(616/517), < * LIBRARY D C ' 311979 Selected Interest & Exchange Rates Weekly Series of Charts December 17,1979 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION 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. GOLD PRICE LONDON 4. CALL MONEY RATES 5. 3MONTH INTEREST RATES 6. EURODOLLAR DEPOSIT RATES 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES A a INTEREST ARBITRAGE: 3MONTH FUNDS 9. LONGTERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDICES 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.
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= RATIO SCALE MARCH 1973= 120 120 80 FOREIGN CURRENCY PRICE OF U.S. DOLLAR CANADIAN DOLLAR 80 60 GERMAN MARK FRENCH FRANC 120 ^ ^ "I I I I I I 80 160 240 0 140 aa JAPANESE YEN r f ^ \ 120 * / \v^\ SWISS FRANC Mk\f 200 Ay^ry # 80 1 1 1 1 1 1 1 1111 i 111111 11111111111 I 160 _yj 140 11 h 1111111 ill ii hill i 120 # 160 140 DUTCH GUILDER A/ BELGIAN FRANC 160 140 120 120 ~l I I I I I I I I I I I 80 U.K. POUND A j I y V \ r ITALIAN LIRA 80 r 60 60 I I I I I I 1977 1979 1977 1979
CHART 2 3MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR () AVERAGES FOR WEEK ENDING WEDNESDAY 6 CANADIAN DOLLAR ITALIAN LIRA T I M I I I U. K. POUND DUTCH GUILDER 1# 12 GERMAN MARK SWISS FRANC N 12 1 1 1 1 1 1 1 1 1 1 1 VI 1 FRENCH FRANC JAPANESE YEN I 1^1^^ 1 12 # L_LJ L _ U 1 1 1 1 1 1 llllllulll 1977 1979 1977 1979
CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY 12/17/79 US. DOLLARS PER FINE OUNCE 450 U.S. DOLLARS PER FINE OUNCE 450 400 400 350 350 12.5 Kg BARS AFTERNOON FIXING PRICE 300 300 250 250 200 200 150 150 1976 1977 1978 1979
CHART 4 CALL MONEY RATES WEEKLY SERIES 18 16 14 12 10 OVERNIGHT EURODOLLARS JAPAN U.S. FEDERAL FUNDS 2 I II I I I I I I I I 18 14, UK. 2DAY LOCAL \ AUTHORITY 12 NETHERLANDS 10 8 4 I I I JJ 0 12 CANADA i FRANCE 12 J 8 I I I I I I lllllllllll 1 1 1 1 1 1 lllllllllll 4 I GERMANY EUROSWISS FRANC 8 EURODM 1 I I I 1 1 1 lllllllllll lllllllllll 1977 1979 1977 1979 0
CHART 5 3MONTH INTEREST RATES WEEKLY SERIES IENT PER ANNUM PER CENT PER Ah UK INTERBANK STERLING 16 U.S. CD'S 12 8 WEIGHTED AVERAGE FOREIGN RATE 4 10 JAPANESE BANK LOANS AND DISCOUNTS GERMAN INTERBANK RATE 6 2 SWISS INTERBANK RATE CANADIAN FINANCE CO. PAPER 4 1A A A A# + 0 1977 1979 i i i I I I 1977 1979
CHART 6 EURODOLLAR DEPOSIT RATES AVERAGES FOR WEEK ENDING WEDNESDAY LONDON 16 16 OVERNIGHT 3MONTH 7DAY 6MONTH 1MONTH 1YEAR 1977 1979 1977 1979
CHART 7 SELECTED EURODOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY 16 14 r 12 10 OVERNIGHT EURODOLLAR DEPOSITS 3MONTH EURODOLLAR DEPOSITS 8 6 FEDERAL FUNDS DASHED LINE / 90DAY CD'S DASHED LINE 4 2 1 DIFFERENTIAL ADJUSTED FOR RESERVE REQUIREMENTS DIFFERENTIAL 0 1 2 1977 1979 1977 1979 FAVORS BORROWING IN U. S. F POSITIVE
CHART 8 INTEREST ARBITRAGE: 3MONTH FUNDS DIFFERENTIAL: PLUSM, INDICATES FAVOfo DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY 20 18 EURODOLLAR DEPOSITS CANADIAN FINANCE CO. PAPER, COVERED INTERBANK STERLING COVERED LONDON / U.S. COMMERCIAL PAPER DIFFERENTIAL DIFFERENTIAL I I SWISS INTERBANK (SF) COVERED INTERBANK DM COVERED FRANKFURT EURODOLLAR DEPOSITS EURODOLLAR DEPOSITS DASHED LINE I I I J_L DIFFERENTIAL DIFFERENTIAL # 1977 1979 1977 1979
CHART 9 LONGTERM GOVERNMENT BOND YIELDS WEEKLY SERIES 12 13 UNITED STATES 10 1 11 CANADA r^\a^r ~ 8 9 10 6 I I I I I I I I I I I I I I iiliilnlii ~ 7 8 SWITZERLAND ' GERMANY J 6 4 I I I I I I,, 13 FRANCE UNITED KINGDOM 11 / \ S* NETHERLANDS 5 I I I I I I I,,,, 7 11 U. S. CORPORATE MONTHLY MONTHLY Aaa BONDS JAPAN EURODOLLAR BONDS 1977 1979 1977 1979
RATIO SCALE 1969= 140 CHART. 10 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 1969= 120 UNITED STATES X, A A yv A / V UNITED KINGDOM 80 " i l l I I I hi 360 320 280 JAPAN 240 yvvtvx / 200 140 l l l I I I iiiiiiiiiii 11111111111 120 CANADA DISCONTINUED SERIES SWITZERLAND 80 60 80 I I I I I I 11 In hill i 50 170 150 FRANCE GENERAL INDEX GERMANY 130 110 90 I I I I I I 1977 1979 1977 1979 # 70
SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE RATES AND 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 DEC. 12 57.33 DEC. 12 0.42113 DEC. 12 51.48 DEC. 12 218.12 DEC. 12 85.89 DEC. 12 24.43 DEC. 12 62.25 DEC. 12 3.51845 DEC. 12 0.12261 INDICES, MARCH 1973 BASE RATES = 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. 12 161.26 DEC. 12 110.26 DEC. 12 147.80 DEC. 12 88.22 DEC. 12 85.61 DEC. 12 110.09 DEC. 12 200.26 DEC. 12 138.64 DEC. 12 69.65 DEC. 12 86. 63 DEC. 12 154. 72 DEC. 12 98. 27 DEC. 12 134. 56 DEC. 12 76. 87 DEC. 12 74. 88 DEC. 12 98. 14 DEC. 12 181. 88 DEC. 12 125. 23 DEC. 12 59. 99 DEC. 12 94. 06 CHART 2. 3MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR U.K. POUND GERMAN MARK FRENCH FRANC SWISS FRANC DUTCH GUILDER JAPANESE YEN ITALIAN LIRA DEC. 12 0.51 DEC. 12 2.48 DEC. 12 4.89 DEC. 12 0.04 DEC. 12 8.51 DEC. 12 0.35 DEC. 12 5.65 DEC. 12 5.53
SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PRICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE DEC. 12 437.41 CHART 4. CALL MONEY RATES U.S. FEDERAL FUNDS OVERNIGHT EURODOLLAR DEPOSITS U.K. 2DAY LOCAL AUTHORITY DEPOSITS CANADA GERMANY EURODM JAPAN FRANCE NETHERLANDS EUROSWISS FRANC DEC. 12 13.79 DEC. 12 13.38 DEC. 7 15.75 NOV. 30 13.00 DEC. 7 6.90 DEC. 7 8.71 DEC. 7 6.06 DEC. 7 12.00 NOV. 30 14.80 DEC. 7 1.24 CHART 5. 3MONTH INTEREST RATES U.S. 90DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE BANK LOANS & DISCOUNTS CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN WEIGHTED AVERAGE FOREIGN INTEREST RATE (G10 COUNTRIES PLUS SWITZERLAND) DEC. 12 13,26 DEC. 12 9.61 DEC. 12 8.39 DEC. 12 13.89 DEC. 12 16.66 DEC. 12 5.70 DEC. 12 11.92 CHART 6. EURODOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7DAY 1MONTH 3MONTH 6MONTH 1YEAR DEC. 12 DEC. 12 DEC. 12 DEC. 12 DEC. 12 DEC. 12 13.38 13.16 14.08 14.09 13.73 12.55 CHART 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURODOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS DEC. 12 13.38 DEC. 12 13.79 DEC. 12 0.41 3MONTH EURODOLLAR DEPOSIT RATE DEC. 12 14.09 U.S. 90DAY CD'S, SECONDARY MARKET vcv. DEC. 12 13.26 DECe 0,83 DIFFERENTIAL DEC. 12 0.83
SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 8. INTEREST ARBITRAGE, 3MONTH FUNDS EURODOLLAR DEPOSIT DEC. 12 14.09 INTERBANK STERLING (LONDON), COVERED DEC. 12 14.08 DIFFERENTIAL DEC. 12 0.,01 U.S. COMMERCIAL PAPER DEC. 12 12.,98 CANADIAN FINANCE PAPER, COVERED DEC. 12 14.,42 DIFFERENTIAL DEC. 12 1,,44 EURODOLLAR DEPOSIT DEC. 12 14.,09 INTERBANK DM (FRANKFURT), COVERED DEC. 12 14,,62 DIFFERENTIAL DEC. 12 0..53 EURODOLLAR DEPOSIT DEC. 12 14..09 SWISS INTERBANK, COVERED DEC. 12 14..34 DIFFERENTIAL DEC. 12 0..25 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES DEC. 7 10..29 GERMANY NOV. 30 7..91 JAPAN (MONTHLY) NOV. 8..76 SWITZERLAND NOV. 30 4..04 CANADA NOV. 30 10,.94 FRANCE SEPT. 14 11..65 NETHERLANDS NOV. 30 9.00 UNITED KINGDOM NOV. 30 12..45 U.S. CORPORATE AAA BONDS EURODM BONDS EURODOLLAR BONDS OCT. 10.13 DEC. 6.63 SEPT. 9.27 CHART 10. INDUSTRIAL STOCK INDICES UNITED STATES DEC. 7 111.85 JAPAN NOV. 30 296.27 CANADA DEC. 29 113.81 FRANCE NOV. 23 143.60 UNITED KINGDOM NOV. 30 99.31 SWITZERLAND NOV. 30 75.89 GERMANY NOV. 30 95.80
# FEDERAL RESERVE statistical release H.10(512) FOREIGN EXCHANGE RATES FOR THE WEEK ENDING DECEMBER 14, 1979 DECEMBER 19, 1979 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 (RATE U.S. CENTS) UNIT DEC. 10 DEC. 11 DEC. 12 DEC. 13 DEC. 14 AUSTRALIA DOLLAR 110.5300 110.8000 110.5000 110.1900 110.0500 AUSTRIA SCHILLING 7.93336 8.00640 8.01443 7.99680 7.97448 BELGIUM FRANC 3.50754 3.53482 3.53357 3.54862 3.52734 CANADA DOLLAR 85.8738 85.9329 86.0882 85.6311 85.2442 DENMARK KRONE 18.4502 18.5529 18.5425 18.6289 18.5563 FINLAND MARKKA 26.6951 26.8348 26.8709 26.8456 26.8132 FRANCE FRANC 24.3131 24.5308 24.5399 24.5882 24.4978 GERMANY D. MARK 57.0939 57.6302 57.5308 57.6868 57.4218 INDIA RUPEE 12.2700 12.2700 12.4400 12.3000 12.2900 IRELAND POUND 210.4500 212.0000 212.2000 212.4500 212.1500 ITALY LIRA 0.12231 0.12293 0.12306 0.12311 0.12280 JAPAN YEN 0.42983 0.42863 0.42034 0.41545 0.41229 MALAYSIA DOLLAR 45.9137 45.9770 45.9348 45.9770 45.8821 MEXICO PESO 4.3764 4.3764 4.3764 4.3764 4.3764 NETHERLANDS GUILDER 51.5730 50.3778 52.1921 52.3506 52.0698 NEW ZEALAND DOLLAR 98.2500 98.5000 98.5500 98.1500 98.0000 NORWAY KRONE 19.9362 20.1248 20.1126 20.1207 20.0521 PORTUGAL ESCUDO 1.9920 2.0000 2.0080 2.0040 2.0028 SOUTH AFRICA RAND 120.6000 120.7 120.8500 120.9000 120.7500 SPAIN PESETA 1.4954 1.4970 1.5017 1.5001 1.5015 SRI LANKA RUPEE 6.4300 6.4300 6.4300 6.4300 6.4300 SWEDEN KRONA 23.7812 23.9006 23.8949 23.9464 23.9292 SWITZERLAND FRANC 61.9771 62.5782 62.5000 62.5782 62.1118 UNITED KINGDOM POUND 216.8500 218.9000 219.0 220.4000 219.9000