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D I V I S I O N OF II H. 13 No. 324 November 8, 1967. ^APIIAbKARKET DEVELOPMENTS ABROAD I. II. I. Ten C h a r t s 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--MajorCurrencies 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) NEW YORK, LONDON, MONTREAL: Y I E L D S FOR U . S . D O L L A R DOLLAR DEPOSIT INVESTORS O N RATES: NEW YOfcK 3-MONTH FUNDS LONDON r_. EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT FINANCE Fndoy figures CO. PAPER RATES ( c o v e r e d ) : QUOTED IN NEW YORK ; U.K. HIRE PURCHASE $ CANADIAN FINANCE COMPANY U.S. FINANCE COMPANY Mar. Jun. Sept. Die. Mar. 1965 Jun. 1966 Sept. Dae. Mar. Jaa. 1967 Sept. Dae. Mar. Juw. 1968 Sept. Dec. LONDON: YIELDS EURO-DOLLAR Friday figures FOR U.S. DEPOSIT DOLLAR INVESTORS ON 3-MONTH FUNDS RATES 30 DAY 90 DAY 180 DAY CALL HIRE P U R C H A S E Friday figures AND LOCAL AUTHORITY DEPOSIT RATES (covered) Per cent per a n n HIRE P U R C H A S E EURO-DOLLAR DEPOSIT DIFFERENTIAL FAVOR HIRE PURCHASE FAVOR EURO-DOLLAR [^EURO DOLLAR DEPOSIT LOCAL AUTHORITY I DEPOSIT DIFFERENTIAL J FAVOR LOCAL AUTHORITY D 1965 S 1966 S 1967 M J 1968 s D v\ INTEREST ARBITRAGE: FRANKFURT/LONDON, FRANKFURT INTERBANK LOAN ZURICH/LONDON RATE V S . L O N D O N E U R O D O L L A R RATE ( C O V E R E D ) I N TERMS O F D M INTERBANK LOAN RATE FAVOR F R A N K F U R T DIFFERENTIAL FAVOR EURO-DOLLAR ZURiCH JcPOSIT RATE VS. LONDON EURO-DOLLAR RATE (COVERED) I 1 I N T E R M S OF S W I S S F R A N C S EURODOLLAR SWISS DEPOSIT RATE FAVOR Z U R I C H DIFFERENTIAL PRICE OF GOLD IN LONDON U S dollar equivalent per hoe ! 1965 1966 f 1 : 1967 : ! 1 ! - 35.3 INTEREST ARBITRAGE, 3-MONTH TREASURY UNITED STATES/CANADA BILL RATES CAN. FIN. CO. PAPER CANADA UNITED STATES Vf BILL RATE D I F F E R E N T I A L AND FORWARD CANADIAN DOLLAR SPREAD IN FAVOR OF CANADA FORWARD RATE 3-MONTH COVERED RATE D I F F E R E N T I A L S (NET INCENTIVES) PRIME FINANCE PAPER FAVOR U.S. TREASURY BILLS lAVOfc U.S. 1964 1965 1966 1967 INTEREST A R B I T R A G E , 3-MONTH NEW TREASURY BILL YORK/LONDON RATES U.K. LOCAL AUTHORITY DEPOSITS LONDON NEW YORK RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING SPREAD IN FAVOR OF LONDON PREMIUM FORWARD RATE / V V X RATE D I F F E R E N T I A L WITH FORWARD EXCHANGE COVER (NET IN FAVOR IF LONDON INCENTIVE) /A IN FAVOR OF NEW YORK 1965 1966 1967 1968 S H O R T - T E R M INTEREST RATES, EURO-DOLLAR - LONDON SWITZERLAND 2 JAPAN GERMANY CANADA 1963 1964 1165 1966 1967 L O N G - T E R M B O N D YIELDS NETHERLANDS CANADA SWITZERLAND GERMANY EURODOLLAR BONDS 1963 1964 1966 1967 SPOT E X C H A N G E RATES - M A J O R CURRENCIES A S A I N S T U.S. DOLLAR SWISS FRANC GERMAN MARK U.K. STERLING B U I I A N FRANC DUTCH GUILDER FRENCH FRANC CANADIAN BOLLAR I T A L I A N LIRA X/' JAPANESE YEN s 1965 M 1966 S 1967 D J 1968 s D 3-MONTH AGAINST FORWARD E X C H A N G E RATES U.S. D O L L A R S — N E W YORK PREMIUM SWISS FRANC GERMAN MARK POUND STERLING DISCOUNT PREMIUM FRENCH FRANC| DUTCH GUILDER CANADIAN DOLLAR DISCOUNT- AGAINST Friday figures POUND STERLING — L O N D O N Per cent per onnum PREMIUM * SWISS FRANC GERMAN MARK U.S. DOLLAR 1965 1966 1967 I N D U S T R I A L STOCK INDICES 360 320 280 SWITZERLAND 240 200 GERMANY 160 120 360 320 280 JAPAN 240 200 CANADA 160 120 1964 1965 1966 1967 H. 13 No. : 24 November 8, 1967. II. Latest Figures Plotted la H.13 Chart Series, 1967 (all figures per cent per annum) Chart 5 (Friday, Nov. 3 Chart 1 (Wednesday, Upper Panel Euro-$ deposit 5. 62 U.S. 5.26 cert if. of deposit Treasury bills: + .06 Chart 6 (Friday, Nov. 3 Treasury bills: Euro-$ deposits: 4.38 5.00 -1.11 Net incentive (U.K. +) Chart 2 (Friday, Nov. 3 ) Call 30-day 4-1.17 Forward pound 5.13 5.42 5.20 U.S. Canada Hire-purchase paper, U.K. 5.73 4.56 Spread favor U.K. Nov. 3 Finance co. paper: ) U.K. U.S. 5.68 5.81 90-day 180-day 5.48 Hire-purchase paper (Oct. 27) 5.39 Local-authority deposit (Oct. 27) Chart 3 Upper Panel (Period: Oct. 24-31 ) 4.56 5. 73 ""5782"" U.S. U.K. Canada 4.18 4.18 5. 68 Interbank loan^ape ^3e^qan) Euro-$ deposit (London) : Zurich 3-month deposit Oct. 15 (Date: Japan composite rate (Date: Aug. 31 3.50 7.28 Chart 7 4.18 Interbank loan (mid-point) Nov. 1-7 4.18 4.23 Euro-$ deposit (average) Nov. 1-7 4.13 Oct. 15 Lower Panel (Date: Nov.' 1 5.33 U.K. War Loan (Thurs., Nov. 2 6.97 3.50 Nov. 3 6. 64 Oct. 27 4. 60 Zurich 3-month deposit Price of gold (Friday, Oct. 27 Chart 4 (Friday, Nov. 3 Treasury bills: Canada U.S. Spread -favor Canada Forward Canadian $ Net incentive (Canada +) Canadian finance paper U.S. Gov't. (Wed., German Fed. (Fri., Swiss Confed. (Fri., 35.192 ) 4.82 4. 56 + .26 -1.01 - .75 6.56 6.48 Canadian Gov't. (Wed.,Nov. 1 Netherlands Gov't, perpetual 3% (Friday, Oct. 27 ) Euro-$ bonds (Fri., Nov. 3 ) 6.46 For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966.
@FedFRASER