Tuesday, 13 October 2015
Last updated 9 hours ago
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."
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…