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AI boom will produce winners and ‘carnage,’ says tech boss; dollar sinks to four-year lows after Trump comments – business live

Cisco chief executive says technology ‘will be bigger than the internet’ but current market is probably a bubble; dollar selling intensifies, gold climbs through $5,200 an ounce to new record high

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

The artificial intelligence (AI) will create winners but there will be “carnage along the way,” the boss of a US technology company has warned.

It shows there’s a crisis of confidence in the US dollar. It would appear that while the Trump administration sticks with its erratic trade, foreign and economic policy, this weakness could persist.

2.45pm GMT: Bank of Canada interest rate decision (no change expected)

7pm GMT: US Federal Reserve interest rate decision (no change expected)

7.30pm GMT: Fed press conference

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© Photograph: Denis Balibouse/Reuters

© Photograph: Denis Balibouse/Reuters

© Photograph: Denis Balibouse/Reuters

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