Greenback is losing momentum

Daily Analysis - 31/12/2019

Safe haven demand weakens US dollar

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On Monday low volume increased the vulnerability towards the greenback which declined for its third straight day, while traders supported riskier assets.

The dollar index, which measures the currency versus a box of competitors, declined 0.18% to 96.742 in North American trade. On Friday the index experienced its largest single day drop since March, which blew its profits for the year about 0.6%, compared with a profit of approximately 4.4% last year.

Gold improved while the greenback falls


On Monday the safe haven Gold increased while global economic growth anxieties held the metal just over $1,500 an ounce and expectations of a US-China trade arrangement decreased the demand of the weakening dollar. Spot gold surged 0.3% to $1,515.40 per ounce. In the previous week, the metal registered its best week since early August. US gold futures were stable at $1,518.39 per ounce.

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Tesla reports a production of 1000 cars per week


Tesla is manufacturing its Model 3 electric cars at a frequency of 28 per hour, or more than 1,000 per week according to a report from the Global Times. The astonishing production numbers come from its new Shanghai factory. The factory was established and started manufacturing vehicles in less than a year.

The company began releasing the Model 3s to its workers in China at a celebration that was live-streamed on Weibo, the Chinese social network on Monday. The China-made Model 3s price is around $50,000 before subsidies. Tesla executives announced to Global Times that the company is planning to reach a production of 3,000 vehicles per week in Shanghai shortly.

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US stock index futures were slightly higher today


US equities fell from their all-time tops yesterday while traders demanded less risk. Trading has likewise been affected by a more moderate action due to the holiday season. But, the S&P is on course to see its biggest yearly performance since 2013. US stock index futures were slightly more expensive this morning, before the last trading day of the year.

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