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USPJLTiY
O C T #
FED-SKiAL
1973
<i- mxlNK
OK jtiGHMQND
.
October 1 7 , 1973
,
R e l e a s e No . 63l2
H-13
Division of International Finance, Statist (cal& Data Management Unit
SELECTED INTEREST &
EXCHANGE RATES
FOR MAJOR COUNTRIES &
THE U.S.
W E E K L Y SERIES O F CHARTS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
•V
H.13
October 17, 1973
Release No. 632
TABLE OF CONTENTS
PART I. EXCHANGE RATES AND GOLD PRICES
Chart 1A, IB, & 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
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.
?>
Chart 1A
SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR
Weekly averages
40
30
GERMAN
MARK
Nl
BELGIAN FRANC
SWISS FRANC
20
JAPANESE
YEN
CANADIAN
DOLLAR
against
M
J
1972
S
D
M
J
S
1973
Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below Smithsonian
central rates
D
Chart I B
SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR
Weekly averages
30.112
Percent
30
20
FRENCH FRANC
DUTCH GUILDER
ITALIAN LIRA
against
U.S.
U.K. P O U N D
1972
1973
Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below Smithsonian
central rates.
Chart 1C
SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR
Weekly averages.
Per cent
DUTCH GUILDER
GERMAN M A R K / /
SWISS FRANC
JAPANESE YEN
FRENCH FRANC
L f
BELGIUM FRANC
' DUTCH GUILDER
I T A L I A N LIRA
CANADIAN DOLLAR
market rate in January 1972
U.K. P O U N D
JAN.
FEB.
APR.
JUNE
JULY
AUG.
SEPT.
1973
Weekly averages (week ending on Friday) of daily offered rates in the New York market as per cent above or below Smithsonian
central rates.
(r
Chart 2A
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR
Weekly averages
Per cent per annum
PREMIUM +
CANADIAN DOLLAR
U.K. P O U N D
DISCOUNT -
PREMIUM
GERMAN MARK
PREMIUM
DUTCH GUILDER
M
S
1970
D
S
1971
* Canadian Dollar Rate not supported by Bank of Canada.
DESCRIPTION AND SOURCES OF DATA, January
Digitized forSee
FRASER
1, 1973, pp. 2-3.
M
J
1972
S
D
M
J
1973
S
D
1
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCES AGAINST U.S. DOLLAR
Weekly averages
Per cent per annum
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
1 1 1 1 1 1
1 1 |
I I
|
1 1 |
1 1
PREMIUM +
FRENCH FRANC
-
-
DISCOUNT PREMIUM +
SWISS FRANC
f
v/v\
~
DISCOUNT 1 1 1 1 1 1 1 1 1 1 1
M
J
S
D
1970
1 1 1 1 1 1 1 1 1 1 1
M
J
S
D
1 1 1 1 1 1 1 1 1 1 1
M
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 2-3.
J
S
1972
1 1 1 1 1 1 1 1 1 1 1
J
1973
S
Chart 3A
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND
Friday figures
Per cent per annum
GERMAN MARK
U.S. DOLLAR
DISCOUNT -
M
J
S
D
1970
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 3.
M
J
1972
S
D
J
1973
S
D
1
3-MONTH FORWARD EXCHANGE - MAJOR CURRENCIES AGAINST U.K. POUND
Friday figures
Per cent per annum
PREMIUM
SWISS FRANC
FRENCH FRANC
DISCOUNT -
M
J
S
D
1970
M
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 3.
M
S
1972
D
M
J
1973
S
D
L -
lb .
: -[Chart 4 :
GOLD PRICE IN LONDON, 12.5 Kg BARS
Week's average of afternoon fixings
U.S. dollar equivalent per fine ounce
?
120
90
60
M
J
S
D
1971
M
J
1972
See DESCRIPTION AND SOURCES of DATA, January 1, 1973, p. 4.
S
D
M
J
1973
S
D
Chart 5A
CALL MONEY RATES
DOLLAR FUNDS
Weekly averages
Per cent per annum
14
CALL EURO-DOLLAR DEPOSITS
OVERNIGHT EURO-DOLLAR DEPOSITS
FEDERAL FUNDS
DIFFERENTIAL
EURO-DOLLAR OVER
FEDERAL FUNDS
FAVOR
EURO-DOLLAR
FAVOR 'HEDERAL FUNDS
EURO-CURRENCIES
Weekly averages
Per cent per annum
EURO-DM
EURO-SWISS FRANC
Changed f r o m CALL to OVERNIGHT Euro-dollar deposits. May 10, 1971.
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 4-6.
Chart 5B
CALL MONEY RATES
S E L E C T E D F O R E I G N A N D EEC C U R R E N C I E S
Friday figures
Per cent per annum
V;
J, n
FRANCE .
/
1 m
i
I
1 !
1 1 1 1 1 1 1 1 1
y W
, N E T H E R L A IN D s U
1 M
1 i i 1 i
1 1 1 1 1 1 M
U
i
i
i
i V I
1 1 1 1 1 1 1
JAPAN
CANADA
U.K.
GERMANY
0
M
J
S
D
1970
S
1971
D
M
J
S
D
1972
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.
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 4-6."
M
J
1973
S
D
,
(3
LONDON: EURO DOLLAR DEPOSIT RATES
Friday figures
Per cent per annum
15 0 0
12
OVERNIGHT
7-DAY
- \y
V
n
11 1
—
1-MONTH
1
S
D
M
1970
J
S
D
1971
* M a y 12/71—changed to Overnight Euro-Dollar Deposits
* * 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.
j
-
1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1
M . J
^
10
v
V
-
1
[X -
I
r-
M
1 M
M
1 ,
J
1972
,
' S
1 ,
,
1 1 1 1 1 1 1 1 1 1 1
D
M
J
1973
S
D
\1
LONDON: EURO-DOLLAR DEPOSIT RATES
Per cent per annum
Friday figures
12
-
kj
- \ f\
-
V\
j\~
-
[
10
—
3-MONTH
-
-
1 1 1 1 1 1 I I
l l
1 1 1 1 1 1 1 1 1 1 1
1 1 1
1 l
1 1 I
l
1 l
,
1
,
1 ,
,
1 ,
,
1 ,
,
12
/ V
J ' -
f
6-MONTH
-
-
-
1
10
i
i
1 i
i
1 i
i
1 i
ii
i
1 i
1970
i
1 i
i
1 i
i
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, p. 6.
i
i
1 i
i
1 i
1972
i
1 i
i
I
1 1 1 1 1 1 1 1 1 1
1973
NEW YORK-LONDON: YIELDS ON U.S. DOLLAR FUNDS
3-MONTH DOLLAR DEPOSIT RATES-SECONDARY MARKET
Per cent per ar
Wednesday figures
12
10
8
EURO DOLLAR DEPOSIT
6
4
U.S. CERTIFICATE OF DEPOSIT
i i I i i I i i I i i I * i I i i I
DIFFERENTIAL
2
FAVOR EURO DOLLAR
4
+
0
EURO DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT
2
M-
J
S
D
1970
M
J
S
1971
e DESCRIPTION ANDSOURCESOF DATA, January 1, 1973, pp. 6-7.
Chart 7B
NEW YORK-LONDON: COST OF U.S. DOLLAR FUNDS
3 - M O N T H DOLLAR DEPOSIT R A T E S - P R I M A R Y MARKET
Wednesday figures
EURO DOLLAR DEPOSIT
ADJUSTED1
A
EURO DOLLAR DEPOSIT
U.S. C E R T I F I C A T E OF D E P O S I T
ADJUSTED
w
EURO DOLLAR OVER
U.S. C E R T I F I C A T E O F D E P O S I T
ADJUSTED1
M
J
S
1970
M
J
S
D
1971
* Adjusted for Reserve Requirement
* * A d j u s t e d for 10% Marginal Reserve Requirement
* * * A d j u s t e d for 20% Marginal Reserve Requirement
See DESCRIPTION AND SOURCES OF DATA, January 1. 1973, pp. 6-7.
M
J
1972
S
D
M
J
1973
S
D
n
LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS
H I R E P U R C H A S E / S T E R L I N G C D ' s vs EURO D O L L A R RATES
Friday figures
Per cent per annum
12
EURO-DOLLAR DEPOSIT
HIRE PURCHASE
COVERED
STERLING CD s
COVERED
I
__
I
I
I
1 I
I
o
FAVOR STERLING CD's
DIFFERENTIAL
1
\
iA A.
p y V/
h\
1
i i 1 i i 1 i i 1 i ir i 1 i i 1 i i 1 i i i i 1 i i 1 i i 1 i I iI
M
M
1970
J
S
D
1971
M
J
1972
* H i r e Purchase suspended August 11, 1972 and Sterling Certificates of Deposit
begin August 11, 1972.
AND SOURCES OF DATA, January
See DESCRIPTION
1, 1973, pp. 7-8.
FAVOR EURO DOLLAR
1 I I
1 1 1 1 I I
S
1973
|
1
i
v
Chart 8B
LONDON: COVERED YIELDS ON U.S. DOLLAR FUNDS
LOCAL AUTHORITY AND EURO DOLLAR RATES
Friday figures
Per cent per annum
EURO DOLLAR DEPOSIT
LOCAL AUTHORITY
DEPOSIT
COVERED
FAVOR LOCAL AUTHORITY
DIFFERENTIAL
FAVOR EURO DOLLAR
M
J
S
D
M
1970
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 7-8.
M
J
1972
S
D
M
J
1973
S
D
)4
...
Chart 9A
INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES
Per cent per annum
Friday figures
3-MONTH TREASURY BILL RATES
U.K. LOCAL AUTHORITY DEPOSITS
NEW YORK
LONDON
NEW YORK
M
J
S
D
1970
M
J
S
D
1971
* Plotted for comparison purposes '
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 8-9
M
S
S
1972
1973
D
Chart 9B
INTEREST ARBITRAGE: UNITED KINGDOM AND UNITED STATES
Friday figures
•
Per cent per annum
PREMIUM
RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING
SPREAD IN FAVOR OF LONDON
FORWARD RATE
DISCOUNT
RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER
FAVOR LONDON
FAVOR NEW YORK
J
s
D
1970
M
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp.8-9.
J
1972
S
D
M
J
1973%
S
D
51
^
Chart 10A
3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR-GERMAN MARK
FRANKFURT INTERBANK LOAN RATE VS. LONDON EURO DOLLAR RATE
Per cent per annum
Wednesday rates
GERMAN INTERBANK
LOAN RATE
EURODOLLAR
FAVOR FRANKFURTr
DIFFERENTIAL
FAVOR EURO-DOLLAR
J
S
D
M
1970
J
S
D
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9-10.
No quotation
J
1972
S
D
M
J
1973
S
D
l
12
3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - SWISS FRANC
ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE
Wednesday rates
II
| I I | I I | | I I II
Per cent per annum
| II
| 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
EURODOLLAR
COVERED
DIFFERENTIAL
FAVOR ZURICH
FAVOR EURO-DOLLAR
1 I I 1 I I I I I I I I 1 I I 1 I I 1 I I 1 I I I I I I I I I II
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 9-10.
I I I I 1 1 I I I I I I
3-MONTH INTEREST ARBITRAGE: CANADA - UNITED STATES
Friday figures
Per cent per annum
1 1 | II
1 1 1 1 1 1 1 1 1 1 1
- . B I L L RATES
1 1 | 1 1 | 1 1 | II
1 1 | 1 1 | 1 1 | 1 1
| 1 1 | 1 1
UNITED STATES
TREASUIRY BILLS
z^V s~
Mi/
/
CAN. FIN. CO. PAPER
f
TREASURY BILLS
1
1
1
PREMIUM
BILL RATE DIFFERENTIAiL AND FORWARD CANADIAiN DOLLAR
FORWARD RATE
U r v
w
^
V \
-
M
A
r^fCi
j
j
W
GROSS SPREAD IN FAVOR OF Cf INADA
V
;
DISCOUNT
1
COVERED RATE DIFFERIENTIALS
FAVOR CANADA
:
y^vA
A PRIME FINANCE PAPEF
V ^ Wr\
Wv~
V
y
TREASURY IJILLS
FAVOR U.S.
i i 1 i i 1 i i 1 i i
M
J
S
D
1 1 1 1 1 1 1 1 1 1 1
M
1970
J
S
D
1 1 1 1 1 1 II
M
1971
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 10-11.
J
S
1972
1 1 1
D
1 1 1 1 1 1 II
M
J
S
1973
1 1 1
D
Chart 12A
/)
w
SELECTED SHORT-TERM INTEREST RATES*
Per cent per annum
-
-
J
—
\
A
L
- v i
J
r ^
1
\
1
\
1
K J
l
1
11
\
v
v\
'
{GERMANY
V y
1 1 1 1 1 1 1 M
1 1 1 1 1 1 1 1 1 1 II
1 II
j
/
:z
/
J
•
n
4
-
1
u.s.
M
1 1 I 1 1 1 1 1 1 11
1 M
1 M 1 M
kt
1 1 1 M 1 1 1 1 1 1
12L
1
1
1
-
-
1
rJ
A X
r
1
A t
U.K.
W
M
111111111
1 1 1 1 1 1 1 1 1 1 1
/
/'
r r
I
-
f y f S
U.S.
1 1 1 1 1 1 1 1 I 1 1
1 1 1 1 1 1 II
1 1 1
1 1 1 1 1 1 1 1 1 1 1
9 ;
JAPAN
MHMTUI V
-
II
1 1 1 1 1 1 I II
11 ! 1 1 1 1 1 ! 11
1970
1971
1 1 1 1 1 1 II
1972
1 1 1
1 1 1 1 1 1 M
1 1 1
1973
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.
1 1 1 1 1 1 1 1 1 1 1
1974
Chart 128
SELECTED SHORT-TERM INTEREST RATES
A
" -
V'v
,VV
A/ l7
n
i
i'H
\
/
/
. Per cent per annum
-
i
0 DOLLAR - LONDOI
W
"
'
A
/-x rA
1
vrl N
-
„
L/*Vu.s.
1 1 1 1 1 1 1 1 1 1 1
1
1 1 1 1 1 1 1 1 1 1 1
\x
v
i i 1 i i 1 ii
\ y
^ \ a
i
1
V
l
L
V
i i 11 i 1 i i 1 1 1
M~l
7
iJ
r-""'—'
1 1 1 1 1 1 1 1 1 i i 1 i i 1 M l
1 1 1 1 1 1 1 1 1 1 1
1971
I I 1 i i 1 I I 1
i i
-
CANADA
1 1 1 1 1 1 1 1 1 1 1
1972
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 11-12.
i i
U.S.
W
1970
i i 1 i i 1 i i 1 i i
1 SWITZERLAND
"'A )(\ J
1 1 1 1 1 1 1 1 1 1 1
i i
r
[J
U.SuyZ
/ V
L'V
1 II
i i 1 i i 1 M l
-
V '
1 1 1 1 1 1 II
1 i i
II
1 i i 1 i i 1 i i
1973
1 l l l l l l l
1974
1 1 1
IP
LONG-TERM BOND YIELDS
| Per cent per an
Weekly figures
CAIA
v^vy
NETHERLANDS
y v
v
x 3 y
u.s.
ir^~y
SWITZERLAND
1 1 1 1 1 1 II
1 1 1
1 1 1 M
i M
11.1
II
1 II
1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 II
1 1 1 1 1 1 1 1 1 1 1
-
U.K.
\ r
GERMANY/^
CANADA
1 1 1 1 1 1 II
1 1 1
M
1 ii
1 i i 1 i i
II
1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 II
1 1 1 1 1 1 1 1 1 1 1
Monthly figures
U.S. C O R P O R A T E :
DOLLAR EURO-BONIDS
\
-
Aaa BONDS
DM EURO-BONDS
i i 1 II
1 i i 1 i i
1970
i i 1 i i 1 i i 1 i i
1 1 1 1 1 1 1 1 1 1 1
1971
1972
See DESCRIPTION AND SOURCES OF DATA, January 1, 1973, pp. 12-15.
1 1 1 1 1 1 II
1973
1 1 1
I 1 1 1 1 i 1 1 1 1 1
1974
21
Chart 14
INDUSTRIAL STOCK INDEXES
Ratio scale, 1958=100
Ratio scale, 1958=100
320
UNITED STATES
-
X
W
w
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
V
240
V
1 I I
1 I I
1200
960
480
SWITZERLAND
SWITZERLAND
J
320
640
240
480
160
320
CANADA
-
M
1 I 1 I M
I 1 1 1 1 1 I 1 I 1 I 1 1 I I 1 I I I I I 1 I I I I I 1 I I 1 I I I I I 1 I I 1
1970
1971
1972
1973
240
160
1,
October 17, 1973
H. 13
Release No. 632
Country
IV. SELECTED CENTRAL BANK DISCOUNT RATES
Current Rate
In Effect Since
In Effect Since
Previous Rate
6.5
August 2, 1973
6.0
July 5, 1973
11.0
Sept. 20, 1973
9.5
August 2, 1973
7.0
June 1, 1973
6.0
May 3, 1973
4.0
April 10, 1973
4.5
Oct. 14, 1972
7.0
Oct. 16, 1973
6.5
August 7, 1973
11.50
E.E.C.:
Belgium
France
Germany
Italy
Netherlands
**United
Kingdom
July 27, 1973
9.00
4.5
Jan. 1, 1973
3.75
Canada
6.75
August 7, 1973
6.25
June 10, 1973
Japan
7.0
Aug. 29, 1973
6.0
July 2, 1973
United States
7.5
Aug. 14, 1973
7.0
July 1, 1973
Switzerland
July 20, 1973
,
Sept. 15, 1973
**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 i 13
October 17,
Release No.
LATEST FIGURES PLOTTED ON THE CHARTS
Chart
Panel
Series
Date
1A & I C
Swiss franc
Oct.
IB & IC
U.K. pound
"
IB & IC
French franc
1A & I C
Japanese yen
H
Rate
12
11
27.7
-6.91
21.1
15.7
1A & I C
Belgian franc
ii
IB & IC
Italian lire
ii
1A & I C
Canadian dollar
1A&1C
IB & IC
German mark
"
34.5
Dutch guilder
"
30.1
2A
2B
Upper
22.2
2.9
0.2
"
German mark
ii
Swiss franc
"
U.K. pound
"
3.46
Dutch guilder
"
0.11
4.12
5.07
Canadian dollar
"
0.81
French franc
"
-0.76
j
3A
3B
4
5A
Upper
German mark
ii
U.S. dollar
»
Swiss franc
"
4.98
French franc
"
2.10
Gold price, U.S. dollar per ounce
II
Overnight Euro-S deposits
102.19
10
10.65
"
9.87
Middle
Differential
"
0.78
Lower
Euro-currencies:
Euro DM
Upper
Japan, Unconditional Money
U.K., 2-day Local Author. Deps.
Lower
/
3.01
Federal Funds
Euro Swiss Fr.
5B
Oct.
5.37
„
Oct.
12
Oct.
5
"
Canada, Day-to-day Loans
"
France, Day-to-Day Money
O c t . 12
Oct. 5
Germany, Call Money
Netherlands. Call Money
"
3.0
3.19
"
8.75
12.38
6.33
11.13
14.50
7.98
1973
632
H.13
October 17, 1973
Release No, 632
IV-3
Chart
Panel
6>A
Rate
Date
Euro-$ Overnight Rate
6B
7A
Series
Oct.
Euro-$ 1-month Rate
ii
Euro-S 3-month Rate
"
Euro-$ 6-month Rate
II
Upper
Euro-$ 3-month Deposits
Lower
Differential
Upper
Euro-$ 3-month Deposits
12
10.88
10.25
9.19
Oct.
10
U.S. Certificate of Deposits
7B
Oct.
Upper
"
9.84
Differential: on Adj. Euro-$ Deposits
"
1.30
Euro-$ 3-month Deposits
(covered)
Euro-S 3-month Deposits
ii
Local Authority Deposits (covered)
II
Differential
ii
Local Authority Deposit (uncovered)
Upper
Spread (+= favor London)
3-month Forward Pound
Lower
Net Incentive (+= favor London)
Oct.
-1.60
10.47
8.91
12
H
Oct. 5
Oct.
10.47
8.87
"
Upper
U.S. Treasury Bill rate
0.41
S e p t . 28
„
U.K. Treasury Bill rate
9B
"
Differential
9A
10.25
U.S. Certificate of Deposits (Adj.)
Lower
Lower
10
11.14
S t e r l i n g CD's
86
0.63
"
on Unadj. Euro-$ Deposits
8A
10.25
9.62
i#
Euro-$ 3-month Deposits (Adj.)
Lower
10.25
12
f
-1.56
5
7.08
j
10.67
j
13.13
3.59
II
-3.56
,1
0.03
.
IV - 4
Chart
10A
Panel
Upper
Series
Euro-) Deposits (covered)
German Interbank Loan rate
Lower
10B
Upper
Differential
Euro-S Deposits (covered)
Swiss Deposit rate
Lower
11
Upper
Differential
Canadian Finance Paper
Rate
Date
3
10
3
10
3
10
3
10
3
10
3
10
14.38*
14.50
8.76*
8.23
b./bf
5.18
4.50
4.50
-1.26
-0.68
Oct.
12
8-75
U.S. Treasury Bill rate
7.08
Canadian Treasury Bill rate
6.29
8.25
Bill rate differential
n
-0.79
Forward Canadian dollar
12A
Third
Net incentive on bills
Bottom
Net incentive on Finance Paper
Upper
U.K. Treasury Bill rate
0.46
-0.33
..
0.94
10.67
U.S. Treasury Bill rate
German Interbank Loan rate
Lower
12B
5.62*
6.27
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
U.S. Prime Finance paper
(not plotted)
Second
^
H. 13
October 17, 1973
Release No. 632
7.08
ii
Japanese Average rate
Aug.
Canadian Treasury Bill rate
Oct.
14.50
7.302
12
6.29
U.S. Treasury Bill rate
ii
7.08
Euro-$ Deposits
ii
10.25
Swiss 3-month Deposit rate
»
4.50
II
7.08
U.S. Treasury Bill rate
•-
- a H.13
October 17, 1973
Release No. 632
IV - 5
Chart
Panel
Series
13
Upper
Netherlands
Date
Canada
* United States
Switzerland
Middle
Germany
Lower
U.S. Corp. Dollar Euro-tgnds^
U.S. Corp. DM E u r o - b o n ^ r i e s
U.S. Corp. Aaa bonds
14
Upper
Switzerland
Germany
United States
Middle
United Kingdom
Canada
Lower
* * Japan
Oct. 5
8.15
Oct. 3
7.66
Oct. 5
6.89
Sept. 21
5.77
Oct. 5
United Kingdom
Sept. 28
G
Rate
9.78
11.45
Aug.
8.46
Aug.
7.68
Sept.
7.63
Sept. 28
366.2
Oct. 5
262.8
Oct. 12
251.93
||
244.53
Sept. 27
301.56
Oct. 5
786.95
Oct. 12
251.93
United States
* New — Average yield on selected 10 year constant maturity bonds due or callable
in 10 years.
** 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