Limit Up! 9th April 2025

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Overnight

Markets are settling for now but don't expect them not to go down as we're still waiting for something to happen

US equities lower overnight as tariffs hopes were not realised.

US Equities

Breaking

Yesterday's weak Yuan fix above 7.20 has lead to a big slide in the Offshore Yuan as investors try to get their money out of China. As the currency is pegged, this is a much bigger move than maybe the charts reflect.

USD / OFFSHORE YUAN Daily

There are a number of narratives now contributing to the uncertainty

• The administration's upcoming tax bill (likely in May) will include a provision bringing back the 30% foreign withholding tax on interest income that was eliminated in 1984. This would apply to US Treasuries.
• Treasury Secretary Scott Bessent flew to Florida on Sunday to advise President Trump to shift his focus towards negotiating favorable trade deals to prevent further stock market declines, according to two sources.
• FED may think this has nothing to do with them but it will be when liquidity becomes an issue
• China is dumping massive amount of US treasuries to push interest rates higher

Equities

NASDAQ on it's way to longer term support from the COVID low.

NASDAQ Daily

Bitcoin

Lower again and grinding into the 70/75k support

BITCOIN / USD Daily

Commodities

Oil on it's way much lower. Minor support and then a flush down to low twenties. This is what Trump wants isn't it?

BRENT OIL FUTURES Daily

Bonds

Very scary reversal on THE most important chart. That hammer is telling us the downtrend may get broken. A move up to 5% would be truly catastrophic for markets right now.

US 10 Year Government Bond Yield Daily

Foreign Exchange

The USD has been stable amongst the carnage, but it's the wrecking ball and lower USD with higher rates is not at all good. Remember the market always goes in the direction of most pain.

DXY Daily

Economic Indicators Today