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Economic Indicators Released Overnight
A lot of noise overnight data-wise but markets are running on FED/Credit/Banking system. Thus, aside from AI news, things took a very flat tone.
The next direction for markets could be the next move for the USD. The DXY has spent 3 months banging along the bottom of a uptrend since 2011. Markets are short USD. Dedollarisation involves buying USD to repay USD bonds before refinancing. The FED's 2 recent cuts seem to have confirmed the bottom is in. USD/YEN and USD/CAD already left the station.
The next move up could be really painful.
US Equities were mixed.
China Pays Interest in Gold Now [MSN]
Why the RBA’s rate decision will make inflation only worse [AFR]
Fed’s Cook signals December rate cut is not a foregone conclusion [FT]
A Wave of US Layoffs Flash Early Warning Sign for Job Market [Bloomberg]
Surprise Swiss inflation dip not enough to warrant central bank action, analysts say [Reuters]
Plenty of old positions getting out +100k has really put a lid on price. The mood is sombre and liquidity is low. Gold, Silver and stocks haven’t been able to keep BTC on track for a new cycle high. Read more
Silver was looking better yesterday but rolled over at the close. We like the fact that price dropped into the old trend channel and found good support around $45.50. The upside is definitely capped at $49.30. Read more
The close over 99.20 looks bullish but with a couple of pivot points before 101.50 to get over, we’re looking for a big spike higher to confirm the trend for the USD much higher. Read more
Unconfirmed as yet, but yield closes 3 times higher then the downward trend. As we’ve seen in other countries, e.g, UK, central bank rate cuts create a floor for long-term yields. The recent push down to 3.93% without reaching trend support at 3.83% suggests a spike higher is coming.
US 10 Year Government Bond Daily
USD/CAD Update 4 November 2025