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J P P & s t J 3 D * . tiP^N ' November 2 1 , 1 9 7 3 ^ . R e l e a s e N o . 637 H-13 Division,of International Finande, Statistical & Data Management Unit v tV* V S SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. W E E K L Y SERIES O F C H A R T S BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H. 13 November 21, 1973 Release No. 637 TABLE OF CONTENTS PART I. EXCHANGE RATES AND GOLD PRICES C h a r t 1A, I B - 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 in London PART II. SHORT-TERM INTEREST RATES Chart 5 Chart 6A and B Chart 7A and B Chart 8A and B Chart 9A and B Chart 10A and B Chart 11 Chart 12A and B - Call Money Rates London: Euro-$ Deposit Rates New York - London: Yields on U.S. Dollar Funds London: Covered Yields on U.S. Dollar Funds Interest Arbitrage: United States-United Kingdom Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Interest Arbitrage: United States-Canada Selected Short-term Interest Rates PART III. LONG-TERM INTEREST RATES AND 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 to 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 EXCHANGE RATES MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages 40 30 GERMAN MARK N i BELGIAN FRANC SWISS FRANC 20 JAPANESE YEN CANADIAN DOLLAR U.S. M J 1972 S D M J S 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in the New York m a r k e t as per c e n t above or below S m i t h s o n i a n central rates. D Chart I B SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages FRENCH FRANC; DUTCH GUILDER ITALIAN LIRA against U.K. POUND M J 1972 s D J S 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rales in the New York m a r k e t as per cent above or below S m i t h s o n i a n c e n t r a l rates. D 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Per cent per am Weekly averages I I ] I I 1 I 1 | I I | I 1 | I I 1 I 1 [ I I | 1 I [ I I | I 1 ] I I | I I | I 1 1 I I | I PREMIUM 4 CANADIAN DOLLAR + 0 U.K. POUND 4 DISCOUNT - 8 PREMIUM + GERMAN MARK 4 + 0 4 DISCOUNT PREMIUM DUTCH GUILDER 4 + 0 DISCOUNT - I 1 1 1 I I 1 C a n a d i a n D o l l a r Rate not s u p p o r t e d by Bank of Canada, e DESCRIPTION AND SOURCES OF DATA. January 1, 1973, pp. 2-3. 4 t, C h a r t 2B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages Per cent per a n n u m PREMIUM FRENCH FRANC DISCOUNT PREMIUM SWISS FRANC DISCOUNT - S S D 1970 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. S 1972 1973 D Chart 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday f i g u r e s Per c e n t per a n n u m PREMIUM GERMAN MARK U.S. DOLLAR DISCOUNT - M J S D 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1. 1973, p. 3. M J 1972 s J 1973 S D C h a r t 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday f i g u r e s Per c e n t per a n n u m PREMIUM + SWISS FRANC FRENCH FRANC DISCOUNT - M S D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. M J 1972 S D M J 1973 S D GOLD PRICE IN LONDON, 12.5 Kg BARS Week's average of af t er noon fixings U.S. d o l l a r e q u i v a l e n t per f i n e o u n c e 120 1971 1972 See DESCRIPTION AND SOURCES of DATA, J a n u a r y 1, 1973, p. 4. 0 CALL MONEY RATES DOLLAR FUNDS Per cent per a n n u m Weekly averages 14 OVERNIGHT EURO-DOLLAR DEPOSITS CALL EURO-DOLLAR DEPOSITS FEDERAL FUNDS DIFFERENTIAL EURO-DOLLAR OVER FEDERAL FUNDS FAVOR EURO-DOLLAR FAVOR ' S E u E R A L EURO-CURRENCIES Weekly averages - t f EURO-DM EURO-SWISS FRANC i J - L - L I I 11 1 I I 1 I I 1 I - 1 J L - L L J I I 1970 1971 * Changed f r o m CALL to OVERNIGHT Euro d o l l a r deposits, May 10, 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp 4 6 1972 1973 FUNDS Chart 5B CALL MONEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday f i g u r e s Per c e n t per 12 8 FRANCE 4 NETHERLANDS 0 8 JAPAN 4 CANADA 0 12 8 U.K. 4 GERMANY 0 M S 1970 D M J S D 1971 M J S D 1972 France, Day-to-day Money; N e t h e r l a n d s , Call M o n e y , weekly average; Japan, U n c o n d i t i o n a l M o n e y ; Canada, Day-to day Loans, w e e k l y average; G e r m a n y , Call M o n e y ; U.K., 2-day Local A u t h o r i t y D e p o s i t s . AND SOURCES OF DATA, January DigitizedSee forDESCRIPTION FRASER 1, 1973, pp. 4-6". M J 1973 S 0 \1s LONDON: EURO-DOLLAR DEPOSIT RATES Per cent per annum Friday f i g u r e s 12 OVERNIGHT CALL 7-DAY I ! \ J \ - I i \ i V - i i i M i i i i J i i S i i 1 D i 1 1 1 I M 1970 # 1-MONTH 1 J 1 1 1 1 S D 1971 May 1 2 / 7 1 - c h a n g e d to O v e r n i g h t E u r o - D o l l a r Deposits * * J u l y 1 - c h a n g e d to 7-Day Euro-Dollar See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. l M l h l l l J 1972 l « l S l l rt\ y f i D M i 1 i 10 - i 1 i J 1973 i 1 S i i D Chart 6B LONDON: EURO DOLLAR DEPOSIT RATES Friday figures Per cent p»r a n n u m \ y V , - A A" J 3-MONTH - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i I 1 I I 1 M 1 I I nJ *>- i i 1 i i 1 i i 1 i i vv 6-MONTH f - - . 1 1 1 1 1 1 1 1 1 1 1 1111 1970 1 1 1 1 1 1 1 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 6. - 1 1 1 1 l 1 l I I l l i I 1 i I 1 I l 1 I I 1972 1973 l U C h a r t 7A NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Per cent per a n n u m Wednesday figures 12 1 r 10 hAj\ jJ r - A r\f) ) DOLLAR DEPOSIT t K / a I - U.S. CERTIFKGATE OF DEPOSIT 1 1 1 1 1 1 1 1 1 ! 1 1- h - r I l l 1 1 I 1 1 1 i i 1 i i 1 i i I i i 1 1 I ! 1 1 1 1 1 1 1 ! DIFFERENTIAL FAVOR EURO DOLLAR A i\ IfAJV - - Anvv EURO-DOlLLAR OVER U.S. CERTIFIC:ATE OF DEPOSIT - i i 1 i i 1 i i 1 I I M J S D i i I i i 1 i i 1 i i I I 1 l l 1 l I 1 I i M 1970 J S D M 1971 See DESCRIPTION AND SOURCESOF DATA, January l , 1973, pp. 6-7. J S 1972 D I I 1 I I 1 I I 1 I I M J 1973 S D C h a r t 7B NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET . Per/cent per annum Wednesday figures EURO DOLLAR DEPOSIT ADJUSTED' A EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT ADJUSTED w EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT ADJUSTED' M J S D 1970 M J S D 1971 * Adjusted for Reserve Requirement * * Adjusted for 10% Marginal Reserve Requirement * * * A d j u s t e d for 2 0 % M a r g i n a l Reserve Requirement See DESCRIPTION A N D SOURCES OF DATA, J a n u a r y 1, 1973, pp. 6-7. M J 1972 S D M J 1973 S D Chart 8A LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE PURCHASE/STERLING CD's vs EURO-DOLLAR RATES Per c e n t per a n n u m Friday f i g u r e s 12 EURO DOLLAR DEPOSIT HIRE PURCHASE COVERED STERLING CD's COVERED 1 I I I I 1 1 I I 1 0 _ | DIFFERENTIAL ! FAVOR STERLING C D ' s rv 1 h i ! . 1 1 FAVOR EURO-DOLLAR 1 1l ^ f M 1 M i l l J S 1 I 1 M D 1970 M 1 1 1 1 1 1 J S D 1971 i M i M I I J i I i i 1 1 1 1 1 1 1 1 1 1 1 J 1972 * H i r e Purchase s u s p e n d e d August 11, 1972 and S t e r l i n g C e r t i f i c a t e s of Deposit begin A u g u s t 11, 1972. See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8. i 1973 S v) Chart 8B LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Friday f i g u r e s Per c e n t per a n n u m EURO DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT FAVOR LOCAL AUTHORITY _ DIFFERENTIAL FAVOR EURO DOLLAR M J S D M 1970 J S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 7-8. M J 1972 S D M J 1973 S D ir* INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r e s 3-MONTH Per cent per a n n u m TREASURY BILL RATES U.K. LOCAL AUTHORITY UNCOVERED DEPOSITS NEW YORK LONDON NEW YORK M S D 1970 J S D 1971 * P l o t t e d for c o m p a r i s o n purposes See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 8 - 9 S 1972 D S 1973 D Chart 9 B INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES r . iday f i g u r e s Per cent per a n n u m PREMIUM RATE DIFFERENTIAL AND 3 - M O N T H FORWARD STERLING SPREAD IN FAVOR OF LONDON FORWARD RATE DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW YORK J S D M 1970 S D 1971 See DESCRIPTION AND SOURCES OF DATA. January 1, 1973, p p . 8 - 9 . M J 1972 S D J 1973 S D C h a r t 10A 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO-DOLLAR RATE w e o n e s o a y rates Per c e n t per a n n u m GERMAN INTERBANK LOAN RATE EURODOLLAR COVERED FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO-DOLLAR S D 1970 S D 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 9-10.. No q u o t a t i o n i M S 1972 D S 1973 D 3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE Per cent per annum Wednesday rates I I | I I | II | I II I I | I I | I I | I I I I I | I I | I I | I I I I I | I I- | I I | I I I 12 SWISS DEPOSIT RATE EURO-DOLLAR COVERED DIFFERENTIAL FAVOR EURO-DOLLAR I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I. I I I I I I I I I I I I I I I M J S D M 1970 J S 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 9-10. J D 1972 1973 s 8 Chart 11 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Friday figures Per cent per annum 1 I 1 I I 1 I I - . B I L L RATES ^ i i J\ V - A v _ y \ 1 1 1 1 i i | I I | 1 1 i 1 | I I | I I | I I I I | 1 1 | U N I T E D STATES T R E A S U R Y BILLS S 1 1 | 1 1 / h / / ~ W - C A N . F I N . CO. PAPER s^ /v CANADIAN T R E A S U R Y BILLS 1 | 1 1 fP~\n F O R W A R D RATE r j V \ r-v A _ A r—^ n \ j \ A K PREMIUM B I L L RATE DIFFERENTIA vL A N D FORWARD C A N A D A kN DOLLAR y A / V y Z GROSS S P R E A D I N FAVOR OF CPLNADA DISCOUNT 1 COVERED RATE DIFFER!ENTIALS FAVOR CANADA . w v P R I M E F I N A N C E PAPEF V V W l [ / ^ V v l T R E A S U R Y tJILLS V _ V FAVOR U.S. I I 1 I I M 1 1 1 1 I I J S 1 1 1 I I D 1970 M J 1 I I S 1 1 1 D I I M 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 10-11. 1 I I 1 I I J 1972 S 1 1 1 D 1 1 1 1 1 1 1 1 1 1 1 M J 1973 S D C h a r t 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per - <> 1 1 1 L V XVx -/-i A i \ i fx<"' \ / Wj f i 1 GERMANY Vy / r i C/ i A W j " u.s. 1 1 1 1 1 1 I I 1 11 1 11 I I 1 I I 1 1 1! 1 1 ! 1 i I I 1 1 i i1 1 M 1 i i ! i i I I 1 1 1 1 1 1 I 1 1 i i r~xJ - - 1- Y \ 1r" 1 k /' - i v T K r U.K. / h Z U.S. I 1 1 1 I 1 i i i I \I 1 1 ! 1 1 I I 1 11 1! 1 1 1 1 1 1 iI II I 1 1 1 I i 1 1 1i i1 1 i i 1 M 1 : i JAPAN MONTHLY 1 1 1 I i 1 1 1 1 I1I 1! I I 1 I I 1 I I 1 1 1 I I 1 1 1 1 i 1 i 1I 1970 1971 1972 i i 1 i i ! i 1973 * 3 - m o n t h t r e a s u r y bill rates for all countries except JapanfAverage rate on bank loans and d i s c o u n t s ) and G e r m a n y ( i n t e r b a n k loan rate) See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12. i i i 1 II 1 i i 1 i i 1974 C h a r t 11 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Per cent per annum Friday f i g u r e s 1 1 | 1 1 | 1 1 | 1 1 1 1 1 1 1 1 1 1 1 1 1 - . B I L L RATES I I | 1 1 | 1 1 | 1 1 1 ! | 1 1 | II | II Ar A X // UNITED STATES TREASURY BILLS CAN. FIN. CO. PAPER ' k/ - v py CANADIAN TREASURY BILLS 1 1 1 BILL RATE DIFFERENTIAiL AND FORWARD CANADI/ \N DOLLAR FORWARD RATE "/p/vxa^ V \ J \ A V - 1 PREMIUM • A P y A Z V y y GROSS SPREAD IN FAVOR OF CP INADA DISCOUNT 1 COVERED RATE DIFFER!ENTIALS FAVOR CANADA . PRIME FINANCE PAPEF y ^ W ' n V M I n ' W l / V \ v / \y V V V I V V ^ TREASURY iBILLS _ V FAVOR U.S. I I 1 I I 1 I I 1 i i M J S 1 1 1 I I D 1970 M J 1 II S 1 1 1 D 1 1 1 II M 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y I , 1973, pp. 10-11. J 1 1 1 1 II S 1972 1 1 1 1 1 1 I I D M J S 1973 1 1 1 D , 2 . x C h a r t 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per a n n u m • 14 - A : n - v . •"Vl V v VVx I \ / / f x W \ \V ( \n [ GERMANY Vy i i rC / j / A - u.s. I 1 1 1 1 1 ! 1 1 1 ! 111 1 1 1 1 1 1 1 11 1! 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1I 1I 1 1 1 1 I I 1 1 1 12 1 1 r - x j 1 1 - i / . . | n 1 L v v i X f* / -rzl M - i * U.K. - / \ V M - U.S. 1 I I 1 I ! ! M 1 1 1 1 1 1 1 1 1 1 i 11 1 1 1 1 1 i 1 I I1 11 1 1 1 1 ! 1 1 1 1 11 1 1 1 1 1 1 1 ! 1 JAPAN MONTH! V i i ! i i 1 i i 1 i i ! 1 1 1 1 1 1 1 11 11 11 1 1 1 1 1 1I 11 11 I I 1 1 1 ! 1i i! ! i i 1 i i 1 i i 1970 1971 1972 1973 1974 3 - m o n t h t r e a s u r y bill rates for all countries except Japan(Average rate on bank loans and d i s c o u n t s ) and G e r m a n y ( i n t e r b a n k loan rate) See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12. SELECTED SHORT-TERM INTEREST RATES m\ !h / v iV 'n( y\,. N it vv 111111II111 1 \- - l A 0 DOLLAR - LONDOI L /Vu.s. 1 1 1 I I 1 I I 1 I II I 1 I I 1 I I 1 1 I1 I 1 1 IMI i i m 1 1 1 II 1 1 1 1 II r— 1 l ; ij U.S.jt i u1 l l'v l i iTliiIiiI ii 1 1 - - v x\ y/ v^\a V ii W 1 1 1 I I 1 1 1 1 I1I 11 1 1 1 I I Per cent per a n n u m 1 SWITZERLAND M II 1 II 1 ml 1 I I1 1 i 1 i 1 1 1 II - " ' U.S. A V \ V r / w . /W»\ vA \ MZ CANADA i i 1 M 1 I i 1 I I i i 1 I I 1 I I 1 i I 1 1 1 I I 1 I I 1 1 i 1i 1 i t 1 i i I i i 1970 1971 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 1 1 1 2 . 1973 i i 1 M 1 i i 1 i i 1974 LONG-TERM BOND YIELDS Per cent per a n n u m , Weekly f i g u r e s 9 A NETHERLANDS - w ^ - LZ\j ^ v u.s. Ky SWITZERLAND 1 1 1 I I 1 1 1 ! IIII 1 1 1 1 I I 1 1I I 1 1 I I 1 1 1 1 L1 11 l I I i I I l I I 111 M 1 1 1 1 1 1 - U.K. \ r f M GERMANY/^ \/P-s y 1 i i 1 i i 1 i iI I 1 I I \ v ___ CANADA 1 1 1 1 11 11 1 1 1 '1 1 1 1 1 11 111 1 1 1 1 1 1 1 u 1 1 1 1 M 111 Monthly figures ' U.S. CORPORATE: A " / v - DO L L A R EURO-BONIDS x l/-'\ \ AaaBONDS DM EURO-BONDS i i 1 i i 1 i i 1 i ii ! 1 M 1970 1 1 1 1 1 1 1971 1 1 1 I I 1 1 1 1 1I I 1 1 1 1 1 I I 1 11 11 1 1 1 1 1 1 1 1 1 1972 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 12-15. 1973 1974 i STOCK INDEXES 1958=100 Ratio scale, 58=100 320 U N I T E D STATES 240 160 1200 963 SWITZERLAND SWITZERLAND 640 480 UNITED KINGDOM JAPAN GERMANY CANADA 320 GERMANY 240 160 1970 1971 1972 1973 I) 1 , v SELECTED CENTRAL BANK DISCOUNT RATES November 21, 1973 Release No. 637 Country Current Rate In Effect Since Previous Rate In Effect Since E.E.C.: Belgium France 7.0 11.0 Oct. 4, 1973 6.5 August 2, 1973 Sept. 20, 1973 9.5 August 2, 1973 Germany 7.0 June 1, 1973 6.0 May 3, 1973 Italy 6.5 Sept. 15, 1973 4.0 April 10, 1973 Netherlands 7.0 Oct. 16, 1973 6.5 August 7, 1973 **United Kingdom 11.50 July 27, 1973 9.00 July 20, 1973 Jan. 1, 1973 3.75 Sept. 15, 1973 Switzerland 4.5 Canada 7.25 Sept. 13, 1973 6.75 August 7, 1973 Japan 7.0 Aug. 29, 1973 6.0 July 2, 1973 7.5 Aug. 14, 1973 7.0 July 1, 1973 United States '^Effective October 13, 1972, the Bank of England replaced its traditional Bank Rate with a fluctuating "minimum lending rate" based on average Treasury bill tender rate. IV-2 H. 13 November 21, 1973 Release No. 637 LATEST FIGURES P L O T T E D ON T H E CHARTS Chart - Panel Series Date 1A Swiss franc N o v . 16 IB IB U.K. pound -8.20 1A French franc Japanese yen 15.56 10.28 1A IB Belgian franc Italian lire 15.36 -1.90 1A Canadian dollar 1A IB German mark Rate 0.56 23.95 20.37 Dutch guilder 2A German mark 1.48 Swiss franc ' U.K. pound 2B Upper Dutch guilder 0.41 0.08 French franc -1.37 3A German mark 3B U.S. dollar Swiss franc M French franc " 4 Upper Nov. 9 " Overnight Euro-S deposits Federal Funds Nov. 14 Differential Euro-currencies: Upper Japan, Unconditional Money U.K., 2-day Local Author. Deps. Canada, Day-to-day Loans Lower 16 France, Day-to-Day Money Germany, Call Money Netherlands. Call Money Nov. 16 " Nov. 9 » Nov. 93.08 9.47 10.03 -0.56 " " Euro DM Euro Swiss Fr. 5B 1.46 Nov. Lower 4.69 3.14 4.01 Gold price, U.S. doHar per ounce Middle 3.00 -5.23 Canadian dollar 5A 20.91 16 " " Nov. 9 7.88 2.06 8.75 10.50 6.44 10.88 12.75 7.88 H. 13 November 21, 1973 Release No. 637 IV - 3 Chart Panel 6A Euro-S Overnight Rate 6B 7A 7B Date Series Upper Nov. 16 9.38 Euro-$ 1-month Rate " 9.69 Euro-$ 3-month Rate ii Euro-S 6-month Rate " 9.50 Nov. 14 9.75 Euro-S 3-month Deposits U.S. Certificate of Deposits ii Lower Differential it Upper Euro-$ 3-month Deposits ii Euro-$ 3-month Deposits (Adj.) H U.S. Certificate of Deposits (Adj.) Lower Upper H Euro-S 3-month Deposits Oct. 26 Differential Upper Euro-$ 3-month Deposits H Local Authority Deposits (covered) II - Differential II Nov. 16 U.K. Treasury Bill rate n Local Authority Deposit (uncovered) 9B Upper Spread (+= favor London) 3-month Forward Pound Lower 10.60 +0.43 9.25 -0.32 U.S. Treasury Bill rate 9A 9.75 8.93 Lower Lower 9.35 +0.40 +1.28 Sterling CD's (covered) 8B 9.75 9.32 Differential: on Adj. Euro-$ Deposits on Unadj. Euro-S Deposits 8A Rate -0.38 7.51 12.24 12.19 Nov. 16 +4.73 " 1 8.87 Nov. 9 n Net Incentive (+= favor London) 9.25 -5.11 -0.38 Ip, H.13 November 21, 1973 Release No. 637 IV - 4 Chart Panel 10A Upper 10B 11 Series Date Euro-) Deposits (covered) Nov. 14 German Interbank Loan rate " Lower Differential it Upper Euro-) Deposits (covered) 8.14 14.88 +6.74 7.05 Swiss Deposit rate ii 4.50 Lower Differential ii -2.55 Upper Canadian Finance Paper Nov. 16 U.S. Treasury Bill rate ii Canadian Treasury Bill rate Second Third • 9.00 7.51 6.25 U.S. Prime Finance paper (not plotted) 12A Rate 8.25 Bill rate differential ii Forward Canadian dollar " +0.18 Net incentive on bills " -1.08 -1.26 Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate „ U.S. Treasury Bill rate II 7.51 German Interbank Loan rate II 14.88 Lower 40.93 Japanese Average rate September Canadian Treasury Bill rate Nov. 16 U.S. Treasury Bill rate 12B Euro-) Deposits Swiss 3-month Deposit rate U.S. Treasury Bill rate 1 12.24 7.498 „ 7.51 - 9.75 6.25 II 4.50 " 7.51 5 3 H.13 November 2 1 , 1973 R e l e a s e No. 637 IV - 5 Chart Panel Series 13 Upper Netherlands Canada * United States Switzerland Middle Germany United Kingdom Lower U.S. Corp. Dollar Euro-bonds . Series G U.S. Corp. DM Euro-bonds U.S. Corp. Aaa bonds Upper 14 Switzerland Germany United States Middle United Kingdom Canada | Lower * * Japan United States Rate Date . Series G Nov. 9 7.40 Nov. 16 7.69 Nov. 9 6.76 Oct. 19 5.77 Nov. 9 9.41 Nov. 2 11.29 Sept. 8.39 Sept. 7.94 Sept. 7.63 Nov. 16 351.20 Nov. 2 267.40 236.41 Nov. 16 Nov. 9 241.33 Nov.. 2 319.35 Nov; 9 846.09 Nov. 16 236.41 * New - A v e r a g e y i e l d on 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 y e a r s . ** 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