USD/NOK in 2015
USD/NOK opened 2015 at 7.57 and closed at 8.85, a +16.99% move for the year. The high of 8.85 was reached on December 31, and the low of 7.31 on May 15.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 7.57 | 7.75 | 7.83 | 7.57 | +2.40% |
| Feb | 7.63 | 7.66 | 7.66 | 7.52 | +0.47% |
| Mar | 7.7 | 8.05 | 8.35 | 7.69 | +4.62% |
| Apr | 8.01 | 7.57 | 8.11 | 7.47 | -5.48% |
| May | 7.62 | 7.78 | 7.85 | 7.31 | +2.09% |
| Jun | 7.96 | 7.86 | 7.96 | 7.72 | -1.33% |
| Jul | 7.89 | 8.14 | 8.25 | 7.89 | +3.11% |
| Aug | 8.24 | 8.32 | 8.35 | 8.13 | +1.04% |
| Sep | 8.28 | 8.53 | 8.54 | 8.12 | +2.93% |
| Oct | 8.44 | 8.46 | 8.57 | 8.08 | +0.33% |
| Nov | 8.48 | 8.68 | 8.71 | 8.48 | +2.45% |
| Dec | 8.64 | 8.85 | 8.85 | 8.5 | +2.44% |
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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