2024-05-13 UAE Dirham News

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Follow UAE Dirham Forecast May 13, 2024
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Summary of Last Week

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

Statistical Measures

  • Mean:
  • Standard Deviation:

Trend

Overall Trend Assessment

From the given dataset, we observe the overall trend of the exchange rates. We can see a fluctuating trend with both incremental and decremental phases but with less severe alterations. The AED exchange rate kicks off with an amount of 0.37368 initially and ends with a rate of 0.37214. By easy observation, the AED exchange doesn't show a distinct increasing or decreasing trend. Rather it's fairly stable with mild fluctuations throughout the given time period.

Seasonality or Recurring Patterns

As for seasonality or recurring patterns, a meticulous analysis of the dataset would be necessary to draw any conclusions. However, from an initial look, it doesn't seem to display any strong hourly, daily or monthly seasonality over the period presented. Indeed, such characteristics in the exchange rates generally require advanced statistical tests to be identified decisively.

Identification of Outliers

At first glance, it's quite challenging to identify any possible outliers or observe anomalies simply by looking at the raw data. Outliers in such a context would signify times when the exchange rate differs significantly from the general trend or what might be expected. Such deviations can occur due to a variety of reasons like sudden market moves attributable to news events or large trade orders. An advanced statistical analysis considering concepts like standard deviations could shed light on the existence of potential outliers. Furthermore, to establish a solid understanding of anomalies, one might need to compare this AED exchange rate with other exchange rates or market indicators in the same corresponding period.

External Factors Consideration

The analysis provided here is purely based on the provided time series data of the exchange rates, without the consideration of additional external factors. Market opening/closing hours, weekends/holidays, or the release of key financial news and reports can indeed have a significant impact on exchange rates. However, as per the request, these factors have not been included in this analysis.

Future Forecast

Also, the analysis didn't generate any forecasts for future exchange rates. The focus was on understanding the past behavior of these rates based on the given dataset.

The exchange rate of the United Arab Emirates Dirham (AED) has shown a significant fluctuation through April 2024 which culminated in a high peak towards the end of the month. Starting from a modest base point early in the month, the AED experienced a substantial uptrend throughout the first two weeks of April. Key points of this period were its performance on 12th April, with a gradual rise from 0.37368 to 0.37531, and the 15th April rebound, where the rate turned around from an early morning low of 0.37406 and closed the day at 0.37594. However, this upward momentum seemed temporary, as can be seen from the data following the mid-April surge. The exchange rate took a downtrend turn, eroding some of the gains made in the earlier part of the month. This downward trend was most evident over the ensuing week, with the AED rate dipping to 0.37285 by the end of 22nd April. And yet, an upward turn was on the horizon. The data shows a gradual pick up in the AED exchange rate from 30th April, with an impressive leap to 0.37523 by the early hours of 1st May. This surge seemed not to be sustained, however, with a slow decline again through the first week of May. Beyond the numbers, these rate fluctuations can have significant market implications. Uncertainty about the future course of the AED exchange rate may have put investors on edge. Business entities that are exposed to international trade, such as Exporters and Importers, may have had their profit margins negatively impacted, especially given the rapid rate at which these fluctuations occurred. This fluctuation in currency exchange rates could also be seen as a reflection of the current economic scenario, acting as indicators of the economic health of a country. Though it''s still too early to say what the exchange rate''s performance means for the UAE''s economy, the frequent upswings do indicate a positive outlook and progression despite some economic bumps. Going forward, investors, businesses, and financial analysts will be closely watching how the AED exchange rate performs. It is yet to be seen whether we will see a continuation of this rollercoaster ride or a return to more steady performance. Either way, these movements could have considerable implications for the UAE market, its industry players, and the broader economic landscape. Rollercoaster in AED Exchange Rate Peaks in Late April

Current Middle Market Exchange Rate

For information purposes only. 



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