CURRENCY REPORT Sterling continues to outpace dollar

Press, Volume CXIII, Issue 33212, 30 April 1973, Page 17

CURRENCY REPORT Sterling continues to outpace dollar

Sterling gained against all currencies last week, including a firmer United States dollar.

With the effects of the increase in several American banks' prime rates remaining an important factor on major foreign exchange markets, the dollar was generally stronger against other currencies including the German mark and the Swiss franc.

The Dutch guilder was said to have received modest support against the Belgian franc, Danish krone and Norwegian kron: under the E.E.C. joint float arrangements. The discount on three months forward sterling is 1.8 per cent. Overnight Eurodollar deposits averaged 7| per cent. Term Eurodollar deposits are:— one month 8 per cent, two months 8 3-16 per cent, three months 8|- per cent, four months, 8 5/16 per cent. ;five months 8} per cent, six months 8| per cent, and one to five years 8} per cent. Overnight interbank sterling deposits averaged 8 per cent. Overnight Eurosterling deposits averaged 10 per cent.

The latest United States dollar premium rates are 16J per cent to 17 per cent. Deutsche mark deposits are: —one month 2| per cent,

three months 3| per cent, -ix months 4 per cent, and one year 4J- per cent. Swiss franc deposits are:— one month 2 11-16 per cent, three months 3| per cent, six months 4} per cent, and one year 5 per cent. The latest cross rates to the dollar for main currencies are: — D-marks 2.8335-50; commercial French francs 4.5630-50; financial French francs 4.5630-70; Swiss francs 3.2425-40; Japanese yen 265.25-265.50; and Dutch guilders 2.9590-2.9605. Gold was 5U590.60 at the first fixing, and $U590.15 at [the second.