UK 10Y Gilt Yield in 2015
UK 10Y Gilt Yield opened 2015 at 1.78% and closed at 2.02%, a +13.46% move for the year. The high of 2.28% was reached on July 14, and the low of 1.40% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.78% | 1.40% | 1.78% | 1.40% | -21.67% |
| Feb | 1.44% | 1.86% | 1.90% | 1.44% | +29.24% |
| Mar | 1.88% | 1.70% | 2.05% | 1.60% | -9.84% |
| Apr | 1.66% | 1.95% | 1.95% | 1.66% | +17.48% |
| May | 1.94% | 1.93% | 2.10% | 1.93% | -0.55% |
| Jun | 1.95% | 2.14% | 2.28% | 1.95% | +9.72% |
| Jul | 2.21% | 2.02% | 2.28% | 1.94% | -8.77% |
| Aug | 2.01% | 1.99% | 2.10% | 1.84% | -1.27% |
| Sep | 1.98% | 1.81% | 1.99% | 1.77% | -8.28% |
| Oct | 1.80% | 1.94% | 1.95% | 1.74% | +7.95% |
| Nov | 1.97% | 1.88% | 2.09% | 1.86% | -4.70% |
| Dec | 1.82% | 2.02% | 2.06% | 1.80% | +11.44% |
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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