Greenback is losing momentum

Analisi Giornaliera - 31/12/2019

Safe haven demand weakens US dollar


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.


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.


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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