2024-05-17 Ghana Cedi News
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2024-05-16
Summary of Yesterday
- Opening:
- Closing:
- Difference of Opening & Closing:
- Daily High:
- Daily Low:
- Difference of Daily High & Low:
Statistical Measures
- Mean:
- Standard Deviation:
Trend
Overview of Exchange rates
In reviewing this dataset from specific time intervals on May 16, 2024, it is noticeable that the exchange rate displays a somewhat steady but incrementally increasing trend before significantly dropping at around 06:25:02 timestamp. After this drop, it remained volatile but mostly under the initial exchange rate in the first few hours of the day.
Trends and Seasonality
Across this single-day time series dataset, there doesn't seem to be seasonality or recurring patterns. The data does not cover a sufficient duration (e.g., multiple months or years) that would allow for observing seasonality or recurring patterns typically seen in exchange rate data, such as monthly or annual trends. However, considering the day's 24-hour cycle, the data did experience a relatively more significant fluctuation around the hours of 06:00:02, 10:20:03, 15:20:03 and between 13:30:03-13:40:02, this could be looked into if the dataset across multiple days is available.
Outliers
Most notably, there is a significant drop in exchange rates at around 06:25:02, where the rate drops from 0.09627 to 0.09547. Although some minor fluctuations can be seen throughout the day, this is the most dramatic one within the dataset provided. After this drop, the rate doesn't recover to its initial level.
Despite this single-day data snapshot, it is important to remember that exchange rates are determined by a complex interplay of different factors, including economic indicators, geopolitical events, and market sentiment among others. Therefore, it's always beneficial to review such data in the context of a broader timeframe and consider external events that might have influenced the rates.
Final summary
The exchange rate started at 0.0961 at midnight and ended a touch lower at 0.09533 by the close of the day on May 16 2024, presenting a slight but overall depreciation of currency over the course of this day. However, fluctuations up and down throughout the day indicate a volatile nature of this particular exchange rate. To better understand, predict, and strategize around these exchange rate movements, a broader and extended dataset would be needed, along with potential considerations of external socio-economic factors influencing the currency market.
![Subtle Grind of Ghana](http://currencymart.net/images/news/ghana-cedi/2024-05-17/img-c17xxBPD6L5NO0WAJu8JIxaf.webp)