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It may go down as one of the great currency bets in Australian dollar history – a $US1 billion gamble on a Reserve Bank rate cut that has delivered a $US19 million ($18.65m) profit in 36 hours.
The beneficiary, if you believe the rumour mill, is investment legend George Soros.
Best of all, it appears the 82-year-old American pulled off the deal three times, all with different foreign exchange brokers in Asia, for a tidy profit of almost $US60 million.
Not bad for a bloke who, just three weeks ago, was wrongly declared dead.
Read more: http://www.smh.com.au/business/markets/billion-dollar-bet-on-rate-cut-pays-off-20130507-2j5j5.html#ixzz2SemPsMzM
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