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Australian Reserve Bank reveals probe into dollar spike ahead of rate announcement
By Sally Rose, Jonathan Shapiro, and Gareth Hutchens
Sydney Morning Herald
Wednesday, March 4, 2015
The Australian Securities and Investments Commission is investigating suspicious trading in foreign exchange markets after the Australian dollar spiked sharply in the seconds before the Reserve Bank of Australia announced its surprise decision to hold interest rates in March.
It is the second month in a row that irregular trading has occurred in the moments before the release of the RBA's monetary policy statement.
The Australian dollar, as valued against the United States dollar, jumped 0.5 percent exactly 37 seconds before the March interest rate decision was released at 2:30 p.m. AEDT on Tuesday, sparking speculation of insider trading. ...
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