2014 TOP to MAD Historical Review

YEARLY HIGH

4.6370 MAD

YEARLY LOW

4.3427 MAD

YEARLY AVERAGE

4.4567 MAD

2014 TOP to MAD Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2014

During 2014, the TOP to MAD exchange rate experienced significant fluctuation. The market reached its absolute peak on September 7, valuing the pair at 4.6370. Conversely, the yearly low was recorded on March 17, dropping to 4.3427.

This high-to-low spread represents a total annual volatility of 0.2943 MAD. From a start-to-finish perspective, comparing the January average rate of 4.4214 to the December average rate of 4.5530, the exchange rate registered a net change of 2.98% (reflecting a strengthening trend).

Looking at year-over-year peak valuations, the 2014 high of 4.6370 was down 6.31% compared to the 2013 peak of 4.9493, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

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

Yearly Peak High 23,185 MAD

2013 Average 23,480 MAD

Yearly Trough Low 21,713 MAD

Transaction Impact: A difference of 1,471.57 MAD purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2014.

4.5702

4.3644

JanuMarcMayJulySeptNove

TOP to MAD 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 4.4153, compared to 4.4981 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.0827 points.

H1 Avg (Jan–Jun) 4.4153

H2 Avg (Jul–Dec) 4.4981

Volatility Range Comparison

Volatility

The most volatile month in 2014 was September, with a trading range of 0.1669 MAD (High: 4.6370 / Low: 4.4701). On the other end, February was the most stable month, with a tight range of 0.0588 MAD (High: 4.4303 / Low: 4.3714).

September Spread (Volatile) ±0.1669

February Spread (Stable) ±0.0588

Growth Streaks & Declines

Trends

Between May and September, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 4 straight months. Conversely, the sharpest month-over-month decline occurred between September and October, when the average rate fell by 0.0641 points.

Longest Streak 4 Mo.

Sharpest MoM Drop -0.0641

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (September 2014: 4.5221) against the same month in 2013 (average: 4.5554), the exchange rate shifted by -0.0333 (-0.73%).

2014 Avg (September) 4.5221

2013 Avg (September) 4.5554

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	4.4630	4.3821	4.4214
February	4.4303	4.3714	4.3927
March	4.4657	4.3427	4.3815
April	4.4994	4.3625	4.4427
May	4.4668	4.3737	4.4142
June	4.4673	4.3935	4.4394
July	4.5872	4.4569	4.4929
August	4.5779	4.4394	4.5143
September	4.6370	4.4701	4.5221
October	4.5245	4.3925	4.4579
November	4.5236	4.4103	4.4481
December	4.6005	4.4807	4.5530