selected interest & exchange rates

Selected Interest & Exchange Rates Weekly Series of Charts

DECEMBER 5, 1977

Prepared by the FINANCIAL MARKETS SECTION

DIVISION OF INTERNATIONAL FINANCE

BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents

TABLES

1. LATEST FIGURES PLOTTED

2. DAILY CERTIFIED SPOT EXCHANGE RATES-H.10 RELEASE

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 8. INTEREST ARBITRAGE: 3-MONTH FUNDS

9. LONG-TERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDEXES

SUBSCRIPTION RATES:

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, Divi-sion 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.


C H A R T 1

SPOT EXCHANGE RATES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)

AVERAGES FOR WEEK ENDING WEDNESDAY

RATIO SCALE MAY 1 9 7 0 PARITY=100

RATIO SCALE MAY 1 9 7 0 PARITY=100

120

100

CANADIAN DOLLAR

FOREIGN CURRENCY PRICE OF U.S. DOLLAR

FRENCH FRANC JAPANESE YEN

80

- 120

100

2 0 0

180 — -

- GERMAN MARK —

160 —

140 —

—

120

I I I 1 , I 1 ;

DUTCH GUILDER

SWISS FRANC

BELGIAN FRANC

100

100

80

60

\ U.K. POUND -

- XV, -

1 1 1

-

1975 1977

S Z ^ z ITALIAN LIRA

S - w

i \ i ~ —

-

\ p ^ '

-

100

80

60

1975 1977


PER

6

0

6

0

6

12

18

6

0

6

6

0

6

12

C H A R T 2

3-MONTH FORWARD EXCHANGE RATES PREMIUM ( + ) OR ( - )


:ENT PER ANNUM

A a CANADIAN DOLLAR

-

FRENCH FRANC

U. K. POUND

PER CENT PER ANNUM

JAPANESE YEN 2 PER CENT ON SCALE EQUALS 1 PER CENT ON A L L OTHER

-

DUTCH GUILDER

z x A -

I I I I I I I I I I I I

SWISS FRANC GERMAN MARK

12

6

12

12

2 4

1 9 7 5 1 9 7 7 1 9 7 5 1 9 7 7


C H A R T 3

PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. DOLLARS PER FINE OUNCE

200

180 -

160

U.S. DOLLARS PER FINE OUNCE

200

12.5 Kg BARS AFTERNOON FIXING PRICE

- 180

160

140

120

100

80

1975 1977


PER

16

12

8

4

16

12

8

4

12

8

4

0

20

16

12

8

4

0

4

C H A R T 4

CALL MONEY RATES WEEKLY SERIES

ENT PER ANNUM

CANADA

-

i i l l i h i l i i

EURO-DM X

GERMANY

PER CENT PER ANNUM

16

- 1 2

U.S. FEDERAL FUNDS JAPAN

OVERNIGHT EURO-DOLLARS

U.K. 2 - D A Y LOCAL AUTHORITY

FRANCE

16

- 1 2

NETHERLANDS

IM

EURO-SWISS FRANC

1 9 7 5 1977 1 9 7 5 1977


C H A R T 5

3-MONTH INTEREST RATES WEEKLY SERIES

PER CENT PER ANNUM PER CENT PER ANNUM

EURO-DOLLAR

U . S . CD'S V)/, ^ / / l A ' Vi

GERMAN INTERBANK RATE

E 14 14

\ JAPANESE BANK # 10 | LOANS AND DISCOUNTS -

# 6

I I I

-

CANADIAN FINANCE CO. PAPER

U.K. INTERBANK STERLING

SWISS INTERBANK RATE

1975 1977 1975 1977


C H A R T 6

EURO-DOLLAR DEPOSIT RATES LONDON


PER CENT PER ANNUM PER C E N T PER ANNUM

—

- / V M

3-MONTH

-

11 h i ! 11 i i i 111111111 I 11

OVERNIGHT

6-MONTH 7 -DAY

1-YEAR 1-MONTH

H I I I l I I I M I I i I I

1975 1977 1975 1977


C H A R T 7

SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY

PER C E N T PER ANNUM PER CENT PER ANNUM

12

8 -

4

OVERNIGHT E U R O - D O L L A R D E P O S I T S

FEDERAL FUNDS D A S H E D L INE

DIFFERENTIAL A D J U S T E D F O R R E S E R V E R E Q U I R E M E N T S

I I I I I I I I I I I I I I I I I I I I I

3-MONTH E U R O - D O L L A R D E P O S I T S

9 0 - D A Y CD' S D A S H E D L I N E

DIFFERENTIAL A D J U S T E D F O R R E S E R V E R E Q U I R E M E N T S

I I I I I I I I I I

12

1975

F A V O R S B O R R O W I N G IN U . S . IF P O S I T I V E

1977 1975 1977


C H A R T 8

INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS


PER CENT PER ANNUM PER CENT PER ANNUM

12

l U \ EURO-DOLLAR DEPOSITS

\ l \ / INTERBANK STERLING INTERBANK DM COVERED FRANKFURT COVERED LONDON

EURO-DOLLAR DEPOSITS DASHED LINE

DIFFERENTIAL DIFFERENTIAL

I I I I I I I I I I I I I I I I I I I I I I I I I I I I II I I I

12

CANADIAN FINANCE CO. PAPER, COVERED

U.S. COMMERCIAL PAPER DASHED LINE

DIFFERENTIAL

i i l i i l i i n i

1975

111II I I I 111 1977

EURO-DOLLAR DEPOSITS

SWISS INTERBANK (SF) COVERED I DASHED LINE

DIFFERENTIAL

12

1975 1977


PER

9

5

11

9

7

1 3

11

9

7

5

12

10

8

6

NUM

10

8

6

8

6

4

2

18

16

1 4

12

10

11

9

7

5

C H A R T 9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

;NT PER ANNUM PER CENT PER Ah

UNITED STATES CANADA

\ JAPAN \ INDUSTRIAL

v \ SWITZERLAND

GERMANY

UNITED KINGDOM FRANCE

NETHERLANDS

U. S. CORPORATE MONTHLY

Aaa BONDS

I I I

U. S. CORPORATE MONTHLY / \

EURO-DOLLAR BONDS

A

EURO-DM BONDS

1 9 7 5 1 9 7 7 1 9 7 5 1 9 7 7


RATIO 1959-180

1 4 0

100

80

60

3 6 0

280

200

160

120

180

1 4 0

100

80

60

180

1 4 0

100

80

6 0

C A L E '0

CHART 10

INDUSTRIAL STOCK INDEXES WEEKLY SERIES

-

UNITED STATES -

I I 11 i 11 ! ! ! !

—

" V CANADA -

! ! I

i i -

I M i I I I I ! I i

RATIO S C A L E 1969=100

UNITED KINGDOM

JAPAN

SWITZERLAND

FRANCE GENERAL INDEX

GERMANY

- 100

80

60

4 0

180

1 4 0

100

80

60 1 9 7 5 1 9 7 7 1 9 7 5 1 9 7 7


LAST VALUE PLOTTED SERIES NAME DATE VALUE

CHART 1 . SPOT EXCHANGE RATES

U . S . DOLLAR, WEIGHTED AVERAGE NOV. 3 0 8 6 . 9 6 JAPANESE YEN NOV. 30 1 4 8 . 7 8 GERMAN MARK NOV. 30 1 6 4 . 9 2 DUTCH GUILDER NOV. 3 0 1 5 0 . 9 0 U . K . POUND NOV. 3 0 7 5 . 7 1 CANADIAN DOLLAR NOV. 3 0 9 7 . 4 7 FRENCH FRANC NOV. 3 0 1 1 4 . 5 0 SWISS FRANC NOV. 3 0 2 0 2 . 8 4 BELGIAN FRANC NOV. 30 1 4 2 . 8 6 I T A L I A N LIRA NOV. 30 7 1 . 2 4

2 . 3-MONTH FORWARD EXCHANGE RATES

CANADIAN DOLLAR NOV. 30 - 0 . 4 7 U . K . POUND NOV. 3 0 - 0 . 0 9 GERMAN MARK NOV. 30 3 . 0 1 FRENCH FRANC NOV. 30 - 6 . 3 4 SWISS FRANC NOV. 3 0 4 . 3 2 DUTCH GUILDER NOV. 3 0 0 . 7 9 JAPANESE YEN NOV. 3 0 4 . 4 5

3 . GOLD PRICE I N LONDON

U . S . DOLLAR PER FINE OUNCE NOV. 3 0 1 5 9 . 5 5

• CHART 4 . CALL MONEY RATES

U . S . FEDERAL FUNDS NOV. 3 0 6 . 5 0 OVERNIGHT EURO-DOLLAR DEPOSITS NOV. 30 6 . 3 1 U . K . 2 -DAY LOCAL AUTHORITY DEPOSITS NOV. 25 5 . 7 5 CANADA NOV. 25 7 . 2 5 GERMANY NOV. 25 3 . 9 5 EURO-DM NOV. 25 3 . 8 6 JAPAN NOV. 25 4 . 6 3 FRANCE NOV. 25 9 . 0 0 NETHERLANDS NOV. 11 3 . 8 9 EURO-SWISS FRANC NOV. 25 2 . 9 1

CHART 5 . 3-MONTH INTEREST RATES

U . S . CD 'S ( 6 0 - 8 9 DAYS) NOV. 30 6 . 5 5 GERMAN INTERBANK LOAN NOV. 30 4 . 1 6 JAPANESE BANK LOANS C DISCOUNTS NOV. 3 0 5 . 7 5 EURO-DOLLAR DEPOSIT NOV. 30 6 . 9 8 CANADIAN FINANCE COMPANY PAPER NOV. 30 7 . 2 6 INTERBANK STERLING NOV. 3 0 6 . 9 5 SWISS INTERBANK LOAN NOV. 30 2 . 6 7


SERIES NAME LAST VALUE PLOTTED

DATE VALUE

CHART 6 . EURO-DOLLAR DEPOSIT RATES: LONDON

CHART

OVERNIGHT NOV. 30 6 . 3 1 7-DAY NOV. 30 6 . 5 3 1-MONTH NOV. 3 0 6 . 7 6 3-MONTH NOV. 3 0 6 . 9 r

6-MONTH NOV. 3 0 7 . 2 1-YEAR NOV. 3 0 7 . 3 9

7 . SELECTED EURO-DOLLAR AND U . S . MONEY MARKET RATES

OVERNIGHT EURO-DOLLAR DEPOSITS NOV. 30 6 . 3 1 U . S . FEDERAL FUNDS NOV. 3 0 6 . 5 0 D IFFERENTIAL A D J . FOR RESERVE REQUIREMENTS NOV. 30 0 . 0 7 3-MONTH EURO-DOLLAR DEPOSIT RATE NOV. 30 6 . 9 8 U . S . C D ' S ( 6 0 - 8 9 DAYS) NOV. 30 6 . 5 5 D IFFERENTIAL A D J . FOR RESERVE REQUIREMENTS NOV. 30 0 . 3 0

8 . INTEREST ARBITRAGE, 3-MONTH FUNDS

EURO-DOLLAR DEPOSIT NOV. 3 0 6 . 9 INTERBANK STERLING (LONDON) , COVERED NOV. 3 0 6 . 8 5 D IFFERENTIAL NOV. 3 0 0 . 1 2

U . S . COMMERCIAL PAPER NOV. 3 0 6 . 5 3 CANADIAN FINANCE CO. PAPER, COVERED NOV. 30 6 . 7 9 D IFFERENTIAL NOV. 3 0 —0.26

EURO-DOLLAR DEPOSIT NOV. 30 6 . 9 8 INTERBANK DM (FRANKFURT) , COVERED NOV. 3 0 7 . 1 7 D IFFERENTIAL NOV. 30 - 0 . 1 9

EURO-DOLLAR DEPOSIT NOV. 30 6 . 9 8 SWISS INTERBANK, COVERED NOV. 3 0 7 . 0 0 D IFFERENTIAL NOV. 3 0 - 0 . 0 2

s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERIES NAME

LAST VALUE PLOTTED DATE VALUE

CHART 9 . LONG TERM GOVERNMENT BOND YIELDS

UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM

NOV. 25 7 . 5 4 NOV. 25 5 . 7 3 OCT. 6 . 7 2 NOV. 18 3 . 8 6 NOV. 25 8 . 7 1 NOV. 18 1 0 . 8 2 NOV. 11 7 . 8 4 NOV. 18 9 . 8 3

U . S . CORPORATE

AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS

OCT. 8 . 0 4 OCT. 6 . 5 2 OCT. 7 . 8 1

CHART 1 0 . INDUSTRIAL STOCK INDEXES

UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY

NOV. 25 9 8 . 6 7 NOV. 11 2 4 5 . 9 4 NOV. 11 8 3 . 9 3 NOV. 4 8 9 . 0 7 NOV. 25 1 1 1 . 0 1 NOV. 25 7 6 . 6 7 NOV. 18 9 9 . 2 5


•mik:, f*AL 9&\ •'

F E D E R A L R E S E R V E s t a t i s t i c a l r e l e a s e

H. 10 FOREIGN EXCHANGE RATES DECEMBER 2 , 1977

FOR THE WEEK ENDING DECEMBER 2* 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:

(RATE U . S . CENTS) COUNTRY UNIT NOV. 28 NOV. 29 NOV. 30 DEC. 1 DEC. 2

AUSTRALIA DOLLAR 112 . 9 6 0 0 1 1 2 . 5 5 0 0 1 1 2 . 6 0 0 0 1 1 2 . 8 0 0 0 1 1 3 . 0 0 0 0 AUSTRIA SCHILL ING 6 . 3 1 2 5 0 6 . 3 0 5 0 0 6 . 2 7 7 5 0 6 . 3 2 0 0 0 6 . 3 4 5 0 0 BELGIUM FRANC 2 . 8 6 4 0 0 2 . 8 5 4 0 0 2 . 8 5 0 5 0 2 . 8 6 4 0 0 2 . 8 7 7 0 0 CANADA DOLLAR 9 0 . 1 7 0 0 9 0 . 1 8 0 0 9 0 . 2 7 0 0 9 0 . 2 1 0 0 9 0 . 2 4 0 0 DENMARK KRONE 1 6 . 3 0 0 0 1 6 . 2 9 0 0 1 6 . 2 7 0 0 1 6 . 2 8 0 0 1 6 . 3 4 0 0 FINLAND MARKKA 2 3 . 8 2 5 0 2 3 . 8 4 2 5 2 3 . 8 0 5 0 2 3 . 8 6 5 0 2 3 . 9 0 5 0 FRANCE FRANC 2 0 . 6 2 0 0 2 0 . 6 1 0 0 2 0 . 6 1 0 0 2 0 . 6 2 5 0 2 0 . 6 4 0 0 GERMANY D . MARK 4 5 . 1 6 0 0 4 4 . 9 7 5 0 4 5 . 0 0 0 0 4 5 . 1 7 5 0 4 5 . 3 4 0 0 INDIA RUPEE 1 1 . 6 0 0 0 1 1 . 6 0 0 0 1 1 . 6 0 0 0 1 1 . 6 0 0 0 1 1 . 6 0 0 0 IRELAND POUND 1 8 1 . 6 6 0 0 1 8 1 . 4 1 0 0 1 8 1 . 7 0 0 0 1 8 1 . 6 8 0 0 1 8 2 . 0 5 0 0 ITALY L IRA 0 . 1 1 4 0 2 0 . 1 1 3 9 2 0 . 1 1 3 9 7 0 . 1 1 3 9 7 0 . 1 1 4 0 0 JAPAN YEN 0 . 4 1 6 2 5 0 . 4 1 0 4 0 0 . 4 0 9 8 0 0 . 4 1 1 4 0 0 . 4 1 2 3 5 MALAYSIA DOLLAR 4 2 . 2 0 0 0 4 2 . 1 6 0 0 4 1 . 9 1 0 0 4 1 . 9 8 0 0 4 2 . 0 7 0 0 MEXICO PESO 4 . 4 0 0 0 4 . 4 1 0 0 4 . 4 1 0 0 4 . 4 1 0 0 4 . 4 1 2 5 NETHERLANDS GUILDER 4 1 . 7 4 0 0 4 1 . 6 2 0 0 4 1 . 6 8 0 0 4 1 . 8 0 0 0 4 1 . 8 6 0 0 NEW ZEALAND DOLLAR 9 9 . 8 0 0 0 9 9 . 5 5 0 0 9 9 . 4 5 0 0 9 9 . 5 5 0 0 9 9 . 7 0 0 0 NORWAY KRONE 1 8 . 5 3 0 0 1 8 . 5 4 0 0 1 8 . 5 1 0 0 1 8 . 5 6 0 0 1 8 . 6 1 0 0 PORTUGAL ESCUDO 2 . 4 5 7 5 2 . 4 6 2 5 2 . 4 4 7 5 2 . 4 5 7 5 2 . 4 6 0 0 SOUTH AFRICA RAND 1 1 5 . 0 0 0 0 1 1 5 . 0 0 0 0 1 1 5 . 0 0 0 0 1 1 5 . 1 0 0 0 1 1 5 . 0 0 0 0 SPAIN PESETA 1 . 2 1 4 5 1 . 2 1 3 2 1 . 2 1 1 4 1 . 2 1 3 7 1 . 2 1 2 1 SRI LANKA RUPEE 6 . 2 0 0 0 6 . 2 0 0 0 6 . 2 0 0 0 6 . 2 0 0 0 6 . 2 0 0 0 SWEDEN KRONA 2 0 . 8 3 0 0 2 0 . 6 3 0 0 2 0 . 8 0 0 0 2 0 . 8 3 5 0 2 0 . 8 4 0 0 SWITZERLAND FRANC 4 6 . 6 1 0 0 4 6 . 3 6 5 0 4 6 . 2 7 0 0 4 6 . 6 4 0 0 4 6 . 7 6 0 0 UNITED KINGDOM POUND 181 . 8 6 0 0 1 8 1 . 4 1 0 0 1 8 1 . 7 0 0 0 1 8 1 . 6 8 0 0 1 8 2 . 0 5 0 0


selected interest & exchange rates

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