2024-05-02 Ethiopian Birr News
2024-05-01
Summary of Yesterday
- Opening:
- Closing:
- Difference of Opening & Closing:
- Daily High:
- Daily Low:
- Difference of Daily High & Low:
Statistical Measures
- Mean:
- Standard Deviation:
Trend
Understanding The Overall Trend
Looking at the dataset, it appears that the exchange rates generally remain stable. There are occasional fluctuations, but these are minimal and stay within a small range. The rates start at 0.02384 and fluctuate minimally around 0.0239 before it makes slight upwards movement to 0.0241 around '2024-05-01 16:25:02'. After hitting this peak, it starts descending towards 0.024. These frequent fluctuations, though small, are a constant feature in the dataset.
Identifying Seasonality and Patterns
In this initial analysis, there is no clear indication of seasonality or patterns in the exchange rate data. The rate changes remain within a very narrow range and do not show apparent regular recurrence. To make any form of definitive conclusion, a more in-depth analysis would be required, looking at data spanning over a more extended period and using more sophisticated analytical methods to detect any hidden pattern or cyclicity.
Noting Outliers
Considering the nature of the data and the small range within which the rates fluctuate, there are no significant outliers in this dataset. The exchange rate remains stable and systematic variability, which is often the leading cause of outliers, is not prominent. The dataset shows a known characteristic of financial time series data; it frequently moves but within a small range, resulting in no significant anomalous values.
Considering External Factors
Although the analysis did not take into account any external factors, it must be noted that exchange rates are usually highly sensitive to external factors such as market opening/closing hours, weekends/holidays, or the release of key financial news and reports. In this specific context, these influences should be considered on a case-by-case basis in a more detailed analysis.
However, since the data does not have significant fluctuations, and it covers a period of a single day, the effects of such external events were not investigated in this analysis. In a more extensive study that spans over periods covering several days, weeks, months, or even years, these considerations would play a critical role in accurately understanding the nuanced variations and patterns in data.
