Adjusted NFCI in 2015
Adjusted NFCI opened 2015 at -0.65 and closed at -0.33, a +48.26% move for the year. The high of -0.33 was reached on December 25, and the low of -0.65 on January 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -0.65 | -0.59 | -0.59 | -0.65 | +8.60% |
| Feb | -0.59 | -0.61 | -0.59 | -0.61 | -3.74% |
| Mar | -0.61 | -0.60 | -0.60 | -0.61 | +1.62% |
| Apr | -0.60 | -0.61 | -0.60 | -0.61 | -0.21% |
| May | -0.60 | -0.58 | -0.58 | -0.60 | +2.60% |
| Jun | -0.58 | -0.55 | -0.55 | -0.58 | +4.93% |
| Jul | -0.54 | -0.51 | -0.51 | -0.54 | +6.03% |
| Aug | -0.49 | -0.41 | -0.41 | -0.49 | +16.71% |
| Sep | -0.39 | -0.40 | -0.39 | -0.40 | -2.36% |
| Oct | -0.41 | -0.46 | -0.41 | -0.46 | -12.39% |
| Nov | -0.47 | -0.45 | -0.45 | -0.47 | +5.07% |
| Dec | -0.42 | -0.33 | -0.33 | -0.42 | +20.25% |
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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