September 23, 2023
Collaborative cooking in the cloud

Singapore’s Monetary Authority and Google Cloud Collaborate on Ethical AI, US Job Market Strengthens, Data Science Revolutionizes Industries, and Chinese Yuan Faces Depreciation

In a significant move, Singapore’s central bank, the Monetary Authority of Singapore (MAS), has joined forces with Google Cloud, a leading cloud computing services provider, to explore the development of ethical generative artificial intelligence (AI) solutions. The collaboration aims to leverage cutting-edge technology to enhance the creation and use of ethical AI applications within MAS and foster the growth of engineers with deep AI expertise.

Surprising figures from the US labor market reveal unexpected job vacancy growth in April, accompanied by a positive revision of previous month data. These indicators suggest ongoing strength in the labor market, potentially prompting the Federal Reserve to consider another interest rate increase in June. Additionally, layoffs saw a significant decrease, with job postings outnumbering jobless individuals, signaling a robust job market that is not driving up inflation.

Data science, hailed as the cornerstone of the 21st-century technological revolution, has revolutionized industries by extracting valuable insights from vast amounts of data. As technology advances, the focus has shifted towards complex AI systems that heavily rely on this data. With digital platforms proliferating, data science continues to play a pivotal role in making sense of the data deluge, bridging the gap between the data-rich present and the future dominated by intelligent systems.

The Chinese yuan (CNY), one of the five currencies included in the IMF’s basket of Special Drawing Rights (SDRs), is experiencing its worst performance against the US dollar (USD) since September, with a 2.7% decline this month alone. Since February, the yuan has depreciated by 5% against the dollar, and Goldman Sachs predicts further potential decline. Yuan depreciation has traditionally been viewed as positive for alternative fiat currency assets like gold and bitcoin. However, a strengthening dollar may lead to global monetary tightening and adversely impact risk assets, including cryptocurrencies.

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