2023 TOP to MKD Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 TOP to MKD Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the TOP to MKD exchange rate experienced significant fluctuation. The market reached its absolute peak on January 8, valuing the pair at 24.9747. Conversely, the yearly low was recorded on July 14, dropping to 23.3063.
This high-to-low spread represents a total annual volatility of 1.6684 MKD. From a start-to-finish perspective, comparing the January average rate of 24.5469 to the December average rate of 23.9954, the exchange rate registered a net change of -2.25% (reflecting a weakening trend).
Looking at year-over-year peak valuations, the 2023 high of 24.9747 was down 5.82% compared to the 2022 peak of 26.5176, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 TOP based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
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: Jan–Jun) was 24.2594, compared to 23.9575 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.3018 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was April, with a trading range of 0.8177 MKD (High: 24.2383 / Low: 23.4205). On the other end, August was the most stable month, with a tight range of 0.2976 MKD (High: 23.8792 / Low: 23.5816).
Growth Streaks & Declines
TrendsBetween July and October, 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 March and April, when the average rate fell by 0.5450 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (January 2023: 24.5469) against the same month in 2022 (average: 23.9221), the exchange rate shifted by +0.6248 (+2.61%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 24.9747 | 24.3079 | 24.5469 |
| February | 24.7389 | 24.3747 | 24.6140 |
| March | 24.7533 | 23.9995 | 24.3987 |
| April | 24.2383 | 23.4205 | 23.8537 |
| May | 24.3025 | 23.6343 | 24.0273 |
| June | 24.3675 | 23.8234 | 24.1155 |
| July | 24.0453 | 23.3063 | 23.7200 |
| August | 23.8792 | 23.5816 | 23.7338 |
| September | 24.4868 | 23.8908 | 24.1057 |
| October | 24.5770 | 24.0086 | 24.2952 |
| November | 24.3452 | 23.6013 | 23.8952 |
| December | 24.2235 | 23.7521 | 23.9954 |