Limit Up! 22nd August 2025

Daily LinkedIn | Weekly LinkedIn | Bitcoin for Business | Latest Limit Up! Podcast Now Live

Overnight

Economic Indicators Released Overnight

Obviously global PMI day

• Europe steady
• UK services better, manufacturing worse
• US better

Otherwise

• 30 Year US TIPS auction went well
• US Jobless Claims ticked higher
  
  

And more clarity with the US-EU trade deal

On August 21, 2025, the US and EU advanced their trade deal, with the EU releasing a statement confirming the July 27 agreement. The EU committed to dropping tariffs on US industrial goods, including cars, to zero, while the US will maintain a 15% tariff on most EU exports, including autos and tech. The EU also pledged $750 billion in US energy purchases and $600 billion in US investments by 2028. A joint statement was released, but the agreement remains a non-binding political framework, with legal instruments still under negotiation. The EU paused planned countermeasures against US tariffs for six months to allow further talks, aiming to finalise details like exemptions for wine and spirits.

Equities continued lower ahead of tonight's speech

US Equities

Breaking

'Hawkish' FOMC Minutes Shows 'Majority' Fear Higher Inflation More Than Lower Employment [Zerohedge]

FED MINUTES:

• MANY OFFICIALS NOTED FULL EFFECT OF TARIFFS COULD TAKE SOME TIME
• FED MINUTES: SEVERAL NOTED CONCERNS ABOUT ELEVATED ASSET VALUATIONS
• FED MINUTES: MAJORITY SAW INFLATION RISK OUTWEIGHING EMPLOYMENT RISK

Bitcoin

BTC at immediate support. Sentiment changing from 3 to 2 to 1 to 0 (Morgan Stanley) rate cuts this year. FED board under intensive scrutiny for first time in living memory. BTC will be the exit for investors if they can't get their act together and align themselves with fiscal policy.

BITCOIN/USD Daily

Commodities

Silver has been performing better than Gold of late, buoyed by pundits talking crazy price targets. Perception of a slowing economy would dent that theory. Stay long, but don't go long at these levels.

SILVER/USD Daily

Foreign Exchange

Back to the scene of the crime for USD/CAD.

USD/CAD Daily

Bonds

Yesterday's CPI has pushed 10 year Gilts higher and yield continues to try to get through resistance.

UK 10 Year Government Bond Yield Daily

Equities

S&P looking slightly worse technically than the NASDAQ but all bets are off until tonight. VIX up 5% overnight as some participants buy insurance.

S&P 500 Daily

Economic Indicators Today