Financial Conditions (NFCI) in 2015
Financial Conditions (NFCI) opened 2015 at -0.55 and closed at -0.36, a +34.26% move for the year. The high of -0.36 was reached on December 25, and the low of -0.55 on January 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -0.55 | -0.51 | -0.51 | -0.55 | +8.13% |
| Feb | -0.51 | -0.52 | -0.51 | -0.52 | -3.65% |
| Mar | -0.53 | -0.54 | -0.53 | -0.54 | -1.65% |
| Apr | -0.54 | -0.55 | -0.54 | -0.55 | -0.97% |
| May | -0.55 | -0.55 | -0.55 | -0.55 | -0.12% |
| Jun | -0.55 | -0.54 | -0.54 | -0.55 | +1.18% |
| Jul | -0.53 | -0.50 | -0.50 | -0.53 | +6.50% |
| Aug | -0.48 | -0.42 | -0.42 | -0.48 | +13.31% |
| Sep | -0.40 | -0.40 | -0.40 | -0.40 | -0.02% |
| Oct | -0.41 | -0.47 | -0.41 | -0.47 | -12.68% |
| Nov | -0.47 | -0.44 | -0.44 | -0.47 | +5.65% |
| Dec | -0.43 | -0.36 | -0.36 | -0.43 | +14.98% |
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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