2016 TOP to MAD Historical Review

YEARLY HIGH

4.5371 MAD

YEARLY LOW

4.1682 MAD

YEARLY AVERAGE

4.3536 MAD

2016 TOP to MAD Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2016

During 2016, the TOP to MAD exchange rate experienced significant fluctuation. The market reached its absolute peak on November 9, valuing the pair at 4.5371. Conversely, the yearly low was recorded on February 7, dropping to 4.1682.

This high-to-low spread represents a total annual volatility of 0.3689 MAD. From a start-to-finish perspective, comparing the January average rate of 4.3918 to the December average rate of 4.4401, the exchange rate registered a net change of 1.10% (reflecting a strengthening trend).

Looking at year-over-year peak valuations, the 2016 high of 4.5371 was down 9.65% compared to the 2015 peak of 5.0217, 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 22,686 MAD

2015 Average 23,036 MAD

Yearly Trough Low 20,841 MAD

Transaction Impact: A difference of 1,844.50 MAD purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2016.

4.4667

4.2797

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 4.3288, compared to 4.3784 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.0495 points.

H1 Avg (Jan–Jun) 4.3288

H2 Avg (Jul–Dec) 4.3784

Volatility Range Comparison

Volatility

The most volatile month in 2016 was November, with a trading range of 0.2109 MAD (High: 4.5371 / Low: 4.3262). On the other end, May was the most stable month, with a tight range of 0.0607 MAD (High: 4.3299 / Low: 4.2692).

November Spread (Volatile) ±0.2109

May Spread (Stable) ±0.0607

Growth Streaks & Declines

Trends

Between August and November, 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 January and February, when the average rate fell by 0.0965 points.

Longest Streak 3 Mo.

Sharpest MoM Drop -0.0965

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (November 2016: 4.4511) against the same month in 2015 (average: 4.4864), the exchange rate shifted by -0.0353 (-0.79%).

2016 Avg (November) 4.4511

2015 Avg (November) 4.4864

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	4.4642	4.3041	4.3918
February	4.3474	4.1682	4.2953
March	4.3701	4.2846	4.3309
April	4.3904	4.2940	4.3328
May	4.3299	4.2692	4.2958
June	4.4121	4.2407	4.3265
July	4.3684	4.2709	4.3292
August	4.3524	4.2597	4.3072
September	4.3542	4.2905	4.3223
October	4.4862	4.3152	4.4202
November	4.5371	4.3262	4.4511
December	4.5143	4.3768	4.4401