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O c t o b e r 1 0 , 1973 R e l e a s e No. 6 3 1 H-13 Division ot International Finance, Statistical & Data Management Unit SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. WEEKLY SERIES O F CHARTS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H. 13 O c t o b e r 10, 1973 R e l e a s e No. 6 3 1 TABLE OF CONTENTS PART I. EXCHANGE RATES AND GOLD PRICES C h a r t 1A, I B , & 1C - 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 - Call Money Rates Chart 6A and B - London: Euro-) Deposit Rates Chart 7A and B - New York - London: Yields on U.S. Dollar Funds Chart 8A and B - London: Covered Yields on U.S. Dollar Funds Chart 9A and B - Interest Arbitrage: United States-United Kingdom Chart 10A and B - Interest Arbitrage: U.S.-Germany and U.S.-Switzerland Chart 11 - Interest Arbitrage: United States-Canada Chart 12A and B - 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 rre fully described in a Supplement dated January 1, 1972. 3 SPOT EXCHANGE RATES • MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averages GERMAN MARK N BELGIAN FRANC^ , SWISS FRANC JAPANESE YEN CANADIAN DOLLAR Per cent above average market rate in January 1972 Below I I I 1972 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates in t h e 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 c e n t r a l rates. I SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR . Weekly averages Per cent - FRENCH FRANC \ \ - DUTCH GUILDER } J \ J \ ITALIAN LIRA r . J W /U.K. POUND 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I I - J 1972 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d rates j n 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. < Chart 1C SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR Weekly averager Per cent DUTCH GUILDER 30 GERMAN M A R K / / SWISS FRANC 20 JAPANESE YEN FRENCH FRANC f BELGIUM FRANC DUTCH GUILDER ITALIAN LIRA CANADIAN DOLLAR Per cent above average market rate in January 1972 agamst U.K. POUND JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. 1973 Weekly averages (week e n d i n g on Friday) of daily o f f e r e d r a t e s in t h e 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. 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U S. DOLLAR Weekly a v e r a g e s Per cent per a n n u m PREMIUM CANADIAN DOLLAR U.K. POUND DISCOUNT - PREMIUM GERMAN MARK DISCOUNT - PREMIUM + DUTCH GUILDER DISCOUNT - S D 1970 * M J S D 1971 C a n a d i a n Dollar Rate not s u p p o r t e d by Bank of Canada^ See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp 2 3. M S 1972 D M S 1973 D 1 C h a r t 2B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR Weekly averages 1 1 1 1 I Per cent per a n n u m 1 I I 1 1 I 1 1 | ! 1 j 1 1 | I I I I 1 1 1 1 1 1 1 1 1 1 1 | 1 1 | 1 1 | I I PREMIUM + FRENCH FRANC - - DISCOUNT — — PREMIUM + SWISS FRANC A / \ A ' V 1 1 1 1 1 1 M 1 1 1 1 1 J S D 1 I I M 1970 DISCOUNT 1 I I J 1 1 1 1 1 1 1 S D M 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3. 1 1 1 1 1 1 1 1 1 1 J S 1972 I I 1 1 1 1 1 1 1 1 1 J 1973 S Chart 3A 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Per cent per a n n u m Friday f i g u r e s PREMIUM GERMAN MARK U S. DOLLAR DISCOUNT I J S D 1970 I M I I I I J I I I I 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. l I I I I I I I I I I I S 1973 Chart 3B 3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND Friday f i g u r e s Per cent per a n n u m SWISS FRANC FRENCH FRANC DISCOUNT - J S D 1970 J S D 1971 See DESCKlFTION AND SOURCES OF DATA, J a n u a r y 1, 1973, p. 3. M S 1972 D J 1973 S D tb GOLD PRICE IN LONDON, 12.5 Kg BARS Wee k's average of a f t e r n o o n fixings U.S. d o l l a r equivalent per fine o u n c e 120 I 1 I M I I J 1 I I S I 1 I D 1971 I I 1 1 I M I J 1972 See DESCRIPTION AND SOURCES o f DATA, J a n u a r y 1, 1973, p. 4. I I 1 I S 1 1 I D I 1 1 I M I J 1973 I I I S I I I 30 D CALL MONEY RATES DOLLAR FUNDS Weekly averages Per cent per a n n u m OVERNIGHT EURO-DOLLAR DEPOSITS CALL EURO-DOLLAR DEPOSITS FEDERAL FUNDS FAVOR EURODOLLAR EURO-DOLLAR OVER FEDERAL FUNDS DIFFERENTIAL FUNDS FAVOR EURO-CURRENCIES Per cent per a n n u m Weekly averages EURO-DM EURO-SWISS FRANC 1970 1971 * C h a n c e d f r o m CALL to OVERNIGHT E u r o - d o l l a r deposits, May 10, 1971. See DESCRIPTION AND SOURCES OF DATA. January 1, 1973, pp. 4-6. 1972 1973 Chart 5 8 CALL MONEY RATES SELECTED FOREIGN AND EEC CURRENCIES Friday f i g u r e s Per cent per a n n u m 1z FRANCE M-s v_^JAPAN S- CANADA 1 1 1 1 1 1 II 1 1 1 i i I i i I i i I i i 1 1 1 II 1 1 1 I ! 1 1 1 1 1. 1 1 1 1J J _ L _ GERMANY France, Day to day Money Canada Netherlands. Call Money, weekly average; Japan, U n c o n d i t i o n a l M o n e y ; Day to day Loan*,, weekly a v e ^ e e . Germany, 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 . See DESCRIPTION AND SOURCES OF DATA. January 1, 1973, pp. 4 6 jChart 6A LONDON: EURO DOLLAR DEPOSIT RATES Friday f i g u r e s ' Per c e n t per a n n u m 16 0 0 10 OVERNIGHT CALL 7 DAY 12 1-MONTH M J S D M 1970 J 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 D e p o s i t s * * July 1 - c h a n g e d to 7-Day Euro-Dollar See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. M J 1972 S D M J 1973 S D LONDON: EURO-DOLLAR DEPOSIT RATES Per cent per a n n u m Friday f i g u r e s 12 A - \ ~ V \ A • - 1 1 I I I A 1v / v U V I 1 1 1 1 I I I I ll I I 1 10 ) ~ Nz 3-MONTH I I 1 I I 1 I I 1 I I 1 i i 1 i i 1 ll J v v 6-MONTH " 1 I I 12 / V f 10 ~ - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1970 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6. i i 1 i i 1 i i 1 i i , , 1 . , 1 , , 1 , . 1972 1973 y o 1 Chart 7A NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET Per cent per a n n u n Wednesday f i g u r e s ! 1 - 10 A - jJ vi yr zv xi V - • r ) DOLLAR DEPOSIT - y U S. CERTIFKGATE OF DEPOSIT i i I i i 1 i i 1 i i 1 i i i i i I i i i i i 1 i i 1 i i I i i 1 i i I l 1 l l 1 I I 1 I I FAVOR EURO DOLLAR DIFFERENTIAL Ak - wv\X - Avw * EURO DOILLAR 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 1 i i 1 i i 1 i i i 1 i i 1 i i 1 i i M 1970 J S D M 1971 See DESCRIPTION ANDSOURCESOF DATA, January 1, 1973, pp. 6-7. J 1972 S D i i 1 i i 1 i i 1 i i M J S 1973 O IV Chart 7B NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS 3-MONTH DOLLAR DEPOSIT RATES-PRIMARY MARKET Per/cent per annum Wednesday f i g u r e s EURO DOLLAR DEPOSIT ADJUSTED' A EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT ADJUSTED 1 EURO DOLLAR OVER * — U S. CERTIFICATE OF DEPOSIT ADJUSTED M J 1970 S D . M J S D 1971 * A d j u s t e d for Reserve R e q u i r e m e n t * * A d j u s t e d for 10% M a r g i n a l Reserve R e q u i r e m e n t * * * A d j u s t e d for 2 0 % M a r g i n a l Reserve R e q u i r e m e n t Digitized forSeeFRASER DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. b-7. M J 1972 S D M J 1973 S D LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS HIRE PURCHASE/STERLING CD's vs EURO-DOLLAR RATES Per cent per a n n u m Friday f i g u r e s 12 l- EURO-DOLLAR DEPOSIT A : ft Cn Hn AS - U m IiRx C c P r uU nR w w Et COVERED i STERLING CD's COVERED 1 __ 1 1 1 1 1 I I 1 1 1 1 1 1 I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I FAVOR STERLING C D ' s r>: DIFFERENTIAL \ iA Ai / v y 1 FAVOR EURO-DOLLAR i T I M 1 i j 1970 i 1 i s i 1 1 1 1 1 1 1 1 1 1 1 j s 1971 M 1 1 1 1 1 1 1 j 1972 * H i r e Purchase s u s p e n d e d August lJ. t 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 August 11, 1972. SeeFRASER DESCRIPTION AND SOURCES OF DATA, January Digitized for 1, 1973, pp. 7 1 1 I I 1 1 1 1 1 1 1 1 1 s 1973 LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS LOCAL AUTHORITY AND EURO DOLLAR RATES Friday f i g u r e s Per cent per a n n u m EURO-DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT COVERED FAVOR LOCAL AUTHORITY DIFFERENTIAL FAVOR EURO D O L L A R - — 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 Chart 9A INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATE' Friday f i g u r e s Per cent per a n n u m 3-MONTH TREASURY B I L L RATES U.K. LOCAL A U T H O R I T Y DEPOSITS UNCOVERED NEW YORK LONDON NEW YORK I I M I I J I I S I I I ! ! L 1970 ' I M I I I J I 1 1 I S I 1 I D M 1971 I I I I J 1 S 1972 I I I D I I M 1 I I J I 1 11 S 1973 I D I 1 0 ; F * P l o t t e d for c o m p a r i s o n p u r p o s e - f See DESCRIPTION AND S O U R U S OF DATA, January 1, 1973. pp. 8 - 9 | r j P Chart 9B INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES Friday f i g u r e s Per cent per a n n u m RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING PREMIUM SPREAD IN FAVOR OF LONDON DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON FAVOR NEW YORK M J s L. 1970 S D 1971 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p p . 8 - 9 . M J 1972 S D M J 1973 S C h a r t 10A 3-MONTH FUNDS INTEREST _ARBURAGE^EURO-DOLLAR-GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO-DOLLAR RATE Wednesday rates H 38 Per cent per annum / I | I II I I I 12 GERMAN INTERBANK LOAN RATE EURODOLLAR COVERED FAVOR FRANKFURT DIFFERENTIAL FAVOR EURO-DOLLAR I I I I I I I I M J S D M J S D 1970 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 M 3-MONTH FUNDS INTEREST ARBITRAGE: EURO DOLLAR - SWISS. FRANC ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE Wednesday rates I I | M Per cent per a n n u m | II | II I I | I I | I I | I I I I | I I | I I | I I I I I I i ! | I I | SWISS DEPOSIT RATE EURO DOLLAR COVERED FAVOR ZUR! DIFFERENTIAL FAVOR EURO DOLLAR 1 I I I 1 I I 1 1 I 1 I 1 1 I I 1 I I I I I 1 I I I I I 1 1 I 1 1 I 1 I 1 I I I 1 I 1 1 I I I M J S 1970 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9 - 1 0 . 8 3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES Friday f i g u r e s A Per cent per a n n u m II 1 II 1 II BILL RATES 1 1 | 1 1 | 1 1 | II 1 II 1 1 | 1 l„| II 1 1 | 1 1 | 1 1 | 1 1 | II UNITED STATES TREASUIRY BILLS CAN. FIN. CO. PAPER m j r y TREASURYB ILLS 1 1 1 BILL RATE DIFFERENTIA± AND FORWARD CANADIftN DOLLAR PREMIUM /V\ FORWARD RATE VU " y p j / : GROSS SPREAD IN FAVOR OF C/ INADA DISCOUNT 1 COVERED RATE DIFFER!ENTIALS V FAVOR CANADA / V ) 1f WV . PRIME FINANCE PAPEF w VVVAzVW'V \y Vx / V V TREASURY ESILLS FAVOR U.S. 1 1 I II M 1 ! ' : J S I D i i 1 i i 1 i i 1 M M 1970 J S D 1 1 I 11 1 11 1 i ; i I I M 1971 See DESCRIPTION AND SOURCES OF DATA, J a n u a r y 1, 1973, pp. 10-11. J S 1972 D M 1 1 1 1 1 1 1 1 1 J S 1973 D 10 Chart 12A SELECTED SHORT-TERM INTEREST RATES* Per cent per annum - ,A' r V') A I r L v i \ ^ 1 1 rx^\ -\Ti J 1 \ f GERMANY M f I I 1 1 1 1 I I 1 1 1 14 I I 1 I I 1 I I 1 I I j " / / 12 A 8 - U-S- 11 1 1 1 I 1 1 11 1I I 1 1 1 I 1 1 1 1 1 12 1 1 1 - 1 / r 1 , /HK UK. r V\ h f n L W j " / f \ - - ^ / / V ^ u.s. 1 1 1 1 1 1 1 1 1 1 1 I 1 1 I M 1 1 1 1 11 11 11I I 1 1 1 ( 1 I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i1 1 1 i i 1 ! 1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 JAPAN MONTHLY i i ! i ! i i i ! i i 1970 1971 ! 1 1972 3-month treasury bill rates for all countries except Japan(Average rate on bank loans and discounts) and Germany (interbank loan rate) See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12. I P SELECTED SHORT-TERM INTEREST RATES Per cent per a n n u m Vv, iV/1 ,1 I'V" v , fVAti "V a yn 0 DOLLAR - LONDOf 1 r \ rA I - L Z V u . S . I 1 1 1 1 1 1 1 1 11 11 1 1 1 I 1 1 1 M1 I1 I I 1 M 1 I i i i 1 i i 1 M l i \ - \ V t v\ / i i ii1 ill i l l i i U.Suy/ lyt y • r V V i L'V - / 1 s /u J ( i 1 . J " l j | 1SWITZERLANI • i i 1 i i 1 i i 1 i i i i 1 i i 1 i i 1 i i |U|"1 1 1 1 1 1 1 1 M1 1 i i 1 AAI J i i i 1 i i 1 i i 1 i i -W v\ 1\ y Wa \ \ / * , w \ - u.s^ > MA i i 1 i i 1 i i 1 i i 111- I I i I I 1 1 1 1970 1971 CANADA ' I I 1 1 1 1 1 1 1 11 1 1 I I I 1972 III 1973 1 1 11 1 1 1 1 I I I 1 I I 1974 LONG-TERM BOND YIELDS Weekly f i g u r e s , Percent per^annum. 9 NETHERLANDS - W ^ - U.S. SR— 6 R SWITZERLAND 1 1 1 1 1 1 1 1 I 1111 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11 111 1 1 III U.K. \r GERMANYX" x Y-Z I.LI I 11111111111 - M 1 v „ . CANADA I I 1 I I 1 I I 1 I I I I 1 I I 1 I I 1 I I 1 1 1 1 1 1 I I 1 111 1 M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M o n t h l y figures U.S. CORPORATE: DOLLAR EURO-BONIDS A\. < - Aaa BONDS DM EURO-BONDS : , ; i , i 1970 ,• i i I ! ; l 1 i i 1971 i . 1 n i 1972 See DESCRIPTION AND SOURCES OF DATA, January 1, 1973. pp. 12 15. h i l i 1 1 i i 1 i 1973 i 1 i i 1 1 1 1 1 1 1 1 1 i 1974 i 3 n INDUSTRIAL STOCK INDEXES Ratio scale, 1 9 5 8 = 1 0 0 Ratio scale, 1 9 5 8 = 1 0 0 ~ 320 UNITED STATES 240 160 1200 JAPAN 480 960 SWITZERLAND SWITZERLAND 640 320 240 480 UNITED KINGDOM JAPAN GERMANY 160 CANADA CANADA 320 GERMANY 240 160 1970 1971 1972 1973 15S October 10, 1973 H. 13 IV. SELECTED CENTRAL BANK DISCOUNT RATES Release No. 631 Country Current Rate In Effect Since Previous Rate 6.5 August 2, 1973 6.0 11.0 Sept. 20, 1973 9.5 August 2, 1973 May 3, 1973 In Effect Since E.E.C.: Belgium France July 5, 1973 Germany 7.0 June 1, 1973 6.0 Italy 4.0 A p r i l 10, 1973 4.5 Oct. 14, 1972 Netherlands 6.5 August 7, 1973 6.0 July 18, 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 6.75 August 7, 1973 6.25 June 10, 1973 Japan 7.0 Aug. 29, 1973 6.0 J u l y 2, 1973 United States 7.5 Aug. 14, 1973 7.0 July 1, 1973 * * E f f e c t i v e October 13, 1972, the Bank of England r e p l a c e d 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 . ,,, October 10, 1973 Release No. 6 3 1 LATEST FIGURES PLOTTED ON THE CHARTS Chart Panel 1A&1C IB & 1C IB & 1C 1A & 1C 1A & 1C 1A & 1C IB & 1C 2A 2B 3A 3B 4 Upper Middle Lower 5B Date Swiss franc U.K. pound French franc Japanese yen Oct. Upper Lower 5 ii 15.11 „ 21.37 2.90 -.10 33.34 29.00 II " H II II ii ii ii German mark U.S. dollar Swiss franc French franc ii ii •i Gold price, U.S. dollar per ounce ii 27.14 -7.22 20.56 " German mark Swiss franc U.K. pound Dutch guilder Canadian dollar French franc Overnight Euro-$ deposits Federal Funds Differential Euro-currencies: Euro DM Euro Swiss Fr. Japan, Unconditional Money U.K., 2-day Local Author. Deps. Canada, Day-to-day Loans France, Day-to-Day Money Germany, Call Money Netherlands. Call Money Rate H Belgian franc Italian lire Canadian dollar German mark Dutch guilder 1A & 1C I B & 1C 5A Series 4.30 4.69 -4.08 " " -.95 1.50 -1.14 „ 7.91 3.22 5.15 3.92 98.23 3 12.25 10.72 1.52 S e n t . 28 -0. 5.30 Oct. " Sept. Sept. Oct. Sept. Oct. Sept. 29 28 5 28 5 28 9.00 12.63 6.33 11.75 14.50 7.50 H.13October 10, 1973 Release No. 631 ^ Chart Panel Series 6A Rate Date Euro-$ Overnight Rate Oct. 5 Euro-$ 1-month Rate 6B 7A 7B Upper Euro-$ 3-month Rate ii 10.69 Euro-S 6-month Rate ,, 10.18 Euro-S 3-month Deposits Oct. Lower Differential ii 0.37 Upper Euro-) 3-month Deposits ii 10.25 Euro-S 3-month Deposits (Adj.) ii 11.14 U.S. Certificate of Deposits (Adj.) ii 9.87 Differential: on Adj. Euro-S Deposits ii 1.27 ii 0.38 Upper Euro-$ 3-month Deposits S t e r l i n g CD's 9.88 Sept. 21 (covered) 11.13 ii 8.41 Lower Differential ii -2.72 Upper Euro-S 3-month Deposits n 11.13 Local Authority Deposits (covered) n 8.38 Differential ii Lower 9A U.S. Treasury Bill rate Oct. U.K. Treasury Bill rate Local Authority Deposit (uncovered) 9B 10.25 .. on Unadj. Euro-S Deposits 8B 3 U.S. Certificate of Deposits Lower 8A 10.88 11.25 Upper Spread (+= favor London) 3-month Forward Pound Lower -2.75 5 7.36 II 10.74 S e p t . 28 13.38 Oct. 5 3.38 " -3.73 || - 0 . 37 Net Incentive (+= favor London) H. 13 October 10, 1973 R e l e a s e No. 6 3 1 Chart Panel Series 10A Upper Euro ) Deposits (covered) Date Oct. 3 German Interbank Loan rate 10B Lower Differential Upper Euro-$ Deposits (covered) 11 Differential Upper Canadian Finance Paper 8.24 5.18 4.50 -0.68 Oct. 5 U.S. Treasuiy Bill rate 6.26 U.S. Prime Finance paper (not plotted) 8.25 Bill rate differential -1.11 Forward Canadian dollar 12A Third Net incentive on bills Bottom Net incentive on Finance Paper Upper U.K. Treasury Bill rate Lower 1.41 0.30 0.94 10.74 U.S. Treasury Bill rate II 7.36 German Interbank Loan rate If 14. 38 Japanese Average rate Canadian Treasury Bill rate 12B 8.75 7.36 Canadian Treasury Bill rate Second 6.14 14.38 Swiss Deposit rate Lower Rate July 7.160 Oct. 5 6.26 U.S. Treasury Bill rate II 7.36 Euro-$ Deposits U 10.69 Swiss 3-month Deposit rate II 4.50 || 7.36 U.S. Treasury Bill rate H. 1 3 O c t o b e r 10, 1973 R e l e a s e No. 6 3 1 IV-5 Chart Panel Series 13 Upper Netherlands Date Sept. Canada Oct. * 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 14 Upper Switzerland Middle United Kingdom Canada Lower ** Japan 28 8.01 5 7.66 S e p t . 28 6.95 S e p t . 21 5.77 S e p t . 28 9.71 S e p t . 21 11.54 Aug. 8.46 Series G ii ^ II \ ft ! 366.2 1 % I 262.0 „ 247.03 5 242.90 S e p t . 27 301.56 Sept. 841.59 Oct. 1 7.68 S e p t . 28 Germany United States Rate 14 United States S e p t . 28 247.03 * New — 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 . ** 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. jj! I
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