VSTOXX in 2015
VSTOXX opened 2015 at 26.25 and closed at 22.71, a -13.50% move for the year. The high of 40.8 was reached on August 24, and the low of 17.35 on February 26.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 26.25 | 24.73 | 29.72 | 21.34 | -5.80% |
| Feb | 24.32 | 17.75 | 25.72 | 17.35 | -27.01% |
| Mar | 17.8 | 21.1 | 21.1 | 17.48 | +18.55% |
| Apr | 20.97 | 24.21 | 25.06 | 17.51 | +15.47% |
| May | 23.43 | 23.54 | 25.22 | 19.53 | +0.48% |
| Jun | 24.56 | 32.31 | 32.31 | 23.52 | +31.52% |
| Jul | 30.29 | 19.29 | 32.28 | 17.43 | -36.31% |
| Aug | 18.59 | 31.07 | 40.8 | 17.55 | +67.11% |
| Sep | 34.26 | 32.05 | 35.15 | 27.02 | -6.47% |
| Oct | 31.72 | 20.36 | 31.72 | 19.8 | -35.82% |
| Nov | 20.77 | 23.65 | 25.85 | 20.06 | +13.88% |
| Dec | 23.61 | 22.71 | 30.41 | 20.25 | -3.79% |
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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