Selected Interest & Exchange Rates

(51/517) Selected Interest & Exchange Rates Weekly Series of Charts July 3, 199 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, DC. 551

Table of Contents TABLES 1. LATEST FIGURES PLOTTED. DAILY CERTIFIED SPOT EXCHANGE RATES H. RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES. 3MONTH FORWARD EXCHANGE RATES 3. GOLD PRICE LONDON. CALL MONEY RATES 5. 3MONTH INTEREST RATES. EURODOLLAR DEPOSIT RATES 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES. INTEREST ARBITRAGE: 3MONTH FUNDS 9. LONGTERM GOVERNMENT BOND YIELDS. INDUSTRIAL STOCK INDICES SUBSCRIPTION RATES: Weekly $. per year or $. each in the United States, its possessions, Canada, and Mexico; or more of the same issue to one address, $.5 per year or $.55 each. Elsewhere, $3. per year or $.7 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.

9 7 SCALE 1973= CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY FOREIGN CURRENCY PRICE OF U.S. DOLLAR SWISS FRANC BELGIAN FRANC J H I I I I I I ii 11 Hill n RATIOS MARCH 197: 1= 9 JAPANESE YEN 7 l l I 9 U.K. POUND CANADIAN DOLLAR 9 7 7 5 5 DUTCH GUILDER GERMAN MARK ^ w I I I I I I 9 FRENCH FRANC ITALIAN LIRA ^ : > 5 5 7 35 3 5 I I I I I I 197 199 197 199 5

CHART 3MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR () AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM PERCENT PER ANNUM CANADIAN DOLLAR U. K. POUND A \ Z " ^ v"w A t / \ / A" A. A I I I i i i I I I GERMAN MARK JAPANESE YEN I I I I I I ^ I I I I I SWISS FRANC DUTCH GUILDER / v ~ " V " I I I I I I uli i hill i I I I I I I iiliihihi FRENCH FRANC ITALIAN LIRA I I I I I I I I I M 197 199 197 199

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. 5 LLARS PER FINE OUNCE U.S. DOLLARS PER FINE 1 5 5 5.5 Kg BARS AFTERNOON FIXING PRICE 3 3 3 3 3 3 3 3 3 i I i i I i i I i i I i i 19 197 19 199 3

CHART CALL MONEY RATES WEEKLY SERIES 1 ENT PER ANNUM PERCENT PER ANh 1 U.S. FEDERAL FUNDS FRANCE rx^j^vvnm W v /vav/ ~ JAPAN 1 1_1 1 CANADA GERMANY 1 i i i UNITED KINGDOM SWITZERLAND 1 NETHERLANDS I I I III III I I 197 199 197 199

CHART 5 3MONTH INTEREST RATES WEEKLY SERIES ENTPER ANNUM PERCENT PER ANh io U.S. CD'S FRENCH INTERBANK RATE WEIGHTED AVERAGE FOREIGN RATE I I I I I I I I I I I I I I I I I I I 1 1 1 U.K. INTERBANK STERLING CANADIAN FINANCE CO. PAPER f 1 I I I I I I GERMAN INTERBANK RATE SWISS INTERBANK RATE J I I I I I 11 lull 1111 I I I I I I NETHERLANDS INTERBANK RATE I I I I I I 197 199 197 199

CHART EURODOLLAR DEPOSIT RATES AVERAGES FOR WEEK ENDING WEDNESDAY LONDON 1 1 OVERNIGHT 3MONTH 1 1 7DAY MONTH 1 1 1MONTH 1YEAR

CHART 7 SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES DIFFERENTIAL: PLUS(+),FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER AMIS 1 1 FEDERAL FUNDS DASHED LINE 3MONTH EURODOLLAR DEPOSITS OVERNIGHT EURODOLLAR DEPOSITS 9DAY CD'S DASHED LINE 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 DIFFERENTIAL DIFFERENTIAL 1 1 + + Digitized for FRASER 1 i i i r i i i i i i i i i i i i i i i i i i i i. i i i i 197 199 1 PERCENT ON DIFFERENTIAL SCALE = PERCENT ON RATE SCALE 111 n 111111111111111 197 199 1

CHART INTEREST ARBITRAGE: 3MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY 1 JENT PER ANNUM PERCENT PER ANh 1 INTERBANK STERLING COVERED LONDON CANADIAN FINANCE CO. PAPER, COVERED EURODOLLAR DEPOSITS DASHED LINE U.S. COMMERCIAL PAPER DASHED LINE uli iluli ilnli Mill 11 DIFFERENTIAL DIFFERENTIAL + I I I III II I I I I I I I ill I I 1 1 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURODOLLAR DEPOSITS DASHED LINE EURODOLLAR DEPOSITS DASHED LINE DIFFERENTIAL I I I 1111111111111111111111111 I I I I I I I 111 nil 1111 liil 1111 ill DIFFERENTIAL + + I I I I I I I 11illUiilnliiluliiln 197 199 1 PERCENT ON DIFFERENTIAL SCALE = PERCENT ON RATE SCAl F Digitized for FRASER I I I I I I I 111111 III 11111 ill 11111 197 199

CHART 9 LONGTERM GOVERNMENT BOND YIELDS WEEKLY SERIES 1 DENT PER ANNUM PERCENT PER ANI 1 UNITED STATES CANADA \. Z v s \ I I I I I I 1 1 UNITED KINGDOM _ FRANCE \,.A I m a A " N / V. I I I I I I I I I I iilnliilii SWITZERLAND JAPAN I I I I I I I I I I I lllllllllll NETHERLANDS MONTHLY GERMANY I I 197 199 197 199

CHART INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 199= RATIO SCALE 199= UNITED STATES NETHERLANDS JAPAN GERMANY 3 5 SWITZERLAND r FRANCE 15 I I I I,, 5 CANADA UNITED KINGDOM 3 I I I I I I I I I I I I I I I I I 197 199 197 199

SERIES NAME LAST VALUE PLOTTED DATE VA LOE CHART 1. SPOT EXCHANGE RATES AMD INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA JUNE 5 1. 13 JUNE d.7 JUNE 5.37 JUNE 155.73 JUNE 3.77 JUNE 15. JUNE 59. JUNE.5 JUNE.7 JUNE 15.9 INDICES, MARCH 1973 BASE RATES = GERMAN MARK JUNE 13. JAPANESE YEN JUNE 135. 9 DUTCH GUILDER JUNE 13. U.K. POUND JUNE. 99 CANADIAN DOLLAR JUNE 3. 5 FRENCH FRANC JUNE 7. 93 SWISS FRANC JUNE d 191. 9 BELGIAN FRANC JUNE 9. 33 ITALIAN LIRA JUNE. 13 WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAS 1973 = (G COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR JUNE 1. 9 GERMAN MARK JUNE 157. o JAPANESE YEN JUNE 3. DUTCH GUILDER JUNE 13. 1 U.K. POUND JUNE 1. CANADIAN DOLLAR JUNE 3. 7 FRENCH FRANC JUNE. 7 SWISS FRANC JUNE 19 7. 9 BELGIAN FRANC JUNE 9 7. ITALIAN LIRA JUNE 3. 3 SWEDISH KRONA JUNE. 9 CHART i. 3MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR JUNE. 73 U.K. POUND JUNE. 3 GSRflAN MARK JUNE. 55 FRENCH FRANC JUNE. SWISS FRANC JUNE. 3 DUTCH GUILDER JUNE. 7 JAPANESE YEN JUNE. 15 ITALIAN LIRA JUNE d. Digitized for FRASER

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PEICE IS LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE JUNE 37.9. CALL MONEY RATES U.S. FEDERAL FUNDS JUNE 9.5 OVERNIGHT EURODOLLAR DEPOSITS JUNE 9. 1 U.K. JUNE 13. 15 CANADA JUNE.5 GERMANY JUNE.3 JAPAN JUNE.91 FRANCE JUNE. 99 NETHERLANDS JUNE.1 SWITZERLAND JUNE. CHART 5. 3MONTH INTEREST RATES U.S. 9DAY CD'S, SECONDARY MARKET JUNE 9. 3 GERMAN INTERBANK LOAN JUNE. JAPANESE GENSAKI RATE JUNE. 9 CANADIAN FINANCE PAPER JUNE. 33 INTERBANK STERLING JUNE 1. 19 SWISS INTERBANK LOAN JUNE. FRENCH INTERBANK RATE JUNE 3. 9 NETHERLANDS INTERBANK RATE JUNE 7. WEIGHTED AVERAGE FEIGN INTEREST RATE JUNE 1. 5 (G COUNTRIES PLUS SWITZERLAND) CHART. EURODOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7 DAI 1MONTH 3MONTH MONTH 1YEAR JUNE 9. 1 JUNE 9. 5 JUNE 9. JUNE 9. 31 JUNE 9. 1 JUNE 9. CHART 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURODOLLAR DEPOSITS JUNE 9. 1 U.S. FEDERAL FUNDS JUNE 9. 5 DIFFERENTIAL JUNE. 17 3MONTH EURODOLLAR DEPOSIT RATE JUNE 9. 31 U.S. 9DAY CD'S, SECONDARY MARKET JUNE 9. 3 DIFFERENTIAL JUNE.

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHAtiT. INTEREST AHBITEAGE, 3MONTH FUNDS EURODOLLAR DEPOSIT JUNE 9. 31 INTERBANK STERLING (.LONDON), COVERED JUNE 9. 9 DIFFERENTIAL JUNE. 3 U.S. COMMERCIAL PAPER JUNE 9., 13 CANADIAN FINANCE PAPER, COVERED JUNE 9. 51 DIFFERENTIAL JUNE. 3 EURODOLLAB DEPOSIT JUNE 9. 31 INTERBANK DM (FRANKFURT), COVERED JUNE 9. 5 DIFFERENTIAL JUNE. 1 EURODOLLAR DEPOSIT JUNE 9. 31 SWISS INTERBANK, COVERED JUNE 9. 1 DIFFERENTIAL JUNE. 11 CHART 9. LONG TEEM GO VERM EM! BOND YIELDS UNITED STATES JUNE 3. 3 GERMANY JUNE 3. 7 JAPAN JUNE 3 5. 17 SWITZERLAND JUNE 3 5. CANADA JUNE 3 9. 7 FRANCE JUNE 3 9. 1 NETHERLANDS (MONTHLY) APRIL 7. UNITED KINGDOM JUNE 3 9. 35 U.S. CORPORATE AAA BONDS MAY 9.33 CHART. STOCK INDICES UNITED STATES JUNE 3. 5 UNITED KINGDOM JUNE. CANADA JUNE 37 3. 5 GERMANY. JUNE 5. SWITZERLAND JUNE 5. 9 NETHERLANDS JUNE 3. 5 FRANCE JUNE 9 1. 5 JAPAN JUNE 5. 7

V,otcov/'. FEDERAL RESERVE statistical release H.(5) FOREIGN EXCHANGE RATES JUNE 5, 199 FOR THE WEEK ENDING JUNE 3, 199 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 rates in New York City for cable transfers payable in foreign currencies: COUNTRY MONETARY (CURRENCY UNITS PER DOLLAR) UNIT JUNE b JUNE 7 JUNE JUNE 9 JUNE 3 *AUSTRALIA DOLLAR 77. 7.51 75.73 75.5 75.57 AUSTRIA SCHILLING 13.7 13.7 13. 13.751 13.759 BELGIUM FRANC.95.9 1..9.93 CANADA DOLLAR 1.19 1.19 1.197 1.1953 1.195 CHINA,P.R. YUAN 3.731 3.731 3.731 3.731 3.731 DENMARK KRONE 7. 7.5 7.7 7.115 7.9 FINLAND MARKKA.5.375..5.15 FRANCE FRANC..37.5.5.3 GERMANY D. MARK 1.9575 1.957 1.97 1.9555 1.955 GREECE DRACHMA 1.15 1. 19.5 1.5 1.7 HONG KONG DOLLAR 7.79 7.795 7.7955 7.795 7.79 INDIA RUPEE 1.9 1. 1.7 1.3 1.9 *1RELAND POUND 13. 13.55 13. 13. 13. ITALY LIRA 117. 111.5 119.5 113.5 113.5 JAPAN YEN. 11.. 13., 1. MALAYSIA RINGGIT.7.73.7.7.7 NETHERLANDS GUILDER...17..35 *NEN ZEALAND DOLLAR 5.35 57.95 57. 57. 57.33 NORWAY KRONE 7.15 7. 7.15 7.13 7.1375 PORTUGAL ESCUDO 13.5 13.5 13.7 13.55 13.5 SINGAPORE DOLLAR 1.95 1.9555 1.959 1.9595 1.955 SOUTH AFRICA RAND.773.775.79.7.7 SOUTH KOREA WON 9. 9. 9.5 9. 9.9 SPAIN PESETA.5....3 SRI LANKA RUPEE 3.17 3.7 3.5 3.51 3.51 SWEDEN KRONA.5..5.5.57 SWITZERLAND FRANC 1.5 1.55 1.9 1.77 1.79 TAIWAN DOLLAR.5 5.95 5.95 5.93 5.9 THAILAND BAHT 5. 5.7 5.9 5.93 5.9 UNITED KINGDOM POUND 15. 15. 155.55 155. 15.9 MEMO: tunited STATES DOLLAR.9 1..3..3 INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G COUNTRIES. MARCH 1973 =. WEIGHTS ARE 1977 GLOBAL TRADE OF EACH OF THE COUNTRIES. SERIES REVISED AS OF AUGUST 197. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE WEIGHTEDAVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 7 OF THE AUGUST 197 FEDERAL RESERVE BULLETIN. "VALUE IS U.S. CENTS