UK 10Y Gilt Yield (EOM) in 2015
UK 10Y Gilt Yield (EOM) opened 2015 at 1.14% and closed at 1.34%, a +17.32% move for the year. The high of 1.58% was reached on June 26, and the low of 0.88% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.14% | 0.88% | 1.14% | 0.88% | -22.57% |
| Feb | 0.93% | 1.24% | 1.24% | 0.93% | +34.55% |
| Mar | 1.25% | 1.07% | 1.39% | 1.01% | -14.68% |
| Apr | 1.05% | 1.28% | 1.29% | 1.03% | +21.38% |
| May | 1.31% | 1.25% | 1.41% | 1.25% | -4.20% |
| Jun | 1.27% | 1.45% | 1.58% | 1.27% | +13.43% |
| Jul | 1.50% | 1.34% | 1.53% | 1.28% | -10.55% |
| Aug | 1.34% | 1.29% | 1.42% | 1.18% | -3.67% |
| Sep | 1.29% | 1.14% | 1.30% | 1.09% | -11.79% |
| Oct | 1.12% | 1.26% | 1.26% | 1.07% | +12.07% |
| Nov | 1.29% | 1.21% | 1.40% | 1.19% | -5.94% |
| Dec | 1.16% | 1.34% | 1.37% | 1.15% | +15.68% |
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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