UK 2Y Gilt Yield in 2015
UK 2Y Gilt Yield opened 2015 at 1.79% and closed at 2.01%, a +12.40% move for the year. The high of 2.30% was reached on June 26, and the low of 1.39% on January 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.79% | 1.39% | 1.79% | 1.39% | -22.44% |
| Feb | 1.43% | 1.86% | 1.91% | 1.43% | +29.91% |
| Mar | 1.87% | 1.66% | 2.05% | 1.58% | -11.29% |
| Apr | 1.64% | 1.94% | 1.94% | 1.61% | +18.61% |
| May | 1.95% | 1.92% | 2.11% | 1.92% | -1.42% |
| Jun | 1.96% | 2.16% | 2.30% | 1.96% | +9.85% |
| Jul | 2.22% | 2.01% | 2.27% | 1.95% | -9.61% |
| Aug | 2.00% | 1.97% | 2.09% | 1.80% | -1.70% |
| Sep | 1.95% | 1.79% | 1.97% | 1.76% | -8.17% |
| Oct | 1.77% | 1.95% | 1.95% | 1.72% | +9.86% |
| Nov | 1.98% | 1.87% | 2.10% | 1.86% | -5.21% |
| Dec | 1.81% | 2.01% | 2.04% | 1.79% | +11.02% |
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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