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I———I I K'T is;j I seijethHnterest & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. • B K L V SBMES O F C W * T $ TABLE OF CONTEMTS PART I. EXCHANGE RATES AND GOLD PRICES Chart IA and 6 - Spot Exchange Rates, Major Currencies against U.S. Dollar Chart 2A and B - 3 Month Forward Exchange Rates, Major Currencies against U S. Dollar Chart 3A and B - 3 Month Forward Exchange Rates, Major Currencies against U.K. Pound Chart 4 - Gold Price m London PART II. SHORT-TERM INTEREST RATES Chart 5 - Call Money Rates Chart 6A and 8 - London: Euro-S Deposit Rates Chart 7A and B - New York - London: Yields on U.S. Dollar Funds Chart 8A and 8 - London: Cowered Yields on U.S. Dollar Funds Chart 9A and 8 - Interest Arbitrage: United States-United Kingdom Chart 10A and 8 - Interest Arbitrage: U.S.-Germany and U.S.-Switzeriand Chart 11 - Interest Afbrtrage: United Stales-Canada Chart 12A and 8 - Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AND STOCK INDICES Chart 13 Chart 14 - Long-Tern Bond Yields - Industrial Stock Indices PART IV. SELECTED CENTRAL BANK DISCOUNT RATES AND LATEST FIGURES PLOTTED ON THE CHARTS NOTE: This series is a contimation 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 m the Supplement to the series, accompanied issue dated January 1,1969 All series and their sources are fully described in a Supplement dated January 1, 1972. CcMteai 2*72 Pound Hoatec Juae 23. 1972 * Swiss F a n e ItaetecLAwiuarv 23 1973 See separate char* * Japanese Yen Itoeted f e b i uaf> 15 1973 * • * Based on new Cental Raie H c*wi ie SFOi f l f M O i g MATE - fllAJM f U f U f g f A6AWST U* 0 O U M 32* US doii*< m J s D m J S RMtc scale. U S cents Ral«c scale U S cents 240 : LLl 1971 * * * Itanar i.<1 n liod'ec fe&'uary 13. 1973 * * * * Based or 0 JIW vm Cent'e $-aie 1972 Gtart 1C 11. 1971 - Dec 17. 197" FRANCE US JUKE JULY SEPT AUG 1971 * Financial franc OCT NOV DEC ] o a m * neumer turn • MAJM cmmmvi • t o r 11. 1 9 7 1 - Dec MMNST U J . D O O M ITALY Per ITALY US swrrz MAY JULY SEPT AUG. 1*71 * f o f cla-'ty the wfccai sceie is donWt that used m 1C OCT. 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST US. DOUAR DISCOUNT - DISCOUNT - DUTCH GUILDER 1970 * i n r . i z - a - L - i<j* t-d-- • - ' -ui-'UOftec U t J N 1971 tidDf ot Canada AM >. JK-LLb 0? DATA January : 1 9 / : PL ^ -- 1972 4 Chart 28 3-WWTM FOeWAeD EXCMAMCE - MAJOR CUMEMCES AGAMCT U-S. DOUJW Weekly averages ceet per « m u m DtSCOUMT - M j SS 1170 DD S I JJ 1971 sS 0 D See DESCRtfTKW AMD SOURCES Of DATA, January 1, 1973. pp 2 1 M W JJ S s 1*72 D 0 e «J J 1171 S 0 I DISCOUNT S e c DESCRIPTION AND SOURCES OF DATA January 1 1 9 7 5 . p 3 Chart 38 M J S D am W J S D u n See DfcSCfitPTtOW AMD SOURCES Of DATA, January 1, 1973, p 3 * J wn S O * J S wn O US m J $ f> M l m J $ o «fl See DtSCRiPTK* AMD SOURCES OF DATA, Janiwy 1. 1973 p 4 » J W 2 s m j WS $ o C h a n 5A CALL MONEY RATES DOLLAR FUNDS * e e « u averages CALL EURO-DOLLAR DEPOSITS FEDERAL FUNDS : DIFFERENTIAL EURO DOLLAR f£D£*AL EURO-CURRENCIES Wee*i> a v e r a g e s Fef c e n t p e r »nnttm EURO-SWISS FRAMC tror- 1972 1971 1970 * ir.ar.gec FUWOS OVtRhnUHT Luro dollar d e p o s i t s May 10 S e e DESCRIPTION ANC bOURLLS Of DATA. January 1. 1 9 7 3 . PP 4 6 1971 Chart 5 6 O U 4 , W H E Y BOTES SELECTED FOREIGN AMD EEC CU*REWC*ES I i M W J - L 1970 M J S 1971 D » I J S D W 1972 France Day to day trior*, Netherlands. Call Money, weekly average. Japan. Unconditional Money, Canada Day to d a , l o ^ i wce*.iy average, Germany. Call Money. U-W , 2-day Local Authority Deposits See DESCRIPTION AND SOURCES OF DATA. January 1. 1973. pp 4-6. J S 1973 i O i, J . LONDON: EURO DOLLAR DEPOSIT RATES Per cent per annum Friday figures 12 -C- f - v V i 1 ij a , 1" Ail r 1 \A 1-MONTH ^ J - - - : I 1 I M ! 1 I 1 I 1 J S i i 1 i . i i i 1 i i 1 D 1970 J S D 1971 Way 12/71-changed to £»ro-Dotkar Deposits * * July 1 —changed to 7-Day Euro-Dollar See DESCRIPTION AND SOURCLS OF DATA Ja-^a-. . 1973. p 6. ' I L L J 1972 LII S . I 1 : I 1 I I 1 I I 0 M J 1973 S D V? OwttS VOmOHh EURO-DOLLAR DEPOSIT RATES Friday Fe< cwH ptf wmum \ V \ . - V, V 1 1 1 1 1 1 1 1 1 1 1 A / A 1 1 1 1 1 1 1 1 1 1 1 m W l See DESCRIPTION * t o S b U * C £ S Of DATA. Januaf* 1. 1973, p 6 f K . 1w MKwm# w V ' 1 11 J J 1 J 1 1 1 1 1072 " l l 1 l l 1 l I 1 .1 I 1972 ftet oe*i iwiuni - 12 j 2 US. CERTIFICATE OF DEPOSIT DIFFERENTIAL FAVOR EURO-DOLLAR EURO DOLLAR OVER US. CERTIFICATE OF DEPOSIT 2 V Chart 78 • a r y o n i o i o o i : COST OF D o u i i hmmh 34KMW DOLLAR DEPOSIT RATES—PRMARV MARKET s w 0 1S70 M J S 0 1*71 * Adiu$ted lor Reserve Requirement * * Adjusted tor 1 0 * W*r*«n*l Reserw Requnemewt ***Adi«isted lor 20% Marginal Reserve ReqiMcemeot See DESCRIPTION AWD SOURCES Of DATA. January 1, 1973. pp 6 7 M J OTZ S 0 i WS 8 0 Chart «A LONDON: COVERED YIELDS ON US. DOLLAR" FUNDS HIRE PURCHASi /STERLING CD's vs EURO DOLLAR RATES Per cent per annum Ffrtlay figures 12 EURO-DOLLAR DEPOSIT HIRE PURCHASE COVERED ! DIFFERENTIAL fAWOR STUUMC CD s ! ^V_L All A \ lim J i - i - i , : fAWOR EURODOLLAR i , M j S D W 1970 , —1 —L J — 1 J - i J 1S71 S D M J S 1972 • « i » e Purchase August 11. 1972 and Sterbnt Certificates of Deposit begm August 11. 1972 See DESCRIPTION AND SOURCE? 0? DATA januan ] 1=^5 pp ~-F D W J i S 1973 .i J i i . CtoftW vomm C « A 6 0 VEUIS o n U * OOUJUI FMHOS LOCAL AUTHORITY MO EURODOLLAR RATES 1 III i PTNUHTT : 1 1 1 1 i 1 1 1 1 1 II ! 1 I 1 11 ! 1 1 1 i 1 i 1 II 1 M 1 1 J HUM MEN. M**MM - DIFFERENTIAL Jl A y w l 1 1 1 j 1 1 II 1 J 1 M 1 II Vv Zvt 1 4 ! J J 1 M II 1 II 1 II 1 II S 1072 S w DESCRIPTION HMD SOURCES OF DATA. January 1, 1973. f*> 7-8 0 HMMCMO+OUJM II 1 II 1 II 1 1 1 M J s o W l INTEREST ARBITRAGE UNITED KINGDOM AMD UNITED STATES -rtDtiv iigur-eE •Per cent p c annum 3 - M O N T H TREASURY BILL RATE? 14 UjK. LOCAL AUTHORITY DEPOSITS*/ UNCOVERED J [ I 1970 1971 1972 1973 n Chart M WTE«EST AMtTRAGE: UMtTEO KJNCOOM AMO UWTED STATES RATE DIFFERENTIAL AMD 3 - W O N T H FORWARD STERLING DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW VOTIFT s L s D JS70 See DESCRIPTION AND W s W 2 SOURCES OF DATA, ianuafy 1. 1973, ppS-9 D m j 1*73 0 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - GERMAN MARK TRAWKfURT INTERBANK LOAN RATE VS LONDON EURO DOLLAR RATE Wednesaa> rales f>er ce°* u*' a ^ - GERMAN INTERBANK LOAN RATE EURODOLLAR FAVOR FRANKFURT DIFFERENTIAL S 1970 1971 Sr~ DESCRIPTION AND SOURCES OF DAI A j a n u a n : 1972 1 9 " : . pp 9 10 1973 c Chart 106 3 « M T H RMjpf MTEfiEST MMTMGE: EUAO-OOUiMI - SllrtSS FftAMC ZURICH DEPOSIT RATE VS LQMDOW EURO-DOLLAR RATE fAVOR EURO-OOllAR M J S D 1 ItTO J S D W l See OESaMPTH* <WD SOURCES Of OM*. Jaevary 1. 1973, pp 9 10 M J 1#72 S 0 M J JI7I S 0 Chart n 34#0MTM MEREST ARBITRAGE: CANADA - UMITEP STATES Friday figures Per cent per BILL RATES UWTED STATES CAft.FM.CO.PAKIt J J BILL RATE DIFFERENTIAL AMD FORWARD CANADIAN DOLLAR PREMIUM DISCOUNT I COVERED RATE DIFFERLEWT1ALS FAVOR CAMAO* . mm y fmact y x IREMWri S \ j Its FAVOR (Ts 1 1 1 I i 1 1 1 1 I 1 M V S D l 1111I 111l 1 M 1970 J S 1 1 1 1 1 1 1 1 1 1 1 D 1971 See DESCRIPTION AMD SOURCES Of DATA, January 1. 1973. pp 10 11 M J 1972 S 0 1 1 1 1 1 1 1 1 1 1 1 M J S 0 1973 Chart 12A SELECTED SHORT-TERM INTEREST RATES* us. 1968 1970 * 3-month treasury bill rates for all countries except Japan (Average rate on bank loans and discounts) and Germany!Interbank Loan Rate) St* INSCRIPTION ANL SOURLLS OF DATA January 1. 1973. pp 11 12 Chart 128 * Mwth treasury Ml rate tor U.S.. S—Hftand-3 mow* deposit rale. • • I Ipwtti rate for U S dollar deposits in London. See DESCRIPTION AMD SOURCES OF DATA, January 1. 1973. pp 1 1 1 2 LONG-TERM BOND YIELDS Per c e n t p e r a n n u m Weekly f i g u r e s 9 - zvh _ w „ METMERLANDS ; y SWITZERLAND ! ' ! i I 1 i I 1 : - ! i 1 11 1 1 I 1 1 I 1 1 II 11 a - u * . S A A a . y \ V \ - M y — V /V T V ' \r G a W M I * / " V1--' ^ CAWADA 1 ! I ' . i . i • i 1 ! 1 ! 1 | | ! | . U.S. CORPORATE: A r ; -~\ i V ! A 1 I ! DOLLAR EURO-BONDS x / 1 ! 1 ! 1 1 I J i 1 I Monthly f i g u r e s . i x z A " BONDS . / " T ! - r DM EURO-BONDS i I : ! 1970 1 1 1 li ! 1971 1972 See DESCRIPTION AND SOURCES OF DATA. J a n u a r y 1. 1 9 7 3 . pp 12 15 1973 1 1 1 1 1 i 1974 7 L INDUSTRIAL STOCK INDEXES fc*tic s c a l e , 1 9 5 8 = 1 0 0 Ratic s c a . e . 1 9 5 8 = IOC 320 UNITED STATES - 240 ! I I VVl 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 i ; 1 i i 1 i i i i i 1 1 I 1 1 I 1 ! i 1 1 480 SWITZERLAND 320 240 UNITED KMCOOM 160 1970 1971 1972 1973 May 9 , 1973 H 13 No. 609 Country IV. SELECTED CENTRAL BANK DISCOUNT RATES Current Rate In Effect Since Previous Rale In Effect Since E.E.C.: Betgium France fiemany 5.0 Dec. 2 1 , 1972 4.5 Nov. 2 2 , 1972 7.50 Nov. 3 0 , 1972 6.50 Now. 2 , 1972 6.00 Mar 3 . 1973 5.0 J a n . 1 2 . 1973 Italy 4.0 April 10, 1972 4.5 Oct. 14, 1972 Netherlands 4.0 Nov. 3, 1972 3.0 Sept. 8 , 1972 **United Kingdom 8,50 March 1 , 1973 8.75 J a n . 1 9 , 1973 Switzerland 4.50 Jan. 1, 1973 3.75 Sept. 15, 1972 Canada 5.25 A p r i l 9 , 1973 4.75 O c t . 2 5 , 1971 Japan 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 United States * * E f f e e t i v e October 13, 1972, the Bank of England replaced i t s t r a d i t i o n a l Bank Rate with a f l u c t u a t i n g "minimum lending r a t e " based on average Treasury b i l l tender r a t e . January 19, 1 9 7 3 . . . 8 . 7 5 IV-2 LATEST FIGURES PLOTTED ON THE CHARTS Chart Paid Series Date 1A Upper Swiss franc* UK pound* French franc* Japanese y e ^ May 4 Lower IB Uflper Lower 2A 28 Upper ! Lower Belgian t a w * Italian Iwe * Canadian dollar* Geman made* Dutch guilder * German made Swiss franc U.K. pound Dutch guilder Canadian dollar French franc Japanese yen German mark U.S. dollar Swiss franc French franc 3A 38 Gold price, U.S. dollar per ounce 4 30,6300 24#.9940 21.9130 " " .3746## M M 44 2.4#144 .14#### 99.4#60 25.2100 " M 33.#### „ 44-65 44.4# -2.22 " M * 41.5# 4#.94 M Mi -- 44.#0 42.03 " *.44 42.41 11 Overnight Euro-S deposits Hey 2 M Federal Funds M Differential Middle Euro-currencies: Lower Euro DM Mar 4 w Euro Swiss Fr. Japan, Unconditional Money Upper Aoril 56 April U.K., 2-day Local Author. Deps. April Canada, Day-to-day Loans France, Day to Day Money Lower AerU May 4 Germany, Call Money Netherlands. Call Money Aoril *Ueekly n e c a g e o f d a l l y c e r t i f i e d noon r a t e f by t h e F e d e r a l I m Theee r a t e s a r e n o t p l o t t e d . 5A Rale 90.52 Upper 8.32 7M ,7$ 1.75 20 27 27 27 17 m 9.04 4.49 7.42 12.50 o,» Beak o f Her York, IV-3 Chart Panel 6A Series Rate Date Eufo-$ Overnight Rate 7.50 Euro ) 1-month Rate 66 Euro-J 3-month Rate Euro ) 6-month Rate 7A 8.13 M „ Upper Euro ) 3-month Deposits Lower Differential II Upper Euro-S 3-month Deposits II Mar 2 U.S. Certificate of Deposits 76 Euro-) 3-month Deposits (Adj.) A p r i l 25 86 Upper Euro-S 3-month Deposits - 8.00 1 1D.31 j 42.89 40.W A p r i l 20 8.00 S t e r H n f i CD's ( c o v e r e d ) „ Lower Differential •1 Upper Euro-S 3-month Deposits || 8.00 Local Authority Deposits (cowered) 1. 7 Lower Differential U.S. Treasury Bill rate 9A K-t L U.K. Treasury Bill fate Local Authority Deposit (uncovered) 96 40.68 7 Differential: on Adj. Euro-S Deposits on Unadj. Euro ) Deposits 8A 8-50 8.00 7.32 U.S. Certificate of Deposits (Adj.) Lower 8.13 Upper Spread (+= favor London) Lower Net Incentive (+- favor London) 3-month Forward Pound M 7-42 -0.58 • IV - 4 Bate Chart PMd Series 10A Upper Ewo-$ Deposits (coveeed) March 21 Gee* M « M U i i f l l c March 21 8.75 March 21 10.88 Lower 106 Upper Differential Ewt>-$ Deposits (covered) Dale -2# 13 Mar 4 Swiss Deposit rate 11 Lower Differential Upper Canadian Finance Ptper Second „ „ U.S. Treasury Bill rate " 6.16 Canadian Treasury Bill rate « 4,89 U.S. Prime Fiawce ppper (not plotted) M 4.75 BillWedMWaatW " i 1 I 12A 4-1.66 -1.27 *1.54 Thi«d Wet incentive on tills « 40,27 BotkMH Met incentive en Finance Paper H 4-1.04 Upper U.K. Tfeflsvfy Bill rate w 7.54 U.S. Treasury Bill ale H 4.1* Geaun Interbank Loan rale M Lower Japanese Average rate m 6-W Canadian Teeeswy Bill rale U.S. Treasury Bill rale 128 Eufo-S Deposits Swiss 3 •anii Deposit rate U.S. Treasury Bill rale 6 #4 M i M M w 4.14 IV- 5 Chart Panel Series 13 Upper Netherlands Date Canada *United States Switzerland Middle U.S. Corp. Aaa bonds Upper Switzerland Germany United States Middle United Kingdom Canada Lower 6-79 7.39 A p r i l 27 6.68 April n ** Japan United States s,n * 77 Ajm-M 70 f- 71 U.S. Corp. Dollar E u r o - b o n d s ^ ^ U.S. Corp. m E u f f r t o d s 14 A p r i l 19 A p r i l 25 Germany United Kingdom Lower Rate S e r l e s G Marfii 7.99 March 6-89 March 7-29 May 4 387.1 A p r i l 26 322.6 A p r i l 27 247.87 Mar 4 261-30 A p r i l 26 28117 A p r i l 98 8** 1ft A p r i l 27 247.87 * A v e r a g e y i e l d o n 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 b o n d s d u e o r c a l l a b l e i n 10 y e a r s 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 Slock Exchange.
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