Soros ‘makes £40m in a day’ shorting Aussie dollar
George Soros has reportedly made £40m in a day through a short position on the Australian dollar.
Soros (pictured) is said to have bet A$1bn (£655m) against the currency, banking a profit of nearly A$60m in 24 hours, according to Fairfax Media in Australia.
The Australian dollar fell sharply this week following a move by the Reserve Bank to cut interest rates to 2.75%, a quarter of a percentage point move, as it looked to halt the slowdown in the commodities sector and boost the economy.
Rumours that Soros had entered the market helped push the dollar down even further over the weekend – it has fallen 1.4% against the US dollar since Sunday, the Times reports.The hedge fund veteran has previously generated billions of pounds via his bets in the currency markets.
He banked a billion-dollar profit by shorting the pound against the Deutschmark in 1992, shortly before sterling plunged and Britain was forced out of the exchange-rate mechanism, according to the Times.
This article was first published on Investment Week