Via the Australian Financial Review comes comments from Australian Securities and Investments Commission chairman Greg Medcraft on the task of investigating the "uncanny moves in the Australian dollar immediately prior to the release of the Reserve Bank of Australia's decision on interest rates in February and March"

The story so far ...

  1. Dear oh dear ... did y'all see the AUD moving higher before the announcement ... looks like an early leak to me
  2. Here are two charts of the AUD price action BEFORE the official announcement - note how the AUD surged
  3. An investigation is underway
  4. More on the 'leak' ahead of the RBA announcement that saw AUD surge

Says Medcraft:

  • "As you could imagine, the amount of data we are looking at is quite massive"
  • ... you've got to go where the trades are."
  • "So in this respect, we have actually done two things. Domestically we've issued compulsory notices to FX participants in this market and then we are working with our colleagues in other jurisdictions."