2011 MKD to TOP Historical Review

YEARLY HIGH

0.0441 TOP

YEARLY LOW

0.0364 TOP

YEARLY AVERAGE

0.0398 TOP

2011 MKD to TOP Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2011

During 2011, the MKD to TOP exchange rate experienced significant fluctuation. The market reached its absolute peak on April 21, valuing the pair at 0.0441. Conversely, the yearly low was recorded on December 14, dropping to 0.0364.

This high-to-low spread represents a total annual volatility of 0.0077 TOP. From a start-to-finish perspective, comparing the January average rate of 0.0405 to the December average rate of 0.0373, the exchange rate registered a net change of -8.04% (reflecting a weakening trend).

Looking at year-over-year peak valuations, the 2011 high of 0.0441 was down 2.69% compared to the 2010 peak of 0.0454, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

Comparing the value generated converting 5,000 MKD based on timing:

Yearly Peak High 221 TOP

2010 Average 208 TOP

Yearly Trough Low 182 TOP

Transaction Impact: A difference of 38.65 TOP purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2011.

0.0437

0.0367

JanuMarcMayJulySeptNove

MKD to TOP Seasonal Trends & Volatility Analysis

A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.

Seasonal Halves (H1 vs H2)

Seasonal

The average exchange rate in the first half of the year (H1: Jan–Jun) was 0.0416, compared to 0.0381 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.0035 points.

H1 Avg (Jan–Jun) 0.0416

H2 Avg (Jul–Dec) 0.0381

Volatility Range Comparison

Volatility

The most volatile month in 2011 was July, with a trading range of 0.0032 TOP (High: 0.0407 / Low: 0.0375). On the other end, February was the most stable month, with a tight range of 0.0012 TOP (High: 0.0418 / Low: 0.0406).

July Spread (Volatile) ±0.0032

February Spread (Stable) ±0.0012

Growth Streaks & Declines

Trends

Between January and April, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 3 straight months. Conversely, the sharpest month-over-month decline occurred between April and May, when the average rate fell by 0.0018 points.

Longest Streak 3 Mo.

Sharpest MoM Drop -0.0018

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (April 2011: 0.0431) against the same month in 2010 (average: 0.0421), the exchange rate shifted by +0.0010 (+2.41%).

2011 Avg (April) 0.0431

2010 Avg (April) 0.0421

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	0.0415	0.0393	0.0405
February	0.0418	0.0406	0.0412
March	0.0432	0.0415	0.0423
April	0.0441	0.0421	0.0431
May	0.0430	0.0402	0.0413
June	0.0416	0.0400	0.0408
July	0.0407	0.0375	0.0392
August	0.0390	0.0373	0.0383
September	0.0385	0.0372	0.0377
October	0.0392	0.0370	0.0383
November	0.0388	0.0370	0.0378
December	0.0381	0.0364	0.0373