MARCH 21,1977 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 INDEXES 2. 3MONTH FORWARD EXCHANGE RATES 3. GOLD 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. EURO DOLLAR DEPOSIT RATES 7. SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES 8. INTEREST ARBITRAGE: 3MONTH FUNDS 9. LONGTERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDEXES
Chart 1 SPOT EXCHANGE RATES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (DASHED LINE) RATIO SCALE MAY 1970 PARITY= 50 80 FOREIGN PRICE OF CURRENCY U.S. DOLLAR / N / ' AVERAGES FOR WEEK ENDING WEDNESDAY CANADIAN DOLLAR RATIO SCALE MAY 1970 PARITY=10G I 0 I! i... JAPANESE YEN I I I I I I I I I I! 111 ill 1111 FRENCH FRANC GERMAN MARK SWiSS FRANC / \ A JI V X, 200 iao 10 y V x y 140 0 10 140 A / Ax X \ DUTCH GUILDER BELGIAN FRAN 0 T ' x ' r 111 I I I U.K. POUND J j ^ \ ITALIAN LIRA \ 1 1 \ V 80 ^ 0 1 1 1 1 1 1 iiiiiiniii ul u hili i 1975 1977 1975 1977
Chart 2 3MONTH FORWARD EXCHANGE RATES PREMIUM (+), OR DISCOUNT () AVERAGES FOR WEEK ENDING WEDNESDAY PER ENT PER ANNUM + 0 CANADIAN DOLLAR ' j, I I I Illllllllll PER CENT PER ANNUM + 0 U.K. POUND DUTCH GUILDER 18 Illlllllll GERMAN MARK SWISS FRANC + 0 Illllllllll + 0 FRENCH FRANC JAPANESE YEN 2 per cent on scale equals 1 per cent on all others 24 ill IIIIIIMIII 1975 1977 1975 1977
Chart 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE 200.5 Kg BARS Afternoon fixing price 180 10 140 0 80 1975 1977
Chart 4 CALL MONEY RATES WEEKLY SERIES PER CENT PER ANNUM 1 U.S. FEDERAL FUNDS JAPAN PER CENT PER ANNUM 1 # OVERNIGHT EURODOLLARS I I I I I I I I I I I 111 II I I I U.K. 2 DAY LOCAL AUTHORITY FRANCE CANADA NL im RLANDS l_l_ GERMANY I I IJRO DM I IJHO SWISS I RANI 1975 1977 1975 1977
Chart 5 3MONTH INTEREST RATES WEEKLY SERIES PER CENT PER ANNUM PER CENT PER ANNUM CANADIAN FINANCE CO. RARER UNITED STATES CD's UlLLlU U.K. INTERBANK STERLING GERMAN INTERBANK RATE SWISS DEPOSIT RATE JAPAN Monthly EURODOLLAR 1975 1977 1975 1977
Chart EURODOLLAR DEPOSIT RATES London AVERAGES FOR WEEK ENDING WEDNESDAY 1 PER CENT PER ANNUM I OVERNIGHT 3MONTH PER CENT PER ANNUM rv 11 7DAY MONTH V w Vv V I i I I I I I I I II 1MONTH 1YEAR y A V va A I I i 1111 i 111! 11 1975 1977 1975 1977
Chart 7 SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PER CENT PER ANNUM PER CENT PER ANNUM OVERNIGHT Eurodollar deposits 3MONTH Eurodollar deposits FEDERAL FUNDS 90DAY CD's Adjusted for reserve requirements Adjusted for reserve requirements r J i,»!!' V'VA'v I I I I I I I 11111 I' i 111 11 i I i 111 11 i i 1111111111111111111111 1975 Digitized for FRASER Favors Borrowing in U.S. if Positive 1977 1975 1977
Chart 8 INTEREST ARBITRAGE: 3MONTH FUNDS AVERAGES FOR WEEK ENDING WEDNESDAY : PLUS(+), INDICATES FAVOR DOLLAR ASSETS PER CENT PER ANNUM PER CENT PER ANNUM EURO DOLLAR DEPOSITS,y I I INTERBANK STERLING Covered London INTERBANK DM Covered Frankfurt EURODOLLAR DEPOSITS CANADIAN FINANCE CO. PAPER, COVERED EURODOLLAR DEPOSITS U.S. COMMERCIAL PAPER 1975 1977 1975 1977
Chart 9 LONGTERM GOVERNMENT BOND YIELDS WEEKLY SERIES PER ENT PER ANNUM PER CENT PER AN 9 UNITED STATES CANADA 7 5 10 JAPAN Industrial, SWITZERLAND 8 GERMANY V I I I iiinliiln 13 11 FRANCE 9 /U v UNITED KINGDOM. 7 NETHERLANDS : 5 I! I U.S. CORPORATE Monthly U.S. CORPORATE Monthly 10 Aaa bonds Eurodollar bonds t 8 EuroDm bonds II 1975 1977 1975 1977
Chart 10 INDUSTRIAL STOCK INDEXES WEEKLY SERIES RATIO SCALE 199= 180 140 UNITED STATES 80 RATIO SCALE 199= 140 0 30 UNITED KINGDOM 280 200 /"V JAPAN ~ 0 10 V 0 I I I n h i l n l i i i i l i i h i h i 180 40 35 0 140 A 80 v CANADA ZX V SZ SWITZERLAND 80 0 0 l l l l l l l l l l l J L i i I i I I 40 180 180 140 140 80 X \ FRANCE General Index GERMANY V\ 80 0 j i h i l i i 111 I I I i I i i i 0 1975 1977 1975 1977
LAST VALUE PLOTTED SERIES NAME DATE VALUE CHART 1. SPOT EXCHANGE RATES U.S. DOLLAR, WEIGHTED AVERAGE 90.0 JAPANESE YEN 7.79 GERMAN MARK 152.34 DUTCH GUILDER 144.91 U.K. POUND 71.59 CANADIAN DOLLAR 102.47 FRENCH FRANC MARCH lb 111.31 SWISS FRANC 170.98 BELGIAN FRANC 135.95 ITALIAN LIRA 70.4 CHART 2. 3MONTH FORWARD EXCHANGE RATES CANADIAN DOLLAR 2.73 U.K. POUND.0 GERMAN MARK 0.5 5 FRENCH FRANC 5.95 SWISS FRANC 2.11 DUTCH GUILDER C.8 JAPANESE YFN 1.71 3. GOLD PRICE IN LONDON U.S. DOLLAR PER FINE OUNCE 14.1 4. CALL MONEY RATES U.S. FEDERAL FUNDS MARCH lc 4.2 OVERNIGHT EURODOLLAR DEPOSITS 4. 7d U.K. 2DAY LOCAL AUTHORITY DEPOSITS MARCH 11 10.88 CANADA MARCH 11 7.7 5 GERMANY MARCH 11 4.40 EURODM MARCH 11 4.45 JAPAN MARCH 11 7.00 FRANCE MARCH 11 4.BS NETHERLANDS MARCH 4 5.53 EUROSWISS FRANC MARCH 11 3.31 CHART 5. 3MONTH INTEREST RATES U.S. CD'S (08S DAYS ) MARCH H 4.75 GERMAN INTERBANK LOAN MARCH It 4.7 0 JAPANESE COMPOSITE LOAN JAN. e.i7 EURODOLLAR DEPOSIT MA RCH It r.10 CANADIAN FINANCE COMPANY PAPER MARCH lc 7.7 5 INTERBANK STERLING lc.toc SWISS DEPOSIT MARCH It 3.7 =
LAST VALUE PLOTTED SERIES NAME DATE VALUE CHART. EURODOLLAR DEPOSIT RATES: LONDON OVERNIGHT 4.78 7DAY 4.7 1MONTH 4.84 3MONTH 5.10 MONTH b.49 1YEAR.03 CHART 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURODOLLAR DEPOSITS U.S. FEDERAL FUNDS ADJ. FOR RESERVE REQUIREMENTS 3MONTH EUROD'JLLAR DEPOSIT RATE U.S. CD'S (089 DAYS) ADJ. FOR RESERVE REQUIREMENTS 4.7 4.2 0.3 5.10 4.75 C.2 CHART. INTEREST ARBITRAGE, 3MONTH FUNDS EURODOLLAR DEPOSIT INTERBANK STERLING (LONDON), COVERED U.S. COMMERCIAL PAPER CANADIAN FINANCE CO. PAPER, COVERED EURODOLLAR DEPOSIT INTERBANK DM (FRANKFURT), COVERED 01FFERENTIAL EURODOLLAR DEPOSIT SWISS DEPOSIT (SF), COVERED 5.10 4.00 1.10 4.73 5.02 0.27 5.10 5.25 0.15 5.10 5.8 0.7
SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 9. LONG TERM GOVERNMENT BOND YIELDS UNITED STATES MARCH 11 7.49 GERMANY MARCH 11.92 JAPAN (MONTHLY) FEB..50 SWITZERLAND FEB. 25 3.97 CANADA MARCH 11 c.70 FRANCE MARCH 4 10.50 NETHERLANDS MARCH 4 7.52 UNITED KINGDOM FEB. 25.95 CORPORATE AAA BONDS JAN. 7.9 FURODM BONDS JAN. 7.05 EURODOLLAR BONDS JAN, 7.4 CHART 1C. INDUSTRIAL STOCK INDEXES UNITED STATES MARCH 11 1C4.57 JAPAN MARCH 4 252.03 CANADA FEB. 2 5 94.4b FRANCE FEB. 25 87.3 UNITED KINGDOM MARCH 11 97.71 SWITZERLAND MARCH 11 71.0 GERMANY MARCH a 90.10
F E D E R A L R E S E R V E s t a t i s t i c a l r e l e a s e H. 10 TViu** FOREIGN EXCHANGE RATES FLR THE WEEK ENDING MARCH 18, 1977 MARCH lh, 1977 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 AUSTRALIA AUSTRIA BELGIUM CANADA DENMARK FINLAND FRANCE GERMANY INDIA IRELAND ITALY JAPAN MALAYSIA MEXICO NETHERLANDS NEW ZEALAND NORWAY PORTUGAL SOUTH AFRICA SPAIN SRI LANKA SWEDEN SWITZERLAND UNITED KINGDOM MONETARY IRA1 re u.s. CENTS] UNIT MAR. 14 MAR. 15 MAR. 1 MAR. 17 MAR. 18 DOLLAR 109.500 109.7800 109*7000 109.700 109.8700 SCHILLING 5.88000 5.87000 5.87000 5.88000 b.9000 FRANC 2.71750 2.72 2.72500 2.72550 2.72500 DOLLAR 95.0 94.700 95.0800 95.00 94.500 KRONE 17.0300 17.0200 17.0300 17.0500 17.000 MARKKA 2.2300 2.2500 2.2500 2.2800 2.2400 FRANC 20.0400 20.0500 20.0500 20.0700 20.0700 D. MARK 41.7800 41.7700 41.7900 41.8400 41.400 RUPEE 11.3000 11.3000 11.3DC0 11.3000 11.3300 POUND 171.9200 171.9000 171.9300 171.8900 171.800 LIRA 0.150 0.10 0.170 0.170 0.170 YEN 0.3550 0.35520 0.35480 0.35500 0.3510 DOLLAR 40.1300 40.1300 40.1 40.00 40.1 PESO 4.3700 4.3800 4.4200 4.4000 4.4000 GUILDER 40.0 40.0200 40.0400 40.0400 40.0400 DOLLAR 95.500 95.5000 95.000 95.000 95.000 KRONE 19.0200 19.0200 19.0200 19.0300 19.0300 ESCUDO 2.5800 2.5700 2.500 2.5800 2.5800 RAND 115.0000 115.0000 115.0000 115.0000 115.0000 PESATA 1.4529 1.4540 1.4535 1.4543 1.4540 RUPEE 13.7000 13.7000 13.7000 13.7000 13.7000 KRONA 23.7 23.700 23.7 23.7200 23.7200 FRANC 39.1300 39.0900 39.0 39.1900 39.2400 POUND 171.9200 171.9000 171.9300 171.8900 171.800