Soros Rumored To Make Successful $1 Billion Bet Against Aussie Dollar

May 8 2013 | 8:47am ET

Has George Soros done it again?

Rumor has it that the 82-year-old hedge fund legend, who made his name 21 years ago betting against the British pound, and who made nearly $1 billion earlier this year betting against the Japanese yen, has turned a smaller, but still tidy, profit on the Australian dollar.

The Australian press reports that Soros is behind a 36-hour, US$1 billion bet that the Australian Reserve Bank would cut interest rates. Indeed, it seems, someone placed the bet three times with different brokers in Hong Kong and Singapore, earning him almost $60 million.

While Soros has not acknowledged that he's behind the trades, the mere rumor that he was betting against the Aussie was enough to send the currency swooning.

"He is obviously very influential on currency markets," West Union Business Solutions' David Greene told CNBC. "If markets get a whiff that he is intervening, people start paying attention."


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note