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26 May 2026, 14:01
Is OpenAI's Altman right to be 'delighted' that AI has not caused 'jobs apocalypse?'
OpenAI CEO Sam Altman has said that he was wrong to predict widespread white-collar job losses from artificial intelligence, saying he is “delighted” the feared “jobs apocalypse” has not materialized. However, his new position sits uneasily in the face of a growing body of research showing AI is already squeezing workers at both ends of the career ladder. Speaking virtually at a Commonwealth Bank of Australia event on Tuesday, May 26, Altman told CBA CEO Matt Comyn that OpenAI had been “roughly right” on its technological forecasts since launching ChatGPT in 2022 but “pretty wrong” on the social and economic consequences. He said he had expected more entry-level white-collar positions to vanish by now than actually have. What did Altman say about how AI affects jobs? Altman traced his change of heart to a personal experiment where he said that he let an AI answer Slack and email messages on his behalf, labeling each reply as coming from “Sam’s AI.” The exercise convinced him that people still place high value on authentic human interaction, adding that many jobs contain elements that machines cannot easily replace. “We really do care about our interactions with people and this thing, which is a huge amount of my time, is not something that I can imagine myself outsourcing to an AI anytime soon,” Altman said at the conference. Altman acknowledged that his earlier warnings may have stoked unnecessary alarm. “People are like ‘oh you could have saved the world a lot of fear mongering and a lot of doom and gloom,'” he said. “But at the time I was like ‘I see this is a real risk we should probably talk about it.'” However, he did not cite any employment figures to support his position. In fact, he has been less cautious in other recent appearances. Earlier this year, he told CNBC-TV18 at the India AI Impact Summit that customer service jobs performed over the phone or computer would be “totally, totally gone” in the near future. He has also said that traditional work skills now carry a two-to-three-year half-life. What picture do the actual numbers paint? Data gathered in the first quarter of the year from both the Yale Budget Lab and the Brookings Institution show that macro-level unemployment has been relatively stable. Yale Budget Lab found no meaningful shift in occupational mix or unemployment for AI-exposed roles However, that does not tell the whole story, as research from Anthropic, published in March, introduced a measure called “observed exposure” that combines theoretical AI capability with real-world usage data. The study found that workers in the most exposed professions are more likely to be older, female, more educated, and higher-paid. At the same time, Anthropic’s data showed suggestive evidence that hiring of younger workers has slowed in exposed occupations since late 2022. That two-sided pressure, where experienced workers face displacement risk while younger ones struggle to enter the workforce at all, complicates Altman’s latest talking points. Cryptopolitan has previously reported that S&P 500 companies laid off over 400,000 positions in the past year, making it the first annual employment decline since 2016. Also, entry-level developer hiring in the United States has dropped 55% since 2019. Companies are already acting Altman’s reassurance arrived the same week Meta began laying off approximately 8,000 employees, with the company describing the cuts as part of a restructuring tied to AI investment. Outplacement firm Challenger, Gray & Christmas tallied nearly 50,000 AI-linked job cuts announced by U.S. companies so far in 2026, accounting for roughly 17% of all announced layoffs this year. Goldman Sachs research found that AI reduced monthly U.S. payroll growth by about 16,000 jobs over the past year, nudging the unemployment rate up by 0.1 percentage point, according to the same report. The effect showed up not through mass layoffs but through weaker hiring, particularly for junior roles. “AI seems to be impacting labor finally, but it’s actually not so much through increased layoffs. The main channel tends to be reduced hiring, especially reduced hiring of junior workers,” Daniel Keum, associate professor of management at Columbia Business School, told CBS News. Morgan Stanley research published in January found that British firms cut a net 8% of their workforce due to AI over the prior year, the worst rate among major economies studied, even as those same companies reported an 11.5% average productivity gain, according to Cryptopolitan’s earlier coverage . The Federal Reserve’s own data adds nuance The Federal Reserve Board’s 2025 household survey found that one in four American workers now use generative AI on the job, with 81% of those users saying it saves them time, as Cryptopolitan previously reported. The New York Fed examined whether hiring had declined in AI-exposed occupations and found “little indication” of a distinct AI-driven drop in labor demand, though overall hiring has slowed since ChatGPT’s launch. Researchers at the University of Pittsburgh who tracked state-level unemployment claims found that no single model of AI vulnerability predicted job losses well on its own, but an ensemble approach could account for close to 20% of employment changes, according to the university’s research summary published in PNAS Nexus. Altman’s IPO timing raises questions OpenAI is preparing to confidentially file for a U.S. initial public offering in the coming weeks, with a potential valuation target approaching $1 trillion. The timing gives Altman a commercial incentive to soften the narrative around AI-driven job losses at precisely the moment his company seeks public investors. His own company’s policy positions also hint that internal expectations remain more cautious than his public tone. OpenAI published a 13-page policy document earlier in 2026 calling for taxes on automated labor, a national public wealth fund that is partly seeded by AI companies, and pilots of a 32-hour working week. Those proposals already presume that a major labor-market disruption is ahead. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
26 May 2026, 13:25
Sterling Slips as Dollar Holds Firm Amid Ceasefire Jitters
BitcoinWorld Sterling Slips as Dollar Holds Firm Amid Ceasefire Jitters The British pound edged lower against the US dollar on Tuesday, extending recent losses as renewed geopolitical uncertainty surrounding ceasefire negotiations in the Middle East fueled demand for safe-haven currencies. Sterling traded at $1.2610 in early London trading, down 0.3% from Monday’s close, as investors adopted a cautious stance. What’s Driving the Pound Lower The dollar strengthened broadly after reports emerged that progress on a ceasefire deal between Israel and Hamas had stalled, reigniting concerns about broader regional instability. The greenback typically benefits from heightened geopolitical risk, as it is perceived as a global reserve currency and a safe haven during times of uncertainty. Market participants are also weighing the implications of diverging monetary policy expectations. The Federal Reserve has maintained a hawkish tone, while the Bank of England is widely expected to begin cutting interest rates later this year. This policy gap has weighed on the pound in recent weeks. Broader Market Context The pound’s decline was not isolated. European currencies broadly weakened against the dollar, with the euro also slipping 0.2% to $1.0740. The Japanese yen, another traditional safe haven, held steady as traders awaited further cues from the Bank of Japan. UK economic data released this week has offered little support for sterling. The latest manufacturing PMI figures came in slightly below expectations, while consumer confidence remains fragile amid elevated inflation and borrowing costs. Analysts at ING noted that the pound is likely to remain under pressure until there is clearer evidence that UK inflation is on a sustained downward path. Impact on Businesses and Consumers A weaker pound has mixed implications. For UK exporters, a lower exchange rate makes British goods cheaper abroad, potentially boosting sales. However, for importers and consumers, it raises the cost of foreign goods and services, adding to inflationary pressures. Travelers heading to the US will find their pounds buying fewer dollars, increasing the cost of holidays and business trips. The pound’s decline also affects companies with significant dollar-denominated debt, as repayment costs rise in sterling terms. Outlook Traders are now focused on the upcoming US non-farm payrolls report due later this week, which could provide further direction for the dollar. A stronger-than-expected jobs number would likely reinforce the Federal Reserve’s cautious stance, putting additional downward pressure on sterling. Meanwhile, any positive developments in ceasefire talks could quickly reverse the dollar’s gains, offering the pound a temporary reprieve. However, analysts caution that the broader trend remains dollar-positive as long as geopolitical risks persist and the Fed holds rates higher for longer. Conclusion The pound’s slip against the dollar reflects a familiar pattern of risk aversion in currency markets, driven by stalled ceasefire talks and diverging central bank policies. While short-term volatility is likely, the pound’s trajectory will depend on upcoming economic data and any shifts in the geopolitical landscape. For now, the dollar remains firmly in control. FAQs Q1: Why did the pound fall against the dollar today? The pound fell primarily due to renewed geopolitical uncertainty surrounding ceasefire negotiations in the Middle East, which increased demand for the US dollar as a safe-haven asset. Market expectations of diverging interest rate policies between the Federal Reserve and the Bank of England also contributed. Q2: How does a weaker pound affect UK consumers? A weaker pound makes imports more expensive, which can push up prices for goods such as food, fuel, and electronics. It also reduces the purchasing power of British travelers abroad, particularly in dollar-denominated destinations. Q3: Could the pound recover soon? A recovery is possible if ceasefire talks make progress, reducing geopolitical risk, or if UK economic data surprises to the upside. However, analysts expect the pound to remain under pressure in the near term given the current risk-off environment and the Federal Reserve’s hawkish stance. This post Sterling Slips as Dollar Holds Firm Amid Ceasefire Jitters first appeared on BitcoinWorld .
26 May 2026, 13:10
New Zealand Dollar Holds Firm as Hawkish RBNZ Stance Bolsters Support Against US Dollar: DBS
BitcoinWorld New Zealand Dollar Holds Firm as Hawkish RBNZ Stance Bolsters Support Against US Dollar: DBS The New Zealand Dollar (NZD) is finding sustained support against the US Dollar (USD), buoyed by a notably hawkish stance from the Reserve Bank of New Zealand (RBNZ), according to a recent analysis from DBS Bank. The assessment highlights how diverging monetary policy expectations between the two central banks are shaping currency market dynamics. RBNZ’s Firm Tone Contrasts with Fed Outlook DBS analysts point out that the RBNZ has maintained a relatively tight policy posture compared to the Federal Reserve, which is increasingly expected to ease rates later this year. This policy divergence is a key driver behind NZD/USD’s recent resilience. The RBNZ has repeatedly signaled that inflation remains too high and that interest rates need to stay restrictive for a prolonged period, a message that has not softened in recent communications. This contrasts with market pricing for the Fed, where traders are pricing in rate cuts starting as early as September 2024. The resulting yield advantage for the New Zealand Dollar has made it an attractive carry trade candidate, supporting its value against the greenback. Market Implications and Key Levels The DBS analysis suggests that as long as the RBNZ maintains its hawkish rhetoric, NZD/USD could continue to grind higher, especially if US economic data begins to soften. The currency pair has already rebounded from multi-month lows, and the bank sees potential for further gains toward the 0.6200 region if current trends persist. However, the outlook is not without risks. A surprise dovish pivot from the RBNZ or a sudden risk-off event that boosts the US Dollar’s safe-haven appeal could quickly reverse these gains. Traders are closely watching upcoming New Zealand inflation data and RBNZ speeches for confirmation of the bank’s policy trajectory. Why This Matters for Forex Traders For currency traders and investors with exposure to the Pacific region, the NZD/USD pair remains a key barometer of risk appetite and monetary policy divergence. The DBS analysis provides a clear framework for understanding the fundamental forces at play: central bank credibility and interest rate differentials. If the RBNZ follows through on its hawkish signals, the New Zealand Dollar could continue to outperform, offering opportunities for both spot traders and those managing currency risk in international portfolios. Conclusion The DBS analysis underscores that the New Zealand Dollar’s current strength is fundamentally tied to the RBNZ’s unwavering hawkish stance, creating a clear policy divergence with the Federal Reserve. While the outlook remains conditional on economic data and central bank communication, the NZD appears well-supported in the near term. Traders should monitor RBNZ commentary and US inflation figures for the next directional catalyst. FAQs Q1: Why is the New Zealand Dollar strengthening against the US Dollar? The NZD is strengthening primarily because the Reserve Bank of New Zealand has maintained a hawkish monetary policy stance, keeping interest rates high, while the Federal Reserve is expected to begin cutting rates. This interest rate differential makes the NZD more attractive to investors. Q2: What does ‘hawkish RBNZ stance’ mean? A hawkish stance means the central bank is prioritizing fighting inflation over supporting economic growth, typically by keeping interest rates high or signaling that rates will remain high for an extended period. It suggests the bank is not inclined to cut rates soon. Q3: What are the key risks to the NZD/USD outlook? Key risks include a sudden dovish shift from the RBNZ, a global risk-off event that drives investors to the safe-haven US Dollar, or weaker-than-expected New Zealand economic data that could force the RBNZ to change course. This post New Zealand Dollar Holds Firm as Hawkish RBNZ Stance Bolsters Support Against US Dollar: DBS first appeared on BitcoinWorld .
26 May 2026, 13:05
US Dollar Index Steadies Near 99.00 as Trading Resumes After Holiday Weekend
BitcoinWorld US Dollar Index Steadies Near 99.00 as Trading Resumes After Holiday Weekend The US Dollar Index (DXY) traded in a narrow range around the 99.00 mark during early Tuesday trading, as currency markets reopened following the extended holiday weekend in the United States. The index, which measures the greenback against a basket of six major currencies, showed limited directional momentum amid a lack of fresh macroeconomic catalysts. DXY Consolidates After Recent Volatility The dollar index has been consolidating near the psychologically significant 99.00 level after a period of heightened volatility driven by shifting expectations around Federal Reserve monetary policy. Last week, the DXY briefly dipped below 98.50 before recovering, as market participants digested mixed economic data and commentary from Fed officials. Trading volumes were lighter than usual during the Monday holiday, with many institutional desks remaining closed. The absence of major US economic releases on Tuesday has contributed to the subdued price action, leaving the index to drift within a tight intraday range. Key Drivers for the Dollar This Week Several factors are expected to influence the dollar’s trajectory in the coming sessions. Market attention is focused on upcoming speeches from Federal Reserve policymakers, which may provide further clarity on the pace of potential rate adjustments. Additionally, the release of US consumer confidence data and revised GDP figures later this week could offer fresh direction. On the technical side, the 99.00 level represents a key support zone. A sustained break below this threshold could open the door for a test of the 98.50 area, while resistance is seen near 99.50. Traders are also monitoring developments in currency pairs such as EUR/USD and USD/JPY, which are closely correlated with DXY movements. Broader Market Context The dollar’s recent weakness has been partly attributed to growing expectations that the Federal Reserve may begin cutting interest rates later this year. Meanwhile, the euro and Japanese yen have gained ground against the greenback, reflecting shifting carry trade dynamics and risk sentiment. The DXY’s current level suggests a market in wait-and-see mode, with participants reluctant to place large directional bets ahead of clearer policy signals. Conclusion The US Dollar Index’s flat trading near 99.00 reflects a period of equilibrium in the currency markets as traders return from the long weekend. With key economic data and Fed commentary on the horizon, the index may soon break out of its current range. For now, the lack of fresh catalysts keeps the dollar in a holding pattern, with the 99.00 level serving as a critical pivot point for near-term direction. FAQs Q1: What is the US Dollar Index (DXY)? The US Dollar Index (DXY) is a measure of the value of the US dollar relative to a basket of six major foreign currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. Q2: Why is the 99.00 level important for the DXY? The 99.00 level is a psychologically significant round number and a key technical support zone. A break below or above this level can signal a shift in market sentiment and lead to increased volatility. Q3: What factors are currently influencing the dollar’s strength? The dollar is being influenced by expectations around Federal Reserve interest rate policy, US economic data releases, and relative performance of other major currencies. Traders are closely watching for any signals from Fed officials regarding the timing of potential rate cuts. This post US Dollar Index Steadies Near 99.00 as Trading Resumes After Holiday Weekend first appeared on BitcoinWorld .
26 May 2026, 13:00
US Dollar Index Faces Continued Upside Risks as Economy Outperforms, BBH Says
BitcoinWorld US Dollar Index Faces Continued Upside Risks as Economy Outperforms, BBH Says The US Dollar Index (DXY) faces continued upside risks as the American economy continues to outperform global peers, according to a recent analysis by Brown Brothers Harriman (BBH). The assessment underscores growing expectations that the Federal Reserve may maintain a tighter monetary policy stance for longer than previously anticipated, supporting the greenback’s strength against major currencies. Growth Outperformance Fuels Dollar Momentum BBH analysts point to a series of stronger-than-expected economic data releases from the United States, including robust employment figures, resilient consumer spending, and persistent inflationary pressures. These indicators have pushed the DXY higher in recent weeks, as markets price in a slower pace of rate cuts by the Federal Reserve. The dollar index, which measures the currency against a basket of six major peers, has gained ground as investors seek higher yields in the US relative to other developed economies. The analysis highlights that the US economy’s relative strength is a key driver, with GDP growth outpacing the eurozone, Japan, and the United Kingdom. This divergence has widened interest rate differentials, making dollar-denominated assets more attractive. BBH notes that the upside risks for the dollar are likely to persist unless there is a significant deterioration in US economic fundamentals or a dovish shift in Fed rhetoric. Implications for Currency Markets and Fed Policy The BBH report comes amid heightened market sensitivity to Federal Reserve communications. Traders are closely watching for any signals from Fed officials regarding the trajectory of interest rates. The dollar’s strength has implications beyond currency markets, potentially impacting US exports, corporate earnings for multinational companies, and emerging market economies that carry dollar-denominated debt. Analysts at BBH suggest that the dollar’s rally may face headwinds if global growth improves or if the Fed signals a definitive end to its tightening cycle. However, for now, the data-driven narrative favors further dollar appreciation. The report emphasizes that the DXY could test key resistance levels in the coming weeks if US economic data continues to surprise to the upside. What This Means for Investors For investors, the continued dollar strength presents both opportunities and risks. A stronger dollar can benefit US-based investors holding foreign assets by boosting returns when converted back to dollars. Conversely, it can pressure commodity prices, which are typically priced in dollars, and weigh on the earnings of US companies with significant international exposure. Currency traders may find opportunities in long dollar positions against currencies of economies with weaker growth outlooks, such as the euro and yen. Conclusion The BBH analysis reinforces the view that the US Dollar Index retains upside potential as long as the American economy maintains its outperformance relative to other major economies. The trajectory of the dollar will hinge on upcoming economic data releases and Fed policy decisions. Market participants should remain attuned to shifts in the growth and inflation outlook that could alter the current trajectory. FAQs Q1: What is the US Dollar Index (DXY)? The US Dollar Index (DXY) is a measure of the value of the US dollar relative to a basket of six major foreign currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. It is widely used as a benchmark for the dollar’s global strength. Q2: Why does economic outperformance strengthen the dollar? Stronger economic growth typically leads to higher interest rates or expectations of tighter monetary policy, which attracts foreign investment seeking higher yields. This increased demand for dollar-denominated assets pushes the currency’s value higher. Q3: How does a strong dollar affect global markets? A strong dollar can lower the price of commodities like oil and gold, which are priced in dollars, and can pressure emerging market economies with dollar-denominated debt. It also makes US exports more expensive, potentially affecting trade balances, while benefiting US consumers through cheaper imports. This post US Dollar Index Faces Continued Upside Risks as Economy Outperforms, BBH Says first appeared on BitcoinWorld .
26 May 2026, 12:50
Gold Slips as Markets Weigh Renewed US-Iran Escalation Amid Ongoing Nuclear Talks
BitcoinWorld Gold Slips as Markets Weigh Renewed US-Iran Escalation Amid Ongoing Nuclear Talks Gold prices edged lower on Wednesday as investors assessed the implications of renewed tensions between the United States and Iran, even as diplomatic channels remain open for continued nuclear negotiations. The precious metal, often sought as a safe haven during geopolitical uncertainty, experienced modest selling pressure as markets balanced risk aversion with hopes for a diplomatic resolution. Market Reaction to Geopolitical Signals Spot gold fell by approximately 0.5% in early trading, settling near $2,340 per ounce, after briefly touching an intraday high of $2,355. The decline came as reports emerged of heightened rhetoric between Washington and Tehran, though both sides have signaled a willingness to continue talks mediated by European and Gulf states. Traders noted that the market response was relatively muted compared to previous episodes of US-Iran friction, suggesting that investors have partially priced in the possibility of prolonged negotiations without immediate military confrontation. However, the lack of a clear breakthrough has kept safe-haven demand from fully evaporating. Context of Ongoing Negotiations The latest escalation follows months of indirect talks aimed at reviving the 2015 Joint Comprehensive Plan of Action (JCPOA), from which the United States withdrew in 2018. Iran has since accelerated its uranium enrichment program, drawing increased scrutiny from the International Atomic Energy Agency (IAEA). While both sides have expressed a desire to avoid direct conflict, recent statements from Iranian officials regarding missile capabilities and US naval deployments in the Persian Gulf have injected fresh uncertainty into the market. Analysts at several major banks have noted that any significant disruption to oil flows through the Strait of Hormuz could have cascading effects on global commodity prices, including gold. Implications for Gold Investors Gold’s dual nature as both a safe-haven asset and a dollar-denominated commodity makes it particularly sensitive to geopolitical developments. A deterioration in US-Iran relations typically supports gold prices as investors seek protection against volatility. Conversely, signs of progress in negotiations tend to reduce demand for safe havens, pushing prices lower. The current environment presents a mixed picture: while the risk of escalation remains, the market appears to be pricing in a higher probability of continued diplomacy. This has led to a sideways trading pattern for gold in recent weeks, with prices oscillating within a $50 range. Broader Market Context The dollar index, which measures the greenback against a basket of major currencies, remained relatively stable during the session, offering little directional catalyst for gold. Meanwhile, US Treasury yields edged higher, increasing the opportunity cost of holding non-yielding bullion. Other precious metals showed mixed performance, with silver slipping 0.3% and platinum gaining 0.2%. Copper, often viewed as a barometer of global economic health, fell slightly on concerns about demand from China. Conclusion Gold’s modest decline reflects a market that is cautiously optimistic about diplomatic progress but remains alert to the risk of sudden escalation. For now, the precious metal is likely to remain range-bound, with traders closely monitoring any developments from the negotiating table. A clear breakthrough or breakdown in talks could provide the catalyst needed for a decisive move in either direction. FAQs Q1: Why did gold prices fall despite US-Iran tensions? Gold fell as markets weighed the possibility of continued diplomacy, reducing immediate safe-haven demand. Investors appeared to believe that both sides are still committed to negotiations, limiting the risk of a sudden conflict. Q2: How do US-Iran negotiations typically affect gold? Progress in talks tends to lower gold prices by reducing geopolitical risk premiums, while escalation or breakdowns usually boost safe-haven buying. The relationship is not always linear, as other factors like dollar strength and interest rates also play a role. Q3: What should gold investors watch next? Investors should monitor official statements from US and Iranian officials, IAEA reports on Iran’s nuclear activities, and any changes in naval deployments in the Persian Gulf. The outcome of the next round of talks will be a key near-term catalyst. This post Gold Slips as Markets Weigh Renewed US-Iran Escalation Amid Ongoing Nuclear Talks first appeared on BitcoinWorld .
