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2021 TOP to MKD Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2021
During 2021, the TOP to MKD exchange rate experienced significant fluctuation. The market reached its absolute peak on November 22, valuing the pair at 24.2490. Conversely, the yearly low was recorded on January 5, dropping to 22.0227.
This high-to-low spread represents a total annual volatility of 2.2263 MKD. From a start-to-finish perspective, comparing the January average rate of 22.1995 to the December average rate of 23.8508, the exchange rate registered a net change of 7.44% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2021 high of 24.2490 was down 1.87% compared to the 2020 peak of 24.7120, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 TOP based on timing:
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TOP to MKD Seasonal Trends & Volatility Analysis
A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.
Seasonal Halves (H1 vs H2)
SeasonalThe average exchange rate in the first half of the year (H1: JanâJun) was 22.5267, compared to 23.4593 in the second half (H2: JulâDec). This shows that the rate was stronger in the second half (JulâDec) by a margin of 0.9326 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2021 was March, with a trading range of 0.7443 MKD (High: 22.9684 / Low: 22.2241). On the other end, December was the most stable month, with a tight range of 0.2235 MKD (High: 23.9443 / Low: 23.7207).
Growth Streaks & Declines
TrendsBetween May and November, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 6 straight months. Conversely, the sharpest month-over-month decline occurred between April and May, when the average rate fell by 0.1096 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (November 2021: 23.9252) against the same month in 2020 (average: 22.6214), the exchange rate shifted by +1.3037 (+5.76%).
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| Month | High | Low | Average |
|---|---|---|---|
| January | 22.4006 | 22.0227 | 22.1995 |
| February | 22.3931 | 22.0812 | 22.2050 |
| March | 22.9684 | 22.2241 | 22.7191 |
| April | 22.8972 | 22.4146 | 22.6327 |
| May | 22.7154 | 22.3404 | 22.5231 |
| June | 23.0714 | 22.6485 | 22.8808 |
| July | 23.2087 | 22.8559 | 23.0694 |
| August | 23.2896 | 22.9123 | 23.1302 |
| September | 23.3737 | 23.0482 | 23.2129 |
| October | 23.7466 | 23.3878 | 23.5675 |
| November | 24.2490 | 23.6427 | 23.9252 |
| December | 23.9443 | 23.7207 | 23.8508 |