ASIC investigates spike in Aussie dollar
AAP Wednesday, 8 April 2015
The financial market watchdog is investigating a spike in the Aussie dollar just before the Reserve Bank announced its April interest rate decision.
The Australian Securities and Investments Commission is also looking into similar movements in the local currency prior to the RBA's February and March rate announcements.
Also read: RBA keeps interest rates on hold at 2.25 per cent
The Australian dollar rose from 75.97 US cents to 76.07 US cents in the minutes before the RBA's announcement at 1430 AEST on Tuesday that it was leaving the cash at its record low of 2.25 per cent for another month.
Many economists had expected a rate cut, which would have made the Australian dollar less attractive to investors and would likely cause a fall in the currency.
VIDEO: Watchdog investigates RBA leak The financial watchdog is investigating a suspicious jump in the Aussie dollar seconds before yesterdays interest rates announcement.
"ASIC confirms it will investigate a spike in the Australian dollar shortly before the Reserve Bank's monetary policy decision today," it said.
"ASIC is also investigating foreign exchange movements shortly before the RBA's announcements in February and March 2015."
The RBA cut the cash rate in February, and left it on hold in March.
Also read: Bonds sold off on surprise RBA decision
As would be expected after a surprise decision to cut or hold the cash rate, the Australian dollar continued to soar after the RBA's announcement on Tuesday.
It hit 76.82 US cents within seconds and touched a high of 77.12 US cents later in the afternoon.
VIDEO: Interest rates on hold The Rerserve Bank has kept interest rates on hold at 2.25% for the second consecutive month. But financial experts say it won't stay that way for long.
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