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Somebody is regularly profiting by front-running the Reserve Bank of Australia

Section: Daily Dispatches

ASIC Looks at RBA over Currency Trading Anomaly

By Vesna Poljiak
Sydney Morning Herald
Wednesday, April 8, 2015

Unusual trading in the Australian dollar seconds ahead of each of the past three Reserve Bank of Australia policy outcomes could be a result of insider leaks, automated algorithmic trading during a market lull, or shrewd guesses.

The Australian Securities and Investments Commission confirmed on Tuesday it was investigating a spike in the Australian dollar seconds ahead of the RBA's April policy statement that confirmed that the cash rate would stay on hold at 2.25 per cent. An unchanged decision, all things being equal, would support a higher Australian dollar because of the strong expectation leading into the meeting that the RBA would cut, consistent with its easing bias.

It is not the first time the securities regulator has turned its focus on the RBA. Similar patterns where the Australian dollar has seemingly correctly pre-empted the RBA's decision were recorded seconds ahead of the February and March meetings, sparking fears the integrity of the central bank's protocols have been compromised. ...

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