USD/SGD in 2015
USD/SGD opened 2015 at 1.33 and closed at 1.42, a +6.49% move for the year. The high of 1.43 was reached on October 2, and the low of 1.32 on April 29.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 1.33 | 1.35 | 1.35 | 1.33 | +1.76% |
| Feb | 1.35 | 1.36 | 1.36 | 1.34 | +0.75% |
| Mar | 1.37 | 1.37 | 1.39 | 1.36 | +0.52% |
| Apr | 1.36 | 1.33 | 1.37 | 1.32 | -2.74% |
| May | 1.33 | 1.35 | 1.35 | 1.32 | +1.39% |
| Jun | 1.35 | 1.35 | 1.36 | 1.33 | -0.56% |
| Jul | 1.35 | 1.37 | 1.38 | 1.35 | +1.31% |
| Aug | 1.38 | 1.41 | 1.41 | 1.38 | +2.49% |
| Sep | 1.41 | 1.42 | 1.43 | 1.4 | +0.77% |
| Oct | 1.43 | 1.4 | 1.43 | 1.38 | -1.99% |
| Nov | 1.4 | 1.41 | 1.42 | 1.4 | +0.61% |
| Dec | 1.41 | 1.42 | 1.42 | 1.4 | +0.68% |
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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