t i Selected Interest & Exchange Rates Weekly Series of Charts V:,: v:,:ir. : x Bqnl of * n n ft'c irism i.://!,r " ^ JANUARY 1,1977 DIVISION OF INTERNATIONAL FINANCE Prepared by the BOARD OF GOVERNORS FINANCIAL MARKETS FEDERAL RESERVE SYSTEM SECTION Washington, D C. 2551
Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES H.1 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDEXES 2. 3MONTH FORWARD EXCHANGE RATES a GOLD PRICE LONDON 4. CALL MONEY RATES 5. 3MONTH INTEREST RATES & EURODOLLAR DEPOSIT RATES 7. SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES a INTEREST ARBITRAGE: 3MONTH FUNDS 9. LONGTERM GOVERNMENT BOND YIELDS 1. INDUSTRIAL STOCK INDEXES SUBSCRIPTION RATES: Weekly $15. per year or $.4 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, $2. 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.
RATIO SCALE MAY 197 PARITY=1 Chart 1 SPOT EXCHANGE RATES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (DASHED LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MAY 197 PARITY: 1 1 9 FOREIGN I CURRENCY PRICE OF U.S. DOLLAR CANADIAN DOLLAR 8 I I I I I I ii 11 i luli i 14 JAPANESE YEN FRENCH FRANC 12!a.^~ X I _y 1 I I I 11111111111 IlllllllI I I SWISS FRANC GERMAN MARK 16 14 _ y w DUTCH GUILDER I ^v/v / h' i I v BELGIAN FRANC 12 v / 1 I I I i i i 11111111117 1 U.K. POUND j J ^ \ ITALIAN LIRA \ l\ 8 " X j ^ I i 6 ' v i V A i I I I I I I lllllllill I I ill ill ill I I I I I I I mimimim MlMhllM 1975 1977 1975 1977
Chart 2 3MONTH FORWARD EXCHANGE RATES PREMIUM (+), OR DISCOUNT () AVERAGES FOR WEEK ENDING WEDNESDAY PER 6 ENT PER ANNUM + /Va CANADIAN DOLLAR 6 I I I I I I + U.K. POUND SWISS FRANC 6 12 18 lllllllllll 6 GERMAN MARK DUTCH GUILDER 6 6 + FRENCH FRANC JAPANESE YEN 2 per cent on scale equals 1 per cent on all others 12 1975 1977 1975 1977
Chart 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY 12.5 Kg BARS Afternoon fixing price U.S. DOLLARS PER FINE OUNCE 2 18 16 14 12 1 8 1975 1977
Chart 4 CALL MONEY RATES WEEKLY SERIES 16 16 12 U.S. FEDERAL FUNDS JAPAN 12 8 "OVERNIGHT EURODOLLARS I I I I I I I 1 1 1 1 1 1 I, " 4 16 fyl U.K. 2~ DAY LOCAL AUTHORITY J 12 FRANCE 4 I I I I I I 11111111111 12 CANADA NETHERLANDS I I I I I I GERMANY EUROSWISS FRANC EURODM 1975 1977 1975 1977
Chart 5 3MONTH INTEREST RATES WEEKLY SERIES CANADIAN FINANCE CO. PAPER UNITED STATES CD's 14 e 1 1 U.K. INTERBANK STERLING I GERMAN INTERBANK RATE S ] 6 V 2 1 1 1 1 1 1 llllllllllll I I 111 I II I I I 14 SWISS DEPOSIT RATE 1 JAPAN Monthly r f ' ^ L EURODOLLAR ' 1 _ U l I l 1 1 1 1975 1977 1975 1977
Chart 6 EURODOLLAR DEPOSIT RATES London AVERAGES FOR WEEK ENDING WEDNESDAY OVERNIGHT 3MONTH 7DAY 6MONTH 1MONTH 1YEAR 1975 1977 1975 1977
Chart 7 SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY PIER CENT PER ANNUM 12 12 OVERNIGHT Eurodollar deposits 3MONTH Eurodollar deposits FEDERAL FUNDS 9DAY CD's V 'V I / DIFFERENTIAL Adjusted for reserve requirements v*~ 'Av< n 1 DIFFERENTIAL I f u I fil i Adjusted for reserve requirements : a,«\ / v < V + 1 L Digitized for FRASER Favor'. Rrvrm/winn in II Q if Pnri + Mi 1111111' 1111' 111111' JII11111 1975 1977 1975 ' I'' l' 11'' 11111 1977
Chart 8 INTEREST ARBITRAGE: 3MONTH FUNDS AVERAGES FOR WEEK ENDING WEDNESDAY DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS PER PER ANNUM PER CENT PER 15 EURODOLLAR DEPOSITS INTERBANK DM Covered Frankfurt 15 1 INTERBANK STERLING Covered London 1 5 EURODOLLAR DEPOSITS 5 + DIFFERENTIAL r\ r /X ^ " ^ DIFFERENTIAL vvx + 5 5 15 CANADIAN FINANCE CO. PAPER, COVERED 15 SWISS DEPOSITS (SF) COVERED 1 1 6 U.S. COMMERCIAL PAPER EURODOLLAR DEPOSITS 5 y, v \ v \ v/xa v*' DIFFERENTIAL 5 DIFFERENTIAL 5 1975 1977 1975 1977
Chart 9 LONGTERM GOVERNMENT BOND YIELDS WEEKLY SERIES j v UNITEDSTATES /\ / y CANADA V/N V 1 1 1 1 1 1 1 1 1 l i,i 9 JAPAN Industrial. SWITZERLAND 7 5 GERMANY iiliil'ihi 1 1 1 1 1 1 MIMIMIM..lull,In 3 19 FRANCE I/ 17. 1 UNITED KINGDOM. 15, NETHERLANDS 13 1 1 1 1 I 1 n l n l n h, n l n l n h. 11 12 U.S. CORPORATE Monthly Aaa bonds / Via* U.S. CORPORATE Monthly /y\\ Eurodollar bonds z / U A K v. # EuroDm bonds X 6 i i i l. l I iiliihiln n i iilu in i i i 11111 h 1111 1*7* 1977 1975 1977
Chart 1 INDUSTRIAL STOCK INDEXES WEEKLY SERIES 1969: 18 CALE 14 UNITED STATES 1 8 RATIO SCALE 1969=1 6 36 UNITED KINGDOM 28 JAPAN 2 16 12 18 14 CANADA SWITZERLAND 1 8 6 L_U 18 14 1 FRANCE \ General Index GERMANY 8 6 I I I I I I I I I I I I 1975 1977 1975 1977
LAST VALUE PLOTTED SERIES NAME DATE VALUE CHART 1. SPOT EXCHANGE RATES U.S. DOLLAR, WEIGHTED AVERAGE JAPANESE YEN GERMAN MARK DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA JAN. 5 89.73 JAN. 5 123.7 JAN. b 155.63 JAN. 5 147.81 JAN. 5 71.3 JAN. 5 17.34 JAN. 5 112.24 JAN. 5 178.77 JAN. 5 139.45 JAN. 5 71.47 # CHART 2. 3MONTH FORWARD EXCHANGE RATES CANADIAN DOLLAR JAN. 5 3.14 U.K. POUND JAN. 5 1.11 GERMAN MARK JAN. 5.42 FRENCH FRANC JAN. 5 7.48 SWISS FRANC JAN. 5 3.37 DUTCH GUILDER JAN. 5 1.23 JAPANESE YEN JAN. 5 1.8. GOLD PRICE IN LONDON U.S. DOLLAR PER FINE OUNCE JAN. 5 134.5 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 JAN. 5 4.59 JAN. 5 4.67 JAN. 7 14.75 DEC. 17 8.75 JAN. 7 4.5 DEC. 2* 5.5 JAN. 7 7. JAN. 7 9.75 DEC. 31 6.2 DEC. 24 1.42 CHART 5. 3MONTH INTEREST RATES U.S. CD'S (689 DAYS) JAN. 5 4.5 GERMAN INTERBANK LOAN JAN. 5 4.74 JAPANESE COMPOSITE LOAN NOV. 8.19 EURODOLLAR DEPOSIT JAN. 5 5.3 CANADIAN FINANCE COMPANY PAPER JAN. 5 fc.21 INTERBANK STERLING JAN. 5 14.8 SWISS DEPOSIT JAN. 5 <.
LAST VALUE PLOTTED SERIES NAME DATE VALUE CHART FC. EURODOLLAR DEPOSIT KATES: LONDON * OVERNIGHT JAN. 5 4.67 7 DA Y JAN. 5 4.84 1MONTH JAN. 5 4.88 3MONTH JAN. 5 5.3 6MONTH JAN. T 5.34 1YEAR JAN. 5 5.61 CHART 7. SELECTED EUROOOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURODOLLAR DEPOSITS JAN. 5 4.6? U.S. FEDERAL FUNDS JAN. 5 4.59 DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS JAN. 5.28 3MONTH EURODOLLAR DEPOSIT RATE JAN. 5 5.3 U.S. CD'S (689 DAYS) JAN. 5 4.5 DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS JAN. 5.48 8. INTEREST ARBITRAGE* 3MONTH FUNDS EURODOLLAR DEPOSIT JAN. 5 5.3 INTERBANK STERLING (LONDON), COVERED JAN. 5 3.98 DIFFERENTIAL JAN. K 1.5 U.S. COMMERCIAL PAPER JAN. 5 4.63 CANADIAN FINANCE CO. PAPER, COVERED JAN. 5 5.6 DIFFERENTIAL JAN. 5.43 EURODOLLAR DEPOSIT JAN. 5 5.3 INTERBANK DM (FRANKFURT), COVERED JAN. 5 5.16 DIFFERENTIAL JAN. 5.12 EURODOLLAR DEPOSIT JAN. 5 5.3 SWISS DEPOSIT (SF), COVERED JAN. 5 7.37 DIFFERENTIAL JAN. 5 2. 33
SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 9. LONG TERM GOVERNMENT BOND YIELDS UNITED STATES GERMANY JAPAN (MONTHLY) SWITZERLAND CANADA FRANCE NETHERLANDS UNITED KINGDOM DEC. 31 6.87 DEC. 31 7.26 DEC. 8.73 DEC. 31 4.42 DEC. 17 8.73 DEC. 1 1.7 DEC. 31 7.43 DEC. 31 13.82 U.S. CORPORATE AAA BONDS EURODM BONDS EURODOLLAR BONDS DEC. 7.98 NOV. 6.93 NOV. 7.7b CHART 1. INDUSTRIAL STOCK INDEXES UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM SWITZERLAND GERMANY DEC. 31 11.78 DEC. 24 247.67 DEC. 17 88.97 DEC. 17 88.49 DEC. 24 81.8 DEC. 24 69.69 DEC. 24 9.39
AUSTRALIA DOLLAR 19. 16.5 18.68 16.56 16.6 AUSTRIA SCHILLING 5.99 6.1 5.99 5.96 5.97 BELGIUM FRANC 2.7923 2.797 2.767 c.785 2.7533 CANADA DOLLAR 99.26 99.51 99.61 99.72 99.52 DENMARK KRONE 17.36 17.34 17.22 17.22 17.19 FINLAND MARKKA 26.59 26.65 26.62 26.62 26.62 FRANCE FRANC 2.25 2.28 2.22 2.16 2.13 GERMANY D. MARK 42.67 42.62 42.54 42.43 42.28 INDIA RUPEE 11.2 11.2 11.2 11.2 11.2 IRELAND POUND 17.4 17.85 171.7 17.55 17.6 ITALY LIRA.1144.1143.1143.1141.1142 JAPAN YEN.3419.3428.3421.3414.3415 MALAYSIA DOLLAR 39.47 39.64 39.61 39.59 39.56 MEXICO PESO 4.98 5. 5. 5. 4.99 NETHERLANDS GUILDER 4.97 4.93 4.86 4.74 4.47 NEW ZEALAND DOLLAR 94.9 94.9 94.86 94.87 95. NORWAY KRONE 19.41 19.4 19.34 19.33 19.27 PORTUGAL ESCUDO 3.18 3.18 3.18 3.17 3.16 SOUTH AFRICA RAND 115. 115. 115. 115. 115. SPAIN PESATA 1.4656 1.4661 1.4654 1.4641 1.4624 SRI LANKA RUPEE 11.4 ll.tooo 11.4 11.4 11.4 SWEDEN KRONA 24.38 24.35 24.21 24.21 24.13 SWITZERLAND FRANC 4.95 4.89 4.79 4.72 4.59 UNITED KINGDOM POUND 17.4 17.85 171.7 17.55 17.6 Digitized for FRASER /ti5js *.. F E D E R A L RESERVE statistical releas e H in. JANUARY 11, 1977 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING JANUARY 7, 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 MONETARY (KA IE U.S. CENTS) UNIT JAN. 3 JAN. 4 JAN. 5 JAN. 6 JAN. 7