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W72Mo.SK r ' \ T&hF" SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. « £ H L V SEMES O F CNMtTS TAfiL£ OF CONTENTS PARTI. EXCHANGE RATES AW) GOLD PRICES Chart 1A and 8 - Spot Cwrfcanpf Hales, IMior Cimncies ajelest H i . DoNar Chart 2A and 8 - Mtonth fawrt Cwrhiapr Rates, Mjjor Cm—Kin apWkst U.S. Dollar Chart 3A and 8 - VMonlh Forward Cwhanpr Hates, Major Currencies i j i l i i t U X M Chart 4 - Gold Price in London PART II. SHORT-TERM INTEREST RATES Chart 5 -CaW#a*eyRa#es Chart 6A and B - 1 mim E u » 4 Deposit Rates Chart 7A and 8 -fllewY « t - L « * » : Yields oa U.S. Dollar Fends Chart iA and 8 - Lnadia- Ceue#ed Yields an U.S. Dollar Fmds Chart 1A and 8 - hteeesl A*iHpe: UnMedSWw United r i i f d m Chart 10A and 8 - Interest Aittfcape: U.S. f w ^ M d t f J A t e r t M d Chart U - Merest Aflbiirape: United Stater Chart 12A and 8-Selected Short tew liefest Rales PART III. LONG-TERM INTEREST RATES AND STOCK NIDICES Chart 33 Chart 14 - Loop-Tee Bond Yields - Indus*!* 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, tthid) mas paMished under lhat title Hnou0i Decanter 31, l % t . The ckmgtr In # e f w a t and aider of the darts are nrplalaad In the f W " M t to fte series, dikh a r r f p i l i d Issue dated January 1 , 1 W . All series and their sources are fully described in aSuppteawnt dated January 1,1*72. SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST US. OOUAK Weekly averages GERMAN MARK «! F\ L / \ AAV \ / A ' i \ 1[MM f I I ! I I 1 | DUTCH GUILDER J ' I I .I 1 I I I 1 I I 1 I i 1 i 1 i * ? / \ 1 / FRENCH FRANC V //JAPANESE YEN ; I ! I ! ! I I I I I , I I , . I J 1972 * Pound floated June 23, 1972 1973 I I I S I I F Gkart IB SPOT EXCHANGE KATE - MAJOR f U T M f g l AfiAMfT tfJu O O U M J—I J I—I—I—I s I I I I I o I I—J M I I—I—L_J J $ L_Y 0 vm 1*72 v . CAflMMAN DOHA* - 1 UJL POUND 260 - - 240 1 1 1 1 1 1 11 1 I 1. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I 1 1 * j S D W J S D W J S D I 1970 1071 1072 1 1I 1111 1 1 1 1 I J S D 1073 ' c t m r t 1C SPOT EXCMHHCE RATES - MAJOR CIHUUJKCS AGAMST U 1 DOLUS Hay 11. 1971 - Dec 17. 1971 WmIiIj fierce* MAY JULY SEPT. AUG 1971 * Financial franc OCT. WW. DEC. Chart 2A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST *LS DOLLAR Weekly averages Per cent per annum CANADIAN DOLLAR UJT. POUND DISCOUNT- DISCOUNT PREMIUM I DUTCH 6UBJ0E* DISCOUNT 1970 Cariadiar Dollar Ha supported by Bank of Canada p 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES ACAMST U J. DOUAR N«r cflM »tr MMMB Weekly averages I ' | 1 1 I 1 1 I 1 1 I 1 1 I 1 ' I 1 1 I UKJLUMJ I 1 1 I 1 ' I ' 'll ' ' I 1 1 I ' ' I ' ' I 12 SWISS FRANC FRtNCH FRANC i wywy-: i i i i . . i • • I i i I 111 1 1 1 1 1 1 1 1 I 1 I 1 1 ' ' ' • • W o quotation s 3-ftflOfffTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST UJC POUND Friday figures Per cent per j US. DOLLAR DISCOUNT M J S D M 1969 J S 1970 D M J S 1971 D M J S 1972 D Ckert 3S 3-MONTH FORWARD EXCHANGE-MAJOR CURRENCIES AGAIflST U X POUND ffidey f j f w w c n ( per • • • » • FRANC FRENCH FRAMC DISCOUNT - M J S 0 MM M J S 1970 •Devatwetoee •# MM Frew* franc free 4.94 to 6.65 tar $ 1 0 0 0 M ' J I #71 s D M J 1*72 s 0 V Chart 4 GOLD PRICE IN LONDON, 12.5 Kg BARS Week's average of afternoon fixings U.S. dollar equivalent per fine ounce 70 60 50 40 S S 1969 1970 D M S 1971 D J 1972 s D CHART 5A CALL MONEY RATES DOLLAR FUNDS Weekly avera«es i 1 I M O - M U M 1 OEMMTS CML OW•MWHT - - p i - w l FEEK M L F U N M iI - — EUHCt-OOUAE OVER FEDERAL " U m ^ ' ' 1 ' ' 1 ' ' 1 ' ' 1 tfciy I I I I t 1 II 1 M 1969 Way l 1 / I i I I I I I I I i_i— I I 1 I I 1 1 1 1 1 J-L- i i I i i 11 i 1 i i EURO-CURRENCIES • " 10. 1971 - Changed to OwefWfht Eufo $ Deposits # A CALL HOMEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday figures M J S D M 1969 J S 1970 Per cent per ami D M J S D M 1971 France, Day to day Money; Netherlands, Call Money, weekly average Japan, Unconditional Money; Canada Day to day Loans, weekly average; Germany, Call Money,U K , 2-day Local Authority Deposits J 1972 Chart 6B LONDON: EURO DOLLAR DEPOSIT RATES Friday fi&i. es Chart 7A NEW YORK-LONDON: YIELDS ON U3. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET US. CERTIFICATE OF DIFFERENTIAL FAVOR EURO-DOLLAR OVER U.S. CERTIFICATE OF M J S D 1969 M J 1970 S D M J 1971 S D M J 1972 S D C l w t 78 NEW YORK-LONDON: COST OF IIS. DOHA* FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Wednesday figures Per cert per ADJUSTED EURO-DOLLAR DEPOSIT U-S. CERTIFICATE OF DEPOSIT I ADJUSTED' EURO-DOLLAR OVER V U S CERTIFICATE OF DEPOSIT ADJUSTED' J S D 1969 M J 1970 * Adjusted for Reserve Requirement * * Adjusted for 10% Marginal Reserve Requirement * * * A d | u s t e d for 20% Marginal Reserve Requirement S D M J 1971 S D M J 1972 D v Cfaart CA i c m o i k COVERED YIELDS ON OX HIRE PURCHASE AMD EURMXH1AR RATES 12 ft t r HUE PURCHASE COVERED flBUWCPt - II 11I 1111 11 i i 1i i h i 1 i i 1 I 1 1 11 111 11 «| i 1 11 1 1 1 1 11 11 L 1 FAVOR STERLWG CD's w - - M j ii .« II S D M 1K9 i i i i J 1 1 1 i S D 1970 * Hire Purchase temporarily suspended as of August 11 * * Sterling Certificates of Deposit started as of August 11 i 1 1 1 1 1 1 I I M J S 1971 1 1 1 O M i i r r i T H T T i - J 0 1972 S Chart 86 LONDON: COVERED YIELDS ON U S. DOLLAR FUNDS l o c a l a u t h o r i t y and e u r o d o l l a r r a t e s Friday figures Per cent per annum EURO DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT "COVERED FAVO* LOCAL AUTHORITY I DIFFERENTIAL 1969 1970 1*71 Chart 9A INTEREST ARBITRAGE: UNITED STATES AND UNITED KINGDOM Friday figures Far east par 3-month t r e a s u r y b i l l r a t e s UJC LOCA AUTHORITY DEPOSITS UNCOVERED YOFTK M J 19*9 $ 0 M J 1970 s 0 « « i 1971 • s i 1972 e INTEREST ARBITRAGE: UNITED STATES AND UNITED KINGDOM Friday figures Per cent per annum r a t e d i f f e r e n t i a l and 3-month f o r w a r d sterling i PREMIUM. FORWARD RATE DISCOUNT FAVOR LONDON differential FAVOR NEW YORK M J S D M 1969 J 1970 S D M J 1971 S D « J 1972 S 0 4 Chart 10A 3-tfMTH ElMKMXKLAft f r a n k f u r t w t e r b a n k l o a n r a t e vs. uonoon EURO-0OL1AR RATE ffercaatpara in terms o f dm 14 12 ^ 10 Mil RATE T \ N fVj r i a A A — — - a ma LUWUHHIM COVERED WA/vyxV 1 M i l 1 1 1 1 1 i J__L_ j j | i i 1i i 1i i J differential I A Uv/l \j M J S D i 1 1 1 1 1 M 1 1 1 J -f i i M 19*9 1 i i i i 1 i i l / i i l i.i FAI M F R A M K F U f t T X N ^ y A fj^Nvwm/ J1 j 1 i f\ i i i Ar\ j VW fiwemecmwue 1 i J i 1 i i S 1970 i 0 i 1 i i M J 1971 1 i S i i O I i J .i.i I 1 i j.,1 i . i . J S 1972 O \lo 3-MONTH FUNDS WTEHEST ARBITRAGE: BMO-OOUJUt • z u r i c h deposit r a t e vs. l o n d o n euro-doom) r a t e Wednesday rates ik terms o f swiss f r a n c s DEPOSIT RATE differential FAVOR EURO-DOLLAR I I I I 1I I I I I I I I I I l 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 No quotation ft 34KWTH INTEREST Friday figures r 1 | 11 J11 Ji 1 b i l l rates UNITED STATES I I | 1 1 j I l | 1 I 1 I | M | I I | M I I | M 1 I ! | ! I b i l l r a t e d i f f e r e n t i a l and f o r w a r d canadian d o l l a r mFAVOR Of covered r a t e d i f f e r e n t i a l s / W 1 1 1 1 1 I 1 1 1 1 1J _ L _ i J 1-1-1. X I M j S D M J S D M 1969 1970 V 1 1 I II-I J S 1971 I 1I O MWO* US. I I I I I I I I I I I M J f O 1371 \0 Chart 12* SELECTED SHOftT-TEKM INTEREST RATES* V- ux f k 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 \CJ - iH PAN Wi - M\W s. Z\ cmiaoA i i 1 i i 1 i i 1 i i1 1 1 1 1 1 1 1 1 1 1 111111 11111 1970 3-month treasury bill r and Germany(lnterbank Loan Rate) I 1 1 1 1 1 I I 1 111 1 1 1 1 1 1 1 1 1 1972 \ Chart 126 SELECTED SHORT-TERM INTEREST RATES* 1970 * 3-month treasury bill rate for U.S.. Switzerland-3-month deposit rate. * * 3-month rate for U.S. dollar deposits in London. 1972 Chart 13 LONG-TERM BONO YIELDS Weekly figures Per cent per annum •ETHEHUmOS UJL i — US. 10 us. 1§70 1071 * M e * series lor SawUerlni starts 82-68. U S Cerp. Cellar two-Bonds aad U S Corp. OM Curo-floa* starts 1 2 7 0 * * « l e w Awetase yieM ef a# Canaaa P A Seeds tapM 1 7 4 9 * * * New series F starts 12-71. * CHART 14 INDUSTRIAL STOCK INDEXES 2S0 UNITED STATES 200 1 1 11 1I 111 1 1 i i 1I W I i 1i i II 1 1 11I I 1 II 1 1 1 1 i.i 1 1 1 1 1 400 300 UMTEO 240 ISO 400 360 160 1969 * 1970 1971 Japan index of 225 i n d u s t r i a l and other stocks traded on Tokyo exchange * * Japan mde* of all industrial and other stocks traded on the first section of the Tokyo Stock EL*change 1072 •oveaber z9, 1972 H 13 No 586 Country IV. SELECTED CENTRAL BANK DISCOUNT RATES CtmntRai* In Effect Since Preview RMe 4.5 B o m b e r 22; *72 4.0 6.50 November % 1972 5.75 la Effect State E.E.C.: Fiece 4.0 Utrntiimii M M «f March 2 , 197 A p r i l 6 . 1972 3.5 Oct. 9 , 1972 4.0 April 10, 1975 4.5 Oct. 14, 1972 4.0 Bovcmber 3L 1972 3.0 Sent. 8 . 1972 S i t e * mi 3.75 Sept. 15, 196 3.0 rnmiwhjitm 6.0 June 22, 1972 5.0 July 10, 1967 Sept. 3. 1971 CM*M 4-75 Oct. 25, 1971 5.25 Feb. 24, 1971 J*m 4.25 June 24, 1972 4.75 April 29, 1971 Ueilet Stiles 4.50 Dec. 13, 1971 4.75 Nov. 11, 1971 ••Effective October 13, 1972, the Bank of England replaced its traditional Bank Bate with a fluctuating "mlnlmm lending rate" based on average Treasury bill tender rate. October 27, 1972 •«.« 7.50 IV-2 LATEST FIGURES PLOTTED OM THE CHARTS Chart Panel 1A Upper Swiss franc Lower U.K. pound French franc lb Upper Lower Series Nov. 24 Actual rate " 2B Upper Lower +1.068 235.09 41.302 « Japanese yen " 42.295 Belgian franc Italian lire M 4-1.666 Canadian dollar German mark -0.585 " Actual rate 101.33 " Dutch guilder 2A Rale Dale " 40.572 •« 40.421 German mark II 44.16 Swiss franc " U.K. pound •• 4-1,36 -2.80 Dutch guilder 4-1-09 Canadian dollar 40.14 French franc " Japanese yen •« -1.38 M.A. „ 3A German mark 3B U.S. dollar Swiss franc M French franc ** 41.45 Gold price, U.S. dollar per ounce «« 62.21 4 5A Upper 4-3.99 42.46 " Overnight Euro-S deposits 42.94 N o v . 22 Federal Funds •• Middle Differential " Lower Euro-currencies: Euro DM Nov. 24 4.20 2.90 Nov. 17 Euro Swiss Fr. 56 Upper Japan, Unconditional Money France, Day-to-Day Money Germany, Call Money jjov. 17 Nov. 1 ) 22 Nov. 2 4 N o v . 27 4.25 6.81 J . ZD 3 70 6.00 5.81 Netherlands Call Money Nov. 10 Nov. 4.38 U.K., 2-day Local Author. Deps. " Canada, Day-to-day Loans Lower 4.65 4.97 -0.32 17 6.38 4.23 IV-3 Chart Pmd M Series Eu»o-$ 7 Dey Nov* 24 Etmbi 1-wonlb Rale M •!*Hate tipper wongi Deposits U.S. Certificate of Deposits 78 $-42 M ttntr S.#4 22 •0¥, 22 " tipper E w M 3 wee* Deposits « £wo-$ 3-won* Deposits UU|.) - 7.02 U.S. Certificrfe of Deposits ( A * J « 5.3P Differential: on M j - Cwm4 Deposits - -H.43 Upper 40.37 5.42 £uio-S Vwontfi Deposits » t e r l i n * c e r t i f i c a t e # oi! p e p o t i t * 40.23 Nov# 10 5.88 - 5.43 Lower Differential " -0.45 Upper &md-$ 3hmoPi Deposits - 5.08 Local AidhorHy Deposits (covered) " 4.74 Differential - -1.14 Lower 9A 98 5.2$ OifloMtfial on Una*. Emo-S Deposits 88 S-42 Lower Lower 8A 5# 00 4.49 " 66 7A tale Dale U.S. Treasury Bill rate Mov. 24 4.77 U.K. Treasury Bill rate " 4.84 Local Authority Deposit (uncovered) - 8.06 Upper Spread (+= favor London) " 42.07 Lower Met Incentive (*= favor London) 3 wonlh Forward Found -3.02 " -0.P5 IV-4 Chart Panel Series 10A Upper Euio-S Deposits (coveted) Lower Differential Upper Enro-S Deposits (cawed) Nov. 22 Genman kiteAadk Loan a t t 10B U 4.66 8.12 •• -3.46 •* 4.18 Swiss Deposit tale H 3.00 Lower Differential «« -1.18 Upper Canadian Finance Paper « W . U.S. Ttenswy Bill We 24 5.25 " 4.77 « 3.61 U.S. Priae Finance p^er WafpWW) •• Bill a l e difmanii U " -1.24 Forawd Canadon dollar •• 40.16 TfaMtf Met iaoartiwe an hills « -L08 BoMo* Bet iocentiMe on Finance Paper •• 40.29 Upper U J C T w n y Bill ate " 6.84 U.S. Treasury Bill tale " 4.77 Second 22A Rate Dale G f an WeAank Loan tale Lower Japanese A*eta#eta#e Canadian Trenswy Bill fade Mov. 22 #OV- £un>-$ Deposits Swiss 3 worth Deposit tale U.S. Tieaswy Bill fafce 8.12 6.811 Sept. U.S. Tteasuty Bill W e 128 5.12 24 3.61 4.77 11 " 5.62 3.00 4.77 IV-3 Chart Panel 6A Series Ewo-$ 7 D»y Wov. 24 « Eum-$ 1-woolh Rale 68 7A Upper 5-42 Bwo-SI •a«*i Hate M 5.* Ewo-S 3 monti Deposits •«w. 22 *42 Nov 5.25 OWWWa# Upper Bw^S 3 moi# Oeposrts " Ewe* M «• Opposite UU|J W Ewo-f D##osMs C M 3-woo8i Deposits «er * 88 Lower OWWaUal Upper 6 w - $ 3 « 8 i Deposits Oifleiwbal U.Su Tueasuiy t i l l cole U X Teeaswy BiM «*e 98 Upper +1.43 40.23 • o r , 10 - 5.88 5.43 -0.45 5.88 4.74 ftnr. 24 -1.14 4.77 - 4.86 Local AHhorrty O q m * itmcomtM) - 8.06 Spread <t= <awr LaoPm) " 42.07 )^aWh fbmmdPmmd Lower 7.02 5 * W Local /Udhority Deposits (cowered) Lew 5.42 - pifterolial: m /Ml. E w i Deposits o# M l Upper 22 -#0.37 U.S. CM>iiot« *f OppwHs OMM 8A 4.49 w Lower Lower 5,00 3 wowMi Rat* U.S. Certificate of Deposits 78 Kate am Wet toceotive («= favor Laodnn) -3.02 " -0.95 iv-4 R4t Omi Pawl Series 10A Upper Euio-$ Deposits (covered) Lower Differential Upper Euio-S Deposits (covered) 4.18 Swiss Deposit rake 3.00 Date flov. 22 German Interbank Loan«ate 108 11 Lower Differential Upper Canadian Finance Paper 8,12 -3.46 -1.18 Nov. 24 5.25 U.S. Treasuiy Bill rate 4.77 Canadian Treasury Bill rale 3.61 U.S. Prime Finance paper (not plotted) 5.12 Bill rate differential -1.24 Forward Canadbn dollar 40.16 Third Net incentive on bills -1.08 Bottoe Net incentive on Finance Paper 40.29 Upper U.K. Treasuiy Bill rate 6.84 U.S. Treasuiy Bill rate 4.77 Second 12A 4.66 Gem an Interbank Loan rate Lower Japanese Average rate Canadian Treasury Bill rate 12B Nov. 22 Sept. Nov. 24 8. 12 6.811 3.61 U.S. Treasury Bill rate 4.77 Euro-$ Deposits 5.62 Swiss 3-month Deposit rate 3.00 U.S. Treasury Bill rate 4.77 w-s Chart IS Panel Series Oak Nov. Nov. Nov. Nov. * * * * * tfcpor Cauda United Stales Switzerland flHddte United Kingdae Me 10 17 IS 22 6,62 *.*1 Nov. 22 5,23 Nov. 17 5.21 Oct. 31 8.30 Nov. 17 9.58 JBwo-dollar bends U S Co*- «WI» E w > * » * S e r l e i Lower 14 Upper Middle October 7.89 «• 6.85 U.S. Coip. Aaa bonds " 7.21 Switzerland Nov. 24 423.2 Genaany Nov. 7 292.6 United States Nov. 24 263.71 United Kingdow Nov. 24 280.54 Canada Lower f U S. Corp. DM Emobendff " Nov. 16 Nov. 11 United States Nov. 18 268.40 764.62 Nov. 24 781.55 263.71 • Hew - Average yield of ALL Gaman Public Authorities bonds made as of banking key days. " Beginning week ended September 5, 1970, the Japanese index plotted is fiat of all industrial and otfier stocks en the First Section of the Tokyo Stock Exchange.
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