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D I V I S I O N OF I N T E R N A T I O N A L F I N A N C E
BOARD OF OOVERNORS
H . 13
N o . 349
I
May 8, 1968.
CAPITAL MARKET/DEVELOPMENTS ABROAD
,
^
1
-1 <J do
|x.
Ten Charts on Financial Markets Abroad
Latest Figures Plotted in H. 13 Chart Series, 1968
I
I.
Ten Charts on Financial Markets Abroad
Chart
Chart
1
2
Chart
3
Chart
Chart
Chart
Chart
Chart
4
5
6
7
8
Chart
9
Chart 10
-
New York, London: Yields on U.S. Dollar Funds
London: Yields for U.S. Dollar Investors on
3-Month Funds
Interest Arbitrage: Frai kfurt/London,^
Zurich/London
Interest Arbitrage: New York/Canada
Interest Arbitrage: New York/London
Short-Term Interest Rates
Long-Term Bond Yields
Spot Exchange R a t e s — M a j o r Currencies
Against U.S. Dollar
3-Month Forward Exchange Rates
Industrial Stock Indices
Europe and British Commonwealth Section.
NOT FOR PUBLICATION
DECONTROLLED AFTER SIX MONTHS
N I W Y O R K - L O N D O N : V I I L D S O N U.S. D O H A # FUNDS
3 - M O N T H D O H A * DEPOSIT RATES
Wednetdoy figures
Per cent per
EURO-DILLAR DEPOSIT
U . S . C E R T I F I C A T E OF D E P O S I T
E U R O D O L L A R I V E R U . S . C E R T I F I C A T E OF D E P O S I T
C A L L EURO D O L L A R D E P O S I T RATE VS. U.S. FEDERAL F U N D S RATE
Mar.
In.
Sept.
lie.
Ear.
IMS
Jua. *
111!
Sept.
lee.
Mar.
J'ee.
1117
Sept.
lec.
Mar.
Jen.
111!
Sept.
lec.
3
L O N D O N : YIELDS
EURO-DOLLAR
FOR U . S . D O L L A R
INVESTORS O N 3 - M O N T H
FUNDS
D E P O S I T RATES
3 0 DAY
180 DAY
9 0 DAY
S
M
D
1965
M
J
1966
S
D
M
J
1967
S
D
M
1
1968
S
D
LONDON:
YIELDS FOR U.S.
HIRE P U R C H A S E A N D
LOCAL
* 1 INVESTORS O N 3 - M O N T H FUNDS
DOLLAR
A U T H O R I T Y D E P O S I T RATES ( c o v e r e d )
A
EURO-DOLLAR DEPOSIT.
HIRE P U R C H A S E
FAVOR HIRE PURCHASE
FAVOR EURO-DOLLAR
DIFFERENTIAL
|
8
!
1
EURO-DOLLAR DEPOSIT
!
I
I
LOCAL AUTHORITY DEPOSIT
FAVOR LOCAL AUTHORITY
FAVOR EURODOLLAR
DIFFERENTIAL
1965
1966
1967
1968
5
I
INTEREST ARBITRAGE: F R A N K F U R T / L O N D O N ,
FRANKFURT INTERBANK
LOAN
EURO D O L L A R
RATE ( C O V E R E D )
i
!
i
-
ZURICH/LONDON
RATE V S . L O N D O N
h
j
|
/ s _ ,
n
ri
1
••
w
I
i
i
Ii N T E R S A N K LC I A N R A TE
I
1
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I^
1
I !
I I
i
>
i
i
i .
i
i -i
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1
1 I^
EURO D O L L A R
DM
I
I
% LvPlM
I I
OF
T
Y
! !
M M
p v A \
Dlf FERENTIAL
Z U R I C H D E P O S I T RATE V S . L O N D O N
I
i
TERMS
E U R I l - D O L L i AR
i
!
IN
r
I
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I
i
i
i
FAVOR FRANKFURT
!
i A - A
i
v
i
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-
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FAVOR EURO-DOLLAR
1 1 1 1 1 1 1 1
RATE ( C O V E R E D )
1
I N TE RMS 0 iF S W I S S F R A N C S
!
y ^ E U R O - I JOLLAR
-
M
i
— H
'
S
S W I S S D E P O S I lr RATE \ a H
1
i
!
•
R>
V I
^
/
'
1
i
FAVOR ZURICH
DIFFERENTIAL
J
M
FAVOR EURODOLLAR
II i ll I 11
±_L
H
PRICE OF G O L D I N
•
LONDON
Morkei cloied Morch 15-April 1, 1968
-
\O
INTERST A R B I T R A G E , U N I T E D STATES / C A N A D A
Friday figures
,
Per cent per annu
3 - M O N T H TREASURY BILL RATES
C A N . F I N . CO. P A P E R
UNITED STATES
CANADA
,
,
1
,
1
!
r
1
1
1
BILL RATE D I F F E R E N T I A L A N D F O R W A R D C A N A D I A N DOLLAR
2
S P R E A D I N FAVOR OF C A N A D A
FORWARD RATE
DISCOUNT
3 - M O N T H C O V E R E D RATE D I F F E R E N T I A L S (NET I N C E N T I V E S )
TREASURY BILLS
PRIME FINANCE PAPER
FAVM U.S.
1_1
1865
1966
1967
1
INTEREST A R B I T R A G E , N E W Y O R K / L O N D O N
Per cent per annum
3 - M O N T H TREASURY BILL RATES
U.K. LOCAL AUTHORITY DEPOSITS
LONDON
V
NEW Y O I K
RATE D I F F E R E N T I A L A N D 3 - M O N T H F O R W A R D STERLING
S P R E A D I N FAVOR OF LONDON
PREMIUM
FORWARD RATE
DISCOUNT
VI
j1
RATE D I F F E R E N T I A L W I T H F O R W A R D E X C H A N G E COVER (NET I N C E N T I V E )
I
IN FAVOR Of LONDON
U
I
IN FAVOR OF NEW YORK
-2 43
1965
1966
1967
190#
4
SHORT-TERM INTEREST RATES*
EURO DOLLAR - LONDON t
UK
Y U S'
/v/-*
^SWITZERLAND
9
JAPAN
CANADA I
U.S.
GERMANY
1964
1965
1811
* 3 month treasury bill, roles for ell c•entries except Japan {Average role on bonk loans and discounts,
Switzerland (3 month deposit role) end Germany
™|" 3 month rote lor US dollar deposits in London
Interbank Loan Rale
1967
8
7
6
5
SWITZERLAND
4
3
"9
8
7
EURODOLLAR BONDS
6
5
8
U.S. EURO-DOLLAR BONDS
7
6
5
4
Averoge of
New series
New series
New series
yields for four foreign government dollor bonds quoted in London
for Germany starts 7 9-65
for Switzerland starts 3-3-67
for Netherlands starts 1-7-66
\p
SPOT EXCHANGE RATES - MAJOR CUKKINCIES AGAINST U.S. D O H A *
SWISS FRANC
r
I
GERMAN MARK
4
rr
U.K. STERLING
BELGIAN FRANC
FRENCH FRANC
|
j CANARIAN I 9 L L A R !
I T A L I A N LIRA
JAPANESE YEN
M
*
J
1915
$
B
N
Devaluation ol the pound sterling from 52 80 to 52 40
J
1911
S
I
•
$
1917
I
N
J
1968
S
0
w
3-MO
A G A I N S T U.S. DOLLARS —NEW Y O I K
GERMAN MARK
S W I S S FRANC
ROUND S T E R L I N G
RISCflMMT-
D U T C H GUILDER
FRENCH FRANC
C A N A D I A N DOLLAR "
BISCIMNT-
AGAINST POUND S T E H I N G - L O N D O N
S W I S S FRANC
U . S . DOLLAR
IISCtlHT
1115
1917
1111
•
INDUSTRIAL STOCK INDICKS
320
280
240
SWITZERLAND
U.S.
200
GERMANY
160
U.K.
120
360
320
280
JAPAN
240
CANADA
200
U.S.
120
1111
#
• •
Swiss lank Corporation industrial sleek inde*
Japan inde* of 225 industrial and other stoc
1117
H. 13
No. 349
May 8, 1968.
II.a Latest Figures Plotted in H. 13 Chart Series, 1968
(all figures per cent per annum)
Chart 1
(Wednesday,
Upper Panels
May 1
Euro-$ deposit
44
U.S. csrtif. of deposit
Lo^er Panels
Chart 4
(Friday,
May 3
)
Treasury bil^s : Canada
5.94
(Wednesday,
May 1
U.S.
)
6.79
5.44
Spread favor Canada
+1.35
Call Euro-$ deposit
& 1?
Forward Canadian dollar
-1.62
Federal Funds
6.15
Net incentive (Canada +)
-0.27
Canadian Finance paper
Chart 2
(Friday,
May 3
7.12
Chart 5
Upper Panel - Euro-$ deposits:
Call
30-day
6.18
6. 56
90-day
180-day
Middle Panel
6 .94
U.S.
5.44
Spread favor U.K.
4.21
Hire-purchase paper
>
(April 26)
Euro-$ deposit
(April 26)
Lover Panel
(mid-point)
Treasury bills: U.S.
5.,44
U.K.
6. 94
Canada
6. 79
Interbank loan rate (German)
( A p r i l 24-30
)
3. 62
Euro-$ deposit (London)
6. 50
3.62
Euro-$ deposits
(average)
3.56
(May 7)
Lower Panel (date April 15
)
Zurich 3-month deposit
(Date:
Zurich 3-month deposit
8,.25
Chart 6
(Friday,
May 3
•1.71
Euro-$ deposit
6.66
(April 26)
Chart 3
I.
Upper panel (Period: April 24-30 )
4-1,.50
U.K. local authority deposit
6.66
Local-authority deposit
(April 26)
Interbank Loan
Treasury bills: U.K.
6.50
6.62
April 15
)
2. 75*
)
7. 45
2. 75*
Japan Composite rate
Euro-$ rate (covered) (May)
3.92
(Date:
II.
Price of gold
(Friday,
May 3
*March 23
2.75
39.12
)
April 7
31
2.75
2.75
Feb. 23
^
H. 13
No. 349
II. b
May 8, 1968.
Chart 9
Chart 7
)
5.,27
U.K. War Loan (Thurs., May 2 )
7.,25
German Fed. (Fri., April 26
6.,51
Swiss francs +2. 74
Dutch 'Glds.
+1. 83
4. 54
German marks + 2 . 9 1
Fr. Francs
+ 1. 28
6, 54
£ Sterling
Can. $
U.S. Gov't. (Wed. ,
Swiss Confed.
May 1
)
(Fri,., Apr. 12 )
Canadian Gov't.
(Wed., Mav 1 )
(Friday, May 3
Against U.S. dollars:
j
- -1.62
Against pound sterling:
Netherlands Gov't.
(Friday,, April 19 )
6. 50
Swiss francs +5. 88
U.S. dollars + 3 . 4 0
Euro-$ bonds (Fri. , May 3
)
7. 52
U.S. Euro-bonds (' March 29
)
7. 35
( Mar. 29 )
6. 11
U.S. Corporate Aaa
. -4.06
)
.
)
4-fi. Q1
Chart 10
U.S. (
Chart 8
May 3
(Friday,
Ger. marks
May 3
)
.
217.9
Japan ( March 22
)
237.7
U.K.
)
270.8
(Fri. , May 3
Swiss f r a n c s + 0 . 7 3
Dutch Glds. - 0 .06
German marks +0. 32
Can. $
+0,.24
Switzerland
U.K. £ Ster. -0.21
It. Lire
+0..28
Germany ( April 26
)
254.0»*
-0,,65
Canada ( April 19
)
201.0
Belgian f r a n c s + 0 . 72 jap. Yens
French francs
May 3
)
+0. 06
For descriptions and sources of data, s
dated March 27, 1958.
'",fApril 5
12
19
(Fria.
246.0 e
249.0 e
251.0 e
; Special Supplement No. 343-S
328. 3
@FedFRASER