Figure 2 shows the NZD/USD’s daily ranges sorted from smallest to largest. The average range was 0.0072 points and the median range was 0.0068 points. The smallest range, 0.0025 points, occurred on May 29, 2006, while the largest daily range was 0.0189 on Sept. 14, 2006. Figure 3 shows the distribution of the daily ranges. A frequency distribution measures the number of occurrences of a certain observation — in this case, the number of daily ranges that fall into different-sized categories.
The horizontal axis divides the daily ranges into different- sized categories and the vertical axis shows how many daily ranges occurred in each category. For example, the column labeled 0.0060, which is the peak reading, represents the daily ranges that were larger than 0.0050 points up to and including 0.0060 points (i.e., 0.0051 through 0.0060). There were 55 days with ranges in this category. Eighty-one percent of the daily ranges were between 0.0041 and 0.0100 points, and the range exceeded 0.0100 points only 35 times (14 percent).
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