EM Dollar Index in 2015
EM Dollar Index opened 2015 at 104.99 and closed at 115.85, a +10.35% move for the year. The high of 116.32 was reached on December 30, and the low of 104.21 on January 22.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 104.99 | 105.85 | 105.85 | 104.21 | +0.83% |
| Feb | 105.58 | 105.94 | 106.27 | 105.06 | +0.34% |
| Mar | 106.16 | 106.84 | 108.25 | 106.02 | +0.65% |
| Apr | 106.39 | 106.16 | 106.78 | 105.41 | -0.22% |
| May | 106.56 | 106.97 | 106.97 | 105.37 | +0.38% |
| Jun | 107.23 | 107.70 | 107.89 | 106.57 | +0.43% |
| Jul | 107.95 | 109.74 | 110.52 | 107.72 | +1.66% |
| Aug | 110.05 | 113.46 | 114.51 | 110.05 | +3.09% |
| Sep | 113.73 | 114.37 | 115.21 | 113.20 | +0.56% |
| Oct | 114.40 | 112.57 | 114.40 | 111.90 | -1.60% |
| Nov | 112.50 | 113.58 | 114.04 | 112.11 | +0.96% |
| Dec | 113.36 | 115.85 | 116.32 | 113.36 | +2.20% |
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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