Selected Interest & Exchange Rates

(516/517) *4%, f f l f L ; B R A m ' '**1 JRN 7 685 Selected Interest & Exchange Rates Weekly Series of Charts December 31, 1984 Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551

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. dold PRICELONDON 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, 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. 4. CALL MONEY RATES 5. 3MONTH INTEREST RATES 6. EURODOLLAR DEPOSIT RATES 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES 8. INTEREST ARBITRAGE: 3MONTH FUNDS 9. LONGTERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDICES

RATIO SCALE MARCH 1973=100 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=100 FOREIGN CURRENCY PRICE OF U.S.DOLLAR JAPANESE YEN 120 100 CANADIAN DOLLAR SWISS FRANC 200 80 70 60 I I I I I I 11IIIhill i I I I I I I I I I I I I I I I I 160 GERMAN MARK 140 120 v r I r DUTCH i GUILDER 100 J V/ V 80 ~i 11 I I I iilnliilii lllllllllll ~i i i I I I 120 " 120 100 U.K.POUND FRENCH FRANC 100 80 V^yv yw 70 60 I 80 70 60 50 50 40 I I I I I I iilnliilii lllllllllll 140 120 BELGIAN FRANC 100 I I I lllllllllll lllllllllll 40 70 ITALIAN LIRA 60 50 80. 40 70 v/^a. 60 50 1 1 1 I I I lllllllllll iy v \ 35 30 I I I I I I iilnliilii 25

CHART 2 3MONTH FORWARD EXCHANGE RATES PREMIUM (+)OR () AVERAGES FOR WEEK ENDING WEDNESDAY 6 CANADIAN DOLLAR ITALIAN LIRA 24 I I I I I I IIIMIKIM 24 U.K.POUND \r^\ DUTCH GUILDEf 6 ~ 9 12 J A Z Y IA GERMAN MARK r W V x v / X _ J i i I I I <<I<<I<<I<, SWISS FRANC 6 15 I I I i i i I I I FRENCH FRANC JAPANESE YEN Digitized for FRASER

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 600 U.S. DOLLARS PER FINE OUNCE 600 550 550 12.5 Kg BARS AFTERNOON FIXING PRICE 500 500 450 450 400 400 350 350 300 300 250 1981 1982 1983 1984 250

CHART 4 CALL MONEY RATES WEEKLY SERIES 28 24 24 20 V U.S. FEDERAL FUNDS 20 \ A FRANCE 16 16 12 ^ 12 I ^ I 8 8 JAPAN 4 4 lllllllllll I I I iilnliiln I I I I j 0 24 CANADA 20 EUROSWISS FRANC 16 12 20 16 U. K. 2DAY LOCAL AUTHORITY GERMANY 12 I EURODM * I I I I iihiliilii

CHART 5 3MONTH INTEREST RATES WEEKLY SERIES 22 24 U.S. CD'S CANADIAN FINANCE CO PAPER WEIGHTED AVERAGE FOREIGN RATE 20 # U.K.INTERBANK STERLING 16 i GERMAN INTERBANK RATE e \a 12 \ A # * 8 I I l I I I I I I I I I I I I I I I I I I I 11 I SWISS INTERBANK RATE # 9 I JAPANESE BANK LOANS AND DISCOUNTS IV # 7 S 5 I I I I I I, I I I I I I I

CHART 6 EURODOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY 24 24 OVERNIGHT 3MONTH 7DAY 6MONTH 1MONTH 1YEAR

CHART 7 SELECTED EURODOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL:PLUS(+), FAVORS BORROWING IN U.S. AVERAGES FOR WEEK ENDING WEDNESDAY 26 26 22 22 18 FEDERAL FUNDS 3MONTH EURODOLLAR DEPOSITS 18 14 14 10 OVERNIGHT EURODOLLAR DEPOSITS V I 90DAY CD'S V 10 J I I I I I I i i11 iiiiiiiiii 11 i11 ii m I I IIIIII DIFFERENTIAL DIFFERENTIAL I 1IIIIIII IIIIII I IIIIIIIII 1982 1984 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE I I I I I I I IIIIIIIIII II IIIIIIIII

CHART 8 INTEREST ARBITRAGE: 3MONTH FUNDS DIFFERENTIAL:FLUSH,INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY 28 28 20 EURODOLLAR DEPOSITS DASHED LINE CANADIAN FINANCE CO.PAPER, COVERED 20 12 12 INTERBANK STERLING COVERED LONDON U. S. COMMERCIAL PAPER 4 2 DIFFERENTIAL DIFFERENTIAL a / v / 1 r f /Vy Wvf /Z 2 I I I ~i i i 1 1 1 4 28 28 20 INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF)COVERED 20 12 EURODOLLAR DEPOSITS DASHED LINE i h EURODOLLAR DEPOSITS^ DASHED LINE kax 12 iiii 1 1 1 iiliihill i 4 DIFFERENTIAL DIFFERENTIAL 2 A^VA/. 1. I " r ~ A V l xvwwyazv / 1 1 1 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE l i 1 I I I 1982 1984

CHART 9 LONGTERM GOVERNMENT BOND YIELDS WEEKLY SERIES 19 19 CANADA UNITED STATES 15 " UNITED KINGDOM SWITZERLAND 11 «J # I I I I I I I I I I I I I I I I I 13 MONTHLY I I I I I I I I I I I I I I 1 I I I 13 JAPAN GERMANY 9 5 I I I I I I I I I 22 U.S. CORPORATE MONTHLY 18 Aaa BONDS FRANCE 14 10 NETHERLANDS MONTHLY JILL Mill

CHART 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969=100 240 RATIO SCALE 1969=100 240 200 UNITED STATES JAPAN p V 200 160 rj V v W _/\ 160 120 120 i i i I i n 210 210 170 170 UNITED KINGDOM / V V Z FRANCE, 130 k A /Y\ z 130 90, IA/ 90 70 l l I I 7 0 # 190 190 150 GERMANY SWITZERLAND 150 110 * 110 I I I 70 180 360 140 NETHERLANDS CANADA 280 100 \ 200 160 l I l lllllllllll 120 120

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE RATES AND INDICES WEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK DEC. 26 32.01 JAPANESE YEN DEC. 26 0.40274 DUTCH GUILDER DEC. 26 28.35 U.K. POUND DEC. 26 117.04 CANADIAN DOLLAR DEC. 26 75.94 FRENCH FRANC DEC. 26 10.46 SWISS FRANC DEC. 26 38.89 BELGIAN FRANC DEC. 26 1.59553 ITALIAN LIRA DEC. 26 0.05201 SWEDISH KRONA DEC. 26 11.20 INDICES, MARCH 1973 BASE RATES = 100 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA WEIGHTED AVERAGE EXCHANGE VALUE INDICES, MAR 1973 (G10 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA DEC. 26 90.05 DEC. 26 105.45 DEC. 26 81. 39 DEC. 26 47. 34 DEC. 26 75. 68 DEC. 26 47. 16 DEC. 26 125. 13 DEC. 26 62.87 DEC. 26 29. 54 100 DEC. 26 150. 04 DEC. 26 129. 26 DEC. 26 151. 74 DEC. 26 112. 90 DEC. 26 62. 31 DEC. 26 104.49 DEC. 26 61. 75 DEC. 26 174. 91 DEC. 26 85. 87 DEC. 26 37. 96 DEC. 26 67. 34 CHART 2. 3MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR DEC. 26 1.35 U.K. POUND DEC. 26 1.14 GERMAN MARK DEC. 26 3.07 FRENCH FRANC DEC. 26 1.99 SWISS FRANC DEC. 26 3.67 DUTCH GUILDER DEC. 26 2.98 JAPANESE YEN DEC. 26 2.37 ITALIAN LIRA DEC. 26 5.58

SEBIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE DEC. 26 309.25 4. CALL MONEY RATES U.S. FEDERAL FUNDS DEC. 26 7.95 OVERNIGHT EURODOLLAR DEPOSITS DEC. 26 7.81 U.K. DEC. 28 9.25 CANADA NOV. 16 11.96 GERMANY DEC. 28 5.55 EURODM DEC. 21 5.38 JAPAN DEC. 28 6.31 FRANCE DEC. 28 11.81 NETHERLANDS JAN. 1 10.30 EUROSWISS FRANC DEC. 21 1.55 CHART 5. 3MONTH INTEREST RATES U.S. 90DAY CD'S, SECONDARY MARKET DEC. 26 8. 24 GERMAN INTERBANK LOAN DEC. 26 5. 80 JAPANESE BANK LOANS S DISCOUNTS DEC. 26 6. 25 CANADIAN FINANCE PAPER DEC. 26 10. 15 INTERBANK STERLING DEC. 26 9. 88 SWISS INTERBANK LOAN DEC. 26 4. 88 WEIGHTED AVERAGE FOREIGN INTEREST RATE DEC. 26 8. 34 (G10 COUNTRIES PLUS SWITZERLAND) CHART 6. EURODOLLAR DEPOSIT RATES: LONDON OVERNIGHT DEC. 26 7. 81 7DAY DEC. 26 8. 52 1MONTH DEC. 26 8. 34 3MONTH DEC. 26 8. 61 6MONTH DEC. 26 9. 11 1YEAR DEC. 26 9. 86. SELECTED EURODOLLAR AND U.S. MONEY MARKET BATES OVERNIGHT EORODOLLAB DEPOSITS DEC. 26 7. 81 U.S. FEDERAL FUNDS DEC. 26 7. 95 DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS DEC. 26 0. 14 3MONTH EURODOLLAR DEPOSIT RATE DEC. 26 8. 61 U.S. 90DAY CD'S, SECONDARY MARKET DEC. 26 8. 24 DIFFERENTIAL DEC. 26 0. 37

LAST VALUE PLOTTED SERIES NAME DATE VALUE CHART 8. INTEREST ARBITRAGE, 3MONTH FUNDS EURODOLLAR DEPOSIT DEC. 26 8. 61 INTERBANK STERLING (LONDON), COVERED DEC. 26 8.,71 DIFFERENTIAL DEC. 26 0., 10 U.S. COMMERCIAL PAPER DEC. 26 8. 11 CANADIAN FINANCE PAPER, COVERED DEC. 26 8. 77 DIFFERENTIAL DEC. 26 0. i 66 EURODOLLAR DEPOSIT DEC. 26 8. 61 INTERBANK DM (FRANKFURT), COVERED DEC. 26 8«92 DIFFERENTIAL DEC. 26 0. 31 EURODOLLAR DEPOSIT DEC. 26 8. 61 SWISS INTERBANK, COVERED DEC. 26 8. 59 DIFFERENTIAL DEC. 26 0. 02 CHART 9. LONG TEKti GOVERMENT BOND YIELDS UNITED STATES DEC. 21 11.37 GERMANY D?C. 14 7.00 JAPAN (MONTHLY) OCT. 6.61 SWITZERLAND NOV. 23 4.78 CANADA NOV. 30 11.81 FRANCE OCT. 26 12.33 NETHERLANDS (MONTHLY) AUG. 8.50 UNITED KINGDOM DEC. 21 9.90 CORPORATE AAA BONDS NOV. 12.29 EURODOLLAR BONDS NOV. 10.29 CHART 10. STOCK INDICES UNITED STATES DEC. 19 171. 99 UNITED KINGDOM DEC. 19 207. 23 CANADA DEC. 19 236. 82 GERMANY DEC. 19 161. 25 SWITZERLAND DEC. 19 128. 38 NETHERLANDS DEC. 19 174. 03 FRANCE DEC. 19 183. 64 JAPAN DEC. 19 237. 99

FEDERAL RESERVE statistical release H10(512) DECEMBER 31, 1984 FOREIGN EXCHANGE RATES FOB THE SEEK ENDING DECEMBER 28, 1984 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 Hew York City for cabfte transfers payable in foreign currencies: COUNTRY MONETARY (CURRENCY UNI1 rs PER DOLLAR) UNIT DEC. 24 DEC, 25 DEC. 26 DEC, 27 DEC. 28 AUSTRALIA DOLLAR 83,65 83.35 82,90 82.83 AUSTRIA SCHILLING 21,945 21,975 22,145 22«055 BELGIUM FRANC 62,650 62,750 63.220 63.050 BRAZIL CRUZEIRO 3056.00 3106,00 3106.00 3184.00 CANADA DOLLAR 1.3164 1.3170 1,3206 1,3207 CHINA,P.R. YUAN 2,7971 2.7971 2.7971 2.8027 DENMARK KRONE 11,1800 11.2000 11.2750 11.2500 FINLAND MARKKA 6,4950 6.5050 6,5450 6.5250 FRANCE FRANC 9.5550 9.5750 9.6450 9.6150 GERMANY D, MABK 3.1240 3,1260 3,1520 3.1440 GREECE DRACHMA 127.900 128.000 128.550 128.700 HONG KONG DOLLAR 7,8275 7,8285 7.8200 7.8200 INDIA RUPEE 12,3200 H 12.3200 12.3800 12.4000 IRELAND POUND 99,75 99.70 99. 10 99.20 ISRAEL SHEKEL NA NA NA NA ITALY LIRA 1926,00 O 1924,00 1941.00 1927,00 JAPAN YEN 248,10 249.05 250.20 250.45 MALAYSIA RINGGIT 2,4170 2.4180 2,4230 2.4260 MEXICO PESO 225.0000 L 225,0000 228.0000 226.0000 NETHERLANDS GUILDER 3,5260 3.5300 3,5600 3,5470 NEW ZEALAND DOLLAR 48,000 47,900 47,670 47.650 NORWAY KRONE 9,0400 I 9,0500 9,1000 9.0750 PHILIPPINES PESO HA NA NA MA PORTUGAL ESCUDO 168,200 168,500 170,000 170.000 SINGAPORE DOLLAR 2,1760 D 2,1760 2.1780 2.1760 SOUTH AFRICA RAND 51.05 51,00 50,50 50,50 SOUTH KOREA SON 827,10 827,10 828,10 829,10 SPAIN PESETA 172.500 A 172,900 173,200 173,600 SRI LANKA RUPEE 26,262 26.262 26,292 26.292 SWEDEN KRONA 8,9250 8,9350 8,9800 8.9530 SWITZERLAND FRANC 2,5700 Y 2.5760 2,5990 2.5910 TAIWAN DOLLAR 39,510 39.510 39,520 39.540 THAILAND 3AHT 27,100 27,100 27,150 27.150 UNITED KINGDOM POUND 117,30 117,10 116,25 116,30 VENEZUELA BOLIVAR NA NA MA NA MEMO: UNITED STATES DOLLAR 149,99 150,20 151.24 150,91 INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G11 COUNTRIES. MARCH 1973 = 100. WEIGHTS ARE 197276 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES. SERIES REVISED AS OF AUGUST 1978. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE WEIGHTEDAVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN. VALUE IS U.S. CENTS