Selected Interest & Exchange Rates

Selected Interest & Exchange Rates Weekly Series of Charts I? r * :> / * -i' % JS-H \ ^ % kaj MAY 23, 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. 3-MONTH FORWARD EXCHANGE RATES 3. GOLD PRICE-LONDON 4. CALL MONEY RATES 5. 3-MONTH INTEREST RATES 6. EURO-DOLLAR DEPOSIT RATES 7. SELECTED EURO DOLLAR AND U.S. MONEY MARKET RATES 8. INTEREST ARBITRAGE: 3-MONTH FUNDS 9. LONG-TERM GOVERNMENT BOND YIELDS 10. INDUSTRIAL STOCK INDEXES 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 RATES DOi LAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (DASHED LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE WAY 1970 P4RTY-1C0 MA l IV ^LHLL MAY 1970 PARITY - 100 CANADIAN DOLLAR 120 FOREIGN CURRENCY PRICE OF U.S. DOLLAR 140 f APANESE YEN FRENCH FRANC 120 100 I I I I II I! I I 200 180 SWISS FRANC ERMAN MARK 160 140 120 160 >V/-\ DUTCH GUILDER BELGIAN FRANC 140 ^ ' r 120 V ^ -I 120 100 i i I I! I ii III Nil; i 100 U.K. POUND \ ITALIAN LIRA - 4 \!L \ \V^j N " i l l 11 i 11 i 11! 11 1975 1977 1975 1977

CHART 2 3-MONTH FORWARD EXCHANGE RATES PREMIUM (+) OR (-) AVERAGES FOR WEEK ENDING WEDNESDAY CANADIAN DOLLAR I I! I ILL I HILI I U. K. POUND DUTCH GUILDER - - 12 I I I I I I I GERMAN MARK SWISS FRANC FRENCH FRANC JAPANESE YEN 2 PER CENT ON SCALE EQUALS 1 PER CENT ON ALL OTHER 1975 1977 1975 1977

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. DOLLARS PER FINE OUNCE U.S. DOLLARS PER FINE OuNCr 180 12.5 Kg BARS 160 AFTERNOON FIXING PRICE 160 40 120 100 100 80 80 1975 1977

CHART 4 CALL MONEY RATES WEEKLY SERIES PER CENT ANNUM 15 1 1 16 T4 U.S. FEDERAL FUNDS ARAN OVERNIGHT EURO-DOLLARS U.K. 2-DAY LOCAL AUTHORITY V\ k A.i \ FRANCE - 16 12! I!!! I liihiinhi I ill! hill i CANADA A NETHERLANDS... I I I i ill i hill i" 16 # EURO-DM 12 GERMANY EURO-SWISS FRANC 1975 1977 1975 1977

CHART 5 3-MONTH INTEREST RATES WEEKLY SERIES # r i e 12 8 v IA ^ j UNITED STATES CD's A V CANADIAN FINANCE CO. PAPER XA - 1 12 e 4!! 1 iuililll 1 1 1 111111111II U.K. INTERBANK STERLING GERMAN INTERBANK RATE EURO-DOLLAR SWISS INTERBANK RATE JAPAN MONTHLY! I I I'll! I I 1975 1977 1975 1977

CHART 6 EURO-DOLLAR DEPOSIT RATES AVERAGES FOR WEEK ENDING WEDNESDAY LONDON OVERNIGHT 3-MONTH 7-DAY 6-MONTH 1-MONTH 1977 1977

CHART SELECTED EURO-DOLLAR AND U. S. MONEY MARKET RATES AVERAGES FOR WEEK ENDING WEDNESDAY 12 OVERNIGHT EURO-DOLLAR DEPOSITS 3-MONTH EURO-DOLLAR DEPOSITS FEDERAL FUNDS DASHED LINE - 8 90-DAY CD'S DASHED LINE DIFFERENTIAL ADJUSTED FOR RESERVE REQUIREMENTS DIFFERENTIAL ADJUSTED FOR RESERVE REQUIREMENTS -AVORS Digitized for FRASER 1975 BORROWING IN U. S. IF POSITIVE 1977 LLLLL1 I 1 I I 1 I i i I I i 1 1977

CHART 8 INTEREST ARBITRAGE: 3-MONTH FUNDS DIFFERENTIAL: PIUS(+). INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY fv/ EURO-DOLLAR DEPOSITS 12 / l v, / INTERBANK STERLING INTERBANK DM COVERED LONDON COVERED FRANKFURT EURO-DOLLAR DEPOSITS DASHED LINE DIFFERENTIAL DIFFERENTIAL CANADIAN FINANCE CO. PAPER, COVERED EURO-DOLLAR DEPOSITS 12 6 f- r~ U.S. COMMERCIAL PAPER DASHED LINE j SWISS INTERBANK (SF) COVERED DASHED LINE DIFFERENTIAL 1 DIFFERENTIAL I o 1975 lull! I I I II I I I I I ILL 1977 ILL 1975 1977

CHART 9 LONG-TERM GOVERNMENT BOND YIELDS WEEKLY SERIES CENT PER ANNUM UNITED STATES /v\ J \ CANADA I I I! I i! MM \ JAPAN \/N INDUSTRIAL J, SWITZERLAND - GERMANY - I I I I I I I I I! I I I I i i 111 i; i I!! 3 19 FRANCE UNITED KINGDOM ^ 15 NETHERLANDS till I Mill I A ilnliil 11 12 12 U.S. CORPORATE ~~ MONTHLY U.S. CORPORATE MONTHLY 0 10 ~ - Aaa BONDS - Y / " \ _ EURO-DOLLAR A BONDS 8 -z/ - - 6 I! 11! III! I I EURO-DM BONDS 1975 1977 1975 1977

INDUSTRIAL STOCK INDEXES WEEKLY SERIES UNITED STATES 100 M-A 360! UNITED KINGDOM : / v u V, /V V JAPAN CANADA SWITZERLAND FRANCE GENERAL INDEX GERMANY 100 h- 1975 1977 1975 1977

StRieS NAME LAST VALUE PLOTTED DATE VALUE CHAR? 'if Of EXtrtAfNSc RATES U.S. DOlLAK, WEIGHTLD AVERAGE 90.,02. JAPANESE YEN 129.64 GERMAN MARK MAY 16 155.10 DUTCH GUILDER MAY 16 147.30 U.K. POUND 71.t>3 CANADIAN" DOLLAR MAY LTI 103.09 FRENCH FRANC 112*08 SWISS FRANC 173.29 BELGIAN FRANC 138. 24 ITALIAN LIRA 70.50 CHART 2. 3-MONTH FORWARD EXCHANGE RATES CANADIAN DOLLAR -1.58 U.K. POUND -2.14 GERMAN MARK 1.89 FRENCH FRANC -4.69 SWISS FRANC - I TM DUTCH GUILDER 2.64 JAPANESE YEN 0.18 CHART 3. GOLD PRICE IN LONDON U.S. DOLLAR PER FINE OUNCE 147.54 CHART 4. CALL MONEY RATES U.S. FEDERAL FUNDS. 5t34. OVERNIGHT EURO-DOLLAR DEPOSITS 5.38 U.K. 2-DAY LOCAL AUTHORITY DEPOSITS MAY 13 6.75. CANADA MAY 13 7.65 GERMANY MAY 13 3.80 EURO-DM MAY 13 3.89 JAPAN MAY 13 5.23 FRANCE MAY 13 9.00 NETHERLANDS APRIL 29 0.90 EURO-SWISS FRANC MAY 13 5.33 CHART 5» 3-MONTH INTEREST RATES U.S. CD'S (60-89 DAYS) 5.24 GERMAN INTERBANK LOAN 4.43 JAPANESE COMPOS 11E LOAN MARCH. 8.13. EURO-DOLLAR DEPOSIT 5.80 CANADIAN FINANCE COMPANY PAPER 7.38- INTERBANK STERLING 7.50 SWISS INTERBANK LOAN 3.82

SERIES NAME LAST VALUE PLOTTED., DATE VALUE CHART 6, EURO-DOLLAR DEPOSIT RATES: LONDON OVERMGiil 7-OAY 1-MONTH 3-MONTH 6-MONTH 1-YEAR. MAY IB 5.48 5.50 5.80 6.19 6.49 CHART 7, SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURO-DOLLAR DEPOSITS U.S. FEDERAL FUNDS DIFFERENTIALADJ. FOR RESERVE REQUIREMENTS 3-MONTH EURO-DOLLAR DEPOSIT RATE U.S. CD'S (60-89 DAYS) DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS 3»38L. B» 34 -QjuZfe- 5.80 5.24 0.47 IM.ERE S_1_A_R B LTRAGE_J_3 MONT H_ F UNDS EURO-DOLLAR DEPOSIT MAY 10_ 5.80 INTERBANK STERLING (LONDON), COVERED 5.36 DIFFERENTIAL, MAY.16 0^44 U.S. COMMERCIAL PAPER 5.35 CANADIAN FINANCE CO. PAPER, COVERED 5.80 DIFFERENTIAL. -0.45 EURODOLLAR DEPOSIT - MAY 16 5,80 INTERBANK DM (FRANKFURT), COVERED 6.32 g DIFFERENTIAL -0.52 1 EURO-DOLLAR DEPOSIT MAY IB SWISS INTERBANK, COVERED 5.66 DIFFERENTIAL WAY 18. 0*14

SERIES NAME DATE VALUE CHART_9. LONG TERM GOVERNMENT BOND YIELDS UNITED STATES... GERMANY JAPAN (MONTHLY) SWITZERLAND ARAPA. FRANCE -NElH Rt ANPS UNITED KINGDOM HAX.il Li5fl APRIL 29 6.20 APRIL 7*8.4 MAY 6 4.10.MAY 13 A. 80 MAY 6 10.94 APRIL-22 7.28 MAY 13 11.61 U.S. CORPORATE AAA BOND. EURO DM BONDS EURO-DOLLAR BONDS MARCH MARCH MARCH L»J19L... 6.87 7.70 CHART 10. INDUSTRIAL STOCK INDEXES UNITED STATES JAPAN CANADA FRANCE UNITED KINGDOM -SMlTZjEftLANP GERMANY MAY 6 102.92 APRIL 22 APRIL 22 94.20 APRIL 25 TBl.16 MAY 6 107.22 APRIL 22 74-97 APRIL 29 96.78

# H»10 FEDERAL RESERVE statistical release FOREIGN EXCHANGE RATES 23 1977 FOR THE WEEK ENDING WAY 20» 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 (RAJ HE U.S. CENTS UNIT MAY 16 MAY 17 MAY 19 MAY 20 Digitized for FRASER AUSTRALIA DOLLAR 110.2600 110.3000 110.3000 110.3000 110.3 500 AUSTRIA SCHILLING 5.95000 5.95000 5.96000 5.96000 5,95000 BE LGIUM FRANC 2.76300 2.76500 2.76900 2.77400 2.77100 CA NA DA DOLLAR 95.3600 95.5100 95*4900 95.4000 95 1900 DENMARK KRONE 16.6300 16.6300 16.6000 16.6100 16.6200 FINLAND MARKKA 24.5100 24.5400 24.5275 24.5300 24.4900 FRANCE FRANC 20.1700 20.1900 20.2000 20.2000 20.1800 GERMANY D, MARK 42.3200 42.4100 42.4150 42 4400 42.3800 INDIA RUPEE 11.3500 11.3500 11.3500 11.3500 11.3200 IRELAND POUND 171.8800 171.8700 171.8500 171.7800 171.7400 ITALY LIRA 0.11280 0.11280 0.11282 0.11280 0.11280 JAPAN YEN 0.36010 0.36030 0.36050 0.36105 0.36070 MALAYSIA DOLLAR 40.2600 40.3000 40.3000 40.3100 40.2300 MEXICO PESO 4 #4000 4.3900 4.3600 4.3600 4.3600 NETHERLANDS GUILDER 40.6600 40.7200 40.7750 40.7700 40.7200 NEW ZEALAND DOLLAR 95.9500 95.9500 95.9500 95 9500 96.0000 NORWAY KRONE 18.9400 18.9300 18.9500 18.9550 18,9400 PORTUGAL ESCUDO 2.5850 2.5800 2.5825 2.5800 2,.5 800 SOUTH AFRICA RAND 115.0000 115.0000 115.0000 115.0500 115.0000 SPAIN PESATA 1.4497 1.4499 1.450 3 1 e 44 51 1.4461 SRI LANKA RUPEE 13.7000 13.7000 13.7COO 13.7000 13.7000 SW ED EN KRONA 22.9000 22.9200 22.9350 22.95 50 22.9300 SWITZERLAND FRANC 39.5800 39.6700 39*6800 39*690 39,6900 UN IT ED KINGDOM POUND 171.8800 - J 171» 8700 171.8500 17 1 7800 171.740'