle
Lower
58
Upper
Lower
-
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
«
"
2,5474
,168840
98,8660
35,8120
««
M
*
«
**
"
(«
"
"
46,32
45,75
1.68
44,87
4-1,35
41,06
MA
47,53
+1 58
44,80
42,38
M
105,70
May U
M
7,22
7,81
-0,58
Mar 11
M
A p r i l 28
.75
1,61
5,82
May 11
9
May 18
M*16
&y 8
9,18
4,80
7,44
7,37
4,20
"Wnffrlj average of dally certified noon rates by the Federal Beeerw M
Theee rate# are not plotted.
31,6660
254,8860
22*4280
«3T*100
of tar York,
IV-3
Chart
Panel
6A
Date
Euro-) Overnight Rate
May 18
Euro-S 1-month Rate
6B
7A
78
Upper
„
Euro-S 6-month Rate
"
Euro-S 3-month Deposits
8.562
R snn
8.688
May 16
8.56
U.S. Certificate of Deposits
"
Lower
Differential
H
+1.11
Upper
Euro-S 3-month Deposits
•i
May 9
Mar 16
8.38
10.48
10-70
U.S. Certificate of Deposits (Adj.)
Lower
Upper
Euro-S 3-month Deposits
Lower
Differential
S t e r l i n g CD's (covered)
Upper
Euro-S 3-month Deposits
Local Authority Deposits (covered)
Lower
Differential
U.S. Treasury Bill rate
9A
7.45
May 16
8.69
Differential: on Adj. Euro-S Deposits
on Unadj. Euro-S Deposits
86
7.500
..
Euro ) 3-month Rate -
Euro-S 3-month Deposits (Adj.)
8A
Rate
Series
+3.59
41.45
8119
8.25
7.ZB
7.22
-0.91
-0.97
8.19
8.25
7.28
7,28
-0,91
-0.103
"
May 4
May 11
A p r i l Z7
April
May 4
April
May 4
April
Mar 4
April
4
Z7
27
27
27
Mar 18
6.22
U.K. Treasury Bill rate
Local Authority Deposit (uncovered)
98
Upper
3-month Forward Pound
I
!
Spread (+= favor London)
Lower
7.15
Mar 11
9.44
Mar 18
40.93
ii
-1.80
Net Incentive (+- favor London)
i
-0.87
1
36
IV - 4
Chart
Panel
Series
Date
10A
Upper
Euro-$ Deposits (coveted)
March 21
108
11
-2.13
Genua Interbank Loan rate
••
8.75
Lamer
Differential
«
10.88
Upper
EwH Deposits (cowwed)
Iter 16
Swiss Deposit rate
Lower
DHlMtijI
Iter 16
Mey 9
M^r 16
2.99
3.50
3.50
40.28
4fl.«
Upper
Cmadlm MmmceP#er
lfagr 18
6.25
Secoed
12A
Rate
U.S. Treeswy Bill ate
«
Canadian TieMuiy Bill rate
H
U.S. Prise Finance paper
Wot Matted)
"
6.22
5.06
6.75
BillqtedMWwtW
-1.16
Forward Canadoa dollar
+1.68
TWad
Met incentive en bills
M
40.32
Botto.
Met incentive en Finance Paper
H
40.98
Upper
U K. Tseeswy Bid tale
w
7.15
U.S. Treaeny Bill We
W
6-22
Lower
Japanese Averaperate
m
•
*-7«7
Canatfan Trcaswy Bill rate
U.S. Treeswy Bill We
128
£mo-$ Deposits
6.22
Swiss )4we# Deposit rate
M
«*U
Mar 18
8.50
3.58
3-50
U.S. Treasury Bill rate
Mqr 18
6.22
IV-5
Chart
Panel
Series
Dale
13
Upper
Netherlands
May 4
Mbv 11
6.81
6.87
Canada
May 11
7.46
* United States
„
Switzerland
Middle
April
Germany
•fagr 7
United Kingdom
Lower
U.S. Corp. Aaa bonds
14
Upper
Middle
Lower
Mmy 11
U.S. Corp. Dollar E u r o - b o n d s
U.S. Corp. DM Euro-bonds S m r ± t B
Rate
c
c
6.80
20
SIS
« Aft
in #
March
7.99
March
6.89
Switzerland
March
Hay 1 1
May 18
385.0
Germany
May 15
300.2
7.29
37W.6
United States
May 11
250.16
United Kingdom
May 18
260.80
Canada
May 10
283.61
Japan
May 5
May 4
May 11
857.82
247.40
250.16
United States
^Average y i e l d 011 s e l e c t e d 10 y e a r c o n s t a n t m a t u r i t y bonds due o r c a l l a b l e I n 10 yzz
"
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