Primary Dealer Net Positions — Agency Debt in 2015
Primary Dealer Net Positions — Agency Debt opened 2015 at 29,771 and closed at 11,655, a -60.85% move for the year. The high of 33,049 was reached on January 14, and the low of 11,655 on December 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 29,771 | 26,281 | 33,049 | 26,281 | -11.72% |
| Feb | 29,161 | 24,514 | 30,940 | 24,514 | -15.94% |
| Mar | 25,496 | 29,379 | 32,607 | 25,496 | +15.23% |
| Apr | 28,168 | 28,362 | 32,879 | 28,168 | +0.69% |
| May | 29,778 | 20,309 | 29,778 | 20,309 | -31.80% |
| Jun | 20,927 | 19,685 | 26,763 | 19,685 | -5.93% |
| Jul | 16,351 | 19,533 | 21,207 | 16,351 | +19.46% |
| Aug | 19,018 | 27,682 | 27,682 | 19,018 | +45.56% |
| Sep | 27,346 | 13,190 | 27,346 | 13,190 | -51.77% |
| Oct | 22,074 | 20,745 | 25,386 | 20,745 | -6.02% |
| Nov | 23,488 | 32,901 | 32,901 | 22,707 | +40.08% |
| Dec | 25,614 | 11,655 | 25,614 | 11,655 | -54.50% |
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.
Related Metrics
Get historical context as markets unfold, regime classification, scenario triggers, and analysis in your inbox.