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/- n i" •>" Selected Interest & Exchange Rates Weekly Series of Charts T- 33 CD CD CO s-l J§F 8 I' 4OCTOBER 3, 1977 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 e * Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATESH.10 RELEASE Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. CHARTS 1. SPOT EXCHANGE RATE INDEXES 2. 3-MONTH FORWARD EXCHANGE RATES 3. GOLD PRICE LONDON # 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES • 6. EURO DOLLAR DEPOSIT RATES 7. SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES a INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDEXES CHART 1 SPOT EXCHANGE RATES DOLLAR PRICES OF FOREIGN CURRENCES AND WEIGHTED AVERAGE VALUES AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MAY 1 9 7 0 PARITY: 1 0 0 RATIO SCALE MAY 1 9 7 0 PARITY: 100 120 CANADIAN DOLLAR R— 100 ~ FOREIGN CURRENCY PRICE OF US. DOLLAR 90 100 ~ 1 1 1 1 1 1 1 140 f \ JAPANESE YEN FRENCH FRANC — 120 120 100 100 I 200 I I I I I I I l i l l l i l i l l l l l l l l l l l l l — — . SWISS FRANC 180 — GERMAN MARK — 160 - A 1-TU 120 i 160 i i i . i — — A\Zl V— - 100 y w I v I 140 - / ~ v / | - - MIMIMIM 1 1 1 I I I - ITALIAN LIRA U.K. POUND - - 120 100 100 \ 160 BELGIAN FRANC / i —i DUTCH GUILDER a, 140 120 i 100 — 80 80 v — - v y \r^J i 60 ——-»— _ i 60 - i i i I I 1975 I I 1977 I I I I 1975 I 11 i i i i n i 11 1977 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY CENT PER ANNUM AA + 0 CANADIAN DOLLAR 6 - I I I I I I PER CENT PER ANNUM + 0 DUTCH GUILDER U. K. POUND yvJL — ~ 6 12 18 6 I I I I I I 12 SWISS FRANC GERMAN MARK + 0 6 6 JAPANESE YEN 0 2 PER CENT ON SCALE EQUALS 1 PER CENT ON ALL OTHER FRENCH FRANC + 0 6 - 12 12 — 24 11 III III I I I 1975 1977 1975 1977 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE 200 200 - 180 — 160 - 140 - 120 - 100 12.5 Kg BARS AFTERNOON FIXING PRICE 80 1975 1977 CHART 4 CALL MONEY RATES WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM 16 U.S. FEDERAL FUNDS Vvv 12 JAPAN - 8 4 - OVERNIGHT EURO-DOLLARS I I I I I i i l i i l i i l n I 16 U.K. 2-DAY LOCAL AUTHORITY 12 FRANCE 8 4 12 CANADA NETHERLANDS 8 4 0 20 20 EURO-DM GERMANY 1975 EURO-SWISS FRANC 1977 1975 1977 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM EURO-DOLLAR CANADIAN FINANCE CO. PAPER U.S. CD S U.K. INTERBANK STERLING GERMAN INTERBANK RATE 14 SWISS INTERBANK RATE JAPANESE BANK LOANS AND DISCOUNTS 10 "LZ^- + 0 s Lr-"> I I 1975 I 1977 1975 1977 CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM ~~1 OVERNIGHT - J L 3-MONTH - a J ~ i i i l l l 7-DAY 6-MONTH 1-MONTH 1-YEAR lllllllllll Li_J 1975 1977 1975 1977 - CHART \ SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 12 OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EURO-DOLLAR DEPOSITS 8 FEDERAL FUNDS DASHED LINE 90-DAY CO'S 4 rj DASHED LINE DIFFERENTIAL DIFFERENTIAL ADJUSTED FOR RESERVE RFQUIREMENTS A D J U S T E D FOR RESERVE REQUIREMENTS + 0 1975 FAVORS BORROWING IN U. S. IF POSITIVE 1977 1975 1977 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: P L U S M , INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PEA CENT PEA ANNUM \y\ PER CENT PER ANNUM EURO-DOLLAR DEPOSITS - INTERBANK STERLING INTERBANK DM COVERED LONDON COVERED FRANKFURT 12 — 6 EURO-DOLLAR DEPOSITS DASHED LINE DIFFERENTIAL DIFFERENTIAL 1 1 I II I I I I I I I I I ILLLLI I I I I I II CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS 12 12 U.S. COMMERCIAL PAPER SWISS INTERBANK (SF) COVERED DASHED LINE DASHED LINE DIFFERENTIAL DIFFERENTIAL 11111111111111 h 1111111 1975 1977 J—I—I—Willi h i I n h i l i i l u l l i 1975 1977. CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER ENT PER ANNUM PER CENT PER AL INUM 9 CANADA UNITED STATES 10 8 5 I I I I I I I 6 11 7 Y 7 \ * 8 JAPAN \ INDUSTRIAL V\ SWITZERLAND 9 6 GERMANY 7 4 5 2 .u 18 11 16 FRANCE - UNITED KINGDOM y V , - 9 14 7 12 NETHERLANDS 1 LJ_l 5 I 1 1 1 I I 10 12 U. S. CORPORATE MONTHLY U.S. CORPORATE - 11 MONTHLY / \ / w E U R O - D O L L A R BONDS 10 9 Aaa BONDS 8 6 7 E U R O - D M BONDS M i l l 1975 5 1977 1975 1977 CHART 10 INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO SCALE 1969= DO 180 - - 140 - UNITED STATES 100 80 RATIO SCALE 1969=100 - i 60 1 1 1 i i i UNITED KINGDOM 360 — - 280 — JAPAN — 200 160 120 I I I I I I I ill I IllllI 180 140 SWITZERLAND CANADA - 100 80 - i 60 i i I I I 180 140 FRANCE GENERAL INDEX GERMANY 100 80 60 1975 1977 1975 1977 SERIES NAME # CHART 1 . SPOT EXCHANGE RATES U . S . DOLLAR, WEIGHTED AVERAGE JAPANESE YEN GERMAN MARK DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA CHART 2 . 28 28 28 28 28 28 28 28 28 28 8 9 .. 5 4 134,. 9 7 157,. 2 7 146, . 5 9 7 2 . • 64 100.. 8 0 112. . 7 7 185. . 4 6 1 3 9 .. 4 1 7 0 ., 7 1 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 28 28 26 28 28 28 28 -0.43 0.35 2.99 -2.75 4.43 2.11 1.50 S E P T . 28 152.41 GOLD PRICE I N LONDON U.S. CHART 4 . SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 3-MONTH FORWARD EXCHANGE RATES CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN CHART 3 . LAST VALUE PLOTTED DATE VALUE DOLLAR PER FINE OUNCE CALL MONEY RATES U . S . FEDERAL FUNDS OVERNIGHT EURO-DOLLAR DEPOSITS U . K . 2 - D A Y LOCAL AUTHORITY DEPOSITS CANADA GERMANY EURO-DM JAPAN FRANCE NETHERLANDS EURO-SWISS FRANC SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 28 28 23 23 23 23 23 23 16 23 6.35 6 .. 2 7 5.. 5 0 6 . .90 3 . .95 3 . .96 4 . .88 8.13 3.53 1.76 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 28 28 28 28 28 28 28 6.29 4.09 5.25 6.77 7.07 5.76 2.38 CHART 5 . 3-MONTH INTEREST RATES U . S . C D ' S ( 6 0 - 8 9 DAYS) GERMAN INTERBANK LOAN JAPANESE BANK LOANS & DISCOUNTS EURO-DOLLAR DEPOSIT CANADIAN FINANCE COMPANY PAPER INTERBANK STERLING SWISS INTERBANK LOAN LAST VALUE PLOTTEL DATE VALUE SERIES NAME CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 28 28 28 AB 26 28 6 . CL 6.56 6.=-" 6.', 7.OA 7 . 14 28 28 28 28 28 28 6.27 6.35 0.18 6.77 6.29 0.37 EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL S E P T . 28 SEPT. 28 SEPT. 26 6.77 6.11 0.66 U . S . COMMERCIAL PAPER CANADIAN FINANCE CO. PAPER, COVERED DIFFERENTIAL S E P T . 28 SEPT. 26 S E P T . 28 6.22 6.64 -0.42 EURO-DOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED DIFFERENTIAL SEPT. 28 SEPT. 28 SEPT. 28 6.77 7.08 -0.30 EURO-DOLLAR DEPOSIT SWISS INTERBANK, COVERED DIFFERENTIAL S E P T . 28 S E P T . 28 SEPT. 28 6.77 6.81 -0.03 CHART 7 . SELECTED EURC-DCLLAR AND U . S . MONEY MARKET RATES TES OVERNIGHT EURO-DOLLAR DEPOSITS U . S . FEDERAL FUNDS D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS 3-MONTH EURO-DOLLAR DEPOSIT RATE U . S . C D ' S ( 6 0 - 6 9 DAYS) D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS CHART 8 . SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. INTEREST ARBITRAGE, 3-MONTH FUNDS SERIES NAME CHART 9 . LONG TERM GOVERNMENT BOND YIELDS UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM u .S. SEPT. SEPT. AUG. SEPT. SEPT. SEPT. SEPT. SEPT. 23 16 16 23 16 16 16 7.36 5.70 6.82 4.00 8.59 10.79 6.91 10.05 CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS CHART 1 0 . LAST VALUE PLOTTEL DATE VALUE JULY JULY JULY 7.94 6.69 7.4b INDUSTRIAL STOCK INDEXES UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY SEPT. SEPT. AUG. SEPT. SEPT. SEPT. SEPT. 23 16 26 9 23 23 16 98.17 255.88 89.07 84.41 120.22 77.65 97.76 F E D E R A L H . 10 R E S E R V E statistical OCTOBER FOREIGN EXCHANGE RATES FOR THE WEEK ENDING SEPTEMBER 3 0 , release 3, 1977 1977 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified for customs purposes the following noon buying rate in New York City for cable transfers payable in foreign currencies. COUNTRY^ AUSTRALIA AUSTRIA BELGIUM CANADA DENMARK FINLAND FRANCE GERMANY INDIA IRELAND ITALY JAPAN MALAYSIA MEXICO NETHERLANDS NEW ZEALAND NORWAY PORTUGAL SOUTH AFRICA SPAIN S R I LANKA SWEDEN SWITZERLAND UNITED KINGDOM MONETARY UNIT S E P . 26 (RATE U . S . CENTS) SEP. 28 SEP. 27 DOLLAR SCHILLING FRANC DOLLAR KRONE MARKKA FRANC D . MARK RUPEE POUND LIRA YEN DOLLAR PESO GUILDER DOLLAR KRONE ESCUDO RAND PESATA RUPEE KRONA FRANC POUND 110.4700 6.02500 2.79000 93.2000 16.1800 24.0100 20.3075 42.9800 11.4500 174.3800 0.11312 0.37495 40.6100 4.3900 40.5350 96.8500 18.1400 2.4600 115.0000 1.1815 11.6000 20.6400 42.5300 174.3800 110.4000 5.99500 2.78800 93.3000 16.1550 24.0000 20.2950 42.9100 11.4500 174.3300 0.11307 0.37505 40.6000 4.3900 40.3750 96.8500 18.1350 2.4500 115.0000 1.1812 11.6000 20.6250 42.2700 174.3300 110.5000 6.00500 2.78700 93.1900 .16.1600 24.0100 20.3250 42.9900 11.4500 174.4300 0.11315 0.37500 40.5500 4.3900 40.4600 96.8500 18.1500 2.4525 115.0000 1.1812 11.6000 20.6550 42.5200 174.4300 SEP. 29 110.6000 6.02000 2.79320 93.1000 Id.2200 24.0500 20.3600 43.1300 11.4500 174.4900 0.11317 0.37720 40.6000 4.3950 40.5550 96.8500 18.1700 2.4525 115.0000 1.1816 11.6000 20.6800 42.7000 174.4900 SEP. 30 110.9000 6.04000 2.80000 93.1400 16.2475 24.0938 20.4600 43.3150 11.4500 174.7600 0.11332 0.37920 40.5900 4.4000 40.7600 97.0000 18.1800 2.4525 115.0000 1.1822 11.6000 20.7200 42.6000 174.7600
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