Yen Net Speculative Positioning in 2015
Yen Net Speculative Positioning opened 2015 at -90,083 and closed at -17,226, a +80.88% move for the year. The high of -3,639 was reached on October 20, and the low of -116,286 on June 9.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -90,083 | -64,658 | -64,658 | -94,625 | +28.22% |
| Feb | -59,571 | -47,512 | -47,512 | -59,571 | +20.24% |
| Mar | -52,521 | -23,924 | -23,924 | -59,387 | +54.45% |
| Apr | -24,449 | -5,493 | -5,493 | -24,449 | +77.53% |
| May | -31,183 | -62,224 | -22,005 | -62,224 | -99.54% |
| Jun | -85,693 | -78,822 | -78,822 | -116,286 | +8.02% |
| Jul | -63,629 | -63,538 | -47,371 | -63,629 | +0.14% |
| Aug | -79,716 | -39,059 | -39,059 | -105,226 | +51.00% |
| Sep | -15,555 | -22,052 | -6,662 | -26,814 | -41.77% |
| Oct | -17,599 | -33,911 | -3,639 | -33,911 | -92.69% |
| Nov | -43,787 | -77,336 | -43,787 | -78,611 | -76.62% |
| Dec | -74,901 | -17,226 | -17,226 | -74,901 | +77.00% |
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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