Fed Central Bank Liquidity Swaps in 2015
Fed Central Bank Liquidity Swaps opened 2015 at 1,528 and closed at 997, a -34.75% move for the year. The high of 1,528 was reached on January 7, and the low of 0 on January 14.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1,528 | 1 | 1,528 | 0 | -99.93% |
| Feb | 0 | 3 | 3 | 0 | +0.00% |
| Mar | 0 | 3 | 3 | 0 | +0.00% |
| Apr | 810 | 0 | 810 | 0 | -100.00% |
| May | 0 | 2 | 2 | 0 | +0.00% |
| Jun | 0 | 115 | 115 | 0 | +0.00% |
| Jul | 635 | 359 | 659 | 155 | -43.46% |
| Aug | 308 | 134 | 308 | 132 | -56.49% |
| Sep | 137 | 681 | 683 | 136 | +397.08% |
| Oct | 143 | 140 | 145 | 140 | -2.10% |
| Nov | 143 | 145 | 150 | 141 | +1.40% |
| Dec | 135 | 997 | 997 | 135 | +638.52% |
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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