Real Effective Exchange Rate in 2015
Real Effective Exchange Rate opened 2015 at 89.45 and closed at 96.42, a +7.79% move for the year. The high of 96.42 was reached on December 1, and the low of 89.45 on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 89.45 | 89.45 | 89.45 | 89.45 | +0.00% |
| Feb | 90.56 | 90.56 | 90.56 | 90.56 | +0.00% |
| Mar | 92.44 | 92.44 | 92.44 | 92.44 | +0.00% |
| Apr | 91.93 | 91.93 | 91.93 | 91.93 | +0.00% |
| May | 91.52 | 91.52 | 91.52 | 91.52 | +0.00% |
| Jun | 92.40 | 92.40 | 92.40 | 92.40 | +0.00% |
| Jul | 93.87 | 93.87 | 93.87 | 93.87 | +0.00% |
| Aug | 95.19 | 95.19 | 95.19 | 95.19 | +0.00% |
| Sep | 95.55 | 95.55 | 95.55 | 95.55 | +0.00% |
| Oct | 94.62 | 94.62 | 94.62 | 94.62 | +0.00% |
| Nov | 95.95 | 95.95 | 95.95 | 95.95 | +0.00% |
| Dec | 96.42 | 96.42 | 96.42 | 96.42 | +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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