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    TSLA   US88160R1014


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Dollar edges higher as virus restrictions unnerve investors

05/17/2021 | 04:43am EDT

* Dollar inches higher, euro slips

* Most currencies little moved in quiet start to the week

* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E

LONDON, May 17 (Reuters) - The dollar edged higher on Monday as new COVID-19 restrictions in Asia and mixed economic data in China encouraged investors to stick with safer currencies.

The euro fell marginally while other major currencies remained in tight ranges in a quiet start to the week.

Bitcoin skidded to a three-month low after Tesla Inc boss Elon Musk suggested at the weekend that the car maker is considering selling or may have already sold some of its holdings in the cryptocurrency. It later recovered slightly.

Easing commodity prices and fresh virus outbreaks in Singapore and Taiwan - where COVID-19 had been contained - helped the U.S. dollar rise against the Australian and New Zealand dollars. The Singaporean and Taiwanese dollars also dropped, the latter by more than half a percent.

The greenback's performance against the euro and yen was less pronounced, but it remained above the recent lows hit before higher-than-expected U.S. inflation data last week.

While investor nervousness supported the dollar on Monday, analysts generally expect the greenback to weaken as investors bet on a further rebound in other economies as they reopen.

"The macro agenda this week might allow both the EUR and the GBP to regain further ground against the USD, should preliminary PMI surveys for May, to be released in both areas, offer further signs of optimism, especially in the service indices," said UniCredit analysts, referring to Purchasing Manager Index survey data due out on Friday.

Fed minutes, from an April meeting that predated the inflation data surprise last week, are due on Wednesday and are the next market focus for clues on the central bank's thinking.

"We expect the minutes ... to reiterate that policymakers consider the pick up in inflation to be transitory," said Kim Mundy, a currency strategist at the Commonwealth Bank of Australia in Sydney.

"The upshot is that we do not expect the (Fed) to consider tapering its asset purchases soon," she said. "The dollar is expected to resume its downtrend this week after last week's CPI-inspired boost."

Speculators increased their bets against the dollar last week, mostly by adding to bets on the euro and to a lesser extent sterling.

The pound held near a two-and-a-half-month high, at $1.4091, as Britain on Monday took a significant step in reopening its economy after a four-month lockdown.

The onshore yuan was little changed at 6.4380 per dollar after a mixed round of economic data showed China's industrial output had slowed and retail sales missed forecasts last month.

(Additional reporting by Tom Westbrook in Singapore and Stanley White in Tokyo; Editing by Kirsten Donovan)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.54% 0.6308 Delayed Quote.0.70%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -1.01% 0.74808 Delayed Quote.-1.78%
BITCOIN - EURO -0.11% 30136.57 Real-time Quote.35.38%
BITCOIN - UNITED STATES DOLLAR -0.28% 35705.45 Real-time Quote.31.76%
BRITISH POUND / EURO (GBP/EUR) -0.53% 1.1636 Delayed Quote.4.55%
BRITISH POUND / US DOLLAR (GBP/USD) -0.96% 1.38032 Delayed Quote.1.93%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.00% 0.676311 Delayed Quote.5.67%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.00% 0.8015 Delayed Quote.3.16%
COMMONWEALTH BANK OF AUSTRALIA -2.10% 103.69 End-of-day quote.26.28%
EURO / US DOLLAR (EUR/USD) -0.45% 1.18592 Delayed Quote.-2.47%
INDIAN RUPEE / EURO (INR/EUR) 0.42% 0.011415 Delayed Quote.1.03%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013488 Delayed Quote.-1.50%
MSCI TAIWAN (STRD) -0.75% 705.9 Real-time Quote.18.19%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -1.16% 0.6933 Delayed Quote.-2.33%
TESLA, INC. 1.09% 623.31 Delayed Quote.-11.67%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.45982 Delayed Quote.-0.54%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.4525 Delayed Quote.-1.18%
US DOLLAR / EURO (USD/EUR) 0.45% 0.843227 Delayed Quote.2.53%
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Financials (USD)
Sales 2021 49 399 M - -
Net income 2021 3 430 M - -
Net cash 2021 8 942 M - -
P/E ratio 2021 199x
Yield 2021 -
Capitalization 600 B 600 B -
EV / Sales 2021 12,0x
EV / Sales 2022 8,78x
Nbr of Employees 70 757
Free-Float 80,4%
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 35
Average target price 654,03 $
Last Close Price 623,31 $
Spread / Highest target 92,5%
Spread / Average Target 4,93%
Spread / Lowest Target -75,9%
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Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
Antonio J. Gracias Independent Director
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