2024-05-17 Norwegian Krone 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
Exchange Rate Analysis
Before proceeding with a full-fledged analysis, the first step is to understand what the raw data looks like. Each row corresponds to a timestamp in the format YYYY-MM-dd hh:mm:ss and an exchange rate in NOK. There are no null values in either the timestamp or the exchange rate column, which simplifies the cleaning process.
1. Overall Trend of the Exchange Rates
Overall, on May 16th, 2024, the NOK exchange rate seems to remain relatively steady. The rate started at 0.12762 NOK and ended at 0.12707 NOK. Although there were fluctuation during the day, the changes were not substantial and the trend seemed mostly stable. While there are slight dips and peaks throughout the dataset, these did not cause a substantial shift in the overall trend.
2. Seasonality in Exchange Rates
Given that the dataset only covers a single day, it's difficult to make definite conclusions about seasonality in the data. Seasonality often refers to longer-term patterns that occur on a weekly, monthly, or yearly basis. These would require datasets that span longer periods of time. However, during this day, there were periods of slight increases and decreases, but they don't seem to form a noticeable repeating pattern.
3. Outliers in the Exchange Rates
Throughout the day, the exchange rate fluctuated between a minimum of 0.12704 NOK and a maximum of 0.12777 NOK. However, from initial observation, there do not appear to be significant outliers in the data. The slight variations are likely normal volatility in the foreign exchange market. Furthermore, there were no instances where the exchange rate differed significantly from its overall trend, suggesting there were no unexpected market events on this particular day.
In conclusion, this detailed analysis offers a comprehensive view of a single day's exchange rates, showcasing the general stability of the NOK over this period. Understanding these patterns can provide critical insight for making informed decisions in the foreign exchange market. However, it should also be noted that exchange rates are influenced by a multitude of factors and single day data might not give enough insights for long term investment or trading decision.
![Noticeable Fluctuations Observed in NOK Exchange Rates Throughout the Day](http://currencymart.net/images/news/norwegian-krone/2024-05-17/img-1IKQYybhOKthfSpiwbLpMAdY.webp)