Summary of Last Week
- Difference of Opening & Closing:
- Daily High:
- Daily Low:
- Difference of Daily High & Low:
- Standard Deviation:
Analysis of the Exchange Rate Dataset
The dataset provided contains time series data of GIP exchange rates from January 26, 2024, to February 23, 2024. This analysis is purely based on the dataset at hand and doesn't involve external factors such as market opening/closing hours, weekends/holidays, or the release of key financial news and reports. As per the requirement, no forecast of future rates is made. The goal of this analysis is to understand the overall trend, identify any seasonality, recurring patterns, and outliers.
Overall Trend of Exchange Rates
On evaluating the dataset, it can be seen that the exchange rate of GIP has been largely volatile over this period. The exchange rate started at 1.71063 on January 26, 2024, and ended at 1.70732 on February 23, 2024. Thus, there was a minor decrease in the exchange rate over this duration. However, within this period, the rates exhibited considerable fluctuations rather than exhibiting a clear steady increasing or decreasing trend.
Seasonality and Recurring Patterns
There seems to be no clear seasonality or recurring patterns in the changes of exchange rates based on the provided data. The exchange rates fluctuate frequently and do not appear to follow a specific pattern or cycle within this short time frame. The lack of seasonality could be attributable to the myriad factors affecting exchange rates and the complex interplay between them. However, without long-term data available, this conclusion is preliminary and would require additional data for confirmation.
Outliers in the Exchange Rate
In the given dataset, there are no noticeable outliers or instances where the exchange rate significantly deviates from the general trend. The exchange rates exhibit normal market fluctuations and no extreme values are observed that would merit classification as outliers. It is important to note that without a comprehensive understanding of all the factors that influence the exchange rates, strictly defining an 'outlier' can be challenging.
In conclusion, the exchange rate data for the specified period shows minor decline overall with normal market volatility and no noticeable recurring patterns or outliers. For a more nuanced understanding and identification of patterns and outliers, it may be beneficial to analyze a larger and more diverse dataset and potentially incorporate external influencing factors.