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•Wieiew mm n M. 13 No. 325 I November 15, 1967 tAPITAt U ^ R g g T O g y g t O P M E M T S A B R O A D I. II. I. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1967 Ten Charts on Financial Markets Abroad Chart Chart Chart Chart Chart Chart Chart Chart Chart Chart 1 - New York, London, Montreal; Yields for U.S. Dollar Investors on 3-month Funds 2 - London: Yields for U.S. Dollar Investors on 3-month Funds 3 - Interest Arbitrage: Frankfurt/London, Zurich/London 4 - Interest Arbitrage: New York/Canada 5 - Interest Arbitrage: New York/London 6 - Short-term Interest Rates 7 - Long-term Bond Yields 8 - Spot Exchange Rates--Major Currencies Against U.S. Dollar 9 - 3-month Forward Exchange Rates 10 - Industrial Stock Indices Europe and British Commonwealth Section. OFFICIAL USE ONLY (Decontrolled after six months) 9 NEW Y O R K , L O N D O N , M O N T R E A L : Y I E L D S FOR U . S . D O L L A R I N V E S T O R S O N 3 - M O N T H F U N D S DOLLAR DEPOSIT RATES: NEW Y O R K - L O N D O N Wedneidoy I EURO-DOLLAR DEPOSIT U.S. C E R T I F I C A T E OF DEPOSIT EURO-DOLLAR OVER U.S. C E R T I F I C A T E OF DEPOSIT F I N A N C E C O . PAPER RATES ( c o v e r e d ) - . Q U O T E D IN NEW YORK Friday figures U.K. HIRE PURCHASE CANADIAN FINANCE COMPANY L O N D O N : YIELDS E U R O - D O L L A R Friday figures FOR DEPOSIT U.S. DOLLAR INVESTORS O N 3 - M O N T H FUNDS RATES 30 DAY 90 DAY 180 DAY : CALL HIRE PURCHASE AND LOCAL AUTHORITY DEPOSIT RATES HIRE EURO-DOLLAR V (covered) PURCHASE DEPOSIT DIFFERENTIA EURO-DOLLAR LOCAL DIFFERENTIAL AUTHORITY FAVOR HIRE PURCHASE FAVOR EURO-DOLLAR DEPOSIT DEPOSIT FAVOR LOCAL AUTHORITY FAVOR EURO-DOLLAR 5 V\ INTEREST ARBITRAGE: FRANKFURT INTERBANK F R A N K FUR T / L O N D O N , LOAN RATE r INTERBANK VS. ' L O N D O N r LOAN Z U R I C H / L O N D O N EURO j RATE DOLLAR RATE (COVERED) ! l ! 1 1 ! ! 1 ! ! ! : TERMS IN i OF DM \ c j C M y v 7 * E U R O - D O L L AR ! DIFFERENTIAL ! FTTOR FRTNKFURT "J : L Lz ^ ^ V A N ^ ,L2 ZURICH DEPOSIT RATE VS. i ! : . M FAVOR L O N D O N EURO-DOLLAR RATE EURO-DOLLAR (COVERED) ERMS OF SWISS FRANCS 1 8 EURO-DOLLAR SWISS DEPOSIT RATE FAVOR DIFFERENTIAL FAVOR PRICE OF GOLD IN ZURICH EURO-DOLLAR L O N D O N 35.3 1965 1966 1967 1968 INTEREST ARBITRAGE, 1 3 - M O N T H UNITED ' ! TREASURY ! BILL STATES/CANADA i RATES 1 i CAN. ! FIN. ! 1 P A P E R r - CO. ' 1 C^NADA ^ : ; 1 BILL ; , RATE , : . ' : DIFFERENTIAL ; A N D S ' F O R W A R D I I I ! C A N A D I A N SPREAD IN FORWARD 3 - M O N T H COVERED RATE DIFFERENTIALS U (NET PRIME FAVOR X < V| UNITED 1 STATES ! h i : i 1 ! 1 : J X ! ! : M i : M OF ^ ! M DOLLAR r 1 ! PREMIUM CANADA RATE INCENTIVES) FINANCE FAVOR CANADA PAPER FAVOR U . S . FAVOR CANADA TREASURY 1964 1965 BILLS 1966 1967 ! 1 INTEREST 3 - M O N T H ARBITRAGE, TREASURY NEW BILL Y O R K / L O N D O N RATES U.K. LOCAL LONDON NEW RATE DIFFERENTIAL A N D 3 - M O N T H AUTHORITY DEPOSITS \ YORK F O R W A R D STERLING SPREAD IN FAVOR OF LONDON FORWARD RATE RATE DIFFERENTIAL WITH F O R W A R D E X C H A N G E IN FAVOR OF IN FAVOR 1965 1966 C O V E * (NET LONDON OF N E W INCENTIVE) U YORK 1967 1968 S H O R T - T E R M INTEREST RATES SWITZERLAND GERMANY CANADA % S P O T E X C H A N G E RATES - M A J O R C U R R 1 N C I I I AOAIMST U.S. DOLLAR ' M /y-4\r 6 E R M A N MARK ^ i U K. S T E R L I N G DUTCH GUILDER FRENCH FRANC 1 CANADIAN I R L L A R ITALIAN LIRA s M 0 X/ M 1965 $ 1966 I N J 1967 S D • J 1968 S B . " L O N G - T E R M B O N D YIELDS NETHERLANDS CANADA SWITZERLAND EURO-DOLLAR BONDS 1967 3-MONTH .. A G A I N S T FORWARD E X C H A N G E RATES U.S. D O L L A R S — N E W YORK SWISS FRANC GERMAN MARK POUND STERLING \ FRENCH FRANC DUTCH GUILDER CANADIAN DOLLAR DISCOUNT- AGAINST Friday tigurei POUND STERLING — L O N D O N Per ceni per annu' PREMIUM ' SWISS FRANC GERMAN MARK U.S. DOLLAR DISCOUNT- 1965 1MB 1967 I N D U S T R I A L STOCK I N D I C E S SWITZERLAND 200 GERMANY 120 360 320 280 JAPAN A; 1 200 CANADA 160 120 1965 1967 H. 13 No. 325 November 15, 1967. II. Latest Figures Plotted In H.13 Chart Series, 1967 (all f i g u r e s per cent per annum) Chart 1 (Wednesday, Upper Panel Nov. 8 5. 62 Euro-$ deposit (Friday, 5. 13 Finance co. paper: U.S. Canada Hire-purchase paper, U.K. .*3. Z b ~ Spread favor U.K. + 1. 60 Forvard pound -1.46 Net incentive (U.K. +) + Treasury bills: 5. 75 5. 88 90-day 180-day Hire-purchase paper (Nov. 3) Local-authority deposit (Nov. 3) Chart 3 Upper Panel (Period: 5.38 5.26 Interbank loan (mid-point) 4. 18 Euro-$ deposit (average) 4. 13 Lover Panel (Date: 0ct 3.50 35.196 Treasury bills: Canada U. S. Spread favor Canada 10 ) 6.20 4.83 4.18 Interbank loan rate (German) (Nov. 1-7) Euro-$ deposit (London) Zurich 3-month deposit (Date: Oct. 15 Japan composite rate (Date: Aug. 31 5.75 ) 3.50 ) 7.28 Chart 7 U.S. Gov't. (Wed. , 5. 35 Nov. 8 7. 06 Nov. 9 Nov. 10 6. 64 Nov. 3 4. 65 Canadian Gov't. (Wed., Nov. 8 6.50 Netherlands Gov't, perpetual 3% (Friday, Nov. 3 ) 6. 06 Euro- $ bonds (Fri., 6.45 German Fed. (Fri., Swiss Confed. (Fri., 4.83 4.62 - T 7 F T Forvard Canadian $ -.99 Net incentive (Canada +) -.78 Canadian finance paper 6. 25 .14 4.60 U.S. U.K. Canada U.K. War Loan (Thurs., Zurich 3-month deposit Chart 4 (Friday, Nov. 4. 60 Chart 6 (Friday, Nov. 10 ) Euro-$ deposits: 4.56 5.06 6.20 U.K. U.S. 5.46 Chart 2 (Friday, Nov. 10 ) Call 30-day Treasury bills: 5.34 U.S. certif. of deposit Lover Panel Chart 5 (Friday, Nov. 10) Nov. 10 ) For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966.
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