USD/ZAR in 2015
USD/ZAR opened 2015 at 11.7 and closed at 15.47, a +32.20% move for the year. The high of 15.75 was reached on December 11, and the low of 11.27 on February 5.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 11.7 | 11.65 | 11.72 | 11.38 | -0.41% |
| Feb | 11.52 | 11.69 | 11.86 | 11.27 | +1.46% |
| Mar | 11.75 | 12.14 | 12.47 | 11.75 | +3.32% |
| Apr | 11.96 | 11.94 | 12.21 | 11.72 | -0.21% |
| May | 12.07 | 12.14 | 12.17 | 11.76 | +0.64% |
| Jun | 12.25 | 12.15 | 12.57 | 12.08 | -0.88% |
| Jul | 12.25 | 12.62 | 12.74 | 12.25 | +3.00% |
| Aug | 12.69 | 13.25 | 13.32 | 12.63 | +4.40% |
| Sep | 13.4 | 13.82 | 13.97 | 13.27 | +3.12% |
| Oct | 13.87 | 13.81 | 13.87 | 13.08 | -0.41% |
| Nov | 13.79 | 14.48 | 14.48 | 13.79 | +5.03% |
| Dec | 14.43 | 15.47 | 15.75 | 14.33 | +7.16% |
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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