Top Tech News Today: MAS and Google Cloud Partner to Develop Generative AI Technology Capacities. Chinese Yuan is an Important Currency for Crypto Traders.

To investigate possible applications for Generative AI in business processes and operations

Good morning tech fam, here are some quick tech updates for you to catch on to!

What's New Today: Despite rising job vacancies and declining layoffs, the US labor market is nevertheless robust.

 Fast-Track Insights: Chinese Yuan is an Important Currency for Crypto Traders.

A Memorandum of Understanding (MoU) was signed on Wednesday by the Monetary Authority of Singapore (MAS), the central bank of Singapore, and Google Cloud, a leading supplier of cloud computing services, to work together on generative artificial intelligence (AI) solutions that are based on ethical AI principles. According to a joint release, the cooperation will investigate technological possibilities to enhance the creation and use of ethical generative AI applications inside MAS and to foster the development of engineers with deep AI skill sets.

U.S. job vacancies unexpectedly increased in April, and figures from the previous month were revised upward, indicating ongoing strength in the labor market that may force the Federal Reserve to increase interest rates once more in June. The Labour Department's JOLTS data, released on Wednesday, also revealed a considerable decrease in layoffs in the previous month. In April, there were 1.8 job postings for every jobless person, up from 1.7 in March and far more than the 1.0–1.2 range seen as being compatible with a jobs market that is not driving up inflation.

Data science hailed as the cornerstone of the 21st-century technological revolution, has transformed industries with its ability to extract insights from data. However, a closer examination reveals that data science is a discipline that has only recently emerged, bridging the gap between a data-poor past and a future dominated by intelligent systems. With the proliferation of digital platforms such as the internet, social media, e-commerce, and IoT devices, we are now inundated with vast amounts of data. Data science has played a pivotal role in making sense of this data deluge, but as technology advances, the focus has shifted to the complex AI systems that rely on this data. Read More

One of the five currencies included in the IMF's basket of SDRs, the Chinese yuan (CNY), has had its worst performance versus the US dollar (USD) since September, down 2.7% this month. Going back to February, the depreciation against the dollar amounts to 5%, and the world's largest investment bank, Goldman Sachs, predicts it may fall much more. Yuan depreciation has traditionally been seen as positive for alternative fiat currency assets like gold and bitcoin, but a strong dollar is the flip side of that equation. According to some experts, the U.S. dollar is already on the rise, and additional strength might result in a continuation of global monetary tightening and drag on risk assets, including cryptocurrencies.