Selected Interest Exchange Rates

Selected Interest Exchange Rates Weekly Series of Charts

(

DECEMBER 15,1975

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

- n i/

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.


100

90

80

140

120

100

200

180

160

140

120

100

160

140

120

100

120

100

80

Chart 1

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

AVERAGES FOR WEEK ENDING WEDNESDAY

FOREIGN CURRENCY PRICE OF U.S. DOLLAR

FRENCH FRANC

I I I I I I I

GERMAN MARK

1 1 1

DUTCH GUILDER

U.K. POUND

- -

SWISS FRANC J i V E

1 r A r /

~ h T T 7 1 1 1 l u l n l i i l i i m I M I M I M

- BELGIAN FRANC -

a / V J ~ ^ / \

c v-\̂ ~

1 1 1 1 1 1 1 111111111! 11 11111111111

- . , v

ITALIAN LIRA

\ - X / 1

1 1 1 1 1 1 I I 1111 I I I 11 I 11 I I I 111 I I I

1973 1975


Chart 2

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

AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT

B I - * CANADIAN DOLLAR

0

6

B SWISS FRANC U.K. POUND

0

B

12

12 GERMAN MARK

DUTCH GUILDER

6

0

6

FRENCH FRANC 6

0

6

12

1973 1975

JAPANESE YEN 2 per cent on scale equals 1 per cent on all others

24

1973 1975


Chart 3 PRICE OF GOLD IN LONDON


U8. DOLLARS PER FINE OUNCE

210

12.5 Kg BARS _ Afternoon fixing price

180

150

120

90

60

30 1973 1975


Chart 4

CALL MONEY RATES WEEKLY SERIES

PER CENT PER ANNUM O V E R N I G H T

15 |— EURO-DOLLARS

U.S. FEDER/ L FUNDS

U.K. 2 - D A Y LOCAL AUTHORITY

CANADA

GERMANY

EURO -DM

PER CENT PER ANNUM

15

JAPAN

J 10

- 5

I I I I I I I l h l h l l l l 0

— 20

- FRANCE k A . - 15

r 10

- 5

I I I I I I I l l l l l l l l l l 0

NETHERLANDS

EURO-SWISS FRANC


Chart 5

3-MONTH INTEREST RATES WEEKLY SERIES

CANADIAN FINANCE CO. PAPER UNITED STATES CD's

12

8

4 l i l L

16 {GERMAN INTERBANK RATE ~ U.K. INTERBANK STERLING

12

8

4

EURO-DOLLAR 14

10

JAPAN Monthly

6

SWISS DEPOSIT RATE

1973 1975


Chart 6

EURO-DOLLAR DEPOSIT RATES London AVERAGES FOR VVEEK ENDING WEDNESDAY

PER

16 OVERNIGHT

12

8

4

16

7 - D A Y

12

8

16

1 - M O N T H

12

8

1973 1975

3 - M O N T H

16

6 - M O N T H

16

1 - Y E A R

1973 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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


15 I -

3-MONTH Euro-dollar deposits FEDERAL FUNDS

10

OVERNIGHT Euro-dollar deposits 60-89 DAY CD'S

5

0 DIFFERENTIAL Adjusted for reserve requirements

DIFFERENTIAL Adjusted for reserve requirements

1973 1975 1973 1975

Favors Borrowing in U.S. if Positive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PEP

20

15

10

5

0

5

10

15

10

5

0

5 I

Chart 8

INTEREST ARBITRAGE: 3-MONTH FUNDS AVERAGES FOR WEEK ENDING WEDNESDAY

DIFFERENTIAL: PLUS (+), INDICATES FAVOR DOLLAR ASSETS

PER ANNUM PER CENT PER

INTERBANK DM, Covered Frankfurt EURO-DOLLAR DEPOSITS

INTERBANK STERLING Covered London -v^

E U R O - D O L L A R DEPOSITS

DIFFERENTIAL

DIFFERENTIAL

E U R O - D O L L A R DEPOSITS " CANADIAN FINANCE CO. PAPER, COVERED

U.S. COMMERCIAL PAPER

SWISS DEPOSITS (SF) COVERED 1

DIFFERENTIAL DIFFERENTIAL

11 I 11

1973 1975 1973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Chart 9

LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES

9 UNITED STATES

7

5 12

GERMANY 10

/ J A P A N Industrial 8

6

14

12

FRANCE

10

8

NETHERLANDS

6

4

CANADA

SWITZERLAND

18

UNITED KINGDOM

U.S. CORPORATE Monthly

Euro Dm bonds a

Euro-dollar bonds

1973 1975

12 U.S. CORPORATE Monthly

10

Aaa bonds

8

6 1973 1975


r , z Chart 10

INDUSTRIAL STOCK INDEXES WEEKLY SERIES

1969=100

UNITED STATES

100

60

45

320 JAPAN

240

80

140 UNITED KINGDOM

100

35

180

SWITZERLAND

60

45

180

GERMANY

100

60

I I I I I I 45 1973 1975

180 CANADA

100

60

45

180

FRANCE General index

100

60

45

1973 1975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S E R I E S NAME

D L A S T VALUE PLOTTED

DATE VALUE

CHART 1 , SPUT EXCHANGE RATES

U . S . D O L L A R , WEIGHTLD AVERAGE JAPANESE YEN GERMAN MARK DUTCH G U I L D E R U . K . POUND C A N A D I A N DOLLAR FRENCH FRANC SWISS FRANC B E L G I A N FRANC I T A L I A N L I R A

D E C . 10 8 6 . 5 9 D E C . 1 0 1 1 7 . 5 6 D E C . 1 0 1 3 9 . 5 7 D E C . 1 0 1 3 5 . 0 4 D E C . 1 0 8 4 . 3 4 D E C . 1 0 1 0 6 . 8 4 D E C . 1 0 1 2 4 . 6 8 D E C . 1 0 1 6 6 . 0 0 D E C . 1 0 1 2 6 . 5 2 D E C . 1 0 9 1 . 5 4

CHART 2 o 3 - M O N T H FORWARD EXCHANGE RATES

D E C . 1 0 - 2 . 9 1 D E C . 1 0 - 4 * 6 1 DEC# 1 0 2 . 5 2 D E C . 1 0 - 0 . 5 7 D E C . 1 0 3 . 0 6 D E C . 1 0 1 . 2 6 D E C . 1 0 - 1 . 4 6

CHART 3 . GOLD P R I C E I N LONDON

U . S . DOLLAR PER F I N E OUNCE D E C . 10 1 3 8 . 1 5

CHART 4 . C A L L MONEY RATES

U . S . FEDERAL FUNDS D E C . 1 0 5 . 2 6 O V E R N I G H T EURO-DOLLAR D E P O S I T S D E C . 1 0 5 . 2 6 U . K . 2 - D A Y LOCAL A U T H O R I T Y D E P O S I T S D E C . 5 1 0 . 8 8 CANADA O C T . 1 7 7 . 8 8 GERMANY D E C , 5 3 . 9 0 EURQ-DM D E C . 5 3 . 3 0 J A P A N D E C . 5 8 . 0 0 FRANCE D E C . 5 6 . 5 0 NETHERLANDS N O V . 2 8 4 . 6 3 E U R O - S W I S S FRANC D E C . 5 2 . 8 6

C A N A D I A N DOLLAR U . K . POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH G U I L D E R JAPANESE YEN

CHART 5 . 3 - M O N T H I N T E R E S T RATES

U . S . C D ' S ( 6 0 - 8 9 DAYS) D E C . 1 0 5 . 8 1 GERMAN I N T E R B A N K LOAN D E C . 1 0 4 . 1 4 JAPANESE COMPOSITE LOAN O C T . 8 . 8 3 EURO-DOLLAR D E P O S I T D E C . 1 0 6 . 6 0 C A N A D I A N F I N A N C E COMPANY PAPER D E C . 10 9 . 5 5 I N T E R B A N K S T E R L I N G D E C . 1 0 1 1 . 0 6 SWISS D E P O S I T DEC > 1 0 5 . 5 0


LAST VALUE PLOTTED S E R I E S NAME DATE VALUE

CHART 6 . E U R O D O L L A R D E P O S I T R A T E S : LONDON

OVERNIGHT D E C . 1 0 5 . 2 6 7 - D A Y D E C . 1 0 5 . 3 1 1 - M U N T H D E C . 1 0 6 . 1 1 3 -MONTH D E C . 1 0 6 . 6 0 6 - M O N T H D E C . 1 0 7 . 3 9 1 - Y E A R D E C . 1 0 7 . 8 6

7 . S E L E C T E D EURO-DOLLAR AND U . S . MONEY MARKET RATES

OVERNIGHT EURO-DOLLAR D E P O S I T S D c C . 1 0 5 . 2 6 U . S . FEDERAL FUNDS D E C . 1 0 5 . 2 6 D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS D E C . 1 0 0 . 2 2 3 - M O N T H EURO-DOLLAR D E P O S I T RATE D E C . 1 0 6 . 6 0 U . S . C D ' S ( 6 0 - 8 9 DAYS) D E C . 1 0 5 . 6 1 D I F F E R E N T I A L A D J . FOR RESERVE REQUIREMENTS D E C . 1 0 0 . 7 0

8 . I N T E R E S T A R B I T R A G E , 3 - M O N T H FUNDS

EURO-DOLLAR D E P O S I T D E C . 1 0 6 . 6 0 I N T E R B A N K S T E R L I N G ( L O N D O N ) , COVERED D E C . 1 0 6 . 4 6 D I F F E R E N T I A L D E C . 1 0 0 . 1 5

U . S . COMMERCIAL PAPER D E C . 1 0 5 . 9 3 C A N A D I A N F INANCE C O . PAPER, COVERED D E C . 10 6 . 6 4 D I F F E R E N T I A L D E C . 1 0 - 0 . 7 1

EURO-DOLLAR D E P O S I T D E C . 1 0 6 . 6 0 I N T E R B A N K DM ( F R A N K F U R T ) , COVERED D E C . 1 0 6 . 6 6 D I F F E R E N T I A L D E C . 1 0 —0 . 0 6

EURO-DOLLAR D E P O S I T D E C . 1 0 6 . 6 0 SWISS D E P O S I T ( S F ) , COVERED D E C . 1 0 6 , 5 6 D I F F E R E N T I A L D E C . 1 0 - 1 . 9 6


S E R I E S NAME L A S T VALUE PLOTTED

DATE VALUE

CHART 9 . LONG TERM GOVERNMENT BOND Y I E L D S

U N I T E D STATES GERMANY J A P A N ( M O N T H L Y ) S W I T Z E R L A N D CANADA FRANCE NETHERLANDS U N I T E D KINGDOM

DECe 5 8 . 1 2 N O V . 2 8 8 . 3 8 O C T . 9 . 5 0 N O V . 2 1 o . G O O C T . 1 7 9 . 5 2 N O V . 2 8 9 . 9 7 N O V . 2 6 7 . 6 6 N O V . 2 8 1 4 . 7 0

U . S . CORPORATE

AAA BONDS O C T . 8 . 8 6 EUkQ-DM BONDS O C T . 8 . 1 0 EURO-DOLLAR BONDS O C T . 8 . 8 0

1 0 . I N D U S T R I A L STOCK I N D E X E S

U N I T E D STATES D E C . 5 9 2 . 4 2 J A P A N N O V . 2 8 2 0 9 . 5 1 CANADA N O V . 2 1 9 6 . 1 8 FRANCE N O V . 1 4 1 0 3 , . 9 5 U N I T E D KINGDOM N O V . 2 1 8 9 , • 7 1 SWITZERLAND D E C . 5 6 7 . • 8 1 GERMANY N O V . 2 6 9 5 , * 3 3


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 e 1 0 DECEMBER 1 2 , 19 75

FOREIGN EXCHANGE RATES

FOR THE WEEK ENDING DECEMBER 12 t 1 9 7 5

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 MONETARY (RAT E U . S . CENTS)

COUNTRY U N I T D E C . 8 D E C . 9 D E C . 10 D E C . 1 1 D E C . 12

AUSTRALIA DOLLAR 12 5 . 3 1 0 0 12 5 . 3 0 0 0 1 2 5 . 3 0 0 0 1 2 5 . 3 0 0 0 1 2 5 . 2 5 0 0 AUSTRIA S C H I L L I N G 5 . 4 2 0 0 0 5 . 4 0 0 0 0 5 . 4 0 0 0 0 5 . 4 0 0 0 0 5 . 3 8 0 0 0 BELGIUM FRANC 2 . 5 3 2 0 0 2 . 5 2 6 0 0 2 . 5 2 5 5 0 2 . 5 2 0 9 0 2 . 5 2 5 0 0 CANADA DOLLAR 9 8 . 8 5 0 0 9 8 . 8 0 0 0 9 8 . 7 5 0 0 9 6 . 6 4 C 0 9 8 o 3 0 0 0 DENMARK KRONE 1 6 . 3 1 0 0 1 6 . 3 1 0 0 1 6 . 2 9 0 0 1 6 . 2 7 0 0 16 . 2 2 0 0 F I N L A N D MARKKA 2 5 . 8 0 0 0 2 5 . 8 2 0 0 2 5 . 8 2 0 0 2 5 . 8 6 0 0 2 5 . 8 4 0 0 FRANCE FRANC 2 2 . 4 7 0 0 2 2 . 4 2 0 0 2 2 . 4 4 0 0 2 2 . 4 3 0 0 22 . 4 1 0 0 GERMANY De MARK 3 8 . 1 5 0 0 3 8 . 0 500 3 8 . 0 6 0 0 3 8 . 0 4 0 0 3 7 . 9 9 0 0 I N D I A RUPEE 1 1 . 2 0 0 0 1 1 . 2 0 0 0 1 1 . 2 0 0 0 1 1 . 2 0 0 0 1 1 . 1 5 0 0 IRELAND POUND 2 0 2 . 3 0 0 0 2 0 2 . 2 5 0 0 2 0 2 . 3 0 0 0 2 0 2 . 2 0 0 0 2 0 1 . 8 5 0 0 I T A L Y L I R A 0 . 1 4 6 7 0 0 . 1 4 6 3 0 0 . 1 4 6 3 0 0 . 1 4 6 3 0 0 . 1 6 6 2 0 JAPAN YEN 0 . 3 2 5 9 0 0 . 3 2 6 6 0 0 . 3 2 6 7 0 0 . 3 2 6 9 0 0 . 3 2 6 9 0 MALAYSIA DOLLAR 3 b . 6 6 0 0 3 8 . 6 6 0 0 3 8 . 6 3 0 0 3 8 . 6 6 0 0 3 8 . 6 6 0 0 MEXICO PESO 8 . 0 0 0 0 8 . 0 0 0 0 8 . 0 0 0 0 8 . 0 0 0 0 8 . 0 0 0 0 NETHERLANDS GUILDER 3 7 . 2 3 0 0 3 7 . 1 3 0 0 3 7 . 1 5 0 0 3 7 . 1 4 0 0 3 7 . 1 2 0 0 NEW ZEALAND DOLLAR 1 0 3 . 7 3 0 0 1 0 3 . 7 3 0 0 1 0 3 . 7 1 0 0 1 0 3 . 7 3 0 0 1 0 3 . 7 0 0 0 NORWAY KRONE 1 8 . 0 1 0 0 1 7 . 9 8 0 0 1 7 . 9 7 0 0 1 7 . 9 6 0 0 1 7 . 9 3 0 0 PORTUGAL ESCUDO 3 . 7 0 0 0 3 . 7 0 0 0 3 . 7 0 0 0 3 . 6 8 0 0 3 . 6 9 0 0 SOUTH AFRICA RAND 1 1 4 . 7 5 0 0 1 1 4 . 7 5 0 0 1 1 4 . 7 5 0 0 1 1 4 . 7 5 0 0 1 1 4 . 8 0 0 0 S P A I N P t S A T A 1 . 6 7 9 0 1 . 6 7 7 5 1 . 6 7 7 1 1 . 6 7 7 0 1 . 6 7 5 0 S R I LANKA RUPEE 1 3 . 0 5 0 0 1 3 . 0 5 0 0 1 3 . 0 5 0 0 1 3 . 0 5 0 0 1 3 . 0 5 0 0 SWEDEN KRONA 2 2 . 6 7 0 0 2 2 . 6 4 0 0 2 2 . 6 6 0 0 2 2 . 6 4 0 0 2 2 . 6 4 0 0 SWITZERLAND FRANC 3 8 . 1 5 0 0 3 7 . 9 6 0 0 3 7 . 9 7 0 0 3 7 . 9 1 0 0 3 7 . 8 9 0 0 U N I T E D KINGDOM POUND 2 0 2 . 3 0 0 0 2 0 2 . 2 5 0 0 2 0 2 . 3 0 0 0 2 0 2 . 2 0 0 0 2 0 1 . 6 5 0 0


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Selected Interest Exchange Rates