1. Gold Hits 2-Week Low On Strong Dollar
Gold prices hit a two-week low on Friday morning as upbeat U.S. economic data boosted the dollar, it should be noted however, that mounting concerns over a slowdown in global growth offered support to the safe-haven metal. As of 7:20 GMT, spot gold was at $1,309.76 per ounce or 0.3% lower, slipping to its lowest since Feb. 15.*
2. Dollar Skyrockets On Upbeat GDP
The US dollar rose roughly 0.3 percent to 111.81 yen, its strongest level since Dec. 20 as of 7:45 this morning. Meanwhile, the dollar index which measures the strength of the USD against a basket of six major currencies extended overnight gains but pulled further away from a three-week trough of 95.824 plumbed on Thursday. The overnight wobbles in the U.S. currency came as the euro rallied on growing expectations that the European economy may have turned a corner. But the dollar managed to claw back its losses after data showed U.S. gross domestic product increased at a 2.6 percent annualized rate in the fourth quarter, above economists’ forecasts for a 2.3 percent gain.**
3. Tesla’s Musk Doesn’t Expect A Profitable Q1
Tesla (TSLA) CEO Elon Musk tells CNBC that he doesn’t expect the company to be profitable in Q1, based on his expectations for one-time charges and other financial commitments. The consensus Q1 EPS estimate from analysts stands at $0.62, although that may or may not include the charges that Musk is referring toward. Musk also stated that he does expect the company to be profitable in Q2, although once again investors can’t be quite sure what is conjecture and what is guidance.***
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*Source: Reuters, Mar 1, 2019 3:25 AM GMT
**Source: Investing, Mar 1, 2019 4:16 AM GMT
***Source: Seeking Alpha, Mar 1, 2019 3:03 AM ET
