2024-05-13 Malaysian Ringgit News

Summary of Last Week

  • Opening:
  • Closing:
  • Difference of Opening & Closing:
  • Daily High:
  • Daily Low:
  • Difference of Daily High & Low:

Statistical Measures

  • Mean:
  • Standard Deviation:


Understanding the overall trend of the exchange rates

Upon analyzing the data, it is clear that the overall trend of the MYR exchange rate over the provided datasets fluctuates within a relatively small range. The rates have experienced both increases and decreases during different periods. However, there appears to be no general trend toward significant steady increase or decrease in the long run. Rather, the exchange rate seems to oscillate within a specified range, maintaining an overall sense of stability.

Identifying any seasonality or recurring patterns

With regards to the possibility of seasonality or recurring patterns, the time range provided isn't sufficiently long (for example, annual data) for a robust seasonal pattern to be visually apparent. However, due to the 24-hour nature of exchange-rate movements, it is common to see slight fluctuations driven by different global trading session times. Without specific market opening/closing hours, it is not possible to discern such patterns clearly from the given data.

Noting any outliers

This dataset seems to contain few major outliers. An outlier in such a dataset is typically a significantly larger or smaller value than what the prevailing trend or range suggests. It's worth noting that the presence of outliers often indicates extraordinary events that led to drastic changes in exchange rates. In this particular dataset, the daily fluctuations range does not differ significantly, implying the stability in the exchange rate movement within this timeframe.

External Factors

Although asked not to consider external factors in this analysis, it's worth mentioning that fluctuations in exchange rates can be determined by external forces such as geopolitical events, economic indicators, and international finance policies. Moreover, market opening/closing hours, weekends/holidays, and release of key financial news and reports can significantly impact exchange rates, leaving noticeable patterns in the dataset.

To summarize, this specific dataset displays a relatively stable exchange rate with minor fluctuations within a specific range, indicating a lack of drastic drops or spikes. Although no recurring patterns or seasonality have been identified, understanding overall market trends, the 24-hour trading cycle's impacts and potential influences from trading sessions, particularly in a broader dataset, could be beneficial.

n April - May 2024 Market analysts have recently noticed an active trend in the performance of Malaysian Ringgit (MYR) exchange rates throughout April to May 2024. The observation comes amidst several external economic scenarios influencing currency markets. On the April 12, 2024, MYR opened at a modest 0.28777, maintaining a steady incline throughout the day to close at 0.28893. However, a slight dip on the following day had everyone on their toes with rates falling to 0.28745. The subsequent days saw a resurgence, with MYR rising up to 0.28949 on April 16, it''s highest since the start of our observed timeframe. As time progressed, the currency''s performance waned slightly, establishing a sluggish trend. The lowest point was observed on April 23 when it touched the value of 0.2858 only to rebound by some margin to settle at 0.28709 on April 24. Such fluctuations showcase the MYR''s volatility that remains influenced by various internal and external economic factors. This oscillation between highs and lows can be a signal for potential investors and day traders to strategize their trading method to maximize profits. This movement cements the common belief surrounding currency markets, they remain unpredictable, featuring constant highs and lows. Such ever-changing patterns are generally tied to a myriad of factors, including socio-political developments, changes in oil prices, and shifts in global economic sentiments, to name a few. The modest oscillation throughout this period paints a picture of relative stability in the face of global unpredictability. The peaks and troughs witnessed during these weeks reflect ongoing market dynamics and currency performance that is typical for a progressive economy like Malaysia. Moving forward, events that impact the MYR include Malaysia''s major exports like petroleum and palm oil, international policies, and the overall state of global financial markets. The MYR''s performance should be watched closely for clues of Malaysia''s economic trajectory and any ripple effects across Southeast Asia. This dynamic trend serves as a good reminder that attention to continuous market performance and comprehensive analyses forms the backbone of sound investment decisions. Investors and economists will undoubtedly follow MYR''s future performance with keen interest.Appreciable Fluctuations in MYR Exchange Rates Noticed in April - May 2024

Current Middle Market Exchange Rate

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