Primary Dealer Fails to Receive — Treasuries in 2015
Primary Dealer Fails to Receive — Treasuries opened 2015 at 78,886 and closed at 192,471, a +143.99% move for the year. The high of 192,471 was reached on December 30, and the low of 50,780 on April 22.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 78,886 | 70,009 | 78,886 | 70,009 | -11.25% |
| Feb | 78,957 | 108,295 | 108,295 | 53,989 | +37.16% |
| Mar | 145,794 | 64,715 | 145,794 | 62,001 | -55.61% |
| Apr | 55,143 | 73,051 | 73,051 | 50,780 | +32.48% |
| May | 84,992 | 71,346 | 103,587 | 71,346 | -16.06% |
| Jun | 72,692 | 63,601 | 80,398 | 63,601 | -12.51% |
| Jul | 63,738 | 57,288 | 70,251 | 57,288 | -10.12% |
| Aug | 74,006 | 85,625 | 85,625 | 62,836 | +15.70% |
| Sep | 81,167 | 82,396 | 82,396 | 61,388 | +1.51% |
| Oct | 87,258 | 90,785 | 90,785 | 84,091 | +4.04% |
| Nov | 87,842 | 97,990 | 114,047 | 87,842 | +11.55% |
| Dec | 76,134 | 192,471 | 192,471 | 76,134 | +152.81% |
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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