Selected Interest & Exchange Rates

(5/517) /' Selected Interest & Exchange Rates Weekly Series of Charts t / \ July 13,191 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D C. 551

Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES H.10 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 2. 3MONTH FORWARD EXCHANGE RATES 3. GOLD PRICELONDON SUBSCRIPTION RATES: Weekly $15.00 per year or $.0 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, $.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payablfe to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency.. CALL MONEY RATES 5. 3MONTH INTEREST RATES 6. EURODOLLAR DEPOSIT RATES 7. SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES a INTEREST ARBITRAGE: 3MONTH FUNDS 9. LONGTERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDICES

CHART t SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1973= 0 z U.K. POUND RATIO SCALE MARCH 1973= / 0 FOREIGN CURRENCY PRICE OF U.S. DOLLAR I I I I I I h l l~ FRENCH FRANC 0 V GERMAN MARK I I I MlHlHh, 0 0 10 avv 0 J An V JAPANESE YEN 0 SWISS FRANC 0 10 0 I I I 11111111111 I 11111111111 11111111111 0 BELGIAN FRANC 0 10 DUTCH GUILDER ~ l I I I I I 0 0 ITALIAN LIRA 0 60 CANADIAN DOLLAR I \ r \ \ 60 0 i i i HhliulN 0 1979 191 1979 191

CHART 2 3MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR () AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 6 : CANADIAN DOLLAR A A I I \A \ A " PERCENT PER ANNUM 2 ITALIAN LIRA I I I I I I I I I I I I I I 2 U. K. POUND DUTCH ( BUILDER 1 \ r ^ ~ 1 1 1 1 1 1 1! 1 1 1 1 GERMAN MARK SWISS FRANC 6 0 FRENCH FRANC JAPANESE YEN 6 1979 191 1979 191

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. D 00 PER FINE OUNCE U.S. DOLLARS PER FINE 00 750 750 700 700 650 650 600 600 550 550 500 500 50.5 Kg BARS AFTERNOON FIXING PRICE 50 00 00 350 350 300 300 250 250 0 0 150 150

CHART CALL MONEY RATES WEEKLY SERIES 2 NT PER ANNUM PERCENT PER AN 2 2 2 U. S. FEDERAL FUNDS U. K. 2DAY LOCAL AUTHORITY 2 2 EUROSWISS FRANC CANADA NETHERLANDS + 0 + 0 2 2 FRANCE GERMANY JAPAN EURODM 0 i i r i i i i 1979 191 1979 191 0

CHART 5 3MONTH INTEREST RATES WEEKLY SERIES NT PER ANNUM PERCENT PER AN U. S. CD' S U.K. INTERBANK STERLING WEIGHTED AVERAGE FOREIGN RATE 22 1 CANADIAN FINANCE CO. PAPER GERMAN INTERBANK RATE 1 10 6 0 JAPANESE BANK LOANS AND DISCOUNTS SWISS INTERBANK RATE 0 1979 191 1979 191

CHART 6 EURODOLLAR DEPOSIT RATES AVERAGES FOR WEEK ENDING WEDNESDAY LONDON PEF ENT PER ANNUM 2 PERCENT PER Al 2 OVERNIGHT 3MONTH 2 2 7DAY MONTH 2 2 1MONTH 1YEAR I I I iiliilnlii I! I M! I I I II 1979 191 1979 191

CHART 7 SELECTED EURODOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS+), FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 26 22 PERCENT PER ANNUM 26 22 1 N 1 ~ FEDERAL FUNDS,\ A U I i n III 1 ju \ J 3MONTH EURODOLLAR DEPOSITS 1 1 il, 1 A T 10 OVERNIGHT f EURODOLLAR DEPOSITS J r v \ v w v / I 90DAY CD' S 10 I I I I I! 1 I I 1 1 111 1 111 II 1 1 1 1 1 1 1 1 1 I I I I I I I I I I I I I I I I I I 6 3 DIFFERENTIAL DIFFERENTIAL 2 / i H y i 1 + 0 1 2 3 n I ii I M 111 I I 11 I I I 111 I 1979 191 1979 191 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

CHART : INTEREST ARBITRAGE: 3MONTH FUNDS DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 2 PERCENT PER ANNUM 2 EURODOLLAR DEPOSITS CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON U. S. COMMERCIAL PAPER I I I I I I I I i 2 DIFFERENTIAL DIFFERENTIAL [\[\ J \(U 1 y i j I 2 " i l l I I I ii lii hili i 2 2 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED flj/r / r 1 1 V ft J v* EURODOLLAR DEPOSITS EURODOLLAR DEPOSITS DIFFERENTIAL DIFFERENTIAL 2 III IllllllI 1979 191 1979 191 1 PERCENT ON DEFERENTIAL SCALE ^ 2 PERCENT ON RATE SCALE

CHART 9 LONGTERM GOVERNMENT BOND YIELDS WEEKLY SERIES NT PER ANNUM PERCENT PER Ah 17 17 15 CANADA 15 13 UNITED STATES 13 11 11 9 9 7 7 9 10 7 SWITZERLAND 5 6 GERMANY 3 17 1 1 FRANCE 15 UNITED KINGDOM 13 10 11 6 NETHERLANDS I I I I I I I I I I I U. S. CORPORATE MONTHLY MONTHLY 9 7 15 1 13 Aaa BONDS 11 10 9 EURODOLLAR BONDS 7 6 Mill! 1979 191 1979 191 5

CHART 10 STOCK INDICES WEEKLY SERIES RATIO SCALE 1977= 0 RATIO SCALE 1977= 10 UNITED STATES Y y / V 0 JJ\J Vv JAPAN 0 I I I I I I iiiiiimim 11111111111 10 10 0 ~ A V V ^ / t UNITED KINGDOM IV SWITZERLAND 0 / v y V ~ U 0 0 60 I I! mimimim IIIII1111II I I I MIMIMIM 60 10 10 0 M I V FRANCE A / w v A Z V A ^ > y 1 r v GERMANY 0 0. 0 60 I I I i i i i i i 60 10 0 f\r \ 0 j\f NETHEF (LANDS CANADA 60 5 1979 191 1979 191

SERIES MAMt last value plotted DATE VALUE CHART 1. SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JULY 1.00 JAPANESE YEN JULY a 0.3735 DUTCH GUILDER JULY 36.6 U.K. POUND JULY 19.17 CANADIAN DOLLAR JUlY 3.13 FRENCH FRANC JULY 17.29 SWISS FRANC JULY 7.7 BELGIAN FRANC JULY 2.502 ITALIAN LIRA JULY 0.02 INDICES, MARCH 1973 BASE RATES = GERMAN MARK JULY 115.3 JAPANESE YEN JULY 11.51 DUTCH GUILDER JULY 105. U.K. POUND JULY 76.51 CANADIAN DOLLAR JULY 2.5 FRENCH FRANC JULY 77.92 SWISS FRANC JULY 15.00 BELGIAN FRANC JULY 9.70 ITALIAN LIRA JULY 6.3 WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = IG 10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR JULY 109.3 GERMAN MARK JULY 9.01 JAPANESE YEN JULY 5.91 DUTCH GUILDER JULY 11.60 U.K. POUND i JULY 0.2 CANADIAN DOLLAR JULY Ob. 07 FRENCH FRANC JULY 1.09 SWISS FRANC JULY 7.61 BELGIAN FRANC JULY 106.21 ITALIAN LIRA JULY 7.66 SWEDISH KRONA JULY 91.79 CHART 2. 3MONTH FORWARD fcxchangt RATES, PREMIUM UR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA JULY 0.9 JULY 5.26 JULY 5.2 JULY 3.51 JULY.3 JULY 6.3 JULY 10.9 JULY 1.2

SERIES NAMt LAST VALUE PLUTTEL DrtTt VALUfc CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIxiNb U.S. DOLLARS PER FINE OUNCE JULY 07.VO. CALL MONEY RATES U.S. FEDERAL FUNDS JULY a 19.93 OVERNIGHT EURODOLLAR DEPOSITS JULY a ZU.lz U.K. 2DAY LOCAL AUTHORITY DEPOSITS JULY 3 11.13 CANADA JUNE t> Id.Co GERMANY JULY 3 11,90 EURODM JUNE 19 11. JAPAN JULY 3 7.31 FRANCE JULY 3 lb. NETHERLANDS APRIL 2 9.90 EUROSWISS FRANC JUNE IV 1.63 CHART 5. 3MONTH INTEREST RATES U.S. 90DAY CD'S, SECONDARY MARKET JULY 6 17.53 GERMAN INTERBANK LOAN JULY.VI JAPANESE BANK LOANS DISCOUNTS JULY b 7.6 CANADIAN FINANCE PAPER JULY 19.23 INTERBANK STERLING JULY.9 SWISS INTERBANK LOAN JULY 9.92 WEIGHTED AVERAGE FOREIGN INTEREST RATE JULY 1 13.7 (GIO COUNTRIES PLUS SWITZERLAND) CHART 6. EURODOLLAR DEPOSIT RATES: LONDON OVERNIGHT JULY. 7DAY JULY 19.Zv 1MONTH JULY 10. 6 3MONTH JULY 1.19 6MONTH JULY 17. 19 1YEAR JULY.1). SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURODOLLAR DEPOSITS JULY ZU. U.S. FEDERAL FUNDS JULY 19.93 DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS JULY 0.19 3MONTH EURODOLLAR DEPOSIT RATE JULY 1.19 U.S. 90DAY CD'S, SECONDARY MARKET JULY 1/.53 DIFFERENTIAL JULY L 6 6

SERIES NAME LAST VALUE PLOTTED UA TE VALUE CHART. INTEREST ARBITRAGE, 3MUNTH FUNDS EURODOLLAR DEPOSIT JULY b 1.19 INTERBANK STERLING tlunuun), COVERED JULY 1.32 DIFFERENTIAL JULY 0.13 U.S. COMMERCIAL PAPER JULY.0 CANADIAN FINANCE PAPER, COVERED JULY 1. DIFFERENTIAL JULY 1.0 EURODOLLAR DEPOSIT JULY 1.19 INTERBANK DM (FRANKFURT), COVERED JULY 1.92 DIFFERENTIAL JULY 0. i3 EURODOLLAR DEPOSIT JULY 1.19 SWISS INTERBANK, COVERED JULY 1.7 DIFFERENTIAL JULY U.2 '. LONG TERM GOVERMENT BOND YIELDS UNITED STATES JULY 3 13.6 GERMANY JULY 3 10.77 JAPAN (MONTHLY! APRIL 7.90 SWITZERLAND JUNc 26 5.62 CANADA JUNE 5 1.60 FRANCE APRIL 10 1.76 NETHERLANDS APRIL 2 10.91 UNITED KINGDOM * JUMfc 2o.2 CORPORATE AAA BONDS APRIL 13. EURODOLLAR BONDS APRIL.51.0. STOCK INDICES UNITED STATES JUNE i. 137.66 UNITED KINGDOM JUNE 2 0.57 CANADA JUNE 2 232. GERMANY JUNE 2 103.66 SWITZERLAND JUNE 2 96.51 NETHERLANDS JUNE 2 91.0 FRANCE t JUNE 2 3. JAPAN JUNE 2 152.7

FEDERAL RESERVE statistical release A t coj» H.10(5) FOREIGN EXCHANGE RATES FOB THE WEEK ENDING JULY 10, 191 JULY 15, 191 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: Digitized for FRASER COUNTBY AUSTRALIA AUSTRIA BELGIUM CANADA DENMARK FINLAND FRANCE GERMANY INDIA IRELAND ITALY JAPAN MALAYSIA MEXICO NETHERLANDS HEW ZEALAND NORWAY PORTUGAL SOUTH AFRICA SPAIN SRI LANKA SWEDEN SWITZERLAND UNITED KINGDOM MONETARY UNIT JULY 6 JULY DOLLAR SCHILLING FRANC DOLLAR KRONE MARKKA FRANC D. MARK RUPEE POUND LIRA YEN DOLLAR PESO GUILDER DOLLAR KRONE ESCUDO RAND PESETA RUPEE KRONA FRANC POUND 11.700 5.72 '2.931 3.10 13.001 22.1533 17.21 0.363 11.299 1.500 0.022 0.3510 2.51.0733 36.75.000.3199 1.592 111.0000 1.0251 5.3559 19.3050 7. 190.0000 11.5500 5.105 2.50000 3.3 13.0599 22.63 17.300 0.9199 11.025 19.500 0.022 0.37 2.603.0700 36.750.500.75 1.55 110.700 1.0290 5.3559 19.39 7.6 190.2500 (RATE U.S. CENTS) JULY JULY 9 JULY 10 11. 000 5. 75622 2. 731 2..9325.9032 It.93 17..0 0..377 11..299 1..3000 0..017 0..352 2..59..0667 36..3..0..3532 1..50 109,.9500 1..0179 5..3559 19..175 7.213 17.9000 11.3000 5.757 2.7525 2.91.95 22.0361 17.037 0.5597 11.270 1.0000 0.0157 0.3697 2.5351.0650 36.56.0000.356 1.5 109.50 1.0230 5.3559 19.267 7.3 17.7000 11. 000 5. 007 2. 50250 3..117 13..0651 22..0799 17.. 1..00 11..3250 19..0 0..0210 0..302 2..67..05 36..596..00..002 1..50 110..2500 1..0273 5..22 19..32.32 19.2500