Primary Dealer Net Positions — US Treasuries in 2015
Primary Dealer Net Positions — US Treasuries opened 2015 at 14,562 and closed at 47,423, a +225.66% move for the year. The high of 91,823 was reached on September 9, and the low of 9,264 on July 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 14,562 | 19,513 | 29,508 | 14,562 | +34.00% |
| Feb | 21,561 | 32,341 | 37,259 | 21,561 | +50.00% |
| Mar | 22,071 | 29,629 | 44,230 | 22,071 | +34.24% |
| Apr | 14,730 | 23,338 | 31,261 | 14,730 | +58.44% |
| May | 24,856 | 30,281 | 33,214 | 22,857 | +21.83% |
| Jun | 29,518 | 30,049 | 32,170 | 14,907 | +1.80% |
| Jul | 9,264 | 69,251 | 69,251 | 9,264 | +647.53% |
| Aug | 45,341 | 78,694 | 78,694 | 45,341 | +73.56% |
| Sep | 65,999 | 50,804 | 91,823 | 50,804 | -23.02% |
| Oct | 68,107 | 65,103 | 68,107 | 56,057 | -4.41% |
| Nov | 53,838 | 71,834 | 71,834 | 44,415 | +33.43% |
| Dec | 53,693 | 47,423 | 59,914 | 47,423 | -11.68% |
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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