UK Real Effective Exchange Rate in 2015
UK Real Effective Exchange Rate opened 2015 at 111.51 and closed at 116.17, a +4.18% move for the year. The high of 118.59 was reached on August 1, and the low of 111.51 on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 111.51 | 111.51 | 111.51 | 111.51 | +0.00% |
| Feb | 113.96 | 113.96 | 113.96 | 113.96 | +0.00% |
| Mar | 113.98 | 113.98 | 113.98 | 113.98 | +0.00% |
| Apr | 113.43 | 113.43 | 113.43 | 113.43 | +0.00% |
| May | 115.11 | 115.11 | 115.11 | 115.11 | +0.00% |
| Jun | 116.12 | 116.12 | 116.12 | 116.12 | +0.00% |
| Jul | 117.73 | 117.73 | 117.73 | 117.73 | +0.00% |
| Aug | 118.59 | 118.59 | 118.59 | 118.59 | +0.00% |
| Sep | 116.40 | 116.40 | 116.40 | 116.40 | +0.00% |
| Oct | 115.83 | 115.83 | 115.83 | 115.83 | +0.00% |
| Nov | 118.25 | 118.25 | 118.25 | 118.25 | +0.00% |
| Dec | 116.17 | 116.17 | 116.17 | 116.17 | +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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