Australia Cash Rate Target in 2015
Australia Cash Rate Target opened 2015 at 2.50% and closed at 2.00%, a -20.00% move for the year. The high of 2.50% was reached on January 31, and the low of 2.00% on June 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 2.50% | 2.50% | 2.50% | 2.50% | +0.00% |
| Feb | 2.28% | 2.28% | 2.28% | 2.28% | +0.00% |
| Mar | 2.25% | 2.25% | 2.25% | 2.25% | +0.00% |
| Apr | 2.25% | 2.25% | 2.25% | 2.25% | +0.00% |
| May | 2.04% | 2.04% | 2.04% | 2.04% | +0.00% |
| Jun | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
| Jul | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
| Aug | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
| Sep | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
| Oct | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
| Nov | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
| Dec | 2.00% | 2.00% | 2.00% | 2.00% | +0.00% |
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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