SELECTED INTEREST & EXCHANGE RATES FOR ... 173 •Mi Dww«i JUN 13 w a IflMrl SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. •BCL V SBWES OF CNA*T« Digitized

6 , 1*73 •Mi Dww*«i

JUN 1 3 w

a I f l M r l

SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. • B C L V SBWES OF CNA*T«

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TA0LE OF CONTENTS

PART I. EXCHANGE RATES AMD GOLD PRICES

Chart 1A and 8 - Spot Exchange Rates, Major Currencies against U.S. Dollar Chart 2A and B - 3-Month Forward Exchange Rales, Mayor Currencies against

U.S. Dollar Chart 3A and B - 3-Monlh Forward Exchange Rates, Major Currencies against

U.K. Pound Chart 4 - Gold Price in London

PART II. SHORT-TERM INTEREST RATES

Chart 5 - Call Money Rales Chart 6A and 8 - London: Emo-$ Deposit Rales Chart 7A and B - Mew York - London: Yields on U.S. Dollar Funds Chart 8A and 8 - London: Coveted Yields on U.S. Dollar Funds Chart 9A and 8 - interest Arbitrage: United States-United Kingdom Chart 10A and B - Interest Arbitrage: U.S.-Gemany and U S -Switzerland Chart 11 - Interest Arbitrage: United States-Canada Chart 12A and 8 - Selected Short-term Interest Rates

PART III. LONG-TERM INTEREST RATES AMD STOCK INDICES

Chart 13 - Long-Tens Bond Yields Chart 14 - Industrial Stock Indices

PART IV. SELECTED CENTRAL BAMK DISCOUNT RATES AND LATEST FIGURES PLOTTED ON THE CHARTS

NOTE: This series is a continuation of the CAPITAL MARKETS DEVELOPMENTS ABROAD, which was published under that title through December 31,1966. The changes in the format and order of the charts are explained ki the Supplement to toe series, which accompanied issue dated January 1,1%9. All series and their sources are fully described in a Supplement dated January 1,1972.


G t a r t U

WOT EttMHilGE ROTES - MAJOR CURREMOB AGAINST U6 DOLLAR

3.14

ML

US

US

M • J S D m J S D

1S72 Jf73 * f-Oimc t toa lec Jiroe 23. 1972

S m s s f r a n c fktated January 23. 1973 |See separa te char ; * * * J a p a a e s e V«r t toated February 13. 1973 " • * S a s e t i ®n aew Central Rate


4 Chan i e

SPOT EJCCHAWGE RATE MAJOR CURRENCIES AGAINST US- OOfllAR Weekly averages

3.24

FRMIC

s D s D « 1072 1973

Ratio scale, U S cents Ratio scale. U S cents

100

240 p

1973 1972 1 9 7 1


34K*rr#i FORWARD EXCHAIIGE - MAJOR C U W B K » AGAMtST US. DOHA* Weekly ave rages Per cent per annum

UJ(POUHD

DUTCH

DtSCOUWT -

M s D D M M S s D S D 2970 I t n 1972 1173

"* L*u*tUan Doiiar & a k not &*wecSed by S e e k <H r an ad*

See DfcSCKSPIKW AMD SOURCES Of DMA. January 1. 1 9 7 3 . » 2-3-


3-MOUTH FORWARD EXCHANGE Weekly averages

CUMEWCES AGAIWST U.S. OOUJUI Per cent per annum

12 1 I 1 1 1 1 1 1 ] 1 1 1 1 [ i ! 1 1 1 I M ! ! ' M | ! ! J M

PREMIUM +

HEMCHFKAMC

! ' !

- > v X

DISCOUNT -

/

DISCOUNT

I I I 1 I I I I I ! I 1 I I I I I I I I I I

1970 1971 See DESCRIPTION M t £ SOURCES Of DATA. January 1. 1973. pp 2 3-


3-MONT+I FORWARD EXCHANGE - MAJOR CUMKMOES AGAINST UML. POUND f u o a v t i g u t e ; f e r c e n t p e r a m i n e

16

s D D S L 1970 1971 1972 1973

btrr D L b L R I d i o t s ANL SOURCLS Of DAV Jd r .u» r . : 19X- t ;


/ Chart 36

3-MONTH FORWARD EXCHANGE - MAJOR CWMENOE* A6AWST UJL POUMD Friday figures Pier cent per atmttm

1*

12

i FflKAMC

FREMCM FSAMC

M J S D M J S D

1970 1971 See DESCRIPTION AND SOURCES OF DATA, January 1. 197 j . p 3

M J S

1972 M J S

1973


C*Wt4

QOLP F W C E M l UmoatL 123 * € S W i ' s «f af tef*wwi b u n g s

##

M J S D M J S D M J S D * - #

1970 1971 1S72 1S73 See DESCRIPTION AND SOURCES Of DATA, January 1. 1973, p 4


Chert 5 *

GALL HOMEY RATES DOLLAR flWDS

| FEDERAL FUNDS ^

i !

1 -

1 I

at

FAVOR EURODOLLAR

EURO-CURRENCIES Weekly averages cent per annum

D S S D M S D S D 1970 1*71 1972 1973

* Changed tfom CALL to OVERNIGHT Lure-dollar deposits, Way 10. 1971 See DESCRIPTION AND SOURCES OF DATA. January 1, 1973 pp 4 4


Owl SS

CMLmamr turns SEUECTCD FOROGM MID EEC CUMEWCES

F«r cant j

-

y y y j Kftr ] m Z

Z V X A

i i ! i i 1 m I i i "l l f i I I 1 1 1 I i

M e n e e u w

i l i i l

Jf i X - ^ V A i

w U lA 1 i i I M m i i i i r i i 1 i i 1 i i

M J S D M J S D M J S D M J S O

1970 1971 1972 1973 France , Day to-day Money. k e t h e r lands , Call Money, weekly average, Japan. Unconditional M o n e y ; Canada Day-to-day Loans, weekly a v e r a g e , G e r m a n y . Call Money; U K , 2 d a y Local Authori ty D e p o s i t s See DESCRIPTION AND SOURCES Of DATA. J a n u a r y 1. 1972. pp 4-6


LONDON: EURODOLLAR DEPOSIT RATES

t $ $ J r j * * ) m n W 2 m

" . - c r w r t e e r u W r o D o l w Depe&m — ju i . - c t t d n g e t u I/tiv Luro l/oua-


\> Chart 6 6

LOUDON: EUfKVDOUAR DEPOSIT RATES f f i d a y <igufes Fer caet per #*##m

i f

MTf

See DESC«(M*OK AMD SOUHCES Of DAT* Janu»fy 1 1973. p. 6


tieert U

mm WEISE OE u s W L U W r t m w a * n w w BD1W DEPOSIT «ATES-SECOHD*«Y «WWK£T

4lttBoej»Qay Ugtu*i «?nt per afmvrr

^ i 2

OF u s .

D<ff£«£#<TiAL FAVOR EURODOLLAR

u s . c a t m c A T E o r

« s w D « J s D * J s J s p D &n> 1*71 1*72 1S73

See DESCRIPTION AMD SOURCES OF DATA. January 1. 1973. p p 6 7


CtWl 76

I E * ffMUMMMb CWT OF MlUi l l R W S 3 W « W DOLLAR P6P0SIT RATES-fRWARY MARKET gtodmwday 4***#s far cent pe#

US-ADJUSTED'

US. CEeiFEME or DEPOSIT ADJUSTED1

S D M S D S D W s D * J J J

I f f * 1*71 1S72 1*73 * Adjusted tor I m a m * #w&iirmmmmf * * Adjusted tor 1 0 S tetnc *e@M*#m#mt * * * Adiwsted tor 20% fltefgtMl U t s m m tt>qmr—i—< See DESCttlPTtOWAMD SOURCES OF DATA, January 1, 1973. pp 6 7


LONDON: COVERED VELDS ON US. DOLUW FUNDS «W£ PURCHASE 'STERLIHG CD's vs EURO-DOLLAR RATES f r n w y l i g u r e i

D#?ZM&mAL RSKftUlttCDs

mm *-hi*e - f -u rcna i t sui4>eni>ec A u g u s t 1 . 1971 a n o S*er«ag £«ertritseees trf 1

Jfegtn -AMBUS' >'1 19̂ 1 DLSC-RW ION AN! SOURCES Of DAU -kmuan . 1972 ,jm T-fc


C h a n 8 6

LONDON: COVERED YIELDS ON U J . DOllA* FUNDS LOCAL AUTHORITY AMD EURO-DOLLAR RATES

DIFFERENTIAL

s $ 2 # D $ $ J J J

wn wn wn S w D E S C R m f l W i W D SOURCES « F DAT* J w u a r y 1 1 9 7 3 , * p 7-fe


m t r m e s T M m m u & t m u m > t u m a x m AMP i M i f r a > STATES

-WON7^ T-REASUR> BlL--RATES

- 1 0 IJ*. LOCAL JMSUKmn* UNCQVLRLL J

z

1972 19 73 1970 1971 * P io t t eo ior compar i son p u r p o s e s bee DESCRIPTION AND SOURCES OF DATA, J a n u a r y


Cfum 9B

<46*«ses f-tr* oeirt per *nr,u<r

RATE D#ffa%awTmimo z - m m ™ to rn**® STERHIM;

RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER FAVOR LONDON

FAVOR ME# VORK

D 0 #1 s 0 J J s M s 0 J s J

w w a n W 2 w e SMoapupnotiMiDtouDccsor IMM. jmwvo I. i»73,w«-e


3-MONTH FUNDS INTEREST ARBITRAGE: EURO-DOLLAR - GERMAN MARK FRANKFURT INTERBANK LOAN RATE VS LONDON EURO-DOLLAR RATE V « e o • « ; > : Per cen t per a n n u m

EURO-DOLLAR

FAVOR FRANKFURT DIFFERENTIAL

FAVOR EURO DOLLAR I

_U J 2

1972 1973 1970 1971 r DESCRIPTION AND SOURCES OF DATA jar ,uar»

N; ciuoiatio-


Chart 106

34WETM fUHOS MTEKST AMtTHACE: EUHO-OOUJUl - SWISS FRAWC ZURICH DEPOSIT RATE VS LONDON EURO DOLLAR RATE/ Wednesday rales Per cent per annum

SWISS DEPOSIT HATE

EIW-OOUA* COVERED

FAVOR ZURICH DIFFERENTIAL

w

FAVOR EURO DOLLAR

I I I I I I I I I I I I I I I I I •

See DESCRSPTIOW AWD SOURCES OF DATA, January 1. 1973. pp. 9 10


Owl 13

H 1 1 1 " " ' ! 1 M M H 1 ] VI ] 1 M M ] H ] M ] M ' _8<LL RATES

\ i J C M M L C O M W

! ! ] ! I J ! ! | ! I

j i , z \

H i

BILL RATE tNFf&GMJIALMtD fOfiWWD OWAPMW DOLLAR

tXWEREO RATE DFfCREETiALS

wwoeys I I I I I I I

See K S C f W T K * AMP SOUHCtSOf C * W - U m w y 1. 1973, * p 10-11


SELECTED SHOfTT TEMI MTEItfST RATES* fer cent pef

/

U6

h -

v4"'. P : T. ; K'-rfl i i r/' A \ JbL^J r>-S

v \ n r

13TQ 1S71 1*72 2973 Jf74 * 3-ewmh tseaswy Mi tides <#f ail cewetaes « w t JaewCUtetape tale en took toens and OocPMts )

aM_Gff«M#(W«kHk bMn Sale) SeeDtSOWTitW W SOUGCES OF 0A1A. JWiWy 1, 1973, «p 11 12


Chert 126

SB^CTEPSWtTTBMI WTEBEST *ATES Per cent per Miwri

A

w A *

1

I V

1

V

• • • { Z

P M K U W i m # o

/ /

T a / -

1 ! 1 I 1 1 1 1 1 1 1 1 1 1 I I 1 1 1 1 1 1

u A ^ i .

j 11 i i I i i i i i I I i I I 1 I I 1 I I 1 1 1 1 1 1 1 1 I 1.1

_ _ r y - i / s .•—i / L . V \ / v S a

-

I i ! i I 1 l I 1 i i

v j 1

I I 1 I I 1 1 1 I 1 'I

/ r

l i i i L m ~ I I i 1 1 1 1 I I 1

i i

L

1 1 I 1 1 1 1 1 1 1 1 I I 1 1 1 11 1 1 1 1

- • r i ^ / v V

\ v . ^ / v v . s 1 r *A_

1 1 ! ; 1 1 M 1 1 1

" ' v

1 1 I I I 1 1 1 1 1 1 i i 1 i i 1 i i 1 i i

" S

1 1 11 11 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

m wn w z vm wi* See DesCRHTK* iWD SOUeCtS Of 1*1*. iwuary 1. 1973. sw 1112.


UDMG T£Rflf aOWD VEIUS »*hb*u> iigut-es fier c ee t pe r

r W

-

-l y / *

; 1 • i 1 i ; i 1 i i i i 1 i i 1 i i 1 i i

U * / v a A K

camim v / j

!

1

. : • , i ; • ! : ! . i ' i l l , i i 111 1 M 1 i i

Montniv ligures 1

US. COBPOWTE: -

Z \ DOLLAR EUeO-BOWDS -

AaaBOilDS „ /

r 1 DM tlWO-WWDS

! i i i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1970 1971 1972 1973 1974

See DESCRIPTION AND SOURCES Of DATA. January 1, 1973, pp 12 15


Chart 14

MPUSTVML STOCK INDEXES Retic sca le , 1958=100 JW=100

m

246


June 6 , 1973 H. 13 IV .^ELECTED CENTRAL BANK DISCOUNT RATES No. 613

Country Current Rale in Effect Since Previous Rate In Effect Since

E.E.C.:

Belgium

E.E.C.:

Belgium 5 .5 May 10, 1973 5 . 0 Dec. 21, 1973

fiance 7 .50 Nov. 30, 1972 6 . 5 0 Nov. 2 , 1972

Germany 7.00 June 1, 1973 6 . 0 May 3, 1973

Italy 4 . 0 Apr. 10, 1972 4 .5 Oct. 14, 1972

Netherlands 4 .5 June 1, 1973 4 . 0 Nov. 3, 1972

**United 8 .50 Mar. 1, 1973 8.75 Jan. 19, 1973

Switzerland 4 .50 Jan. 1, 1973 3.75 Sept. 15, 1972 United

Canada 5.75 May 14, 1973 5.25 Apr. 9, 1973

Japan 5.50 May 30, 1973 5.00 Apr. 2 , 1973

United States 6 .00 May 11, 1973 5.75 Apr. 23, 1973

^ E f f e c t i v e October 13, 1972, the Bank of England replaced i t s t rad i t iona l Bank Bate with a f luc tuat ing "minimum lending rate" based on average Treasury b i l l tender rate . January 19, 1973 . . . 8.75


LATEST FIGURES PLOTTED 0* THE CHARTS

Chart Panel Series Dale Rate !

1A Uflper Swiss frame * lu^f i 32. 3450 1A Uflper U K pawd * 256,4900

1A

Lower Feeedi traac* 22,9225

1A

Lower J l p f f f f pm * ,377*00

18 Upper Belgian franc* 2 .5*03 18 Upper Italian line* M -1711SO

18

Lower Canadian dollar * « 100,2525

18

Lower German made * " 36,9380

18

Lower

Dutch guilder* 35,6175

2A German marie * S.^8 2A Swiss franc > 6 , 3 8

2A

U.K. pound - 1 .50 28 Upper Dutch guilder ** + 4 ,14

! Upper

Canadian dollar 4- 1 ,24 !

Upper

French franc «« • 0_*9 Lower Japanese yen M.A.

3A German mark 4- 5 .80 3A U S dollar > 1 , 3 8

38 Swiss franc « • 5.06 38 French franc H • 2 , 1 0

4 Gold price, U.S. dollar per ounce H 113,94 |

5A Upper Overnight Euro-S deposits W 7 ,84 5A Federal Funds 7 ,95

Middle Differential - 0 , 1 1 Lower Eurocurrencies

Euro DM w s . o Euro Swiss Fr. « - 0 -

56 Upper Japan, Unconditional Honey Mev 26 6 , 0 0 56 U.K., 2-day Local Author. Deps. M*v 25 9 .31

56

Canada, Day-to-day Loans Mav 30 4 . 6 0 Lower France, Day-to-Day Money | 18 7 ,44

Germany, Call Money 25 1 ,13 Netherlands Call Money frpr ?? 2L6fi

*tieekly average of d a i l y c e r t i f i e d noon r a t e s by the Federal Reserve Bank of Sew York, These r a t e s a r e no t p l o t t e d .


z "

IV 3

Chart Panel Series Date Rate

6A Euro-S Overnight Rale June 1 7 . 8 7 5

Euro-S 1-month Rate " 8 .562

6B Euro-S 3-month Rate M 8 , 6 8 8

Euro-S 6-month Rate " 8 . 8 1 2

1 7A Upper Euro ) 3-month Deposits May 30 8 . 6 4

U.S. Certificate of Deposits 7 .75 Lower Differential + 0 . 6 9

| 76 Upper Euro-S 3-month Deposits " 8 . 4 4

Euro-S 3-month Deposits (Adj.) it 10.55 j

U.S. Certificate of Deposits (Adj.) (May 9 & 16 (May 23

7 . 1 1 ' r 7- 90 )r

i | Lower Differential: on Adj. Euro-S Deposits (May 30

May 30 8 . 0 0 ) '

+ 2 . 5 5 j i I

on Unadj. Euro-S Deposits May 30 + 0 . 4 4

BA | Upper Euro-S 3-month Deposits May 25 8 . 5 0 i S t e r l i n g CD's

covered) " 7 .37

Lower Differential •• - 1 . 1 3

[ 8E Upper Euro-S 3-month Deposits •I 8 . 50

Local Authority Deposits (covered) H 7.52

Lower Differential " - 0. 98

9A U.S. Treasury Bill rate June 1 6 . 8 7

U.K. Treasury Bill rate 7 . 0 6

Local Authority Deposit (uncovered) May 18 May 25

9 . 0 6 9 . 3 1

96 Upper j Spread (+= favor London) June 1 + 0 . 1 9

3-month Forward Pound " - 1 . 4 3

Lower Net Incentive (+- favor London) ; ! - 1 . 24

i


1 * 4

Chart tad Sows B e * M r

10A tipper ftpW (fiiwwtf Mtrcb 21 - 2 , 1 3

1 ! 1 i *« 8 ,75

L w r K M 10,S8

W timer i I I Mnr 30 2 ,07 Hey 16,23 2 , 5 0 r

9 L w r ***** S Z 8 - 2 3 - 0 , 4 ^ r , 40 ,41 i

• 0 . 6 3 n Upper tmafm rxmmtt f # o r June 1 6 , 6 3

ti-S-TewwySMole 6 . 8 7

C a a a t o T w w w y S W a l e M 5,07

U.S. Phme F i — r r ###r M l M k t f " 7,25

Seceed gill W e m * w w w " - 1 ,80

+ 1,12

Thwd Met imcmiimmtoMf " - 0 , 6 8

a n * Set iaewtiiwee Fmamoefapar " 4- 0 ,50

12A Upper UJL TicasMiy Biti a l e June 1 7,06

U.S. TeMewy Bill a l e " 6 ,87

teun Mcitaak L a v a l e " SUA,

Lower Japanese Aweage a l e M»rch 6,712

Canadian Taaswy Bill a l e June 1 5 ,07

U.S. Tseaswy Bill a l e M 6 . 8 7

128 Eii*>-S Deposits •« 8 ,69

Swiss 3 - e w * Deposit a l e " 2 , 5 0

U.S. Treasury Bill a l e " 6 ,87


I V - 5

Chart Panel Series Date Rate

13 Upper Netherlands May 25 7 . 1 1

Canada May 23 7 . 7 0

United Stales * May 25 6 . 9 1

Switzerland May 18 5 . 4 0

Middle Germany May 17 9 . 2 7

United Kingdom May 25 1 0 . 1 8

Lower U.S. Corp. Dollar Euro-bonds S e r i e s G March 7 . 99

U.S. Corp. DM Euro-bonds S e r i e s G „ 6 . 8 9

U.S. Corp. Aaa bonds 7 . 2 9

14 Upper Switzerland June 1 3 9 3 . 9

Germany May 23 2 9 5 . 6

United States May 25 2 3 8 . 7 6

Middle United Kingdom June 1 264. 78

Canada Mav 24 2 6 5 . 6 7

Lower ** Japan Mav 26 8 1 3 . 5 3

United States May 25 2 3 8 . 7 6

- Average y i e l d on s e l e c t e d 10 y e a r c o n s t a n t m a t u r i t y bonds d u e o r c a l l a b l e in 10 y e a r s Beginning week ended September 5, 1970 the Japanese index plotted is that of all industrial and other stocks on the First Section of the Tokyo Stock Exchange.


Documents

SELECTED INTEREST & EXCHANGE RATES FOR ... 1*73 •Mi Dww*«i JUN 13 w a IflMrl SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. •BCL V SBWES OF CNA*T« Digitized

SELECTED INTEREST & EXCHANGE RATES FOR ... 173 •Mi Dww«i JUN 13 w a IflMrl SELECTED INTEREST & EXCHANGE RATES FOR MAJOR COUNTRIES & THE US. •BCL V SBWES OF CNA*T« Digitized