Forex & Cryptocurrency Breaking News

ChatGPT maker OpenAI admitted to listening to its users instead of expert testers who had warned something was off about its latest AI update. OpenAI says it ignored the concerns of its expert testers when it rolled out an update to its flagship ChatGPT artificial intelligence model that made it excessively agreeable.The company released an update to its GPT‑4o model on April 25 that made it “noticeably more sycophantic,” which it then rolled back three days later due to safety concerns, OpenAI said in a May 2 postmortem blog post.The ChatGPT maker said its new models undergo safety and behavior checks, and its “internal experts spend significant time interacting with each new model before launch,” meant to catch issues missed by other tests.Read more

Crypto users have reported receiving unsolicited direct messages from the New York Post’s official X account offering an interview. Malicious actors appear to have infiltrated the New York Post’s X account in an attempt to scam crypto users on the microblogging platform. Some X users from the crypto community have recently reported having received a private message from the New York Post’s X account inviting them to feature in a podcast and to contact them via Telegram. The spurious messages were first discovered on May 3 by Kerberus founder and CEO Alex Katz, who shared a screenshot of a message made out to be from author and journalist Paul Sperry via the official nypost account. Read more

Solana devs and validators have worked together to patch up a critical security issue, but this speedy fix didn’t come without criticism over the network’s centralization. The Solana Foundation has confirmed that a zero-day vulnerability that allowed an attacker to potentially mint certain tokens and even withdraw those tokens from user accounts has been fixed. A May 3 post-mortem from the Solana Foundation said that the security vulnerability, first discovered on April 16, could have allowed an attacker to forge an invalid proof affecting Solana’s privacy-enabling “Token-22 confidential tokens.”There is no known exploit of the vulnerability, and Solana validators have since adopted the patched version, the foundation said.Read more

Goldman Sachs expects China’s export volumes to contract by 5% in both 2025 and 2026, citing mounting U.S. tariffs and strained trade relations. In a recent note, the bank’s analysts said, “Reaching a near-term deal is very difficult, and the substantial increase in U.S. tariffs on China is expected to significantly weigh on Chinese exports.”While some offset may come from trade re-routing through Southeast Asia, Goldman also forecasts a modest drop in China’s goods trade surplus — falling to 3.7% of GDP in 2025, from 4.0% in 2024.—Earlier:FT says Chinese exporters ‘washing’ products in 3rd countries to avoid Trump tariffsOffshore yuan has jumped higher today (China is on holiday but CNH continue to trade) Catalyst:Surging TWD fuelling revaluation talkMUFG on the Taiwan dollar move a “19-standard-deviation event” This article was written by Eamonn Sheridan at www.forexlive.com.

Barclays has cut its Brent crude price outlook, citing faster-than-expected output hikes by OPEC+. The bank now sees Brent averaging $66 per barrel in 2025 (down $4) and $60 in 2026 (down $2).Key takeaways:OPEC+ ramped up output by 411,000 bpd in June, its second consecutive month of aggressive supply increases.Saudi Arabia is pressuring under-compliant members like Iraq and Kazakhstan to meet quotas by accelerating production growth.Barclays expects OPEC+ to fully unwind its voluntary cuts by October 2025 — a year earlier than previously projected.The bank also downgraded U.S. crude production forecasts, seeing output falling by 100,000 bpd in 2025 and 150,000 bpd in 2026.Brent crude dropped over $2 in early Monday trade, falling to $59.20 as of 0250 GMT.Barclays says the faster supply growth could modestly loosen global oil market balances, adding pressure to prices.Earlier:OPEC+ to accelerate oil output hikes, warns of ending voluntary cuts if compliance lagsOil price futures…

A note from MUFG says the Taiwanese dollar posted its largest single-day gain since at least 1983—possibly in its history—on Friday, May 2, soaring 3.8% in a single session and 5.5% over the week. The broader Asian FX complex also rallied, led by gains in the Korean won (+1.7%), Malaysian ringgit (+1.4%), Singapore dollar (+1%), Indonesian rupiah (+1%), and offshore Chinese yuan (+0.9%).The Taiwan dollar’s daily move was described as a 19-standard-deviation event, underscoring its rarity.Key drivers behind the surge included:Renewed hopes for U.S.-China trade talks, particularly surrounding tariffs, boosted regional sentiment.Strong U.S. tech earnings lifted risk appetite, benefiting tech-heavy economies like Taiwan.Robust Taiwanese GDP data and a sharp $1.2 billion in foreign equity inflows further supported the TWD.Domestic hedging pressures, as insurers adjust portfolios due to a weakening U.S. dollar and asset-liability mismatches, likely contributed.Holiday-thinned liquidity and a rush in exporter conversions may have exaggerated the moves.The Taiwanese government…

Ethereum price started a fresh increase above the $1,800 zone. ETH is now correcting gains and trading below the $1,820 support zone. Ethereum remained strong above $1,750 and started a fresh increase The price is trading below $1,820 and the 100-hourly Simple Moving Average. There is a short-term bearish trend line forming with resistance at $1,835 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $1,840 resistance zone. Ethereum Price Dips Ethereum price remained supported above the $1,750 zone and started another increase, like Bitcoin. ETH climbed above the $1,800 and $1,820 resistance levels to set the tone for a larger increase. The bulls even pushed the price above $1,865. A high was formed at $1,873 and the price recently started a downside correction. There was a move below the $1,820 and $1,800 levels. The price dipped below…

Bitcoin price started a downside correction from the $97,800 zone. BTC is now trading below $95,000 and testing the $93,500 support zone. Bitcoin remained supported above the $94,500 zone. The price is trading below $96,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $95,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $95,750 zone. Bitcoin Price Dips To Support Bitcoin price started a downside correction after it failed to clear the $98,000 resistance. BTC declined below the $96,500 and $95,500 support levels. The bears even pushed it below $95,000. A low was formed at $93,570 and the price is now attempting to recover. There was a move above the $94,000 level and toward the 23.6% Fib retracement level of the recent decline from the $97,885 swing…

The quick burst of bullish momentum in the crypto market in the closing weeks of April saw the Ethereum price close the month above $1,800. However, the altcoin failed to end the month in profit, making April its fourth consecutive month with a negative performance. According to the latest on-chain data, the Ethereum price seems to be sitting above a crucial support level, which could determine the altcoin’s trajectory over the next few weeks. ETH Price At Risk Of Falling To $1,772 In a May 3 post on the X platform, prominent crypto analyst Ali Martinez revealed that the price of Ethereum might be at a critical juncture that could decide its short-term future. Based on the latest on-chain data, the altcoin is at risk of falling to around $1,500 should it lose this support level in the coming days. This on-chain evaluation of the Ethereum price revolves around the…

Crypto romance scams are surging in Nebraska, wiping out life savings through fake investments, phony documents, and manipulative online relationships. Nebraska Issues Crypto Scam Alert After Victims Lose Savings in Romance Investment Hoax Nebraska Attorney General Mike Hilgers issued a consumer warning last week following an alarming rise in cryptocurrency scams across the state, many […]

Bit Digital plans to raise up to $500 million through an at-the-market (ATM) equity offering. The offering will be facilitated by investment bank H.C. Wainwright & Co., which will earn a commission of up to 3% on shares sold. New Funding to Support Excursion Into High-Performance Computing Bitcoin mining firm Bit Digital has announced its […]

Last week bitcoin’s rally past $94,000 reignited a long-running debate: is one of the world’s most volatile assets finally behaving like a safe haven? This editorial is from last week’s edition of the Week in Review newsletter. Subscribe to the weekly newsletter to get the editorial the second it’s finished. As Correlation Crumbles, Bitcoin Charts […]

The USD/CAD weekly forecast shows a slowdown in the US economy. The US economy added 177,000 jobs in April, above estimates of 138,000. Canada’s economy unexpectedly contracted by 0.2%. The USD/CAD weekly forecast shows a slowdown in the US economy that could pressure the Fed to cut rates in June. Ups and downs of USD/CAD… The post USD/CAD Weekly Forecast: Down GDP Urges for June Rate Cut appeared first on Forex Crunch.

The GBP/USD weekly forecast shows a strong US labor sector. US jobs data pointed to a faster-than-expected economic decline. The US added 177,000 new jobs in April. The GBP/USD weekly forecast is slightly bearish as strong US labor sector validates the Fed’s cautious tone. Ups and downs of GBP/USD The GBP/USD price ended the week… The post GBP/USD Weekly Forecast: Strong NFP Justifies Cautious Fed appeared first on Forex Crunch.

The EUR/USD price analysis shows a return to US assets. The US is finally ready to initiate trade talks with China. The nonfarm payrolls report will shape the outlook for Fed rate cuts. The EUR/USD price analysis shows a return to US assets that is weighing on the euro. Easing trade tensions between China and… The post EUR/USD Price Analysis: Confidence in US Markets Rebounds appeared first on Forex Crunch.