DHL 2015 Annual Report Download - page 56
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Deutsche Post Group — Annual Report
e German labour market performed positively against the backdrop of the solid up-
swing, with the average annual number of employed workers increasing to . million
(previous year: . million).
Massive drop in oil prices
At the end of , the price for one barrel of Brent Crude was at . (previous
year: .). e average price of oil for the year declined by around on the
previous year to just over per barrel. Over the course of , oil prices uctuated
between and . e price began to drop signicantly at the middle of the
year due to the sharp increase in global supply, whilst demand was not able to keep up
with the rise in quantities as a result of the weak global economy. e reporting year saw
another substantial increase in oil production, especially in the United States. Moreover,
was unable to agree upon reduced production quotas.
Brent Crude spot price and euro / dollar exchange rate in .
70 1.40
65 1.35
60 1.30
55 1.25
50 1.20
45 1.15
40 1.10
35 1.05
30 1.00
25 0.95
20 0.90
January March June September December
Brent Crude spot price per barrel in dollars Euro / dollar exchange rate
Central bank’s expansive monetary policies weaken the euro
e European Central Bank massively expanded its bond buying programme for
covered bonds and asset-backed bonds in . e reason was the low rate of ination,
which even dipped into the negative at the start of the year. In March , the
began buying up government bonds in a total monthly volume of around billion.
In December, it extended the minimum term of the bond-buying programme to
March and also lowered its deposit rate by . percentage points to –. . is
means that banks are obliged to pay penalty interest in that amount on their deposits
with the . By contrast, the Federal Reserve increased its key interest rate by .
percentage points to . to . .
e diering monetary policy strategies of the two central banks had a substantial
impact on the – exchange rate. e euro came under signicant downwards pres-
sure, particularly in the early months of and in the autumn. At the end of , the
euro listed at just under .. is represents a drop of . during the course of
the year. Measured against the pound sterling, the euro posted a loss of . .
46