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On today’s menu:

• 📉 Dollar Dumps, Bitcoin ATH, Aussie Troubles

• 🚗 Tesla’s Robotaxis Are Coming

• 🇨🇦 Canada’s Inflation Drops… Kind Of

• 😬 Klarna Losses Almost $100 Million

• 🤔 Becoming A Millionaire: What The Numbers Say

Yesterday’s numbers:

BREAKING NEWS

📉 Dollar Dumps, Bitcoin ATH, Aussie Troubles

You know markets are weird when gold is outpacing tech stocks, Australia is cutting rates, and Bitcoin is making a quiet run toward $110K. Here's what traders need to know today:

💵 Dollar Drops, Gold Pops

The USD is falling out of favour faster than my wife’s opinion of my trading strategy.

The DXY dropped over 0.30% yesterday, weighed down by lingering fears over Moody’s debt downgrade and a growing belief that Powell may eventually fold under recession pressure.

But gold? Gold just took a double espresso shot:

• Up 2% yesterday

• Hovering near $3,300/oz

• Best-performing safe haven while stocks look wobbly

What’s driving it?

• Recession Fears: Bad vibes = bullish gold.

• Tariff Uncertainty: A volatile White House means global investors want something less... tweetable.

• Rate Cut Hopes: Lower yields = weaker dollar = stronger gold.

🧠 Pro Tip: Gold and DXY usually move opposite each other. If you’re trading XAUUSD, treat DXY like your co-pilot.

🇦🇺 Australia Cuts Rates, AUD Slumps

The RBA cut rates — no shock there. But the surprise? They talked about cutting by 50bps at upcoming meetings. The market nearly fully priced in back-to-back cuts.

That sent the Aussie dollar straight to the G10 naughty corner.

• AUD/USD briefly dipped below 0.6400

• Bounced 25 pips on some late-day risk-on sentiment

Translation? Traders love the idea of easy money — just not from a weakening economy.

What to watch:

• AUD will track global risk sentiment (think: stocks, commodities, China data)

• Any rally might be short-lived unless the RBA cools the dovish talk

₿ Bitcoin Eyes All-Time Highs

While everyone’s watching gold, Bitcoin’s sneaking up behind it with a baseball bat.

• +1% yesterday

• Trading just under $107,000

• Quietly approaching ATHs without the usual crypto circus

Why the rally?

• ETF Inflows: $6.9B into spot Bitcoin ETFs over 3 weeks

• Big Buys: MicroStrategy just added 7,390 BTC. Japan’s Metaplanet tossed in another 1,004 BTC.

• Macro Angst: Moody’s downgrade + fiat fears = Bitcoin as the anti-dollar hedge

• Technical Breakouts: Bullish pin bars, high futures volume, and resistance breakouts fueling momentum

Zoom out: Bitcoin is acting like the cleanest shirt in the dirty laundry pile. If USD weakness continues, this party might just be getting started.

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MARKET OVERVIEW

🍿 Tasty Movers & Shakers

$TSLA ( ▲ 0.43% ) Elon Musk announced yesterday that 10 Robotaxis will be launching in Austin by the end of June. If it goes well, he plans to expand with thousands of vehicles.

$HD ( ▲ 0.06% ) Home Depot CFO has said they won’t be raising prices due to tariffs, even though it missed first-quarter earnings estimates.

$WRBY ( ▲ 3.39% ) The stock climbed over 17% on news that they’re partnering with Google on a $150 million smart glasses deal. The first line of products is expected “after 2025”.

$LEVI ( ▼ 1.66% ) is selling Dockers for $311 million to a brand management firm called Authentic Brands Group.

$UBER ( ▼ 4.49% ) Continues to climb to record highs, not far off from $100. The reason for the climb? Active users have reached 170 million, and trip volumes have grown by 18%.

FOREX

🇨🇦 Canada’s Inflation Drops… Kind Of

Here’s the deal: Canada’s headline inflation dropped to 1.7% in April, but don’t pop the maple champagne yet. That decline was mostly thanks to the end of the carbon tax and falling oil prices — not because the economy is suddenly behaving.

Beneath the surface?

Core inflation is heating up. CPI-median and CPI-trim (aka the Bank of Canada’s favorite measures) rose to 3.2% and 3.1%, their highest levels in a year.

Translation: The cost of living is still climbing, even if the sticker shock at the pump is cooling down.

💥 Why it matters:

• Core inflation staying hot = pressure on the Bank of Canada to hold rates steady.

• But unemployment just jumped to 6.9%, the highest since the pandemic.

• The BoC is trapped: Cut too soon and risk inflation roaring back. Wait too long and risk choking a slowing economy.

📉 USD/CAD sits at 1.39 after topping out at 1.47 in Feb. The loonie has been gaining… but this inflation mess could pause that run.

👀 What traders should watch:

• Rate cut bets for June 4th? Fading fast.

• BoC’s tone: Do they talk tough on inflation or pivot to growth concerns?

• Commodities: If oil climbs again, CAD could catch a bid — if not, look for weakness.

Bottom line: CAD is dancing on a tightrope. And like me trying to explain to my wife why I bought another monitor, one wrong move and it all collapses.

PROP FIRMS

🤑 Wednesday Motivation

🚀 Pre-Market Fuel

1. 😬 Klarna is down almost $100 million as consumers are beginning to default on their retail purchases.

2. 🤔 This is how long it would take to become a million with $10K yearly investments and a 7% annual return.

3. 🇯🇵 Japan’s bonds continue to surge, hitting a new all-time high. This is a red flag.

4. 😂 Is this the opposite of insider trading?

5. ✅ The best summary of what’s happening in the market right now.

🍪 Munchy Memes

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