Selected Interest & Exchange Rates

Selected Interest & Exchange Rates Weekly Series of Charts May 1,191 Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 551

Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES-- H.1 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 2. 3-MONTH FORWARD EXCHANGE RATES 3. GOLD PRICE-LONDON. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES. INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS 1. INDUSTRIAL STOCK INDICES SUBSCRIPTION RATES: Weekly $15. per year or $. each in the United States, its possessions, Canada, and Mexico; 1 or more of the same issue to one address, $13.5 per year or $.35 each. Elsewhere, $. per year or $.5 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.

CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1973=1 RATIO SCALE MARCH 1973=1 1 U.K. POUND FOREIGN CURRENCY PRICE OF U.S. DOLLAR : vv FRENCH FRANC - - V\ : 1 ^ ' I I I I I I - AJj \ JAPANESE YEN 1 - SWISS FRANC I I I I I I BELGIAN FRANC ^ x : DUTCH GUILDER 1 " M 11111111111 1 1 - ITALIAN LIRA 6 CANADIAN DOLLAR I I V 6 I I I I I I I! I I I I I I 11111111111 1979 191 1979 191

CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM ( ) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 6 PERCENT PER ANNUM 2 CANADIAN DOLLAR ITALIAN LIRA _ ~ ^ r \ _ / V V \l V i i i I I I V i i V i V - 2 «U. K. POUND v\a V I V : DUTCH GUILDER I I I III llllllll 6 1 GERMAN MARK SWISS FRANC Jj A ii nil ill ii l l l I I I FRENCH FRANC \ JAPANE :SE YEN 1 l \ i - + 1979 191 I 1 1 11 tl 1 1 1 1 1 n 1 1 U ill ill f 1979 191

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. [ LLARS PER FINE OUNCE U.S. DOLLARS PER FINE 75 75 7 7 65 65 6 6 55 55 5 5.5 Kg BARS 5 AFTERNOON FIXING PRICE 5 35 35 3 3 25 25 15 15 1 I I I I I I I I I I I I I I I I I I I I I I 1 197 1979 19 191

CHART CALL MONEY RATES WEEKLY SERIES 2 :NT PER ANNUM PERCENT HER At 2 2 2 U. S. FEDERAL FUNDS U. K. 2-DAY LOCAL AUTHORITY illllllllll 2 2 EURO-SWISS FRANC CANADA NETHERLANDS l l l l l 11II111111llllI I I I I I I I I u FRANCE ITV "- GERMANY III WEURO-DM I I I illllllllll Illllllllll Illllllllll 1979 191 1979 191

CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES PERC 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 1 6 JAPANESE BANK LOANS AND DISCOUNTS - SWISS INTERBANK RATE V - vzi'wa J \ I 11111111111 1979 191 1979 191

CHART 6 EURO-DOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY ENT PER ANNUM PERCENT PER Af 2 2 OVERNIGHT 3-MONTH 2 2 7-DAY 6-MONTH 2 2 1-MONTH 1-YEAR - A J - I I I I I I I I I I I I I I iiliiliiln 1979 191 1979 191

CHART 7 SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUSM, FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY 26 INT PER ANNUM PERCENT PER AN IUM 26 - - 22 22 1 1 1 6 3 - FEDERAL FUNDS l\ / l\ Ijij \ J 1 " J V - 3-MONTH EURO-DOLLAR DEPOSITS - j 1 p / J f TW* OVERNIGHT EURO-DOLLAR DEPOSITS I I 1 1 1 1 1 1 1 II 1 1 1 ll 1 1 1 1 1 1 1 1 1 1 I I LLL t! I I I i I 1 1 1 6 3 2 DIFFERENTIAL DIFFERENTIAL 2 1 1 + 1 1 2 2 3 3 i L_i 11 i,u 11 n i l i i 111111111 L J i I I I I I I I I I I I I I I I I I I I I I 1979 191 1979 191 I PERCENT ON DIFFERENTIAL SCfLE = 2 PERCENT ON RATE SCALE

CHART INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PLUS'+), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 2 PERCENT PER ANNUM 2 EURO-DOLLAR DEPOSITS CANADIAN FINANCE CO. PAPER, COVERED _ I I A / INTERBANK STERLING COVERED LONDON, I I M i l l 11111111111 11111111111 U. S. COMMERCIAL PAPER DIFFERENTIAL " DIFFERENTIAL - ~ f\a r m ya A " V V V iv : ~ I I I " i l l i i i INTERBANK DM COVERED FRANKFURT EURO-DOLLAR DEPOSITS EURO-DOLLAR DEPOSITS 1 I 1 I I I I I I I DIFFERENTIAL DIFFERENTIAL I I I 1979 191 1979 191 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES ANNUM PERCENT PER 15 15 CANADA 13 UNITED STATES 13 11 11 9 9 7 7 9 1 7 SWITZERLAND 5 GERMANY 6 3 1 17 1 FRANCE 15 UNITED KINGDOM 13 1 11 NETHERLANDS 9 6 7 1 U. S. CORPORATE MONTHLY MONTHLY 13 Aaa BONDS JAPAN 11 1 9 EURO-DOLLAR BONDS 7 6 5 1979 191 1979 191

CHART 1 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=1 RATIO SCALE 1969=1 UNITED STATES FRANCE GENERAL INDEX JAPAN SWITZERLAND GERMANY - UNITED KINGDOM l M, t ~ 1 / ~ - 1 i i i I, 1979 191 1979 191

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK MAY 13 3., JAPANESE YEN MAY 13.,57 DUTCH GUILDER MAY 13 39.,5 U.K. POUND MAY 13 9.,7 CANADIAN DOLLAR MAY 13 3.,29 FRENCH FRANC MAY 13 1..33 SWISS FRANC MAY 13.,27 BELGIAN FRANC MAY 13 2.,67 ITALIAN LIRA MAY 13., INDICES, MARCH 1973 BASE RATES = 1 GERMAN MARK MAY 13 3.33 JAPANESE YEN MAY 13 119.71 DUTCH GUILDER MAY 13 113.26 U.K. POUND MAY 13.2 CANADIAN DOLLAR MAY 13 3.1 FRENCH FRANC MAY 13 2.6 SWISS FRANC MAY 13 155.29 BELGIAN FRANC MAY 13 15. ITALIAN LIRA MAY 13 5. ighted AVERAGE EXCHANGE VALUE INDICES, MAR 1973 = 1 (G-1 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR MAY 13 13.9 GERMAN MARK MAY 13 132.2 JAPANESE YEN MAY 13 5.6 DUTCH GUILDER MAY 13 117.21 U.K. POUND MAY 13 5.61 CANADIAN DOLLAR MAY 13 3.96 FRENCH FRANC MAY 13 2.99 SWISS FRANC MAY 13 1.19 BELGIAN FRANC MAY 13 1.91 ITALIAN LIRA MAY 13.7 SWEDISH KRONA MAY 13 92.3 CHART 2. 3-MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR MAY 13. U.K. POUND MAY 13 7. 3 GERMAN MARK MAY 13 6. FRENCH FRANC MAY 13 3. SWISS FRANC MAY 13 1. 1 DUTCH GUILDER MAY 13 7. 91 JAPANESE YEN MAY 13. 2 ITALIAN LIRA MAY 13-2. 3

SERIES NAME L&ST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE BAY 13.95 CHART. CALL MONEY RATES U.S. FEDERAL FUNDS MAY 13 1. 21 OVERNIGHT EURO-DOLLAR DEPOSITS MAY 13 1.,22 U.K. 2-DAY LOCAL AUTHORITY DEPOSITS MAY 1.,63 CANADA MAY 1 17.. GERMANY MAY 11., EURO-DM MAY 1 11., JAPAN MAY 7.,13 FRANCE MAY. 25 NETHERLANDS APRIL 2 9.,9 EURO-SWISS FRANC MAY 1 7., CHART 5. 3-MONTH INTEREST RATES U.S. 9-DAY CD'S, SECONDARY MARKET MAY 13 1. 7 GERMAN INTERBANK LOAN MAY 13. 9 JAPANESE BANK LOANS & DISCOUNTS MAY 13 7. 25 CANADIAN FINANCE PAPER MAY 13 19. 33 INTERBANK STERLING MAY 13. 26 SWISS INTERBANK LOAN MAY 13 9. 6 WEIGHTED AVERAGE FOREIGN INTEREST RATE MAY 13. 93 (G-1 COUNTRIES PLUS SWITZERLAND) CHART 6. EURO-DOLLAR DEPOSIT RATES: LONDON OVERNIGHT MAY 13 1.22 7-DAY MAY 13 19.13 1-MONTH MAY 13 19.39 3-MONTH MAY 13 19.56 6-MONTH MAY 13 1. 1-YEAR MAY 13 17.72 CHART 7. SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS MAY 13 1. 22 U.S. FEDERAL FUNDS MAY 13 1. 21 DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS MAY 13. 1 3-MONTH EURO-DOLLAR DEPOSIT RATE MAY 13 19. 56 U.S. 9-DAY CD'S, SECONDARY MARKET MAY 13 1. 7 DIFFERENTIAL MAY 13. 6

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART. INTEREST ARBITRAGE, 3-MONTH FUNDS EURO-DOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED DIFFERENTIAL MAY 13 19. 56 MAY 13 19. 6 MAY 13 -. 1 U.S. COMMERCIAL PAPER MAY 13 1.. CANADIAN FINANCE PAPER, COVERED MAY 13 19..75 DIFFERENTIAL MAY 13-1..71 EURO-DOLLAR DEPOSIT MAY 13 19..56 INTERBANK DM (FRANKFURT), COVERED MAY 13 19..9 DIFFERENTIAL MAY 13 -..5 EURO-DOLLAR DEPOSIT MAY 13 19.56 SWISS INTERBANK, COVERED MAY 13 19.5 DIFFERENTIAL MAY 13 -. CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES MAY 1.6 GERMANY MAY 1 1.36 JAPAN (MONTHLY) APRIL 7.9 SWITZERLAND APRIL 17 5. CANADA MAY 1 15.7 FRANCE MARCH 13 15.9 NETHERLANDS APRIL 2 1.91 UNITED KINGDOM APRIL 2 11. U.S. CORPORATE AAA BONDS EURO-DM BONDS EURO-DOLLAR BONDS MARCH 13.33 DEC. 6.63 FEB..17 CHART 1. INDUSTRIAL STOCK INDICES UNITED STATES MAY 139. 2 JAPAN MAY 365. 55 FRANCE APRIL 3 1. UNITED KINGDOM MAY 135. 92 SWITZERLAND MAY 7. GERMANY MAY 1 99.,

FEDERAL RESERVE statistical release f^rssv: H.1(5) FOREIGN EXCHANGE RATES FOR THE WEEK ENDING HIT 15, 191 HIT 1, 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: COUNTRT MONETARY (RATE U.S. CENTS) UNIT MAY 11 MAY MAY 13. MAY 1 MAY 15 AUSTRALIA DOLLAR 11.27 11.9 113.95. 113.5 113.5 AUSTRIA SCHILLING 6.37 6.17666 6.1 6.37 6.156 BELGIUM FRANC '2.673 2.66667 2.67231 2.6352 2.656 CANADA DOLLAR 3.232 3. 3.232 3.6 3.2155 DENHARK KRONE 13.913 13.65 1&.696 13.773 13.79 FINLAND MARKKA 23.31 23.2369 23.27 23.77 23.15 FRANCE FRANC 1.6 1.71 1.75 17.951 17.961 GERHANT D. MARK 3.72 3.5635 3.55 3.2713 3.3 INDIA RUPEE 11.99 11.9617 11.97 11.62 11.33 IRELAND POUND. 159. 159. 15«. 25 15. ITALY LIRA.13.772.76.61.666 JAPAN YEN.52.556.5362.97.633 MALAYSIA DOLLAR 2.9553 2.2 2.7533 2.676 2.72 MEXICO PESO.15.1571.155.1563.19 NETHERLANDS GUILDER 39.356 39.2157 39.1773 3.95 3.956 NEW ZEALAND DOLLAR.7.5.25. 7.7 NORWAY KRONE 17.736 17.65 17.6522 17.577 17.567 PORTUGAL ESCUDO 1.6529 1.63 1.67 1.63 1.6393 SOUTH AFRICA RAND 119.9 119.53 119.57 11.9 119.1 SPAIN PESETA 1.953 1.939 1.965 1.973 1.7 SRI LANKA RUPEE 5.37 5.37 5.37 5.37 5.37 SWEDEN KRONA.5339.15.29.3335.3 SWITZERLAND FRANC.1.1.32.53.3325 UNITED KINGDOM POUND 21.1.75 7.75 6.63 7.5