Limit Up! 9th May 2025

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Overnight

Economic Indicators Released Overnight

Good News is Good News as markets rally on the first trade deal, with the UK. The absolute easiest one to put together. This is what Trump said:

• $6 BILLION in new tariff revenue
• US tariffs on imports from UK raised to 10%
• UK tariffs on imports from US lowered to 1.8%  
• $5 BILLION in new exports from the U.S.
  
  “The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers.”

Bank of England cuts base rates 25bps citing lower than expected inflation.

Equities rallied, as did the USD and Bitcoin, but a poor auction of 30 year treasuries and Bessent talking liquidity reform has institutional markets very concerned.

US Equities

Breaking

Donald Trump to announce trade deal with UK [FT]

Pakistan says it has shot down 25 drones, India says it pushed back Pakistani retaliation [ABC]

China, Russia to join forces in defending just world, countering hegemony — Xi [Tass]

Commodities

Is Gold back in the groove again? Tagging support and mid-line suggests a new channel.

GOLD / USD Daily

Bitcoin

The bull flag broke and price breaks 100k. 

BITCOIN / USD Daily

Equities

Good news for equities but S&P needs to confirm above 5,800 for the last month to be a dip. 

S&P 500 Daily

Bonds

Bearish price action on the poor auction. This is the most important chart currently as any further rise in yield will bring into doubt the liquidity of the "risk-free" collateral of the global financial system.

US 10 Year Treasury Bond Yield Daily

Foreign Exchange

Dollar pops on all the good news, regaining 100 on the DXY, but it doesn't look too convincing.

DXY Daily

Interesting

Economic Indicators Today