Germany Credit-to-GDP Gap in 2015
Germany Credit-to-GDP Gap opened 2015 at -11.8 and closed at -10.3, a +12.71% move for the year. The high of -10.3 was reached on December 31, and the low of -11.8 on March 31.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Mar | -11.8 | -11.8 | -11.8 | -11.8 | +0.00% |
| Jun | -11.2 | -11.2 | -11.2 | -11.2 | +0.00% |
| Sep | -10.7 | -10.7 | -10.7 | -10.7 | +0.00% |
| Dec | -10.3 | -10.3 | -10.3 | -10.3 | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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