2024-05-09 Isle of Man Pound News
2024-05-08
Summary of Yesterday
- Opening:
- Closing:
- Difference of Opening & Closing:
- Daily High:
- Daily Low:
- Difference of Daily High & Low:
Statistical Measures
- Mean:
- Standard Deviation:
Trend
Overall Trend
The overall trend of the imp exchange rate, based on the provided time series data, appears to have slight fluctuations over the given timeframe. Although there are spikes and dips, the rates appear to revolve around an average value of approximately 1.7104. However, to provide in-depth insights about the trend, performing time series trend analysis or applying moving averages methods would be beneficial. This would provide better comprehension on whether the rates generally increase, decrease, or remain stable over the period shown.
Seasonality and Recurring Patterns
Upon the given data, it is challenging to identify any clear seasonality or recurring patterns due to the short period of dataset. In theory, exchange rates are highly influenced by numerous factors, including economic indicators, geopolitical events, and market sentiment. Given that these factors vary significantly within short-term periods, it's common for such data to lack clear short-term seasonality or recurring patterns. Additionally, due to the high volatility nature of exchange rates, it is not uncommon for them to show irregular variations. Furthermore, seasonality in financial data is often observed over much longer data span, often years rather than hours or days as is the case in the provided dataset.
Outliers
To properly identify any outliers or instances where the exchange rate differs significantly from what would be expected based on the trend or seasonality, statistical methods such as Box Plots, IQR method, or Z-score methods are usually employed. However, any specific instance of unusual spikes or sudden drops in exchange rate on this dataset could be considered as potential outliers. To extract more precise information about potential outliers a statistical analysis should be performed.
Please note that while these insights can provide some understanding of the exchange rate trends, definitive conclusions should be drawn based on more sophisticated statistical analysis methods, which are beyond the scope of this report.
