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5-HHO ,,#r . Selected Interest & Exchange Rates Weekly Series of Charts September 11, 1978 DIVISION OF INTERNATIONAL FINANCE Prepared by the FINANCIAL MARKETS SECTION BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Table of Contents TABLES SUBSCRIPTION RATES: 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES-H.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 INDICES 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 tNTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDICES CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MAAO 1 9 7 3 = 1 0 0 RATIO MARCH 197 120 100 FOREIGN CURRENCY PRICE OF U.S. DOLLAR CANADIAN DOLLAR SO 160 FRENCH FRANC GERMAN MARK 140 120 100 150 130 JAPANESE YEN - 110 90 Jf ~ SWISS FRANC f\J ~ - — ~l I I I I I I i i i i i i i 150 — DUTCH GUILDER - BELGIAN FRANC 130 - 110 lllllllllll 90 1 1 1 1 1 1 1 110 - 90 - U.K. POUND * ITALIAN LIRA - - 70 * ' " * Lv" ^ I 50 1976 1978 I I ^ lllllllllll 1976 1978 - 4 CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR ( - ) AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 6 ITALIAN LIRA CANADIAN DOLLAR DUTCH GUILDER U. K. POUND — SWISS FRANC - 8ERMAN MARK M I I p Z X I / - 1 1 1 1 I I I I I I i . l i i i i i l n — FRENCH FRANC - JAPANESE YEN J 1976 1978 I I I I 1976 I - J I I I II I II I I I 1978 CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY KS. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OUNCE >20 — — 220 200 200 180 180 12.5 Kg BARS AFTERNOON FIXING PRICE 160 160 140 140 120 120 100 100 1975 # 1976 1977 1978 CHART 4 CALL MOtiEY RATES WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM U.S. FEDERAL FUNDS - Yn JAPAN - OVERNIGHT EURO-DOLLARS i i i I I I i i l i i l i i l n iiliiliiln FRANCE y j U.K. 2 - D A Y LOCAL AUTHORITY I I 11111111111 I NETHERLANDS CANADA — i i i I I I EURO-SWISS FRANC GERMANY EURO-DM I I I III I I I I I 1976 1978 1976 1978 CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PER CENT PER AN ENT PER ANNUM 12 CANADIAN FINANCE CO. PAPER WEIGHTED AVERAGE FOREIGN RATE 8 U.S. CD S 4 16 V 12 JAPANESE BANK LOANS AND DISCOUNTS 8 U.K. INTERBANK STERLING 4 SWISS INTERBANK RATE 4 GERMAN INTERBANK RATE + 0 1976 1978 1976 1978 CHART 6 * EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM 10 OVERNIGHT ) 3-MONTH - - — 10 6-MONTH 7-DAY J - - I I I I I I 1-YEAR - 1-MONTH 1976 1978 1976 1978 10 CHART 0 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNLJM 10 8 10 - FEDERAL FUNDS 3-MONTH DASHED LINE EURO-DOLLAR DEPOSITS OVERNIGHT EURO-DOLLAR DEPOSITS 90-DAY CD'S DASHED LINE DIFFERENTIAL DIFFERENTIAL ADJUSTED I I I I FOR I RESERVE I 1976 FAVORS BORROWING IN U . S . IF POSITIVE ADJUSTED REQUIREMENTS RESERVE REQUIREMENTS I IIIIII IIII 11 111 111 i I i 11 i 11 i 1111111 1978 FOR 1976 I II III I 1978 CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PER ENT PER ANNUM PER CENT PER M 10 10 EURO-DOLLAR DEPOSITS 8 8 INTERBANK DM INTERBANK STERLING COVERED FRANKFURT COVERED LONDON 6 6 EURO-DOLLAR DEPOSITS 4 4 DASHED LINE 2 2 DIFFERENTIAL + + 0 0 DIFFERENTIAL I I II II I I I I I I II II I I I 2 11111111111111111111111 10 2 10 CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS 8 8 6 6 4 U.S. COMMERCIAL PAPER SWISS INTERBANK (SF) COVERED DASHED LINE 4 DASHED LINE 2 2 DIFFERENTIAL DIFFERENTIAL + + 0 0 2 1976 2 1978 1976 1978 CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM e 9 7 # - - -J / W - L/W Y^VXR ZV ^ AY 10 CANADA UNITED STATES AV - - ^ - 11111111111 I I I 5 I I I JAPAN INDUSTRIAL - \ I GERMANY I I - SWITZERLAND I I I UNITED KINGDOM FRANCE NETHERLANDS U. S. CORPORATE MONTHLY U. S . EURO-DOLLAR CORPORATE MONTHLY BONDS Am# B O N D S EURO-DM L I I I I 1976 I BONDS IMIIIIMIII 11 I IIIIII IIII 1978 1976 1978 CHART 10 INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO SCALE 1969=100 RATIO SCALE 1969=100 140 — 120 - UNITED STATES 200 - 160 100 - JU ^ / A / - 80 - 1 60 320 — 280 - 1 1 1 1 1 ILLLLLLLLLL — - JAPAN - 240 UNITED KINGDOM y - 200 - 160 ~ I 1 1 1 1 1 Illllllllll 140 120 CANADA 100 SWITZERLAND 80 60 140 120 — A / FRANCE r GENERAL INDEX F 100 80 60 GERMANY ~ - V I I I I I 1976 - I 1978 1976 1978 S E R I E S NAME I CHART 1 . LAST VALUE PLuTTED UATc VALUE SPOT EXCHANGE RATES AND I N D I C E S WEEKLY AVERAGES, NOON BUYING RATES ( U . S . CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC b E L G l A N FRANC I T A L I A N LIRA I I C E S , MARCH 1 9 7 3 GHTED AVERAGE EXCHANGE VALUE I N D I C E S , MAR 1 9 7 3 = CHART 2 . b 6 t> 6 o 6 b b b 50.45 0.52530 4b.44 194.4b 6b.79 23.02 bl.74 3.19749 0.12000 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. b b b b b b b b b 141.92 137.54 133.33 7b.b5 bb.51 103.73 19ti.b4 12b.00 b8 . 1 7 b b o b b 6 b b b b 89.82 137.40 130.00 124.27 b9.b9 78.04 94.81 185.74 llb.b9 bO. 44 b b b b b b b b -0.29 -2.6b 5.47 0.01 8.34 3.31 b.47 -5.05 BASE RATES = 1 0 0 GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC I T A L I A N LIRA U . S . DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U . K . POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC b t L G l A N FRANC I T A L I A N LIRA SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SfcPT. SEPT. SEPT. 100 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT . SEPT. SEPT. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OK DISCOUNT CANADIAN DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN I T A L I A N L I R A SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. >EPT. SEPT . SERIES NAME CHART 3 . GOLD P R I l E U.S. CHART 4 . I N LONDON DOLLARS PER F I N E OUNCE 8. 16 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. AUG. 18 SEPT. 1 b.3o 8.75 8.05 3.40 3.3V 4.63 7.00 4.65 0.33 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 6 6 6 6 6 6 6 8.14 3.65 4.57 5.62 8.80 9.30 0.65 SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. 6 6 6 6 6 6 6.36 8.53 6.61 8.88 9.18 9.24 6 6 6 6 6 6 8.36 8.16 0.20 8.88 8.14 0.22 EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7-DAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR CHART 7 . 209.93 3-MONTH INTEREST RATES U . S . 90-DAY CD'S GERMAN INTERBANK LOAN JAPANESE BANK LOANS & DISCOUNTS WEIGHTED AVERAGE FOREIGN INTEREST RATE CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN CHART 6 . SEPT. CALL MONEY RATES U . S . FEDERAL FUNDS OVERNIGHT EURO-DULLAR DEPOSITS U . K . 2 - U A Y LOCAL AUTHORITY DEPOSITS CANADA GERMANY EURO-DM JAPAN FRANCE NETHERLANDS EURO-SWISS FRANC CHART 5 . LAST VALUE PLOlTfcD DATE VALUE SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES 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 . 90-DAY CD'S D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS SEPT. SEPT. SEPT. SEPT. SEPT. SEPT. •j LAST V*LUfc PLOTTED OATC VALUE S E R I E S NAME CHART 8. INTEREST A R B I T R A G E , 3-MONTH FUNDS EURO-DOLLAR D E P O S I T INTERBANK S T E R L I N G I L O N D O N ) , COVERED DIFFERENTIAL SEPT. SEPT. SEPT. 6 O 6 8.88 6.44 *.43 U . S . COMMERCIAL PAPER CANADIAN F I N A N C E PAPER, COVERED DIFFERENTIAL SEPT. SEPT. SEPT. 6 o 6 a.07 8.51 —0.44 EURO-DOLLAR D E P O S I T INTERBANK DM ( F R A N K F U R T ) , DIFFERENTIAL SEPT. SEPT. SEPT. 6 o 6 8.88 9.12 -0.25 SEPT. SEPT. SEPT. 6 6 6 0.68 6.99 -O.ll COVERED EURO-DOLLAR D E P O S I T SWISS I N T E R B A N K , COVERED DIFFERENTIAL CHART 9 . LONG TERM GOVERMENT BOND Y I E L D S SEPT. 1 AUG. 11 JULY AUG. 25 SEPT. 1 AUG . 2t> AUG. 18 AUG. 25 U N I T E D STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS O N I T E D KINGDOM U.S. CORPORATE JULY JULY JULY AAA BONDS EURO-DM BONDS TURO-OOLLAR BONDS CHART 1 0 . 8 .,38 OI• 0 4 6 .• 07 3 .• 3 1 9 . • 16 1 0 .. 1 3 7 •44 1 1 ,. 4 4 INDUSTRIAL U N I T E D STATES JAPAN CANADA FRANCE U N I T E D KINGDOM SWITZERLAND GERMANY 8.88 6 ,. 8 3 8.12 STOCK I N D I C E S . t SEPT. 1 A U G . 18 AUG. 25 AUG. 11 1 SEPT. AUG. 25 AUG. 1 1 107.06 277.38 103.54 120.98 118.63 72.21 103.36